Lithium Americas Corp. (LAC): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of a company making a massive bet on American EV independence, and frankly, the structure Lithium Americas Corp. (LAC) has built is fascinating. This isn't just a mining story; it's a strategic play where they've de-risked the world's largest known lithium resource at Thacker Pass by locking in key government and automaker support. Here's the quick math: they've secured a \$2.23 billion conditional loan from the U.S. Department of Energy and a \$625 million joint venture commitment from General Motors to get Phase 1 moving toward that 40,000 tonnes per year output. Still, as a pre-revenue developer in late 2025, with \$720.0 million already capitalized, understanding their Key Activities and Revenue Streams is crucial. Let's walk through the nine building blocks of their Business Model Canvas to see how this unique partnership model is designed to deliver IRA-compliant lithium directly to the U.S. supply chain.

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

You're looking at the core relationships that are making the Thacker Pass Phase 1 development a reality. For a pre-revenue company like Lithium Americas Corp., these partnerships aren't just nice-to-haves; they are the capital and execution backbone of the entire project. Honestly, securing this level of commitment from major players is what moves a project from concept to concrete.

General Motors (GM) is a foundational partner, holding a 38% interest in the Thacker Pass joint venture (JV), with Lithium Americas Corp. managing the remaining 62%. GM's total commitment to acquire this stake was $625 million in cash and letters of credit. That commitment included $430 million in direct cash funding for Phase 1 construction and a $195 million letter of credit facility (LC Facility). The final $100 million cash contribution from GM was due upon the Final Investment Decision (FID). The output from this venture, once Phase 1 reaches mechanical completion targeted for late 2027, is set to be 40,000 tonnes per year (tpa) of battery-quality lithium carbonate.

The U.S. Department of Energy (DOE) provided critical non-dilutive financing through its Advanced Technology Vehicles Manufacturing (ATVM) Loan Program. The total conditional loan commitment stands at $2.23 billion. This amount breaks down into $1.97 billion in principal and an estimated $256 million in capitalized interest during construction. Lithium Americas Corp. received its first drawdown of $435 million in October 2025. The loan has a tenor of approximately 23 years, with scheduled principal and interest repayments not starting until January 2029. As part of recent amendments, Lithium Americas Corp. agreed to contribute an additional $120 million to DOE loan reserve accounts.

To ensure the project is fully funded through construction, Orion Resource Partners LP stepped in with a $250 million strategic investment finalized in March 2025. This investment structure is complex: it includes $195 million in senior unsecured convertible notes (Notes) and a $25 million Production Payment Agreement (PPA). The Notes initially carried an interest rate of 9.875% per annum. To be fair, Orion also has the option to purchase an extra $30 million in Delayed Draw Notes within two years. By October 2025, Orion had already converted $97.5 million of the Notes, receiving 25.79 million common shares in return.

Execution relies heavily on established engineering expertise. Bechtel was awarded the Engineering, Procurement, and Construction Management (EPCM) contract. Bechtel is managing the construction of the 642-acre plant complex, which includes 600,000 square feet of processing plant buildings, utilities, and associated infrastructure.

Workforce development is formalized through an agreement with North America's Building Trades Unions (NABTU) via a Project Labor Agreement (PLA). This partnership is key to staffing the build. Here's the quick math on the workforce:

• The three-year construction build is projected to create approximately 1,800 direct jobs.
• As of September 30, 2025, approximately 700 personnel were on site (550 craft and 150 additional workers).
• The site personnel is expected to ramp up to approximately 1,800 at peak construction.

You can see the financial weight of these key relationships below:

The engineering design work is also advancing well, surpassing 80% complete as of September 30, 2025, and is on track to pass 90% design complete by year-end 2025. This high level of detailed engineering helps de-risk the schedule and cost execution, which is defintely good news for the partners.

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

You're managing the build-out of a massive domestic lithium asset, so the key activities right now are all about execution, financing milestones, and engineering lock-down. Forget the long-term vision for a second; the next 12 months are defined by these concrete actions.

Major construction and development of the Thacker Pass lithium project in Nevada is the core activity. This isn't just planning anymore; physical work is happening. The project targets a nominal design capacity of 40,000 tonnes per year of battery-quality lithium carbonate from Phase 1, with mechanical completion targeted for late 2027. You saw the first steel installation targeted for September 2025, which is a huge physical marker. The workforce ramp-up is also a key activity; as of June 30, 2025, there were over 300 manual craft workers on site, with plans to grow that to approximately 1,000 by the end of 2025, heading toward a peak of about 1,800 direct jobs created during the three-year build. Capitalized construction costs and other project-related costs hit \$124.8 million during the second quarter of 2025 alone, bringing the total capitalized to \$574.1 million as of June 30, 2025.

