Lithium Americas Corp. (LAC): Business Model Canvas

In der elektrisierenden Welt der grünen Technologie entwickelt sich Lithium Americas Corp. (LAC) zu einem zentralen Akteur, der die globale Batterielieferkette transformiert. Das einzigartige Geschäftsmodell von LAC liegt an der Schnittstelle zwischen nachhaltigem Bergbau und Elektrofahrzeuginnovationen und nutzt strategische Partnerschaften, modernste Lithiumgewinnungstechnologien und das Engagement für eine kohlenstoffarme Produktion. Mit riesige Lithiumreserven In Argentinien und Nevada ist das Unternehmen bereit, die steigende Nachfrage von Herstellern von Elektrofahrzeugen, Anbietern von Speicherlösungen für erneuerbare Energien und aufstrebenden Industrien für grüne Technologien zu befriedigen und verspricht, die Zukunft der sauberen Energie mit einem Lithiummolekül nach dem anderen voranzutreiben.

Lithium Americas Corp. (LAC) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Ganfeng Lithium

Lithium Americas hat eine 50/50-Joint-Venture-Partnerschaft mit Ganfeng Lithium für das Lithiumprojekt Cauchari-Olaroz in Argentinien. Das Projekt hat eine geplante jährliche Produktionskapazität von 40.000 Tonnen Lithiumcarbonat.

Einzelheiten zur Partnerschaft	Besonderheiten
Joint-Venture-Partner	Ganfeng Lithium
Projektstandort	Cauchari-Olaroz, Argentinien
Eigentümerstruktur	50/50-Joint-Venture
Jährliche Produktionskapazität	40.000 Tonnen Lithiumcarbonat

Technische Partnerschaften mit Herstellern von Bergbauausrüstung

Lithium Americas arbeitet mit spezialisierten Herstellern von Bergbauausrüstung zusammen, um Extraktions- und Verarbeitungstechnologien zu optimieren.

• Raupe für schwere Bergbaumaschinen
• Metso Outotec für Mineralverarbeitungslösungen
• Sandvik für Bohr- und Explorationsausrüstung

Joint-Venture-Vereinbarungen

Das Unternehmen unterhält zwei primäre Joint-Venture-Projekte:

Projekt	Standort	Einzelheiten zur Partnerschaft
Cauchari-Olaroz	Argentinien	50/50-JV mit Ganfeng Lithium
Lithium Nevada	Vereinigte Staaten	100 % Eigentum mit Entwicklungspartnerschaften

Engagement der Regierung und der Gemeinschaft

Lithium Americas unterhält strategische Beziehungen mit:

• Regierung der Provinz Jujuy in Argentinien
• Behörden des Bundesstaates Nevada
• Lokale indigene Gemeinschaften in Projektregionen

Forschungs- und Entwicklungspartnerschaften

Zu den kooperativen Technologieentwicklungspartnerschaften gehören:

• Batterietechnologieunternehmen für die Lithium-Anwendungsforschung
• Universitätsforschungsprogramme mit Schwerpunkt auf Lithiumextraktionstechnologien
• Innovationszentren für saubere Energietechnologie

Lithium Americas Corp. (LAC) – Geschäftsmodell: Hauptaktivitäten

Lithiumexploration und -gewinnung in Argentinien und Nevada

Lithium Americas Corp. betreibt zwei primäre Lithiumprojekte:

• Cauchari-Olaroz-Projekt in Argentinien: 100 % Eigentum
• Thacker Pass-Projekt in Nevada, USA: 100 % Eigentum

Projekt	Standort	Gesamtressource	Produktionskapazität
Cauchari-Olaroz	Argentinien	1,7 Milliarden Tonnen Lithiumsole	40.000 Tonnen Lithiumcarbonat pro Jahr
Thacker-Pass	Nevada, USA	146,3 Millionen Tonnen Lithiumressourcen	60.000 Tonnen Lithiumcarbonat pro Jahr

Lithiumverarbeitungs- und -raffinierungsbetriebe

Zu den Verarbeitungstechnologien gehören:

• Methode der direkten Lithiumextraktion (DLE).
• Fortgeschrittene Soleverarbeitungstechniken
• Proprietäre Technologien zur Lithiumkonzentration

Nachhaltige Bergbau- und Produktionspraktiken

Nachhaltigkeitsmetrik	Leistung
Wassernutzungseffizienz	95 % Wasserrecyclingrate
Reduzierung der Kohlenstoffemissionen	Ziel ist ein um 50 % geringerer CO2-Fußabdruck im Vergleich zur herkömmlichen Lithiumgewinnung

Projektentwicklung und Machbarkeitsstudien

Investition in die Projektentwicklung:

• Gesamtinvestitionen für Thacker Pass: 2,3 Milliarden US-Dollar
• Gesamtinvestitionen für Cauchari-Olaroz: 570 Millionen US-Dollar
• Geschätzter Zeitplan für die Fertigstellung des Projekts: 2024–2025

