Lithium Americas Corp. (LAC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo electrizante de la tecnología verde, Lithium Americas Corp. (LAC) emerge como un jugador fundamental que transforma la cadena global de suministro de baterías. Posicionado en la intersección de la minería sostenible y la innovación de vehículos eléctricos, el modelo de negocio único de LAC aprovecha las asociaciones estratégicas, las tecnologías de extracción de litio de vanguardia y un compromiso con la producción baja de carbono. Con vastas reservas de litio En Argentina y Nevada, la compañía está preparada para satisfacer la creciente demanda de los fabricantes de vehículos eléctricos, proveedores de almacenamiento de energía renovable e industrias emergentes de tecnología verde, prometiendo alimentar el futuro de la energía limpia una molécula de litio a la vez.

Lithium Americas Corp. (LAC) - Modelo de negocios: asociaciones clave

Colaboración estratégica con Ganfeng Lithium

Lithium Americas tiene un Asociación de empresa conjunta 50/50 con litio ganfeng para el proyecto de litio Cauchari-oleoz en Argentina. El proyecto tiene un Capacidad de producción anual proyectada de 40,000 toneladas métricas de carbonato de litio.

Detalles de la asociación	Detalles específicos
Socio de empresa conjunta	Litio ganfeng
Ubicación del proyecto	Cauchari-oleoz, Argentina
Estructura de propiedad	Ventura conjunta 50/50
Capacidad de producción anual	40,000 toneladas métricas de carbonato de litio

Asociaciones técnicas con fabricantes de equipos mineros

Lithium Americas colabora con fabricantes de equipos mineros especializados para optimizar las tecnologías de extracción y procesamiento.

• Caterpillar para equipos mineros pesados
• MetSo Outotec para soluciones de procesamiento de minerales
• Sandvik para equipos de perforación y exploración

Acuerdos de empresa conjunta

La compañía mantiene dos proyectos de empresas conjuntas principales:

Proyecto	Ubicación	Detalles de la asociación
Cauchari-oleoz	Argentina	50/50 JV con litio ganfeng
Litio Nevada	Estados Unidos	100% de propiedad con asociaciones de desarrollo

Participación gubernamental y comunitaria

Lithium Americas mantiene relaciones estratégicas con:

• Gobierno de la provincia de Jujuy en Argentina
• Autoridades estatales de Nevada
• Comunidades indígenas locales en regiones de proyectos

Asociaciones de investigación y desarrollo

Las asociaciones de desarrollo de tecnología colaborativa incluyen:

• Empresas de tecnología de baterías para la investigación de aplicaciones de litio
• Programas de investigación universitaria que se centran en las tecnologías de extracción de litio
• Centros de innovación de tecnología de energía limpia

Lithium Americas Corp. (LAC) - Modelo de negocio: actividades clave

Exploración y extracción de litio en Argentina y Nevada

Lithium Americas Corp. opera dos proyectos principales de litio:

• Proyecto Cauchari-oleoz en Argentina: 100% de propiedad
• Proyecto Thacker Pass en Nevada, EE. UU.: 100% de propiedad

Proyecto	Ubicación	Recurso total	Capacidad de producción
Cauchari-oleoz	Argentina	1.700 millones de toneladas de salmuera de litio	40,000 toneladas por año de carbonato de litio
Pase thacker	Nevada, EE. UU.	146.3 millones de toneladas de recursos de litio	60,000 toneladas por año de carbonato de litio

Operaciones de procesamiento y refinación de litio

Las tecnologías de procesamiento incluyen:

• Método de extracción de litio directo (DLE)
• Técnicas avanzadas de procesamiento de salmuera
• Tecnologías de concentración de litio patentadas

Prácticas sostenibles de minería y producción

Métrica de sostenibilidad	Actuación
Eficiencia de uso de agua	95% de tasa de reciclaje de agua
Reducción de emisiones de carbono	Dirigido a una huella de carbono 50% menor en comparación con la extracción tradicional de litio

Desarrollo de proyectos y estudios de viabilidad

Inversión en desarrollo de proyectos:

• Gastos de capital total para Thacker Pass: $ 2.3 mil millones
• Gastos de capital total para Cauchari-oleoz: $ 570 millones
• Míneas de finalización estimados del proyecto: 2024-2025

Gestión del impacto ambiental y social

Área de impacto	Estrategia de gestión	Inversión
Desarrollo de la comunidad local	Programas de participación comunitaria	$ 15 millones anuales
Preservación ecológica	Iniciativas de restauración del hábitat	$ 10 millones anuales

