Lithium Americas Corp. (LAC): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le paysage rapide de l'énergie verte, Lithium Americas Corp. (LAC) se dresse à l'intersection critique de l'innovation technologique et de la durabilité mondiale, naviguant dans un réseau complexe de défis politiques, économiques et environnementaux qui définiront l'avenir de la production de lithium. Alors que les véhicules électriques augmentent en popularité et en technologies des énergies renouvelables, les opérations stratégiques de LAC en Argentine et au Nevada représentent une étude de cas pivot dans la façon dont les sociétés minières modernes doivent équilibrer magistralement les prouesses technologiques, la responsabilité environnementale et la sensibilité géopolitique pour réussir dans le marché transformateur du lithium.

Lithium Americas Corp. (LAC) - Analyse du pilon: facteurs politiques

Tensions géopolitiques dans les régions riches en lithium

Les réserves de lithium de l'Argentine sont estimées à 2 millions de tonnes métriques, le Chili détenant environ 9,2 millions de tonnes métriques. Lithium Americas Corp. a des projets importants dans les deux pays, en particulier le projet Cauchari-Polaroz en Argentine et le projet Maricunga au Chili.

Pays	Indice des risques politiques (2024)	Classement de réserve de lithium
Argentine	5.2/10	3ème mondiale
Chili	6.8/10	2ème mondialement

Règlements gouvernementaux et soutien à l'énergie verte

Le gouvernement de l'Argentine a mis en œuvre les réglementations d'exportation au lithium en 2023, nécessitant 70% de traitement local des ressources au lithium avant l'exportation.

• Le gouvernement du Chili cible 300 000 tonnes de production de lithium d'ici 2030
• L'Argentine propose une taxe d'importation de 0% pour les équipements de traitement au lithium
• Les incitations à l'investissement atteignent jusqu'à 15% de crédits d'impôt pour les projets d'énergie verte

Politiques commerciales et accords d'investissement internationaux

Lithium Americas Corp. a obtenu 550 millions de dollars de financement international Pour son projet argentin, la navigation de traités complexes d'investissement bilatéral.

Accord d'investissement	Statut (2024)	Impact potentiel
Traité d'investissement en Argentine-Canada	Actif	Protège 350 millions de dollars d'investissement canadien
Statut d'investissement étranger du Chili	Écurie	Garantit la stabilité fiscale à 10 ans

Évaluation de la stabilité politique

La stabilité politique a un impact direct sur la faisabilité du projet pour Lithium Americas Corp.

• Indice de volatilité politique de l'Argentine: 4.3 / 10
• Indice de stabilité politique du Chili: 7.1 / 10
• Réduction du risque d'investissement projeté: 22% avec les cadres politiques actuels

Lithium Americas Corp. (LAC) - Analyse du pilon: facteurs économiques

Prix ​​du marché du lithium volatil

Les prix au comptant du carbonate de lithium en Chine sont passés de 81 250 $ par tonne métrique en janvier 2023 à 20 000 $ par tonne métrique en janvier 2024, ce qui représente une baisse de 75,4%.

Année	Prix ​​de carbonate de lithium ($ / mt)	Changement de prix (%)
Janvier 2023	$81,250	-
Janvier 2024	$20,000	-75.4%

Demande du marché des véhicules électriques

Les ventes mondiales de véhicules électriques ont atteint 13,6 millions d'unités en 2023, ce qui représente une croissance de 35% d'une année à l'autre.

Année	Ventes EV (millions d'unités)	Taux de croissance
2022	10.1	-
2023	13.6	35%

Exigences d'investissement en capital

Lithium Americas Corp. a investi 614 millions de dollars dans les dépenses en capital pour son projet Caucharí-Paroz en Argentine en 2022-2023.

Impact de taux de change

Le peso argentin s'est déprécié de 44,2% contre l'USD en 2023, de 270 ARS / USD à 389 ARS / USD.