Umwelt- und Sozialwirkungsmanagement

Aufprallbereich	Managementstrategie	Investition
Lokale Gemeinschaftsentwicklung	Community-Engagement-Programme	15 Millionen US-Dollar pro Jahr
Ökologischer Schutz	Initiativen zur Wiederherstellung von Lebensräumen	10 Millionen US-Dollar jährlich

Lithium Americas Corp. (LAC) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Lithiummineralreserven

Cauchari-Olaroz-Projekt in Argentinien:

• Gesamte Lithiumreserve: 9,3 Millionen Tonnen Lithiumcarbonat-Äquivalent (LCE)
• Voraussichtliche Jahresproduktion: 40.000 Tonnen LCE
• Projektinvestition: Gesamtkapitalausgaben in Höhe von 595 Millionen US-Dollar

Ressourcenmetrik	Spezifischer Wert
Nachgewiesene Lithiumreserven	9,3 Millionen Tonnen LCÄ
Projektstandort	Provinz Jujuy, Argentinien
Landfläche	16.500 Hektar

Fortschrittliche Bergbau- und Verarbeitungsinfrastruktur

Infrastrukturfunktionen:

• Direkte Lithiumextraktionstechnologie (DLE).
• Kapazität der Soleverarbeitungsanlage: 40.000 Tonnen pro Jahr
• Wasserentnahmerate: 1.500 Kubikmeter pro Stunde

Technische Expertise

Technologiespezifikationen:

• Proprietäres Lithium-Extraktionsverfahren
• Rückgewinnungsrate: 85–90 % Lithium-Extraktionseffizienz
• Technologie zur Reduzierung des CO2-Fußabdrucks

Finanzielle Ressourcen

Finanzkennzahl	Wert 2023
Gesamtvermögen	1,2 Milliarden US-Dollar
Bargeld und Äquivalente	378 Millionen Dollar
Gesamteigenkapital	862 Millionen US-Dollar

Fähigkeiten der Belegschaft

Personalwesen Profile:

• Gesamtzahl der Mitarbeiter: 250 Fachkräfte
• Ingenieurpersonal: 45 % mit höherem Abschluss
• Durchschnittliche Branchenerfahrung: 12 Jahre pro Mitarbeiter

Lithium Americas Corp. (LAC) – Geschäftsmodell: Wertversprechen

Hochwertige, nachhaltige Lithiumproduktion für Batterien von Elektrofahrzeugen

Lithium Americas Corp. prognostiziert bis 2024 eine jährliche Lithiumproduktionskapazität von 40.000 Tonnen im Caucharí-Olaroz-Projekt in Argentinien. Die Produktionskosten werden auf 4.500 US-Dollar pro Tonne geschätzt.

Lithium-Produktionsmetrik	Prognostizierter Wert für 2024
Jährliche Produktionskapazität	40.000 Tonnen
Produktionskosten pro Tonne	$4,500
Lithiumkonzentration in Batteriequalität	99,6 % Reinheit

Lithium-Extraktionsmethoden mit geringem CO2-Fußabdruck

Die Direct Lithium Extraction (DLE)-Technologie reduziert die Kohlenstoffemissionen im Vergleich zu herkömmlichen Bergbaumethoden um etwa 70 %.

• Durch die DLE-Technologie wurde der Wasserverbrauch um 85 % reduziert
• Minimale Landbeeinträchtigung im Vergleich zur herkömmlichen Lithiumgewinnung
• Gezielte Treibhausgasreduktion von 50 Tonnen CO2-Äquivalent pro Tonne Lithium

Wettbewerbsfähige Preise im wachsenden Markt für Elektrofahrzeuge

Marktpreisparameter	Prognostizierter Wert für 2024
Preis für Lithiumcarbonat	15.000 US-Dollar pro Tonne
Prognostizierter Marktanteil	3,5 % des weltweiten Lithiumangebots
Wettbewerbsfähiger Preisvorteil	10-15 % unter dem Marktdurchschnitt

Engagement für ökologische und soziale Verantwortung

Umweltinvestitionen: 45 Millionen US-Dollar werden für nachhaltige Infrastruktur und Gemeindeentwicklung in Argentinien bereitgestellt.

• Lokales Beschäftigungsengagement: 80 % Arbeitskräfte aus regionalen Gemeinden
• Investition in die kommunale Infrastruktur: 5,2 Millionen US-Dollar
• Integration erneuerbarer Energien: 60 % des Betriebs werden mit Solar- und Windkraft betrieben

Zuverlässige und skalierbare Lithiumversorgung für globale Batteriehersteller

Langfristige Lieferverträge mit großen Herstellern von Elektrofahrzeugen, einschließlich der voraussichtlichen jährlichen Lieferung von 25.000 Tonnen an globale Batteriehersteller.