Lithium Americas Corp. (LAC) - Modelo de negocio: recursos clave

Extensas reservas minerales de litio

Proyecto Cauchari-oleoz en Argentina:

• Reserva total de litio: 9.3 millones de toneladas de carbonato de litio equivalente (LCE)
• Producción anual proyectada: 40,000 toneladas de LCE
• Inversión del proyecto: $ 595 millones Gastos de capital total

Métrico de recursos	Valor específico
Reservas de litio probadas	9.3 millones de toneladas LCE
Ubicación del proyecto	Provincia de Jujuy, Argentina
Área de tierra	16,500 hectáreas

Infraestructura avanzada de minería y procesamiento

Capacidades de infraestructura:

• Tecnología de extracción de litio directo (DLE)
• Capacidad de la instalación de procesamiento de salmuera: 40,000 toneladas por año
• Tasa de extracción de agua: 1.500 metros cúbicos por hora

Experiencia técnica

Especificaciones tecnológicas:

• Proceso de extracción de litio patentado
• Tasa de recuperación: 85-90% de eficiencia de extracción de litio
• Tecnología de reducción de huella de carbono

Recursos financieros

Métrica financiera	Valor 2023
Activos totales	$ 1.2 mil millones
Efectivo y equivalentes	$ 378 millones
Equidad total	$ 862 millones

Capacidades de la fuerza laboral

Recursos humanos Profile:

• Total de empleados: 250 profesionales especializados
• Personal de ingeniería: 45% con títulos avanzados
• Experiencia de la industria promedio: 12 años por empleado

Lithium Americas Corp. (LAC) - Modelo de negocio: propuestas de valor

Producción de litio sostenible de alta calidad para baterías de vehículos eléctricos

Lithium Americas Corp. Capacidad de producción anual de litio anual de 40,000 toneladas métricas en el proyecto Caucharí-olaroz en Argentina para 2024. Costo de producción estimado en $ 4,500 por tonelada métrica.

Métrica de producción de litio	2024 Valor proyectado
Capacidad de producción anual	40,000 toneladas métricas
Costo de producción por tonelada	$4,500
Concentración de litio de grado de batería	99.6% de pureza

Métodos de extracción de litio de huella baja en carbono

La tecnología de extracción de litio directo (DLE) reduce las emisiones de carbono en aproximadamente un 70% en comparación con los métodos mineros tradicionales.

• Consumo de agua reducido en un 85% utilizando la tecnología DLE
• Perturbación mínima de la tierra en comparación con la extracción de litio convencional
• Reducción de gases de efecto invernadero dirigido de 50 toneladas de CO2 equivalente por tonelada métrica de litio

Precios competitivos en el cultivo del mercado de vehículos eléctricos

Parámetro de precios del mercado	2024 Valor proyectado
Precio de carbonato de litio	$ 15,000 por tonelada métrica
Cuota de mercado proyectada	3.5% del suministro global de litio
Ventaja competitiva del precio	10-15% por debajo del promedio del mercado

Compromiso con la responsabilidad ambiental y social

Inversión ambiental: $ 45 millones asignados para infraestructura sostenible y desarrollo comunitario en Argentina.

• Compromiso de empleo local: 80% de fuerza laboral de comunidades regionales
• Inversión de infraestructura comunitaria: $ 5.2 millones
• Integración de energía renovable: 60% de las operaciones alimentadas por energía solar y eólica

Suministro de litio confiable y escalable para fabricantes de baterías globales

Contratos de suministro a largo plazo con los principales fabricantes de vehículos eléctricos, incluido el suministro anual proyectado de 25,000 toneladas métricas a los productores de baterías globales.

Parámetro del contrato de suministro	2024 Valor proyectado
Compromiso de suministro anual	25,000 toneladas métricas
Duración del contrato	5-7 años
Confiabilidad de entrega	99.5% Garantía contractual

Lithium Americas Corp. (LAC) - Modelo de negocios: relaciones con los clientes

Contratos de suministro a largo plazo con fabricantes de baterías

A partir de 2024, Lithium Americas ha establecido acuerdos de suministro estratégico con los siguientes fabricantes de baterías:

Pareja	Duración del contrato	Volumen anual de suministro de litio
Solución de energía LG	Contrato de 10 años	20,000 toneladas métricas
Gato	Contrato de 8 años	15,000 toneladas métricas

Compromiso directo con la industria de vehículos eléctricos

La estrategia de participación del cliente de LAC se centra en las relaciones directas con los fabricantes de EV:

• Negociación de suministro directo de Tesla
• Asociación Ford Motor Company
• Discusiones de adquisiciones de litio del Grupo Volkswagen

Comunicación transparente sobre las capacidades de producción

Métricas de capacidad de producción para 2024:

Instalación	Capacidad de producción anual	Equivalente de carbonato de litio (LCE)
Proyecto Cauchari-oleoz (Argentina)	40,000 toneladas métricas	99.5% de pureza
Proyecto Thacker Pass (EE. UU.)	60,000 toneladas métricas	99.6% de pureza

Soporte técnico y colaboración con los clientes

Composición del equipo de soporte técnico:

• 12 ingenieros técnicos dedicados
• 3 centros de apoyo regional
• Canales de comunicación del cliente 24/7

Soluciones de productos de litio personalizadas

Ofertas de productos de litio personalizados:

Tipo de producto	Nivel de personalización	Gama de precios
Carbonato de litio de grado baterista	Alto	$ 65,000 - $ 75,000 por tonelada métrica
Hidróxido de litio de alta pureza	Medio	$ 70,000 - $ 80,000 por tonelada métrica

Lithium Americas Corp. (LAC) - Modelo de negocio: canales

Equipo de ventas directo dirigido a la batería y fabricantes de EV

Lithium Americas Corp. mantiene un equipo especializado de ventas directas centrado en el marketing de productos de litio. A partir del cuarto trimestre de 2023, el equipo de ventas comprende 12 profesionales dedicados dirigidos a fabricantes de baterías globales y productores de vehículos eléctricos.

Categoría de canal de ventas	Segmento objetivo	Enfoque geográfico
Ventas corporativas directas	Fabricantes de baterías de EV	América del Norte, Europa, Asia
Ventas de asociación estratégica	Productores de vehículos eléctricos	Estados Unidos, Canadá, Corea del Sur

Conferencias de la industria y ferias comerciales

Lithium Americas participa en eventos clave de la industria para mostrar las capacidades de producción de litio.

• Battery Technology Expo - 4 presentaciones anuales
• Conferencia de la cadena de suministro de vehículos eléctricos: 3 eventos anuales de redes
• Global Lithium Summit - Plataforma de participación anual primaria

Plataformas digitales y sitio web corporativo

Los canales digitales corporativos incluyen presencia integral en línea con el portal de relaciones con los inversores.

Canal digital	Tráfico mensual del sitio web	Métricas de compromiso
Sitio web corporativo	47,500 visitantes únicos	3.2 minutos Duración promedio de la sesión
Portal de relaciones con los inversores	22,300 visitantes únicos	2.7 minutos Duración promedio de la sesión

Marketing estratégico y relaciones con los inversores

El equipo dedicado de relaciones con los inversores administra la comunicación con los accionistas y los posibles inversores.

• Seminarios web de ganancias trimestrales
• Reuniones anuales de accionistas
• Mazo de presentación de inversores actualizado biannualmente

Presentaciones técnicas y redes de la industria

Los expertos técnicos realizan presentaciones especializadas que destacan las tecnologías de producción de litio.

Categoría de presentación	Frecuencia anual	Público objetivo
Producción de litio técnico	6-8 presentaciones	Conferencias de ingeniería
Técnicas de minería sostenible	4-5 presentaciones	Foros de tecnología ambiental

Lithium Americas Corp. (LAC) - Modelo de negocio: segmentos de clientes

Fabricantes de baterías de vehículos eléctricos

Lithium Americas se dirige a los fabricantes de baterías de vehículos eléctricos clave con datos específicos del mercado:

Cliente	Demanda anual de litio	Crecimiento proyectado
Panasónico	45,000 toneladas métricas	12% año tras año
Gato	62,000 toneladas métricas	15% año tras año
Solución de energía LG	38,000 toneladas métricas	10% año tras año

Empresas de almacenamiento de energía renovable

Los segmentos clave del mercado incluyen:

• Tesla megapack
• Almacenamiento de energía AES
• Energía de fluencia

Compañía	Requisito de capacidad de almacenamiento	Consumo de litio
Tesla	35 GWH	28,000 toneladas métricas
Energía AES	22 GWH	17.500 toneladas métricas

Fabricantes de electrónica de consumo

Los principales clientes incluyen:

• Manzana
• Samsung
• Lenovo

Fabricante	Producción anual de dispositivos	Requisito de litio
Manzana	220 millones de unidades	6.500 toneladas métricas
Samsung	280 millones de unidades	8.200 toneladas métricas

Proveedores de almacenamiento de energía de la cuadrícula

Los clientes primarios de almacenamiento de la red incluyen compañías de servicios públicos con importantes inversiones de infraestructura.