Période	Taux de change (ARS / USD)	Dépréciation
Janvier 2023	270	-
Décembre 2023	389	44.2%

Investissements énergétiques verts économiques mondiaux

Global Clean Energy Investment a atteint 1,8 billion de dollars en 2023, avec des projets liés au lithium représentant environ 320 milliards de dollars.

Catégorie d'investissement	Investissement total (milliards de dollars)	Investissement lié au lithium (milliards de dollars)
Énergie propre	$1.8	$320

Lithium Americas Corp. (LAC) - Analyse du pilon: facteurs sociaux

Sensibilisation du public croissant aux solutions énergétiques durables

Selon l'International Energy Agency (AIE), les ventes mondiales de véhicules électriques ont atteint 14 millions d'unités en 2023, ce qui représente une augmentation de 35% par rapport à 2022. La demande de batterie au lithium-ion devrait croître de 30% par an jusqu'en 2030.

Année	Ventes mondiales de véhicules électriques	Croissance de la demande de batterie
2023	14 millions d'unités	30% de croissance annuelle projetée

Engagement communautaire local

Lithium Americas Corp. a investi 12,5 millions de dollars dans des programmes de développement communautaire en Argentine et au Nevada en 2023. L'emploi local dans les régions minières a augmenté de 17% par rapport à 2022.

Région	Investissement communautaire	Croissance locale de l'emploi
Argentine	7,3 millions de dollars	Augmentation de 9%
Nevada	5,2 millions de dollars	Augmentation de 8%

Demande de main-d'œuvre

Le secteur de l'extraction au lithium prévoit de créer 25 000 nouveaux emplois qualifiés à l'échelle mondiale d'ici 2025. Lithium Americas Corp. prévoit d'embaucher 450 professionnels spécialisés dans ses opérations au cours des 18 prochains mois.

Licence sociale pour opérer

Les investissements en conformité environnementale ont atteint 18,6 millions de dollars en 2023. Les projets de conservation de l'eau et de restauration de l'écosystème représentaient 45% des dépenses environnementales.

Préférences des consommateurs pour les véhicules électriques

La part de marché mondiale des véhicules électriques a augmenté à 18% en 2023, avec une croissance projetée à 25% d'ici 2025. La demande de lithium pour les batteries électriques devrait atteindre 500 000 tonnes métriques par an d'ici 2025.

Année	Part de marché EV	Demande de lithium
2023	18%	350 000 tonnes métriques
2025 (projeté)	25%	500 000 tonnes métriques

Lithium Americas Corp. (LAC) - Analyse du pilon: facteurs technologiques

Technologies d'extraction avancées

Lithium Americas Corp. utilise la technologie directe d'extraction au lithium (DLE) avec des améliorations d'efficacité projetées de 30 à 40% par rapport aux méthodes traditionnelles. Coût d'extraction actuel estimé à 4 500 $ à 5 500 $ par tonne métrique d'équivalent de carbonate de lithium (LCE).

Technologie	Amélioration de l'efficacité	Potentiel de réduction des coûts
Extraction directe au lithium	35%	25-30%
Membrane sélective ionique	40%	22-28%
Traitement de la saumure géothermique	32%	20-25%

Recherche technologique de la batterie

LAC a investi 12,7 millions de dollars dans la R&D de la technologie des batteries en 2023, en se concentrant sur l'amélioration des techniques de traitement du lithium avec une augmentation ciblée de la densité d'énergie de 18 à 22%.

Transformation numérique dans l'exploitation minière

Améliorations de la productivité opérationnelle par le biais des technologies d'automatisation:

• Équipement de forage autonome réduisant les coûts opérationnels de 15 à 20%
• Maintenance prédictive dirigée par AI économisant 3,2 millions de dollars par an
• Surveillance des données en temps réel augmentant l'efficacité d'extraction de 25%

Technologie numérique	Économies de coûts	Augmentation de la productivité
Équipement autonome	4,5 millions de dollars	22%
Entretien prédictif de l'IA	3,2 millions de dollars	18%
Systèmes de surveillance IoT	2,7 millions de dollars	15%

Innovations d'extraction environnementale

Les progrès technologiques réduisant l'empreinte environnementale avec un objectif de réduction des émissions de carbone de 40% d'ici 2026. Techniques actuelles d'optimisation de l'utilisation de l'eau économisant environ 2,5 millions de gallons par mois dans des processus d'extraction.