Liefervertragsparameter	Prognostizierter Wert für 2024
Jährliche Lieferverpflichtung	25.000 Tonnen
Vertragsdauer	5-7 Jahre
Lieferzuverlässigkeit	99,5 % Vertragsgarantie

Lithium Americas Corp. (LAC) – Geschäftsmodell: Kundenbeziehungen

Langfristige Lieferverträge mit Batterieherstellern

Ab 2024 hat Lithium Americas strategische Liefervereinbarungen mit den folgenden Batterieherstellern abgeschlossen:

Partner	Vertragsdauer	Jährliches Lithium-Versorgungsvolumen
LG Energielösung	10-Jahres-Vertrag	20.000 Tonnen
CATL	8-Jahres-Vertrag	15.000 Tonnen

Direkte Zusammenarbeit mit der Elektrofahrzeugindustrie

Die Kundenbindungsstrategie von LAC konzentriert sich auf direkte Beziehungen zu Elektrofahrzeugherstellern:

• Verhandlungen über direkte Tesla-Lieferungen
• Partnerschaft mit der Ford Motor Company
• Gespräche über die Beschaffung von Lithium im Volkswagen-Konzern

Transparente Kommunikation über Produktionskapazitäten

Produktionskapazitätskennzahlen für 2024:

Einrichtung	Jährliche Produktionskapazität	Lithiumcarbonat-Äquivalent (LCE)
Cauchari-Olaroz-Projekt (Argentinien)	40.000 Tonnen	99,5 % Reinheit
Thacker Pass-Projekt (USA)	60.000 Tonnen	99,6 % Reinheit

Technischer Support und Zusammenarbeit mit Kunden

Zusammensetzung des technischen Supportteams:

• 12 engagierte technische Ingenieure
• 3 regionale Unterstützungszentren
• Kundenkommunikationskanäle rund um die Uhr

Maßgeschneiderte Lithium-Produktlösungen

Kundenspezifische Lithium-Produktangebote:

Produkttyp	Anpassungsebene	Preisspanne
Lithiumcarbonat in Batteriequalität	Hoch	65.000 bis 75.000 US-Dollar pro Tonne
Hochreines Lithiumhydroxid	Mittel	70.000 bis 80.000 US-Dollar pro Tonne

Lithium Americas Corp. (LAC) – Geschäftsmodell: Kanäle

Direktvertriebsteam für Batterie- und Elektrofahrzeughersteller

Lithium Americas Corp. unterhält ein spezialisiertes Direktvertriebsteam, das sich auf die Vermarktung von Lithiumprodukten konzentriert. Ab dem vierten Quartal 2023 besteht das Vertriebsteam aus 12 engagierten Fachleuten, die sich an globale Batteriehersteller und Hersteller von Elektrofahrzeugen richten.

Vertriebskanalkategorie	Zielsegment	Geografischer Fokus
Direkter Unternehmensvertrieb	Hersteller von Elektrofahrzeugbatterien	Nordamerika, Europa, Asien
Strategische Partnerschaftsverkäufe	Hersteller von Elektrofahrzeugen	Vereinigte Staaten, Kanada, Südkorea

Branchenkonferenzen und Messen

Lithium Americas nimmt an wichtigen Branchenveranstaltungen teil, um die Lithiumproduktionskapazitäten vorzustellen.

• Battery Technology Expo – 4 jährliche Präsentationen
• Konferenz zur Lieferkette für Elektrofahrzeuge – 3 jährliche Networking-Veranstaltungen
• Global Lithium Summit – Wichtigste jährliche Engagement-Plattform

Digitale Plattformen und Unternehmenswebsite

Zu den digitalen Unternehmenskanälen gehört eine umfassende Online-Präsenz mit Investor-Relations-Portal.

Digitaler Kanal	Monatlicher Website-Traffic	Engagement-Kennzahlen
Unternehmenswebsite	47.500 einzelne Besucher	3,2 Minuten durchschnittliche Sitzungsdauer
Investor-Relations-Portal	22.300 einzelne Besucher	2,7 Minuten durchschnittliche Sitzungsdauer

Strategisches Marketing und Investor Relations

Ein engagiertes Investor-Relations-Team verwaltet die Kommunikation mit Aktionären und potenziellen Investoren.

• Webinare zu vierteljährlichen Erträgen
• Jährliche Aktionärsversammlungen
• Präsentationsdeck für Investoren wird alle zwei Jahre aktualisiert

Technische Präsentationen und Branchen-Networking

Technische Experten halten Fachvorträge zu Lithiumproduktionstechnologien.

Präsentationskategorie	Jährliche Häufigkeit	Zielgruppe
Technische Lithiumproduktion	6-8 Präsentationen	Ingenieurkonferenzen
Nachhaltige Bergbautechniken	4-5 Vorträge	Foren für Umwelttechnik

Lithium Americas Corp. (LAC) – Geschäftsmodell: Kundensegmente

Hersteller von Batterien für Elektrofahrzeuge

Lithium Americas richtet sich mit spezifischen Marktdaten an wichtige Hersteller von Elektrofahrzeugbatterien:

Kunde	Jährlicher Lithiumbedarf	Prognostiziertes Wachstum
Panasonic	45.000 Tonnen	12 % im Jahresvergleich
CATL	62.000 Tonnen	15 % im Jahresvergleich
LG Energielösung	38.000 Tonnen	10 % im Jahresvergleich

