Slides
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1 NYSE and TSX: LAC Driving Toward Production in 2027 March 2025
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ADDITIONAL REFERENCE MATERIALS This presentation should be read in conjunction with materials from Lithium Americas Corp. (“Lithium Americas,” “LAC” or the “Company”), including news releases, material change reports, most recent annual financial statements and related management discussion and analysis (“MD&A”), technical report, any current reports on Form 8-K and most recent annual report on Form 20-F for the year ended December 31, 2023 (collectively “Disclosure Documents”), for full details of the information referenced throughout this presentation. These documents are available on the Company’s website at www.lithiumamericas.com or the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca and the United States (“U.S.”) Securities and Exchange Commission (“SEC”) Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”) at www.sec.gov. This presentation is for general information purposes only and shall not constitute an offer, solicitation or sale in any state or jurisdiction. This presentation includes information on peer companies and other industry and market data. We obtained information from publicly available sources and other third-party sources believed by the Company to be true, as well as the Company’s good faith estimates. While the Company believes the information was prepared by reputable sources and believe it to be reliable, the Company has not independently verified any of the data from third-party sources or analyzed or verified the underlying assumptions, or ascertained the underlying assumptions relied upon by such sources. No representation or warranty is made as to accuracy, completeness or reasonableness of such information. The Company disclaims any responsibility or liability whatsoever in respect of this information. Readers are cautioned to review the underlying information referenced herein, as applicable. DISCLAIMER Information provided in this presentation is summarized and may not contain all available material information. Accordingly, readers are cautioned to review the Company’s Disclosure Documents in full. The Company expressly disclaims any responsibility for readers' reliance on this presentation. This informational meeting regarding LAC is for you to familiarize yourself with the Company. We are not making any offers of securities at this time and cannot accept orders for any securities at this time. This presentation is the property of the Company. Readers of this presentation shall not construe the contents hereof to constitute legal, tax, regulatory, financial, accounting or other advice. Readers of this presentation should seek advice from their own independent tax advisor, legal counsel and/or other advisor with respect to such matters. FORWARD-LOOKING STATEMENTS AND INFORMATION This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation, and “forward-looking statements” within the meaning of applicable United States securities legislation (collectively referred to as “forward-looking information” ("FLI")), and readers should read the cautionary notes contained on the slide entitled “Forward-Looking Statements and Information” at the end of this presentation. ABOUT THACKER PASS The Thacker Pass lithium project in Humboldt County, Nevada (“Thacker Pass” or the “Project”) is indirectly owned by Lithium Nevada Ventures LLC (“LN”). LN is a joint venture between the Company, which has a 62% ownership, and General Motors Holdings LLC (“GM”), which has a 38% ownership. Thacker Pass “Phase 1” is the initial phase of production, targeting 40,000 tonnes per year (“t/y”) of battery-grade lithium carbonate, “Phase 2” is a potential second phase of production at Thacker Pass, targeting an additional 40,000 t/y, “Phase 3” is a potential third phase of production at Thacker Pass, targeting an additional 40,000 t/y, “Phase 4” is a potential fourth phase of production at Thacker Pass, targeting an additional 40,000 t/y, “Phase 5” is a potential fifth phase of development adding an additional beneficiation circuit and sulfuric acid plant without an additional lithium carbonate processing plant, for total planned production capacity of 160,000 t/y. At this point, the Company has not approved the development of Phases 2-5. NON-GAAP FINANCIAL MEASURES This presentation contains certain non-GAAP (Generally Accepted Accounting Principles) measures, including EBITDA. Such measures have non-standardized meaning under GAAP and may not be comparable to similar measures used by other issuers. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-GAAP financial measures used in this presentation are common to the industry. The prospective non-GAAP financial measures or ratios presented are not able to be reconciled to the nearest comparable measure under U.S. GAAP and the equivalent historical non-GAAP financial measure for the prospective non-GAAP financial measure or ratio discussed herein are not available because the Project is not and has not been in production. As the Company has provided these measures on a forward-looking basis, it is unable to present a quantitative reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the most directly comparable forward-looking GAAP measure that have not yet occurred, are outside of the Company’s control and/or cannot be reasonably predicted. THIRD-PARTY NAMES & TRADEMARKS All product and company names are trademarks or registered trademarks of the respective third-party holders. Our use of such trademarks in our presentation does not imply any endorsement by or affiliation with such third parties. PUBLIC DATA This presentation also contains or references certain industry data which is based upon information from independent industry publications, market research, analyst reports and surveys and other publicly available sources. Although the Company believes these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data-gathering process and other inherent limitations and uncertainties. The Company has not independently verified any of the data from third-party sources referred to in this presentation and accordingly, the accuracy and completeness of such data is not guaranteed. NI 43-101 and S-K 1300 DISCLOSURE Scientific and technical information in this presentation has been reviewed and approved by Rene LeBlanc, PhD, the Company’s VP Growth and Product Strategy, and a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and Subpart 1300 of Regulation S- K (“S-K 1300”). Further information about Thacker Pass, including a description of key assumptions, parameters, methods and risks, data verification and QA/QC programs, methods relating to mineral resources and mineral reserves and factors that may affect those estimates are contained in the NI 43-101 technical report of Lithium Americas dated effective December 31, 2024 entitled “NI 43-101 Technical Report on the Thacker Pass Project, Humboldt County, Nevada, USA” (“Technical Report”) and the S-K 1300 technical report of Lithium Americas effective December 31, 2024 entitled "S-K 1300 Technical Report Summary on the Thacker Pass Project Humboldt County, Nevada, USA." (the “Dec 2024 S-K 1300 Report” and collectively with the Dec 2024 Technical Report, the “Reports”). Readers are cautioned that the conclusions, projections and estimates set out in this presentation with respect to Thacker Pass are subject to important qualifications, assumptions and exclusions, all of which are detailed in this presentation or in the Reports, each of which should be read in their entirety. The Reports are available on the Company’s website, SEDAR+ and EDGAR. Other than as described in the Company’s Disclosure Documents, there are no known legal, political, environmental or other risks that could materially affect the potential development of the mineral reserves and mineral resources at this point in time. The mineral resource and mineral reserve estimates contained in this presentation have been prepared in accordance with the requirements of securities laws in effect in Canada, including NI 43-101, which governs Canadian securities law disclosure requirements for mineral properties and in the United States, including S-K 1300. ROUNDING Summation errors due to rounding may exist. CURRENCY All figures presented are in U.S. Dollars unless otherwise noted. PRESENTATION DATE March 5, 2025 2 Disclaimer
