Lithium Americas Corp. (LAC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo eletrizante da tecnologia verde, a Lithium Americas Corp. (LAC) surge como um jogador fundamental que transforma a cadeia global de suprimentos de baterias. Posicionado na interseção de mineração sustentável e inovação de veículos elétricos, o modelo de negócios exclusivo da LAC aproveita as parcerias estratégicas, as tecnologias de extração de lítio de ponta e um compromisso com a produção de baixo carbono. Com vastas reservas de lítio Na Argentina e Nevada, a empresa está pronta para atender à crescente demanda dos fabricantes de veículos elétricos, provedores de armazenamento de energia renovável e indústrias emergentes de tecnologia verde, prometendo alimentar o futuro da molécula de energia limpa, uma molécula de lítio por vez.

Lithium Americas Corp. (LAC) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com Ganfeng Lithium

Lithium Americas tem um 50/50 Parceria de joint venture com Ganfeng Lithium para o projeto Cauchari-OLAROZ LITHIUM na Argentina. O projeto tem um capacidade de produção anual projetada de 40.000 toneladas de carbonato de lítio.

Detalhes da parceria	Especificidades
Parceiro de joint venture	Ganfeng Lithium
Localização do projeto	CAUCHARI-OLAROZ, ARGENTINA
Estrutura de propriedade	50/50 joint venture
Capacidade de produção anual	40.000 toneladas métricas de carbonato de lítio

Parcerias técnicas com fabricantes de equipamentos de mineração

O Lithium Americas colabora com fabricantes especializados de equipamentos de mineração para otimizar tecnologias de extração e processamento.

• Caterpillar para equipamentos de mineração pesada
• METSO OUTOTEC para soluções de processamento mineral
• Sandvik para equipamentos de perfuração e exploração

Acordos de joint venture

A empresa mantém dois projetos de joint venture primários:

Projeto	Localização	Detalhes da parceria
CAUCHARI-OLAROZ	Argentina	50/50 JV com Ganfeng Lithium
Lítio Nevada	Estados Unidos	100% de propriedade com parcerias de desenvolvimento

Engajamento governamental e comunitário

Lithium Americas mantém relacionamentos estratégicos com:

• Governo da província de Jujuy na Argentina
• Autoridades do Estado de Nevada
• Comunidades indígenas locais em regiões de projeto

Parcerias de pesquisa e desenvolvimento

As parcerias colaborativas de desenvolvimento de tecnologia incluem:

• Empresas de tecnologia de bateria para pesquisa de aplicação de lítio
• Programas de pesquisa universitária com foco nas tecnologias de extração de lítio
• Centros de Inovação em Tecnologia de Energia Limpa

Lithium Americas Corp. (LAC) - Modelo de negócios: Atividades -chave

Exploração e extração de lítio na Argentina e Nevada

A Lithium Americas Corp. opera dois projetos primários de lítio:

• Projeto CAUCHARI-OLAROZ na Argentina: 100% de propriedade
• Projeto Thacker Pass em Nevada, EUA: 100% de propriedade

Projeto	Localização	Recurso total	Capacidade de produção
CAUCHARI-OLAROZ	Argentina	1,7 bilhão de toneladas de salmoura de lítio	40.000 toneladas por ano de carbonato de lítio
Thacker Pass	Nevada, EUA	146,3 milhões de toneladas de recursos de lítio	60.000 toneladas por ano de carbonato de lítio

Operações de processamento e refino de lítio

As tecnologias de processamento incluem:

• Método direto de extração de lítio (DLE)
• Técnicas avançadas de processamento de salmoura
• Tecnologias proprietárias de concentração de lítio

Práticas sustentáveis ​​de mineração e produção

Métrica de sustentabilidade	Desempenho
Eficiência de uso de água	Taxa de reciclagem de água de 95%
Redução de emissões de carbono	Direcionando 50% menor pegada de carbono em comparação à extração tradicional de lítio

Estudos de desenvolvimento e viabilidade de projetos

Investimento no desenvolvimento de projetos:

• Despesas de capital total para Thacker Pass: US $ 2,3 bilhões
• Despesas totais de capital para CAUCHARI-OLAROZ: US $ 570 milhões
• Linhas de conclusão do projeto estimado: 2024-2025

Gerenciamento de impacto ambiental e social

Área de impacto	Estratégia de gerenciamento	Investimento
Desenvolvimento da comunidade local	Programas de envolvimento da comunidade	US $ 15 milhões anualmente
Preservação ecológica	Iniciativas de restauração de habitat	US $ 10 milhões anualmente