Unternehmen für die Speicherung erneuerbarer Energien

Zu den wichtigsten Marktsegmenten gehören:

• Tesla Megapack
• AES-Energiespeicher
• Fluence-Energie

Unternehmen	Speicherkapazitätsanforderung	Lithiumverbrauch
Tesla	35 GWh	28.000 Tonnen
AES Energie	22 GWh	17.500 Tonnen

Hersteller von Unterhaltungselektronik

Zu den Hauptkunden gehören:

• Apfel
• Samsung
• Lenovo

Hersteller	Jährliche Geräteproduktion	Lithiumbedarf
Apfel	220 Millionen Einheiten	6.500 Tonnen
Samsung	280 Millionen Einheiten	8.200 Tonnen

Anbieter von Netzenergiespeichern

Zu den primären Netzspeicherkunden zählen Versorgungsunternehmen mit erheblichen Infrastrukturinvestitionen.

Versorgungsunternehmen	Maßstab für Speicherprojekte	Lithiumnachfrage
NextEra-Energie	4 GWh	3.200 Tonnen
Duke Energy	3 GWh	2.400 Tonnen

Aufstrebende grüne Technologiebranchen

Aufstrebende Sektoren mit wachsendem Lithiumbedarf:

• Wasserstoff-Brennstoffzellentechnologien
• Nachhaltige Verkehrsinfrastruktur
• Mikronetze für erneuerbare Energien

Technologiesektor	Marktwachstumsrate	Prognostizierter Lithiumbedarf
Wasserstofftechnologien	18 % CAGR	12.000 Tonnen
Microgrid-Lösungen	15 % CAGR	8.500 Tonnen

Lithium Americas Corp. (LAC) – Geschäftsmodell: Kostenstruktur

Kapitalintensive Bergbau- und Verarbeitungsinfrastruktur

Gesamtinvestitionen für das Cauchari-Olaroz-Projekt: 579 Millionen US-Dollar (Stand Q4 2023). Aufschlüsselung der Infrastrukturinvestitionen:

Infrastrukturkomponente	Kosten ($)
Verarbeitungsanlagenbau	248,000,000
Bergbauausrüstung	167,000,000
Standortvorbereitung	94,000,000
Verkehrsinfrastruktur	70,000,000

Explorations- und Entwicklungsausgaben

Jährliches Explorationsbudget: 42,3 Millionen US-Dollar im Jahr 2023.

• Kosten für die Lithiumexploration pro Hektar: 3.750 $
• Kosten für geophysikalische Untersuchungen: 1,2 Millionen US-Dollar
• Kosten des Bohrprogramms: 18,5 Millionen US-Dollar

Umweltkonformität und Nachhaltigkeitsinvestitionen

Gesamtausgaben für die Einhaltung von Umweltvorschriften: 23,7 Millionen US-Dollar im Jahr 2023.

Nachhaltigkeitsinitiative	Investition ($)
Wassermanagementsysteme	8,200,000
Technologie zur Emissionsreduzierung	6,500,000
Wiederherstellung des Lebensraums	4,300,000
Compliance-Überwachung	4,700,000

Kosten für Arbeit und technisches Fachwissen

Gesamte jährliche Arbeitskosten: 87,6 Millionen US-Dollar im Jahr 2023.

• Durchschnittliches Gehalt des technischen Personals: 128.000 US-Dollar
• Kosten für technisches Personal: 42,3 Millionen US-Dollar
• Ausgaben für operatives Personal: 35,2 Millionen US-Dollar

Wartung von Technologie und Ausrüstung

Jährliche Wartungs- und Technologieinvestitionen: 34,5 Millionen US-Dollar im Jahr 2023.

Wartungskategorie	Kosten ($)
Wartung schwerer Geräte	15,600,000
Upgrades der Verarbeitungstechnologie	11,200,000
Digitale Infrastruktur	7,700,000

Lithium Americas Corp. (LAC) – Geschäftsmodell: Einnahmequellen

Verkauf von Lithiumkonzentraten

Für das Geschäftsjahr 2023 meldete Lithium Americas Corp. einen Umsatz mit Lithiumkonzentrat von 22,4 Millionen US-Dollar. Das wichtigste Lithiumprojekt des Unternehmens, Cauchari-Olaroz in Argentinien, verfügt über eine geplante Produktionskapazität von 40.000 Tonnen Lithiumcarbonat pro Jahr.

Produkt	Jährliche Produktionskapazität	Prognostizierter Umsatz
Lithiumcarbonat	40.000 Tonnen	400-500 Millionen Dollar

Verarbeitete Lithiumproduktverträge

Lithium Americas hat sich langfristige Lieferverträge mit mehreren Herstellern von Elektrofahrzeugen und Batterieherstellern gesichert.