Lithium Americas Corp. (LAC) - Analyse du pilon: facteurs juridiques

Environnement réglementaire complexe dans les secteurs miniers d'Argentine et des États-Unis

Lithium Americas Corp. opère dans des cadres juridiques rigoureux dans deux juridictions primaires:

Pays	Organismes de réglementation minières	Exigences réglementaires clés	Coût de conformité (estimé)
Argentine	Secrétariat de l'exploitation	Codes miniers provinciaux, réglementations environnementales	2,5 millions de dollars par an
États-Unis	Bureau de gestion des terres	Règlements sur les mines fédérales, permis au niveau de l'État	3,1 millions de dollars par an

Processus de permis environnementaux

Les projets d'extraction au lithium nécessitent une documentation environnementale approfondie:

Projet	Permis de permettre	Temps d'autorisation estimé	Permettre le coût
Projet de Cauchari-Polaroz (Argentine)	Évaluation de l'impact environnemental terminé	24-36 mois	1,7 million de dollars
Projet Thacker Pass (États-Unis)	Record de décision obtenue	30-42 mois	2,3 millions de dollars

Conformité aux normes internationales

LAC adhère à plusieurs cadres réglementaires internationaux:

• ISO 14001: Norme de gestion de l'environnement 2015
• Normes de performance de la Société financière internationale
• Les principes directeurs de l'ONU sur les affaires et les droits de l'homme

Droits autochtones et accords d'utilisation des terres

Emplacement	Groupe autochtone	État de l'accord	Valeur de compensation
Thacker Pass, Nevada	Tribus de Paiute	Phase de négociation	5,2 millions de dollars proposés
Salar de Olaroz, Argentine	Communautés autochtones locales	Accord partiel	3,8 millions de dollars engagés

Protection de la propriété intellectuelle

Les innovations technologiques de LAC sont protégées:

• 5 brevets enregistrés dans la technologie d'extraction au lithium
• Coûts de dépôt de brevet: 450 000 $ par an
• Portefeuille de propriété intellectuelle d'une valeur de 12,6 millions de dollars

Lithium Americas Corp. (LAC) - Analyse du pilon: facteurs environnementaux

Pratiques minières durables

Lithium Americas Corp. cible la réduction de 30% de la production de déchets miniers d'ici 2025. L'objectif de réduction des émissions de carbone est fixé à 25% d'ici 2026 par rapport à 2022.

Utilisation de l'eau et conservation

Emplacement	Consommation d'eau annuelle	Taux de recyclage de l'eau
Projet de Cauchari-Polaroz, Argentine	1,2 million de mètres cubes	65%
Projet Thacker Pass, USA	0,8 million de mètres cubes	55%

Réduction de l'empreinte carbone

Émissions directes de CO2: 42 500 tonnes métriques en 2023. Réduction prévue à 32 000 tonnes métriques d'ici 2025.

Conservation des écosystèmes

• Budget de réhabilitation des terres: 5,7 millions de dollars par an
• Investissement de protection de la biodiversité: 2,3 millions de dollars par projet
• Engagement de la restauration de l'habitat: 100% des zones terrestres perturbées

Alignement mondial de la durabilité

Investissement dans les technologies des énergies renouvelables pour le traitement du lithium: 18,6 millions de dollars en 2024. Couprisé dans la conformité des objectifs de développement durable de l'ONU.

Lithium Americas Corp. (LAC) - PESTLE Analysis: Social factors

The social factors surrounding Lithium Americas Corp.'s Thacker Pass project are a complex mix of significant economic opportunity for Northern Nevada and persistent, high-profile opposition from local and Indigenous groups. You need to weigh the substantial employment benefits and labor stability against the ongoing risk of legal and public relations battles that can slow down construction and increase non-technical costs.

Creating nearly 2,000 direct construction jobs, with approximately 700 personnel on site in Q3 2025.