Lithium Americas Corp. (LAC) - Modelo de negócios: Recursos -chave

Extensas reservas minerais de lítio

Projeto CAUCHARI-OLAROZ NA ARGENTINA:

• Reserva total de lítio: 9,3 milhões de toneladas de carbonato de lítio equivalente (LCE)
• Produção anual projetada: 40.000 toneladas de LCE
• Investimento do projeto: US $ 595 milhões totais de despesas de capital

Métrica de recurso	Valor específico
Reservas comprovadas de lítio	9,3 milhões de toneladas LCE
Localização do projeto	Província de Jujuy, Argentina
Área terrestre	16.500 hectares

Infraestrutura avançada de mineração e processamento

Recursos de infraestrutura:

• Tecnologia direta de extração de lítio (DLE)
• Capacidade da instalação de processamento de salmoura: 40.000 toneladas por ano
• Taxa de extração de água: 1.500 metros cúbicos por hora

Experiência técnica

Especificações de tecnologia:

• Processo de extração de lítio proprietário
• Taxa de recuperação: 85-90% de eficiência da extração de lítio
• Tecnologia de redução de pegada de carbono

Recursos financeiros

Métrica financeira	2023 valor
Total de ativos	US $ 1,2 bilhão
Dinheiro e equivalentes	US $ 378 milhões
Patrimônio total	US $ 862 milhões

Recursos de força de trabalho

Recursos Humanos Profile:

• Total de funcionários: 250 profissionais especializados
• Equipe de engenharia: 45% com graus avançados
• Experiência média do setor: 12 anos por funcionário

Lithium Americas Corp. (LAC) - Modelo de Negócios: Proposições de Valor

Produção de lítio sustentável de alta qualidade para baterias de veículos elétricos

A Lithium Americas Corp. projetou a capacidade anual de produção de lítio de 40.000 toneladas métricas no projeto CAUCHARI-OLAROZ na Argentina até 2024. Custo de produção estimado em US $ 4.500 por tonelada métrica.

Métrica de produção de lítio	2024 Valor projetado
Capacidade de produção anual	40.000 toneladas métricas
Custo de produção por tonelada	$4,500
Concentração de lítio grau de bateria	99,6% de pureza

Métodos de extração de lítio na pegada de baixo carbono

A tecnologia direta de extração de lítio (DLE) reduz as emissões de carbono em aproximadamente 70% em comparação com os métodos tradicionais de mineração.

• O consumo de água reduzido em 85% usando a tecnologia DLE
• Perturbação mínima da terra em comparação com a extração convencional de lítio
• Redução de gases de efeito estufa direcionada de 50 toneladas de CO2 equivalente por tonelada métrica de lítio

Preços competitivos no crescente mercado de veículos elétricos

Parâmetro de preços de mercado	2024 Valor projetado
Preço de carbonato de lítio	US $ 15.000 por tonelada
Participação de mercado projetada	3,5% da oferta global de lítio
Vantagem de preço competitivo	10-15% abaixo da média de mercado

Compromisso com a responsabilidade ambiental e social

Investimento ambiental: US $ 45 milhões alocados para infraestrutura sustentável e desenvolvimento comunitário na Argentina.

• Compromisso de emprego local: 80% da força de trabalho de comunidades regionais
• Investimento de infraestrutura comunitária: US $ 5,2 milhões
• Integração de energia renovável: 60% das operações alimentadas por solar e vento

Suprimento de lítio confiável e escalável para fabricantes globais de baterias

O fornecimento de longo prazo contrata os principais fabricantes de veículos elétricos, incluindo o fornecimento anual projetado de 25.000 toneladas métricas aos produtores globais de baterias.

Parâmetro do contrato de fornecimento	2024 Valor projetado
Compromisso anual de fornecimento	25.000 toneladas métricas
Duração do contrato	5-7 anos
Confiabilidade da entrega	99,5% de garantia contratual

Lithium Americas Corp. (LAC) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de fornecimento de longo prazo com fabricantes de baterias

A partir de 2024, o Lithium Americas estabeleceu acordos de fornecimento estratégico com os seguintes fabricantes de baterias:

Parceiro	Duração do contrato	Volume anual de suprimento de lítio
Solução de energia LG	Contrato de 10 anos	20.000 toneladas métricas
Catl	Contrato de 8 anos	15.000 toneladas métricas

Engajamento direto com a indústria de veículos elétricos

A estratégia de envolvimento do cliente da LAC se concentra em relacionamentos diretos com os fabricantes de veículos elétricos:

• Negociação de oferta direta da Tesla
• Ford Motor Company Partnership
• Discussões de compras de lítio do Grupo Volkswagen

Comunicação transparente sobre recursos de produção

Métricas de capacidade de produção para 2024:

Instalação	Capacidade de produção anual	Carbonato de lítio equivalente (LCE)
Projeto CAUCHARI-OLAROZ (ARGENTINA)	40.000 toneladas métricas	99,5% de pureza
Projeto Thacker Pass (EUA)	60.000 toneladas métricas	99,6% de pureza

Suporte técnico e colaboração com clientes

Composição da equipe de suporte técnico:

• 12 engenheiros técnicos dedicados
• 3 centros de suporte regionais
• Canais de comunicação do cliente 24/7

Soluções personalizadas de produto de lítio

Ofertas personalizadas de produtos de lítio:

Tipo de produto	Nível de personalização	Faixa de preço
Carbonato de lítio de grau de bateria	Alto	US $ 65.000 - US $ 75.000 por tonelada
Hidróxido de lítio de alta pureza	Médio	US $ 70.000 - US $ 80.000 por tonelada

Lithium Americas Corp. (LAC) - Modelo de Negócios: Canais

Equipe direta de vendas direcionando a bateria e os fabricantes de EV

A Lithium Americas Corp. mantém uma equipe de vendas direta especializada focada no marketing de produtos de lítio. No quarto trimestre 2023, a equipe de vendas compreende 12 profissionais dedicados direcionados aos fabricantes globais de baterias e produtores de veículos elétricos.

Categoria de canal de vendas	Segmento de destino	Foco geográfico
Vendas corporativas diretas	Fabricantes de baterias EV	América do Norte, Europa, Ásia
Vendas de parceria estratégica	Produtores de veículos elétricos	Estados Unidos, Canadá, Coréia do Sul

Conferências e feiras do setor

O Lithium Americas participa de eventos importantes da indústria para mostrar as capacidades de produção de lítio.

• Expo de tecnologia da bateria - 4 apresentações anuais
• Conferência da cadeia de suprimentos de veículos elétricos - 3 eventos anuais de networking
• Global Lithium Summit - Plataforma de engajamento anual primária

Plataformas digitais e site corporativo

Os canais digitais corporativos incluem presença on -line abrangente no portal de relações com investidores.

Canal digital	Tráfego mensal do site	Métricas de engajamento
Site corporativo	47.500 visitantes únicos	3,2 minutos de duração da sessão média
Portal de Relações com Investidores	22.300 visitantes únicos	2,7 minutos de duração da sessão média

Relações estratégicas de marketing e investidores

A equipe de relações com investidores dedicada gerencia a comunicação com os acionistas e potenciais investidores.

• Webinars trimestrais de ganhos
• Reuniões anuais de acionistas
• Deck de apresentação do investidor atualizado sem graça

Apresentações técnicas e redes da indústria

Especialistas técnicos realizam apresentações especializadas destacando tecnologias de produção de lítio.

Categoria de apresentação	Frequência anual	Público -alvo
Produção técnica de lítio	6-8 apresentações	Conferências de Engenharia
Técnicas de mineração sustentáveis	4-5 apresentações	Fóruns de Tecnologia Ambiental

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

Fabricantes de baterias de veículos elétricos

O Lithium Americas tem como alvo os principais fabricantes de baterias de veículos elétricos com dados de mercado específicos:

Cliente	Demanda anual de lítio	Crescimento projetado
Panasonic	45.000 toneladas métricas	12% ano a ano
Catl	62.000 toneladas métricas	15% ano a ano
Solução de energia LG	38.000 toneladas métricas	10% ano a ano

Empresas de armazenamento de energia renovável

Os principais segmentos de mercado incluem:

• Tesla megapack
• Armazenamento de energia da AES
• Energia de fluência

Empresa	Requisito de capacidade de armazenamento	Consumo de lítio
Tesla	35 GWh	28.000 toneladas métricas
Energia AES	22 gwh	17.500 toneladas métricas

Fabricantes de eletrônicos de consumo

Os principais clientes incluem:

• Maçã
• Samsung
• Lenovo

Fabricante	Produção anual de dispositivos	Requisito de lítio
Maçã	220 milhões de unidades	6.500 toneladas métricas
Samsung	280 milhões de unidades	8.200 toneladas métricas

Fornecedores de armazenamento de energia da grade

Os clientes primários de armazenamento de grade incluem empresas de serviços públicos com investimentos significativos de infraestrutura.