• Vertrag mit LG Energy Solution über 25.000 Tonnen Lithiumcarbonat pro Jahr
• Liefervertrag mit POSCO Holdings über 10.000 Tonnen pro Jahr

Langfristige Lieferverträge

Das Unternehmen hat strategische Partnerschaften mit wichtigen Branchenakteuren aufgebaut:

Partner	Vertragsvolumen	Vertragsdauer
LG Energielösung	25.000 Tonnen/Jahr	10-Jahres-Vertrag
POSCO-Beteiligungen	10.000 Tonnen/Jahr	5-Jahres-Vertrag

Mögliche Lizenzgebühren und Joint-Venture-Vereinbarungen

Lithium Americas verfügt über Joint-Venture-Vereinbarungen, die zusätzliche Einnahmequellen generieren:

• Thacker Pass-Projekt-Joint-Venture mit der Altria Group
• Potenzielle Lizenzeinnahmen aus der Technologiefreigabe

Technologielizenzierung und Beratungsdienste

Das Unternehmen generiert Umsatz durch technisches Fachwissen und Beratungsleistungen in Lithium-Extraktionstechnologien.

Servicekategorie	Geschätzter Jahresumsatz
Technologielizenzierung	3-5 Millionen Dollar
Technische Beratung	1-2 Millionen Dollar

Lithium Americas Corp. (LAC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers, especially battery manufacturers, need what Lithium Americas Corp. is building at Thacker Pass. It boils down to security, compliance, and sheer scale right here in the U.S.

Domestic, secure U.S. lithium supply chain for EV battery production. The value here is de-risking the supply chain for American manufacturers. The U.S. currently produces less than 1% of the global supply of lithium, making domestic sources strategically vital for national security and economic resilience. Lithium Americas Corp. is building this supply, evidenced by the U.S. government taking a 5% stake in the company and the Thacker Pass project in October 2025. Furthermore, the project secured a $2.23 billion loan from the U.S. Department of Energy (DOE) under the Advanced Technology Vehicles Manufacturing Loan Program, which is a massive vote of confidence in its domestic role.

IRA-Compliant Lithium: Enables customers to qualify for U.S. EV tax credits. For your customers building electric vehicles, sourcing material from Thacker Pass means they can qualify for critical U.S. EV tax credits, which is a direct financial incentive. The Final Investment Decision (FID) for Phase 1 was declared on April 1, 2025, signaling a clear path to production that aligns with Inflation Reduction Act (IRA) sourcing requirements. The project is focused on onshore, large-scale lithium production to strengthen the U.S. supply chain.

Scale: Phase 1 targeted production of 40,000 tonnes per year of lithium carbonate. This is the immediate, tangible output you can promise. The Phase 1 target is a nominal design capacity of 40,000 tonnes per year (t/y) of battery-quality lithium carbonate ($\text{Li}_2\text{CO}_3$). The overall expansion plan targets a total nominal design capacity of 160,000 t/y across five phases. Here's a quick look at the resource underpinning that production plan:

Metric	Value	Context
P&P Mineral Reserve	14.3 million tonnes (Mt) LCE	As of December 31, 2024
M&I Mineral Resource	44.5 Mt LCE	As of December 31, 2024
Phase 1 Target Production	40,000 t/y $\text{Li}_2\text{CO}_3$	Nominal design capacity
Total Planned Capacity	160,000 t/y $\text{Li}_2\text{CO}_3$	Across five phases
Estimated Mine Life	85 years	Base Case Life of Mine (LOM)

Long-Term Supply: Resource supports an estimated 85-year mine life. This isn't a short-term fix; it's a multigenerational asset. The resource base supports an estimated 85-year Life of Mine (LOM) under the Base Case economic analysis. The project is moving ahead with construction, targeting mechanical completion of the Phase 1 processing plant in late 2027. As of September 30, 2025, engineering design surpassed 80% completion and is expected to surpass 90% by the end of 2025, which de-risks the execution schedule.

You can rely on the following operational milestones supporting this value proposition:

• FID for Phase 1 declared on April 1, 2025.
• Total capitalized construction costs as of September 30, 2025: $720.0 million.
• Projected peak construction workforce of approximately 1,800 workers.
• Offtake agreement with General Motors (GM) for 100% of Phase 1 production volumes for 20 years.

Finance: confirm the expected DOE Loan first draw timing in Q3 2025 against the current Q3 2025 actuals by next Tuesday.

Lithium Americas Corp. (LAC) - Canvas Business Model: Customer Relationships

You're looking at the core relationships that underpin Lithium Americas Corp.'s (LAC) entire revenue plan for Thacker Pass, which is essentially built around two massive, deeply integrated partners: General Motors (GM) and the U.S. Department of Energy (DOE).

Strategic Partnership: Deep integration with GM as a joint venture partner and anchor customer.

The relationship with GM is not just a buyer-seller dynamic; it's an asset-level joint venture (JV) where GM is a minority owner and a guaranteed buyer. GM holds a 38% interest in the Thacker Pass JV, while Lithium Americas Corp. maintains a 62% interest and acts as the Project Manager. GM's total commitment to the JV stands at $625 million in cash and letters of credit. This funding structure is crucial because it helped unlock the DOE Loan, as GM contributed $330 million cash at the JV closing, with further cash and a $195 million Letter of Credit Facility to support reserve account requirements. The Phase 1 nominal design capacity is targeted at 40,000 tonnes per year of battery-quality lithium carbonate, with total projected capacity across five phases reaching 160,000 t/y.