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Why Invest in Lithium Americas? (1)(2)(3) For more details, see the Company’s news release of (1) October 28, 2024 (2) October 16, 2024 and (3) March 5, 2025. (4) See slide 10 of this presentation for more details. (5) GM also has a right of first offer on Phase 2 remaining production volumes. (6) See the Company’s Reports for full details. 3 1 2 3 4 Thacker Pass Highlights 5 COMPETITIVE, LOW OPEX First quartile OPEX(4), highly competitive in various lithium markets; benefited from higher grade and location and processing benefits FULLY FUNDED, LOW-COST CAPITAL $2.26 billion U.S. Department of Energy (DOE) Loan (1) at applicable U.S. Treasury rate with 0% spread, plus investments from General Motors (GM)(2) and Orion Resource Partners(3) U.S.-PRODUCED LITHIUM Thacker Pass Phase 1 permitted and in construction – a near-term source of U.S.- produced lithium; targeting completion in late 2027 BOARD & MANAGEMENT Experienced with leading technical, large-scale project development and financial expertise 20-YEAR OFFTAKE GM has an offtake right for up to 100% of Phase 1 and 38% of Phase 2 production volumes for 20 years (5) IDAHO OREGON CALIFORNIA ARIZONA NEVADA San Francisco Thacker Pass McDermitt Caldera McDermitt Denio Orovada McDermitt Winnemucca Reno Large lithium Resource (M&I) and Reserve (P&P) with expansion potential to 160,000 t/y Li 2CO3 over an 85-year mine life(6) Job creation: construction of Phase 1 will create ~2,000 jobs, PLA with NABTU to de-risk labor availability De-risked project execution: >50% detailed engineering, contracts for long-lead equipment awarded Strong collaboration: GM joint venture (JV), CBA with Fort McDermitt Paiute & Shoshone Tribe Lithium Technical Development Center and proven processing flowsheet Multifaceted ESG approach, limiting environmental impact and developing collaborative and mutually beneficial relationships 3
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Track Record of Executing Key Milestones (1) See the Company’s news release of October 16, 2025 and December 23, 2024 for full details. (2) See the Company’s news release of October 28, 2024 for full details. (3) See the Company’s news release of January 7, 2025 for full details. (4) See the Company’s news release of March 5, 2025 for full details. Discovery and Exploration (232 holes drilled) Bureau of Land Management (BLM) Record of Decision Issued Community Benefits Agreement with the Fort McDermitt Paiute and Shoshone Tribe GM Joint Venture and Investment Agreement Announced(1) GM Acquired 38% of Thacker Pass, LAC-GM Joint Venture Closed(1) 2007+ Jan 2021 Oct 2022 Oct 2024 Jun 2018 Apr 2022 Jan 2023 Dec 2024 Jan 2025 Mar 2025 Orion Resource Partners $250 Million Strategic Investment(4) Pre-Feasibility Study Major Operating Permits Received GM Strategic Partner and Long-Term Off-Take and Feasibility Study Mineral Resource & Reserve Estimate Technical Report(3) Thacker Pass: approx. 20 years from discovery and exploration to construction, targeting production in late 2027 Oct 2024 U.S. DOE ATVM Loan for $2.26 Billion Closed(2) 4
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Thacker Pass Construction Funding $2.26 Billion U.S. DOE ATVM Loan(1) Project financing at the risk-free rate Closed $2.26 billion Advanced Technology Vehicles Manufacturing Loan from the U.S. Department of Energy(1) First draw expected sometime in Q3 2025 $945 Million Expected Total Investment and 38% JV(2) $250 Million Strategic Investment(7) Initial $250 million investment by Orion will be used to satisfy the remaining equity funding requirement for Phase 1, as well as LAC corporate overhead costs during construction Strong signal of support for expansion through non-binding proposal for up to $500 million of financing the construction and development of Phase 2 (1) See the Company’s news release of October 28, 2024 for more details. principal of $1.97 billion and estimated capitalized interest during construction of $290 million, based on assumed 5.2% interest rate. Interest: U.S. Treasury Rate fixed from the date of each monthly advance for the term of the loan at the applicable long-dated U.S. Treasury rate with 0% spread. Tenor: 24 years, from date of first draw of the DOE Loan. (2) See the Company’s news releases of October 16, 2024 and December 23,2024 for more details. elated agreements entered into by Lithium Americas and GM, have been filed with the SEC on EDGAR, as