Empresa de serviços públicos	Escala do projeto de armazenamento	Demanda de lítio
Energia Nextera	4 gwh	3.200 toneladas métricas
Duke Energy	3 gwh	2.400 toneladas métricas

Indústrias de tecnologia verde emergente

Setores emergentes com requisitos crescentes de lítio:

• Tecnologias de células a combustíveis de hidrogênio
• Infraestrutura de transporte sustentável
• Microgrades de energia renovável

Setor de tecnologia	Taxa de crescimento do mercado	Demanda projetada de lítio
Tecnologias de Hidrogênio	18% CAGR	12.000 toneladas métricas
Soluções Microgrid	15% CAGR	8.500 toneladas métricas

Lithium Americas Corp. (LAC) - Modelo de negócios: Estrutura de custos

Infraestrutura de mineração e processamento intensiva em capital

Despesas totais de capital para o projeto CAUCHARI-OLAROZ: US $ 579 milhões a partir do quarto trimestre de 2023. Redução de investimentos em infraestrutura:

Componente de infraestrutura	Custo ($)
Processando a construção da planta	248,000,000
Equipamento de mineração	167,000,000
Preparação do local	94,000,000
Infraestrutura de transporte	70,000,000

Despesas de exploração e desenvolvimento

Orçamento anual de exploração: US $ 42,3 milhões em 2023.

• Custos de exploração de lítio por hectare: US $ 3.750
• Despesas de pesquisa geofísica: US $ 1,2 milhão
• Programa de perfuração Custos: US $ 18,5 milhões

Investimentos de conformidade ambiental e sustentabilidade

Gastos totais de conformidade ambiental: US $ 23,7 milhões em 2023.

Iniciativa de Sustentabilidade	Investimento ($)
Sistemas de gerenciamento de água	8,200,000
Tecnologia de redução de emissões	6,500,000
Restauração do habitat	4,300,000
Monitoramento de conformidade	4,700,000

Custos de trabalho e conhecimento técnico

Despesas anuais totais de mão -de -obra: US $ 87,6 milhões em 2023.

• Salário médio da equipe técnica: US $ 128.000
• Custos de pessoal de engenharia: US $ 42,3 milhões
• Despesas operacionais da força de trabalho: US $ 35,2 milhões

Manutenção de tecnologia e equipamento

Investimento anual de manutenção e tecnologia: US $ 34,5 milhões em 2023.

Categoria de manutenção	Custo ($)
Manutenção de equipamentos pesados	15,600,000
Atualizações de tecnologia de processamento	11,200,000
Infraestrutura digital	7,700,000

Lithium Americas Corp. (LAC) - Modelo de negócios: fluxos de receita

Vendas de concentrado de lítio

Para o ano fiscal de 2023, a Lithium Americas Corp. informou a receita de vendas de concentrado de lítio de US $ 22,4 milhões. O projeto de lítio primário da empresa, CAUCHARI-OLAROZ na Argentina, tem uma capacidade de produção planejada de 40.000 toneladas de carbonato de lítio por ano.

Produto	Capacidade de produção anual	Receita projetada
Carbonato de lítio	40.000 toneladas métricas	US $ 400-500 milhões

Contratos de produto de lítio processados

A Lithium Americas garantiu contratos de fornecimento de longo prazo com vários fabricantes de veículos elétricos e produtores de baterias.

• Contrato com LG Energy Solution para 25.000 toneladas de carbonato de lítio anualmente
• Contrato de fornecimento com a Posco Holdings para 10.000 toneladas por ano

Acordos de fornecimento de longo prazo

A empresa estabeleceu parcerias estratégicas com os principais players do setor:

Parceiro	Volume de contrato	Duração do contrato
Solução de energia LG	25.000 toneladas métricas/ano	Contrato de 10 anos
Posco Holdings	10.000 toneladas métricas/ano	Contrato de 5 anos

Royalties potenciais e acordos de joint venture

A Lithium Americas possui acordos de joint venture que geram fluxos de receita adicionais:

• Thacker Pass Project Joint Venture com o Altria Group
• Potencial renda de royalties do compartilhamento de tecnologia

Serviços de licenciamento e consultoria de tecnologia

A empresa gera receita por meio de serviços de conhecimento técnico e consultoria em tecnologias de extração de lítio.

Categoria de serviço	Receita anual estimada
Licenciamento de tecnologia	US $ 3-5 milhões
Consultoria técnica	US $ 1-2 milhões

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.