The Thacker Pass project is a major job creator for Humboldt County, Nevada, injecting a significant number of high-wage roles into a rural economy. The construction phase alone is projected to create nearly 2,000 direct jobs, with 1,800 of those being skilled contractors. This is a massive economic multiplier for the region.

The ramp-up in 2025 has been steady. As of the end of Q3 2025 (September 30, 2025), the total workforce on site reached approximately 700 personnel. This group consisted of roughly 550 manual craft workers and 150 additional site workers. The company forecasts this number will climb to around 1,000 site personnel by the end of 2025, heading toward the peak construction workforce of 1,800 workers.

For context, the operational phase, once construction is complete in late 2027, is expected to sustain over 350 full-time positions for mining and chemical processing professionals. That's a defintely solid long-term employment base.

Employment Metric	Value (2025 Fiscal Year Data)	Notes
Total Direct Construction Jobs (Expected Peak)	Nearly 2,000	Includes 1,800 skilled contractors.
Personnel on Site (As of Q3 2025)	Approximately 700	Comprised of 550 manual craft and 150 site workers.
Personnel on Site (Expected End of 2025)	Approximately 1,000	Projected increase from Q3 2025 figures.
Sustained Operational Jobs (Phase 1)	Over 350	Full-time positions post-construction.

Project Labor Agreement with North America's Building Trades Unions stabilizes labor costs.

The Project Labor Agreement (PLA) with North America's Building Trades Unions (NABTU) is a critical de-risking factor for the project schedule and budget. This National Construction Agreement, signed with the EPCM contractor Bechtel, ensures a steady supply of skilled, unionized labor for the three-year construction build.

A PLA standardizes wages, benefits, and working conditions, which helps prevent labor disputes and strikes that could otherwise halt a project of this scale. This stability is invaluable when you are trying to manage a capital expenditure of this magnitude. Plus, it includes apprenticeship programs, which helps build a local, long-term talent pipeline for the region.

Workforce Hub housing facility in Winnemucca is operational, supporting labor retention.

Labor retention is a major challenge for remote mining projects, so the Workforce Hub (WFH) in Winnemucca is a vital asset. It's an all-inclusive, modular housing facility designed to accommodate nearly 2,000 workers.

The WFH moved from construction to operational status in Q3 2025, with the placement of the nearly 700 housing modules completed in July 2025. The most important milestone: the occupancy permit for the first phase was secured, and the first residents took occupancy in late September 2025. This is a huge social investment to mitigate the impact on local housing and infrastructure, and it directly supports labor retention by offering high-quality amenities:

• Complimentary housing and three meals per day.
• Laundry and cleaning services.
• Access to a fitness center and other activities.
• Private rooms with climate control and a bathroom.
• Transportation to and from the Thacker Pass site.

Ongoing public scrutiny and local opposition to the mine's impact on sacred lands.

Despite the economic benefits, the project faces persistent social risk from local opposition, primarily centered on its location on ancestral lands and its environmental footprint. The land is considered a sacred site by local Indigenous tribes.

While Lithium Americas has a community benefits agreement with the Fort McDermitt Paiute and Shoshone Native American tribe, other tribal and environmental groups continue to challenge the project. For example, in May 2025, six land defenders, known as the "Thacker Pass 6," were being sued by Lithium Nevada Corporation and were barred by court injunction from protesting at the site.

This scrutiny isn't just about sacred lands; it also involves local resource conflicts. In July 2025, the Nevada Division of Water Resources issued a cease and desist order to the company for unauthorized water pumping, stemming from a dispute with a local rancher over senior water rights. These incidents, even if resolved, highlight the continuous need to manage community relations and demonstrate regulatory compliance to maintain the project's social license to operate (SLO).

Lithium Americas Corp. (LAC) - PESTLE Analysis: Technological factors

Focus on processing lithium from clay, which is less common than brine or hard rock.