well as on SEDAR+. (3) Incremental to Tranche 1, GM contributed $330 million to the JV on closing of the JV; and the remaining $100 million to be contributed at FID for Phase 1. (4) LC Facility to be used for U.S. DOE Loan reserve requirements to be posted prior to first draw. U.S. DOE Loan requires approximately $195 million of reserve account funding to cover Construction Contingency, Ramp Up and Sustaining Capex reserve accounts. (5) At market prices, subject to a discount at certain price levels. (6) GM has a right of first offer on the remaining balance of Phase 2 volumes. (7) See the Company’s news release of March 5, 2025 for more details. Related agreements entered into by Lithium Americas and Orion, have been filed with the SEC on EDGAR, as well as on SEDAR+. $2.26 billion loan includes R 5 Achieving fully funded status at the project and corporate level for the development and construction of Phase 1 Thacker Pass for the duration of construction GM has acquired a 38% asset-level ownership stake in Thacker Pass GM’s total investment is expected to consist of $320 million Tranche 1 investment, $430 million (3) cash investment in JV and $195 million letters of credit(4) Offtake agreement for up to 100% of Phase 1 and up to 38% of Phase 2 for 20-years (5)(6)
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Substantially De-Risked Project Execution for Thacker Pass See the Company’s news releases of January 7, 2025 and March 5, 2025 for more details. 6 Top 7 pieces of long-lead equipment have been awarded; commenced field purchases for goods and services; over 70% of procurement packages received recent market feedback Procurement Pricing Currently over 50% detailed engineering design complete and continuing to advance detailed engineering prior to announcing the FID Detailed Engineering Build out will align with construction schedule – earth works completed; finalizing engineering; installation of utilities; foundation work progressing Work Force Hub (WFH) Excavation of the process plant is 90% complete; concrete placement forecasted to begin by May 2025; first steel forecasted to being in Q3 2025 Thacker Pass Plant Areas Safety milestone achieved: one million hours with an LTI Construction of Thacker Pass construction is expected to create approximately 2,000 direct jobs in northern Nevada
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7 Lithium Batteries: Vital for U.S. Security Batteries by the Numbers $16.9 billion the U.S. battery market size in 2023, which is expected to grow five-fold in coming years $400 billion the estimated value of the global battery supply chain marketplace by 2030 3.5 million the amount of jobs in the U.S. projected across the value chain to meet global demand by 2030 Benefits of Batteries American Investment Companies are investing more than $140 billion to develop a domestic battery supply chain, including in states like Michigan, Georgia, Ohio and Nevada Energy Dominance Grid-scale storage will account for nearly 50+ GWs by 2025, ensuring grid resilience with power stored from “all-the-above” energy generation National Security Important for drones and infantry gear, the Pentagon is investing to standardize domestic battery acquisition to counter China and Russia Military Equipment Needs Batteries Batteries are increasingly at the heart of the technology powering and connecting soldiers around the globe From telecommunication systems like tactical radios to weapon systems and unmanned technology like drones, the Pentagon’s ability to move away from foreign suppliers is critical to defense. Lithium is essential for drones, communications, fighter jets, submarines, tactical equipment and naval vessels. Jets Submarines Tactical Gear Radios Drones Jobs Supported by Scaling the Battery Supply Chain Mining Chemical Processing Manufacturing Construction Dept. of Defense Battery Profile 360+ the number of manufacturers and suppliers working with DoD to address battery needs $300 million annual use of specialty batteries, equal to 100 MWh of power $155 million annual use of rechargeable batteries, equal to 600 MWh of power 12X the amount DoD lithium-ion battery demand is expected to increase by 2050 under conservative assumptions Source: NAATBatt International , Batteries: The Building Block for AMERICAN POWER report.