The second major activity is securing and drawing down on the \$2.23 billion DOE loan facility. This government backing is critical for de-risking the capital structure. Lithium Americas finalized amendments to this \$2.23 billion loan from the U.S. Department of Energy (DOE) in October 2025. This included a first drawdown of \$435 million received in October 2025. The total loan structure now comprises \$1.97 billion in principal and an estimated \$256 million in capitalized interest during construction. As part of the deal, the DOE received a 5% equity stake in Lithium Americas Corp. via warrants and a 5% economic stake in the Joint Venture (JV). Also, the DOE agreed to defer \$184 million of scheduled debt service from the first five years of repayment, which gives the project breathing room during its ramp-up phase.

You need to keep the engineering tight, so advanced engineering design, surpassing 80% completion as of September 2025, is a critical ongoing activity. This high level of detailed engineering helps manage execution risk on schedule and cost. The goal is to push detailed engineering past 90% completion by the end of 2025. This ties directly into the procurement strategy; about \$430 million of long-lead equipment orders are already in place.

Here's a quick look at the financing milestones that support these activities:

Managing environmental compliance and regulatory requirements for the mine is a constant, non-negotiable activity. While specific compliance costs aren't always itemized as a single number, the activity is evidenced by the project's progress and the workforce management needed to support it. The company is also actively managing the JV structure, where Lithium Americas holds a 62% interest and manages construction, while General Motors (GM) holds 38%.

Finally, you're seeing ongoing capital raising through equity programs like the October 2025 ATM for general corporate purposes. This is how you fund overhead and those reserve accounts. Lithium Americas completed an ATM program as of October 1, 2025, selling 26,921,629 common shares for gross proceeds of \$99,999,988.75. Separately, a new Equity Distribution Agreement was announced to offer up to \$250 million in common shares, with proceeds intended for general corporate purposes, including funding a portion of that \$120 million DOE reserve account. The sales agent, TD Securities (USA) LLC, receives a commission of up to 3.0% of gross proceeds from each sale under the new agreement. It's defintely about maintaining liquidity while the big loan comes in.

• Phase 1 Production Target: 40,000 tonnes per year of battery-quality lithium carbonate.
• Engineering Design Completion: Exceeded 80% as of September 2025.
• On-site Workforce (June 2025): 300+ workers.
• On-site Workforce (Year-End 2025 Target): Approximately 1,000 workers.
• ATM Proceeds (Completed Oct 1, 2025): \$99.99 million.

Finance: draft 13-week cash view by Friday.

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

Thacker Pass Lithium Deposit: World's largest known measured lithium resource.

The Thacker Pass project in Humboldt County, Nevada, hosts the largest known measured lithium resource (Measured and Indicated) and reserve (Proven and Probable) in the world.

Phase 1 Capital Cost (CAPEX) estimate is $2.93 billion.

Secured Capital: Phase 1 construction is fully funded, including the DOE loan and GM investment.

The development of Phase 1 of Thacker Pass achieved fully funded status at the project and corporate level following financing milestones in Q1 2025.

• Total expected U.S. Department of Energy (DOE) Loan amount is now $2.23 billion, down from $2.26 billion.
• The first draw on the DOE Loan was $435 million, advanced in Q4 2025.
• The revised DOE terms grant the U.S. Government 5% equity ownership in Lithium Americas Corp. via warrants and an additional 5% economic interest in the joint venture (JV).
• At Final Investment Decision (FID) on April 1, 2025, General Motors (GM) and Lithium Americas contributed $100 million and $191.6 million in cash to the JV, respectively.
• The Orion Investment closed on April 1, 2025, providing total gross proceeds of $220 million, which included $195 million in senior unsecured convertible notes and a $25 million Production Payment Agreement.

Intellectual Property: Proprietary process for extracting battery-grade lithium carbonate from claystone.

The proprietary process involves leaching ore with sulfuric acid, neutralization using ground limestone (and later recycled alkaline solids), crystallization, magnesium removal, and final precipitation with soda ash to yield battery-grade lithium carbonate ($\text{Li}_2\text{CO}_3$).

The total time projected to manufacture battery-quality $\text{Li}_2\text{CO}_3$ from the ore is less than 24 hours.

Engineering design for Phase 1 surpassed 80% design complete as of September 30, 2025, and is expected to surpass 90% design complete by year end 2025.

Financial Liquidity: Approximately \$385.6 million in cash and restricted cash as of September 30, 2025.

The Company sold an aggregate total of 26.922 million common shares pursuant to the May 2025 At-The-Market (ATM) Program, generating aggregate net proceeds of $57.5 million during Q3 2025.

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:

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:

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:

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:

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:

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.

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.