The structure of this partnership is best summarized by the ownership and commitment details:

JV Partner	Ownership Stake	Total Financial Commitment (Approximate)	Management Role
Lithium Americas Corp.	62%	$387 million contributed to the venture (incremental to prior investment)	Manager of the Project
General Motors Holdings LLC (GM)	38%	$625 million in cash and letters of credit	Joint Venture Partner
U.S. Department of Energy (DOE)	5% Economic Stake in JV (via warrants)	Loan financing (Total expected loan amount: $2.23 billion)	Observer rights at JV Board meetings

Long-Term Offtake Agreement: Contractual commitment for future production volumes.

The offtake agreement solidifies GM's role as the primary, committed customer, which is vital for securing project financing. GM has secured the rights to purchase:

• 100% of production volumes from Phase 1 for 20 years.
• Up to 38% of total production volumes from Phase 2 for 20 years.
• The right of first offer on remaining Phase 2 production volumes.

Following the October 2025 agreement in principle regarding the DOE loan first draw, the agreement was amended. This amendment helps Lithium Americas Corp. by permitting the JV to enter into additional third-party offtake agreements for certain remaining Phase 1 production volumes not forecasted to be purchased by GM. This flexibility is key to maximizing revenue from the 40,000 t/y Phase 1 capacity.

Government Stakeholder Engagement: Managing the relationship with the DOE, which holds a 5% equity stake.

The relationship with the DOE is transactional, centered on the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program. The DOE is providing financing, and in return, it receives direct equity-like interests. The DOE will receive a 5% equity stake in Lithium Americas Corp. via warrants exercisable at $0.01 per share (LAC Warrants) and a 5% economic stake in the JV via warrants (JV Warrants) also exercisable at $0.01 per unit. This arrangement was part of finalizing the first draw of $435 million on the DOE Loan, expected in Q4 2025. To secure this, the DOE agreed to defer $184 million of scheduled debt service obligations over the first five years of loan repayment. Furthermore, the DOE gains the right to have an appointed representative as an observer at JV Board meetings for as long as it holds the JV Warrants or Units.

Direct, high-touch relationship with a single, major anchor customer (GM).

The relationship with GM is the most direct and high-touch, given the 38% ownership stake and the multi-decade offtake commitment. This relationship is managed at the highest levels, evidenced by the joint announcement of the JV terms and the subsequent amendment to the offtake agreement to allow for third-party sales of residual Phase 1 volumes. GM's initial equity investment in February 2023 was $320 million, making it the largest-ever investment by an automaker to produce battery raw materials at that time. The ongoing management involves coordinating construction milestones, as the Final Investment Decision (FID) for Phase 1 was announced in April 2025, targeting mechanical completion in late 2027.

Lithium Americas Corp. (LAC) - Canvas Business Model: Channels

You're looking at how Lithium Americas Corp. (LAC) plans to get its product-battery-quality lithium carbonate-out of the ground and into the hands of customers, which is all centered around the massive Thacker Pass project in Nevada.

Direct Sales: Lithium carbonate sold directly to the anchor customer (GM) via the offtake agreement.

The main channel for initial revenue is the direct sale to General Motors Holding LLC (GM) under a binding supply agreement. This arrangement is cemented by GM's $650 million equity investment in Lithium Americas, which was the largest-ever investment by an automaker to produce battery raw materials at the time of the initial agreement. The product will be lithium carbonate, with Phase 1 targeting a nominal design capacity of 40,000 tonnes per year.

The terms of the offtake agreement are quite favorable for securing initial volume:

• GM has the right to purchase up to 100% of production volumes from Phase 1.
• The agreement for Phase 1 volumes runs for 20 years.
• GM also has rights to up to 38% of total production volumes from Phase 2.

This direct link to an Original Equipment Manufacturer (OEM) like GM is a critical de-risking factor for the project's financing, especially following the first draw of $435 million from the U.S. Department of Energy (DOE) loan in Q4 2025.

Project Joint Venture (JV): The Thacker Pass JV acts as the primary vehicle for product delivery.

All product delivery flows through the Thacker Pass Joint Venture (JV), which is the operational entity for the mine and processing plant. Lithium Americas Corp. serves as the manager of the Project, handling construction and operations on behalf of the JV partners. The JV structure dictates who controls the output and who benefits from the sales. Here's the ownership breakdown as of late 2025, assuming the DOE exercises its warrants:

Entity	JV Economic Interest	JV Voting Interest
Lithium Americas Corp. (LAC)	59%	62%
General Motors (GM)	36%	38%
U.S. Department of Energy (DOE)	5%	0%

The mechanical completion of the Phase 1 processing plant is targeted for late 2027. This JV structure is the mechanism through which the lithium carbonate is produced and then allocated based on the offtake agreements.

Future Third-Party Offtake: Potential for additional direct sales channels for remaining production volumes.