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Kelvin Dushnisky Director and Executive Chair Jonathan Evans Director, President and CEO Luke Colton EVP and CFO Extensive career history with mining companies across multiple global jurisdictions Most recently serving as CEO and Board member of AngloGold Ashanti and prior to that, 16+ years with Barrick Gold including serving as President and a member of the Barrick board Past Chair of the World Gold Council 20+ years of experience Previously ran FMC’s lithium operation (was Livent, then Arcadium, now Rio Tinto) for 5 years Previous executive management / operations roles at FMC, Diversitech Corp., Arysta, General Electric Served in the U.S. Army as an Armor/Cavalry officer 20+ years of significant financial, statutory, commercial and leadership experience across multiple global jurisdictions Most recently, CFO of Minova International and previously CFO of Turquoise Hill Resources and a director of Oyu Tolgoi, overseeing the development of a multi-billion-dollar copper open pit and underground mine in Mongolia and the privatization of THR by Rio Tinto Richard Gerspacher EVP, Capital Projects 25 years of developing and executing industrial and mining projects Previously worked for Fluor Corporation, served as Vice President and Projects Director for a lithium project in Australia Industry Leading Team with Deep Development Experience Philip Montgomery Director and Chair, Technical Committee Extensive global experience in major capital projects 35+ year career at BHP Group Limited and its predecessor organizations, including serving as Global Head of Group Project Management and Vice President – Projects 8
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Clear Path to First Production in 2027 9 Oct 2024 Q1 2025 2025-2027 2028 LAC-GM JV Investment Agreement and DOE Loan closed Will achieve fully funded status with closing of Orion investment and JV Partners expected to announce FID Major construction, wet commissioning, mechanical completion and initial production Ramp up and full production Thacker Pass Phase 1 permitted, funding de-risked and in major construction Development of future phases of Thacker Pass Thacker Pass is the only new lithium project of scale under construction in the U.S. Note: This is an illustrative timeline based on Company targets. See the Company’s news release of October 16, 2024, October 28, 2024, December 23, 2024 and March 5, 2025 for more details. Early construction commenced Feb 2023 • Jan 2021: Record of Decision issued • April 2022: major operating permits for construction start received • Jan 2023: initial GM investment commitment
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Thacker Pass 10
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Lithium Americas works closely with the following industry leading design and construction contractors Together, Building Thacker Pass Phase 1 EPCM Mining Sulfuric Acid Plant Water Treatment Equipment Provider Terminal Operator Trusted industry-leading firm that has built more than 25,000 projects for industries and governments in 160 countries on all seven continents Part of the NACCO Natural Resources portfolio of businesses, with over 110 years of mining and reclamation experience Global leader in oil, gas and chemicals, and approved integrator of sulfuric acid technology Global leader in water technology, executing over 2,000 projects across 60 countries Leading rail terminal operator, optimizing fleet and logistic needs 11
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Construction Progress Process plant pad: carefully graded surfaces and defined edges showcase precise earthwork engineering Thacker Pass Development of site roads is progressing well Concrete batch plant; preparing for first pour in May 2025 Workforce Hub Over 380 pre-cast foundations have been installed; concrete work ~30% complete Installation of stormwater culverts in the southwest corner of the plant 12
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Sulfur Storage Sulfuric Acid Plant Main Substation CCD Circuit Filtration Building MgSO4 Crystallization Process Event Pond Ca Precipitation Leaching Steam Turbine Acid Storage Thacker Pass Phase 1 Processing Pad Layout PROCESSING PLANT ANIMATION Watch this animation to see the Thacker Pass Phase 1 processing plant: LINK HERE 13
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Thacker Pass is Located in a Historic Caldera 14 Caldera Setting as Key Differentiator(1)(2) Post-caldera hydrothermal fluids in the vicinity of Thacker Passaltered some of the smectite to illite clay,increasing the concentration of lithium in the illitic zones The McDermitt Caldera(1) Originated from a Yellowstonecomplex supervolcano ~16 million years ago The resulting near-surface deposit allows for a shallow open pit (<400 feet deep) that will be block mined with active reclamation to limit environmentalimpact Source: Camp and Tolan (2020) Source: Dr. Thomas R. Benson (1) See Third-Party Names & Trademark on pg. 2. (2) See the Company’s Reports for full details. GEOLOGY ANIMATION Watch this animation to see the formation of the McDermitt Caldera and Thacker Pass: LINK HERE
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Thacker Pass Location Benefits 15 Access to adjacent paved highways; road improvements to facilitate construction traffic completed Lease for transloading terminal secured; access to rail ~60 miles away in Winnemucca, adjacent to I-80 for reagent transport Potential Phase 4 expansion incorporates a direct rail line to Thacker Pass(1) Access to hydroelectric via onsite high voltage transmission line Water rights acquired(2) for Phase 1 and water infrastructure completed Workforce Hub located in Winnemucca; a full-service housing facility for construction workers Thacker Pass McDermitt Caldera 80 Transloading Facility (1) See the Company’s news release of January 7, 2025 for more details. (2) See the Company's Form 20-F for the year ended December 31, 2023 for more details.