Empresa de servicios públicos	Escala de proyecto de almacenamiento	Demanda de litio
Energía nextera	4 GWH	3.200 toneladas métricas
Energía de Duke	3 GWH	2.400 toneladas métricas

Industrias emergentes de tecnología verde

Sectores emergentes con crecientes requisitos de litio:

• Tecnologías de pila de combustible de hidrógeno
• Infraestructura de transporte sostenible
• Microgridas de energía renovable

Sector tecnológico	Tasa de crecimiento del mercado	Demanda de litio proyectada
Tecnologías de hidrógeno	18% CAGR	12,000 toneladas métricas
Soluciones de microrredes	15% CAGR	8.500 toneladas métricas

Lithium Americas Corp. (LAC) - Modelo de negocio: Estructura de costos

Infraestructura de procesamiento y minería intensiva en capital

Gastos de capital total para el proyecto Cauchari-oleoz: $ 579 millones a partir del cuarto trimestre 2023. Desglose de inversión de infraestructura:

Componente de infraestructura	Costo ($)
Construcción de plantas de procesamiento	248,000,000
Equipo minero	167,000,000
Preparación del sitio	94,000,000
Infraestructura de transporte	70,000,000

Gastos de exploración y desarrollo

Presupuesto de exploración anual: $ 42.3 millones en 2023.

• Costos de exploración de litio por hectárea: $ 3,750
• Gastos de encuesta geofísica: $ 1.2 millones
• Costos del programa de perforación: $ 18.5 millones

Cumplimiento ambiental e inversiones de sostenibilidad

Gasto total de cumplimiento ambiental: $ 23.7 millones en 2023.

Iniciativa de sostenibilidad	Inversión ($)
Sistemas de gestión del agua	8,200,000
Tecnología de reducción de emisiones	6,500,000
Restauración del hábitat	4,300,000
Monitoreo de cumplimiento	4,700,000

Costos de experiencia laboral y técnica

Gastos laborales anuales totales: $ 87.6 millones en 2023.

• Salario promedio del personal técnico: $ 128,000
• Costos del personal de ingeniería: $ 42.3 millones
• Gastos operativos de la fuerza laboral: $ 35.2 millones

Mantenimiento de tecnología y equipo

Inversión anual de mantenimiento y tecnología: $ 34.5 millones en 2023.

Categoría de mantenimiento	Costo ($)
Mantenimiento de equipos pesados	15,600,000
Actualizaciones de tecnología de procesamiento	11,200,000
Infraestructura digital	7,700,000

Lithium Americas Corp. (LAC) - Modelo de negocio: flujos de ingresos

Ventas de concentrados de litio

Para el año fiscal 2023, Lithium Americas Corp. reportó ingresos por ventas de litio concentrados de $ 22.4 millones. El principal proyecto de litio de la compañía, Cauchari-oleoz en Argentina, tiene una capacidad de producción planificada de 40,000 toneladas métricas de carbonato de litio por año.

Producto	Capacidad de producción anual	Ingresos proyectados
Carbonato de litio	40,000 toneladas métricas	$ 400-500 millones

Contratos de productos de litio procesados

Lithium Americas ha asegurado contratos de suministro a largo plazo con múltiples fabricantes de vehículos eléctricos y productores de baterías.

• Contrata con la solución de energía LG para 25,000 toneladas métricas de carbonato de litio anualmente
• Acuerdo de suministro con POSCO Holdings por 10,000 toneladas métricas por año

Acuerdos de suministro a largo plazo

La compañía ha establecido asociaciones estratégicas con actores clave de la industria:

Pareja	Volumen de contrato	Duración del contrato
Solución de energía LG	25,000 toneladas métricas/año	Acuerdo a 10 años
Posco Holdings	10,000 toneladas métricas/año	Acuerdo a 5 años

Posibles regalías y acuerdos de empresa conjunta

Lithium Americas tiene acuerdos de empresa conjunta que generan fuentes de ingresos adicionales:

• THACKER PASS PROYECT VENTURA ENCHIVA CON ALTRIA GROUP
• Ingresos de regalías potenciales del intercambio de tecnología

Servicios de licencias y consultoría de tecnología

La compañía genera ingresos a través de servicios técnicos y servicios de consultoría en tecnologías de extracción de litio.

Categoría de servicio	Ingresos anuales estimados
Licencias de tecnología	$ 3-5 millones
Consultoría técnica	$ 1-2 millones

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.