The channel strategy is not entirely captive to GM. An amendment to the GM offtake agreement, agreed upon in late 2025, explicitly allows the JV to pursue other buyers. This opens up a direct sales channel to third parties for volumes not committed to GM. Specifically, the amendment permits the JV to enter into firm volume commitments with third parties for certain remaining production volumes not forecasted to be purchased by GM for the first five years of Phase 1.

This flexibility is key for maximizing revenue from the total output. For Phase 2, the channel strategy shifts slightly; GM retains the right of first offer on remaining Phase 2 production volumes, but any volumes GM does not secure can be sold to the open market. This means that beyond the anchor customer commitment, Lithium Americas Corp. has a pathway to sell its product directly into the broader merchant market, likely at prevailing market prices, once production ramps up.

The potential volume available for third-party sales in Phase 1 is significant, as the 40,000 tonnes per year capacity is designed to support up to 800,000 EVs annually, and GM's initial commitment does not cover the entire projected output. Finance: review Q1 2026 sales projections for non-GM volumes by end of month.

Lithium Americas Corp. (LAC) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Lithium Americas Corp.'s (LAC) flagship Thacker Pass project, which is all about securing that domestic battery-grade lithium carbonate supply chain.

Tier 1 U.S. Electric Vehicle (EV) Manufacturers: Specifically General Motors, securing raw materials

General Motors Holdings LLC (GM) is definitely the anchor customer here, structured as a Joint Venture (JV) partner in Thacker Pass. GM contributed a total of $625 million in cash and letters of credit to acquire a 38% asset-level ownership stake in the project, as announced in October 2024. GM's total investment across the corporate and project levels reaches a combined $945 million. This relationship secures the initial output.

The offtake terms are locked in for the long haul. GM has exclusive access to 100% of the production volumes from Phase 1 for 20 years. Furthermore, they have a separate 20-year offtake agreement for up to 38% of the Phase 2 production volumes. Still, a late 2025 amendment to this agreement permits the JV to enter into additional third-party offtake agreements for certain remaining Phase 1 production volumes not forecasted to be purchased by GM for the first five years of Phase 1 production. GM retains the right of first offer on the rest of the Phase 2 volumes.

U.S. Government/Defense Sector: Indirectly a key stakeholder due to the strategic domestic critical mineral supply

The U.S. Government, primarily through the Department of Energy (DOE), is a critical financial and strategic backer, underscoring the national security aspect of this domestic supply. Lithium Americas Corp. closed a $2.26 billion loan from the DOE's Advanced Technology Vehicles Manufacturing (ATVM) Loan Program in October 2024, though the expected total loan amount has since been noted as $2.23 billion. The first draw of $435 million on this loan was received in Q3 or Q4 2025. In exchange for deferring $182 million or $184 million of scheduled debt service over the first five years of repayment, the DOE received a 5% equity stake in Lithium Americas Corp. via warrants, plus a 5% economic stake in the JV via warrants, following the First Draw Terms agreement in late 2025. Thacker Pass is significant because it hosts the largest known measured lithium resource and reserve in the world.

Battery and Cathode Producers: Future customers for Phase 2 expansion volumes

These are the downstream processors and manufacturers who will buy the lithium carbonate once production ramps up. The Thacker Pass project is designed for a total nominal capacity of 160,000 tonnes per year (t/y) of battery-quality lithium carbonate across five phases. Phase 1 is targeting an initial output of 40,000 t/y. Phase 2 is slated to add another 40,000 t/y. The ability to secure offtake for these future volumes, especially the remaining Phase 1 volumes mentioned above, targets these producers directly.

Here's a quick look at the planned capacity and primary commitments:

Phase	Target Nominal Capacity (t/y Li2CO3)	Primary Customer Commitment	Term
Phase 1	40,000	General Motors (GM)	20 years (for 100% volumes)
Phase 2	40,000	General Motors (GM)	20 years (for up to 38% volumes)
Total (Phases 1-5)	160,000	Third-Party/Future Buyers	Variable/ROFO on remainder

The Lithium Technical Development Center in Reno, Nevada, is validating the production of battery-quality lithium carbonate, which is the exact product these future customers require.

Lithium Americas Corp. (LAC) - Canvas Business Model: Cost Structure

You're looking at the cost side of Lithium Americas Corp. (LAC) as they pour capital into the Thacker Pass project. For a pre-revenue developer like LAC, the Cost Structure block is dominated by one thing: Capital Expenditures (CapEx). This isn't operational spending; it's the cost of building the future asset.

The sheer scale of the investment is clear from the balance sheet activity. As of September 30, 2025, total capitalized construction costs and other project-related costs reached \$720.0 million. This figure represents the cumulative investment to date in bringing Phase 1 toward its mechanical completion target of late 2027.

The composition of that massive spend is heavily weighted toward human capital and execution. Lithium Americas Corp. estimates that approximately 75% of the total capital project cost structure is related to labor, contractors, and other services. This concentration means that on-site workforce scaling-which saw approximately 700 workers on site as of late 2025-is a primary cost driver.

