Lithium Americas (LAC) Q2 2025 earnings summary

Executive summary

• Final investment decision for Phase 1 of Thacker Pass was made in April 2025, with construction progressing and targeted completion in late 2027.

• Major construction milestones include commencement of structural steel fabrication, permanent concrete placement, and road building, with workforce ramping up to 1,000 by year-end 2025.

• Mechanical completion of Phase 1 is targeted for late 2027, with peak construction activity expected in 2026 and ramp-up during 2028.

• All legal and regulatory actions related to Thacker Pass have been resolved or dismissed, with no material impact on financial position or schedule.

• The company is focused on de-risking project schedule and capital costs, and managing potential supply chain impacts from tariffs or trade disputes.

Financial highlights

• Cash and restricted cash at June 30, 2025, was $509.1 million, down from $594.2 million at December 31, 2024.

• Net loss for the six months ended June 30, 2025, was $24.8 million, up from $12.8 million year-over-year, mainly due to higher transaction and advisory costs.

• General and administrative expenses rose to $14.4 million YTD Q2 2025 from $12.2 million YTD Q2 2024, mainly due to higher salaries, professional fees, and transition costs.

• Transaction costs increased to $17.6 million YTD Q2 2025 from $2.2 million YTD Q2 2024, primarily due to the Orion Investment and FID advisory fees.

• Total assets increased to $1,339.1 million at June 30, 2025, from $1,044.9 million at December 31, 2024.

Outlook and guidance

• Thacker Pass Phase 1 completion is targeted for late 2027, with ramp-up during 2028.

• First draw on the $2.26 billion DOE Loan is expected in H2 2025, subject to conditions precedent.

• Workforce on site is expected to ramp up to 1,000 by year-end 2025 and peak at 1,800 during construction.

• The company expects to have sufficient cash resources for at least the next 12 months, with long-term funding dependent on secured financings and market conditions.