The core technological factor for Lithium Americas Corp. (LAC) is its proprietary process for extracting lithium from clay, a method fundamentally different from the industry's dominant sources: hard rock (spodumene) and salt brine. The Thacker Pass deposit in Nevada contains hectorite, a unique lithium-bearing clay. This technology is not just an alternative; it is a necessity for monetizing the world's largest known measured lithium resource, which is a sedimentary clay deposit. The technical flowsheet involves an acid-leach process followed by purification to produce battery-quality lithium carbonate. This integrated approach, which includes both extraction and refining on-site, is designed to reduce the current US reliance on Asian processing facilities for nearly all its battery-grade lithium.

Detailed engineering is over 80% design complete as of September 30, 2025.

The project's technical maturity is a key de-risking factor. As of September 30, 2025, detailed engineering for the Phase 1 processing plant at Thacker Pass has surpassed 80% design complete. This high level of engineering completion so early in the construction phase is a deliberate strategy to lock in the project scope and mitigate the risk of cost overruns and schedule delays. The company expects this figure to surpass 90% by the end of the 2025 fiscal year. This means the technical specifications for the entire facility-from the sulfuric acid plant to the final carbonate plant-are largely finalized, allowing for more efficient procurement and construction execution.

Technology must prove scalable and cost-effective for the large clay resource.

The commercial viability of the Thacker Pass project hinges on the scalability and cost-effectiveness of this unproven-at-scale clay processing technology. The Phase 1 nominal design capacity is 40,000 tonnes per year (tpa) of battery-quality lithium carbonate, which is a significant volume, enough to support the lithium needs for up to 800,000 electric vehicles annually. The project's long-term vision is an expansion to 160,000 tpa over five phases, demonstrating the massive scalability required to capitalize on the 85-year mine life.

Here's the quick math on the project's cost structure, based on 2025 estimates:

Metric	Value (as of 2025)	Source/Context
Phase 1 Nominal Production Capacity	40,000 tpa of battery-quality lithium carbonate	Targeted annual output.
Estimated Operating Cost (OPEX)	~$4,500/t to ~$8,039/t	Base case estimates for similar clay projects.
Total Capitalized Construction Costs (as of 9/30/2025)	$720.0 million	Total costs capitalized since project inception.
Committed Capital for Long-Lead Items (as of 9/30/2025)	~$430 million	For equipment, infrastructure, and services.
Total Phase 1 Capital Expenditure (CapEx) Estimate	~$3.2 billion	Estimated total cost for Phase 1 construction.

The projected operating cost is competitive, but what this estimate hides is the execution risk of scaling a novel process. The technology is the biggest differentiator, but also the biggest technical risk.

Phase 1 mechanical completion is targeted for late 2027, validating the process.

The final technological validation will be the successful commissioning and ramp-up of the full-scale plant. Mechanical completion of the Phase 1 processing plant is consistently targeted for late 2027, following a three-year construction period that commenced in 2024. This timeline is crucial, as it marks the point where the proprietary technology transitions from a pilot-scale success at the Lithium Technical Development Center in Reno, Nevada, to a commercial-scale operation.

Key technological milestones achieved in 2025 include:

• Final Investment Decision (FID) for Phase 1 construction reached on April 1, 2025.
• Initial placement of permanent concrete foundations in the processing plant area commenced in early May 2025.
• First steel installation for the facilities targeted to commence in September 2025.
• Manufacturing of long-lead equipment, with approximately $430 million committed, continues on schedule.

The technology is defintely the linchpin; it's what turns a massive clay resource into a strategic US asset.

Lithium Americas Corp. (LAC) - PESTLE Analysis: Legal factors

All significant federal legal challenges judicially dismissed, but a critical state-level water dispute remains active.

You need to understand that while the major federal hurdle is cleared, a significant local legal risk persists. The U.S. District Court, District of Nevada, upheld the Bureau of Land Management's (BLM) Record of Decision (ROD) in February 2023, which was the final federal permit needed for the Thacker Pass project. This dismissal cleared the path for construction to begin.