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Select Industry Examples: Thacker Pass Utilizes Well Proven Technology & Equipment (1) Source: http://www.genckintl.com/. See the Third-Party Names, Trademark and Information disclaimer on pg. 2. 16 Thacker Pass Key Process Steps: Mineral Beneficiation Clay Dewatering Traditional Hydrometallurgy Standard Chemical Process Standard Li2CO3 Process • Standard mining operations • Thickener vendor has 22 similar sized units installed since 1987 • Decanter centrifuge vendor has 55 units of same size installed • Brine evaporator vendor has similar sized equipment at five other locations • MgSO 4 process design guided by Dr. Genck(1) who has consulted with over 300 companies (including MgSO4) • Epsom salts crystallized for over a century • Standard hydrometallurgical processes • 7x neutralization filters of same model installed in 2022 • Counter current decantation (CCD) technology provider has 6 alumina red mud processes operating and over 40 similar thickeners installed • Same process as hard-rock (spodumene) • Li 2CO3 process design guided by Dr. Genck who has consulted with over 300 companies (including Li 2CO3) Crusher Hydrocyclones/ Hydraulic Classifier Attrition Scrubber Thickener Centrifuges Neutralization/ CCD Washing/ Filtration Acid Leaching MgSO4 (Epsom salts) Crystallization Ion Exchange Magnesium & Calcium Precipitation Drying Li2CO3 Crystallization 42 3 51 • Florida phosphate fertilizer industry No novel equipment required; the flowsheet consists of standard equipment that has been proven for decades VIRTUAL SITE TOUR Watch this video to visit LAC’s Lithium Technical Development Center to see how Thacker Pass ore is processed into battery-quality lithium carbonate: LINK HERE Beneficiation Process Chemical Process
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Lithium Technical Development Center • State-of-the-art laboratory and piloting facility integrating the Thacker Pass flow sheet from end-to-end • Validated Thacker Pass flowsheet with all recycles in place • Proven production of battery-quality lithium carbonate from Thacker Pass ore via continuous-production process • Replicating integrated process including a full-scale hydrocyclone to mitigate scale-up issues • Currently conducting research for continual optimization of process and beneficial use of byproducts • ISO-9001:2015 certified De-risking scale-up concerns with production-size beneficiation equipment – producing end-to-end lithium carbonate samples since July 2022 17
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Appendix 18
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DOE Loan Closed: Project Financing at the Risk-Free Rate (1) See the Company’s news release of October 28, 2024 for more details. (2) Other key terms: customary covenants and events of defaults for a project finance loan facility; and customary conditions precedent to loan effectiveness and advances for a project finance loan facility. (3) Based on assumed 5.2% interest rate. 19 Advanced Technology Vehicles Manufacturing (ATVM) Loan from the U.S. Department of Energy(1)(2) Highly attractive terms across all metrics Tenor: 24 Years From date of first draw of the DOE Loan Quantum: $2.26 billion Principal: $1.97 billion Capitalized interest during construction: $290 million(3) Interest: U.S. Treasury Rate Interest rates fixed from the date of each monthly advance for the term of the loan at the applicable long-dated U.S. Treasury rate with 0% spread First draw expected in Q3 2025
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(1) See the Company’s news releases of October 16, 2024 and December 23,2024 for more details. elated agreements entered into by Lithium Americas and GM, have been filed with the SEC on EDGAR, as well as on SEDAR+. (2) LC Facility to be used for U.S. DOE Loan reserve requirements to be posted prior to first draw. U.S. DOE Loan requires approximately $195 million of reserve account funding to cover Construction Contingency, Ramp Up and Sustaining Capex reserve accounts. GM contributed $330 million to the JV on closing; and the remaining $100 million to be contributed at FID for Phase 1. (3) Total consists of GM’s $320 million Tranche 1 investment, $430 million cash investment incremental to Tranche 1 and $195 million letters of credit. (4) At market prices, subject to a discount at certain price