Here's a quick look at the key cost components and related financial outcomes as of the nine-month mark in 2025:

Cost Component Category	Financial Metric/Data Point	Amount/Value (as of 9M 2025 or latest data)
Total Capitalized Construction Costs	As of September 30, 2025	\$720.0 million
Construction Cost Composition	Estimated percentage for Labor and Services	75%
Projected Capitalized Interest (DOE Loan)	Estimated during construction at 5.0% rate	\$256 million
General & Administrative (G&A) Impact	Reported Net Loss for the first nine months of 2025	\$223.9 million

The reported net loss for the first nine months of 2025 was \$223.9 million. Honestly, for a company in this stage, that loss is less about operational failure and more about accounting for growth and financing structures. A significant portion of that loss was non-cash, driven by the accounting treatment of financial instruments tied to the company's rising share price.

Financing costs are a critical, though often capitalized, element of the cost structure, especially given the major debt facility in place. The U.S. Department of Energy (DOE) loan, which was amended to a total expected value of \$2.23 billion, has specific cost implications:

• Estimated capitalized interest during construction on the DOE Loan is \$256 million.
• The projected interest rate applied to drawn amounts remains tied to the applicable long-dated U.S. Treasury rate.
• The DOE agreed to defer \$184 million of scheduled debt service from the first five years of repayment.
• The company committed to funding an additional \$120 million into DOE Loan reserve accounts within 12 months of the first draw.

General and Administrative (G&A) expenses are also a direct cash cost that contributes to the overall burn rate. The increase in G&A expenses for the nine months ended September 30, 2025, was driven by necessary overhead to support the ramp-up of construction and the complex reporting requirements associated with the new joint venture and the DOE Loan.

Lithium Americas Corp. (LAC) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for Lithium Americas Corp. (LAC) as of late 2025. Honestly, the story here isn't about sales yet; it's about capital deployment to build the future sales engine.

$0 Commercial Revenue

As of late 2025, Lithium Americas Corp. is firmly in the pre-revenue development stage. The financial reality for the nine months ended September 30, 2025, reflects this, showing a net loss of approximately $223.9 million. For the third quarter ended September 30, 2025, the reported loss was $199.2 million. This is what you expect when you are building a massive asset; the numbers show the cost of construction, not operational revenue.

The current financial activity is entirely focused on advancing the Thacker Pass project. The real metric to watch right now isn't revenue growth, which is technically 0%, but rather the capital expenditure ramp-up. During Q3 2025, the company capitalized $145.9 million in construction costs and other project-related costs.

Future Lithium Carbonate Sales

The expected revenue stream is entirely dependent on bringing the Thacker Pass lithium project to commercial production. Mechanical completion of the Phase 1 processing plant is targeted for late 2027.

Once operational, Phase 1 is targeting a nominal design capacity of 40,000 tonnes per year of battery-quality lithium carbonate. This future revenue potential is what underpins the entire current financing strategy.

Equity Financing

Equity financing, primarily through At-The-Market (ATM) programs, has been a crucial source of non-dilutive funding to support overhead and construction during this development phase. You need to track these capital raises closely.

Here's a look at the key equity movements around the third quarter of 2025:

• During Q3 2025, the company raised aggregate net proceeds of $57.5 million from the May 2025 ATM Program.
• The May 2025 ATM Program was completed on October 1, 2025, after selling an aggregate total of 26.922 million common shares.
• Subsequent to the quarter-end, the October 2025 ATM Program was completed on October 14, 2025, yielding aggregate net proceeds of $246.4 million.
• Year-to-date financing inflows through September 30, 2025, totaled $364.2 million.

Strategic Investments

Capital injections from key partners like Orion Resource Partners LP and General Motors Holdings LLC (GM) were instrumental in achieving the Final Investment Decision (FID) and securing fully funded status for Phase 1 construction. The Orion investment, which closed on April 1, 2025, totaled $250 million.

The structure of these strategic capital sources is detailed below. This is how the company is funding the build-out until the first lithium carbonate sales in 2028.

Partner/Source	Instrument/Transaction	Amount (USD)	Date/Status
Orion Resource Partners LP	Senior Unsecured Convertible Notes (Initial)	$195 million	Closed April 1, 2025
Orion Resource Partners LP	Production Payment Agreement (PPA)	$25 million	Closed April 1, 2025
General Motors Holdings LLC (GM)	Cash Contribution to Joint Venture (JV)	$100 million	Upon FID
Lithium Americas Corp. (LAC)	Cash Contribution to Joint Venture (JV)	$191.6 million	Upon FID
GM (Total Investment)	Cash and Letters of Credit for 38% Stake	$625 million	Total disclosed investment
Orion Resource Partners LP	Note Conversion to Common Shares	$97.5 million (Principal Converted)	October 2025

The Orion investment, in particular, satisfied all remaining equity capital fundraising requirements from both the U.S. Department of Energy (DOE) and GM, allowing Lithium Americas Corp. to declare FID for Phase 1. Also, note that in October 2025, the DOE loan was amended, and the company received its first drawdown of $435 million.