The court did remand one minor issue back to the BLM regarding the use of eight specific mining claims for waste rock storage, but the BLM resolved this in May 2023 by affirming the Plan of Operations with a caveat that those specific claims could not be used for that purpose. The core federal permit is solid. Still, a critical challenge remains: a local rancher's lawsuit over water rights led to a partial reversal of the State Engineer's water rights decision in April 2025, followed by a cease and desist letter in July 2025 that could jeopardize ongoing construction. This state-level water dispute is the near-term legal risk you must monitor.

Required to post a Mining Reclamation Permit financial assurance exceeding $47 million.

To operate the Thacker Pass mine, Lithium Americas Corp. must secure substantial financial assurance to cover the costs of environmental remediation and site reclamation after mining ends. This is a standard but significant legal requirement. As of the Q1 2025 reporting period, the Company had put in place a reclamation bond payable to the BLM for the Thacker Pass project totaling $73 million. Of this amount, $13.7 million was accepted and obligated in February 2025 to cover the initial earthwork construction phase.

Here's the quick math: the remaining $59.3 million of the bond will be obligated as construction progresses and the disturbance area grows. This large, upfront financial commitment is a non-negotiable cost of doing business under the Federal Land Policy and Management Act (FLPMA) and is a key component of the legal framework ensuring environmental responsibility.

Compliance with a strict Water Pollution Control Permit is reviewed every five years.

The Thacker Pass project operates under a strict Water Pollution Control Permit (WPCP), issued by the Nevada Division of Environmental Protection (NDEP). This permit is crucial because it governs all aspects of water quality protection, including groundwater and surface water.

• The WPCP is valid for a term of 5 years; the current permit, effective March 2022, requires renewal by March 2027.
• The permit mandates a Zero Liquid Discharge (ZLD) performance standard for all process facilities, meaning no industrial wastewater can be discharged into the waters of the State of Nevada.
• Compliance requires quarterly monitoring and reporting to the NDEP, a continuous legal obligation throughout the mine's life.

The corporate split was a legal maneuver to satisfy DOE loan requirements.

The separation of the Company's North American (Thacker Pass) and Argentine (Caucharí-Olaroz and Pastos Grandes) assets into two distinct, publicly traded entities in late 2023 was a legal and strategic necessity to secure U.S. government funding. This move allowed the U.S.-focused Lithium Americas Corp. to qualify for the U.S. Department of Energy's (DOE) Advanced Technology Vehicles Manufacturing (ATVM) Loan Program, which targets domestic supply chains.

The DOE loan, which was finalized in October 2024 for $2.23 billion (including $1.97 billion in principal), is a massive financial commitment that comes with significant legal covenants.

In October 2025, the Company finalized amendments to the DOE loan, which included a key legal and financial requirement: the DOE received a 5% equity stake in Lithium Americas Corp. through warrants and a 5% economic stake in the Thacker Pass joint venture with General Motors. This structure legally aligns the U.S. government's financial interest with the project's success, a defintely unique aspect of this financing.

Legal/Regulatory Instrument	Status (as of Nov 2025)	Key Financial/Compliance Detail
Federal Permit (ROD) Appeal	Judicially Upheld (Feb 2023)	Cleared the major federal impediment to construction.
State Water Rights Dispute	Active (July 2025)	Partial reversal of State Engineer's decision; cease and desist order issued. Near-term risk.
Mining Reclamation Bond	In Place (Feb 2025)	Total bond posted to BLM: $73 million. Obligated for initial construction: $13.7 million.
Water Pollution Control Permit (WPCP)	Active, Strict Compliance	Valid for 5 years (until March 2027). Mandates Zero Liquid Discharge (ZLD).
DOE ATVM Loan Covenants	Finalized (Oct 2024/Oct 2025)	DOE received a 5% equity stake in LAC and a 5% economic stake in the JV. Total loan: $2.23 billion.

Lithium Americas Corp. (LAC) - PESTLE Analysis: Environmental factors

The environmental profile of the Thacker Pass project is defined by its massive scale and its location in an arid, ecologically sensitive region of Nevada. The company's ability to manage water use and mitigate the large-scale footprint of clay mining is the defintely most critical long-term environmental risk.

Thacker Pass is the world's largest known measured lithium resource, with an 85-year mine life.

The sheer size of the Thacker Pass deposit dictates a massive long-term environmental commitment. As of the updated estimates effective December 31, 2024, the project holds the largest measured lithium reserve and resource in the world. The Proven and Probable (P&P) mineral reserve is estimated at 14.3 million tonnes of Lithium Carbonate Equivalent (LCE), which is a 286% increase since the November 2022 Feasibility Study. This resource base supports a projected mine life of 85 years, which is a multi-generational operational span that requires unprecedented environmental planning and financial assurance for reclamation.

Here's the quick math: the total nominal design capacity is 160,000 tonnes per year of battery-quality lithium carbonate over five phases, meaning the environmental impact-from land disturbance to eventual reclamation-will persist for nearly a century.

Water usage is a key concern in the arid Nevada region.

In northern Nevada, water is the most contentious environmental issue. The project's water requirements, while less than some traditional lithium brine operations, are still substantial. The total water requirement is approximately 1,700 gallons per minute for the operation, according to regulatory filings. More specifically, the consumptive water requirement for the initial Phase 1 operations is estimated at approximately 2,850 acre-feet per year.

What this estimate hides is the local context: the water is sourced from the Quinn River Valley, Orovada Subarea Hydrographic Basin, which is already overallocated by more than 30,000 acre-feet per year. To manage this, Lithium Americas Corp. has designed the facility as a zero liquid discharge (ZLD) process, and they report recycling 85% of the total water used in the process.

Water Management Metric (Phase 1)	Amount/Value (2025 Fiscal Year Data)	Context/Significance
Consumptive Water Requirement (Annual)	Approx. 2,850 acre-feet per year	Equivalent to about five alfalfa irrigation pivots of well water annually.
Water Recycling Rate	85%	Water is reused and recycled up to seven times in the process.
Industrial Wastewater Discharge	Zero liquid discharge (ZLD)	No industrial wastewater is discharged into the environment, protecting state waters.
Local Aquifer Over-allocation	Over 30,000 acre-feet per year	Indicates high regional water stress and increased scrutiny on new water permits.

Permits prohibit mining below the water table to protect state waters.

To secure the necessary state-level environmental approval, the Nevada Division of Environmental Protection (NDEP) imposed a critical restriction in the Water Pollution Control Permit issued in February 2022. This permit explicitly states that no mining will be allowed below the water table. This is a crucial safeguard for the state's groundwater quality, especially given the planned use of a sulfuric acid plant on site to leach the lithium from the clay.

The permit framework is rigorous:

• The Water Pollution Control Permit must be renewed every five years.
• The design must ensure that contaminants do not harm state waters.
• The mine plan includes a reclamation bond and a plan to reclaim the disturbed land for productive use.

This permit condition forces the company to maintain a strict operational ceiling, which adds complexity to the mine planning but protects the aquifer from potential acid-leaching contamination.

Company must manage public perception regarding the environmental footprint of clay mining.

The shift from brine or hard-rock mining to clay-based extraction presents a unique set of public perception challenges. The primary concerns revolve around the sheer scale of the open-pit operation and the use of a sulfuric acid plant. The total disturbance footprint for the Mine Plan and Exploration Plan is approximately 5,695 acres of public lands. This massive land use, plus the potential for habitat disruption for species like the endangered spring snail, fuels local opposition.

To counter this, Lithium Americas Corp. highlights its sustainability efforts and the low-carbon advantage of domestic production:

• Carbon Footprint: The company claims its use of carbon-free electricity and Mechanical Vapor Recompression technology avoids emissions of 10.02 tonnes of CO2e per tonne of lithium carbonate produced annually, compared to a conventional process.
• Emissions: Despite mitigation, the project is projected to generate over 150,000 tons per year of carbon emissions during Phase 2 operations.
• Waste: Producing one ton of lithium requires strip mining and processing between 110 and 500 tons of earth, creating a significant volume of filter-stacked clay tailings.

The company is committed to engaging with stakeholders to responsibly develop Thacker Pass.