levels. R 20 LAC-GM Thacker Pass Joint Venture GM contributed combined $625 million of cash and letters of credit for a 38% asset-level ownership stake in Thacker Pass(1) • $430 million of direct cash funding and a $195 million LC Facility(2) Underscores the strategic importance of Thacker Pass • GM’s total $945 million(3) investment in LAC and Thacker Pass is the largest investment publicly disclosed to date by a U.S. OEM in a lithium carbonate project • Transaction highlights the strategic importance of Thacker Pass in creating a domestic supply chain for critical minerals Strengthens relationship with GM • Builds upon an already strong relationship with GM as strategic investor and long-term offtake customer Additional offtake • In addition to GM’s existing Thacker Pass Phase 1 Offtake Agreement for up to 100% of production volumes for 20-years, GM has entered into an additional 20-year offtake agreement for up to 38% of production volumes (4) from Phase 2 and will retain its right of first offer on the remaining balance of Phase 2 volumes GM has acquired a 38% asset-level ownership stake in Thacker Pass
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62% Establishing a Long-Term Partnership with Orion Entity Structure Overview of Lithium Americas 38% Joint Venture Thacker Pass Project Other Existing Shareholders 7% 93% 100% DOE ATVM Loan $2.3 billion (1) See the Company’s news release of March 5, 2025 for more details. Related agreements entered into by Lithium Americas and Orion, have been filed with the SEC on EDGAR, as well as on SEDAR+. 21 Orion Has World-Class Experience Investing in Major Projects $250 million Phase 1 Investment(1) ($195 mm Convertible Note + $25 mm Production Payment + $30 mm Delayed Draw) Initial $250 million investment by Orion will be used to satisfy the remaining equity funding requirement for Phase 1, as well as LAC corporate overhead costs during construction(1) Strong signal of support for expansion through non-binding proposal for up to $500 million of financing the construction and development of Phase 2 of Thacker Pass Orion Resource Partners (Orion) is a global alternative investment firm dedicated to metals and materials. Orion provides comprehensive and tailored solutions for the construction or acquisition of energy transition metals and gold assets.
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Strategic Rationale for Partnering with Orion(1) (1) See the Company’s news release of March 5, 2025 for more details. 22 Will bring Thacker Pass to fully funded status required to unlock the $2.26 billion U.S. DOE Loan. The JV Partners are expected to announce FID on closing of Orion’s investment, unlocking GM’s remaining $100 million cash contribution at FID. Investment from Orion Unlocks Ability to Declare FID on Closing 1 Orion is a global partner with $8 billion assets under management, significant project experience across the natural resources sector, a long- term investing horizon and appetite to scale investments to fund project expansion initiatives. Long-Term Partnership with Premier Resource Investment Firm 2 Orion has agreed, on a non-binding basis, to evaluate the potential to support up to $500 million of financing for the construction and development of Phase 2 of Thacker Pass. Strong Signal of Support for Expansion of Thacker Pass Phase 2 3 Aligned values in developing sustainable, transformational projects for the future as responsible operators and leaders upholding environmental, health and safety best practices. Shared Commitment to Strive for the Highest Sustainability Practices 4 &
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Orion Resource Partners – Summary of Economic Terms(1) (1) See the Company’s news release of March 5, 2025 for full details. (2) 2-year availability subject to satisfaction of conditions precedent. (3) Initial Fixed and Variable payment rates multiplied by product of following factors: (i) Delayed Draw Convertible Debt Factor (factor equal to 1.00x to 1.19x depending on Delayed Draw Convertible Note draw level, increasing pro rata to maximum of 1.19x when DDCN is fully drawn), (ii) Phase 1 Total Cost (factor equal to 1.0x to 1.45x depending on total Phase 1 costs, escalating when costs overrun budget of $3,686mm, with factor increasing to full value when Phase 1 costs meet or exceed $4,216mm), and (iii) Production Threshold (factor equal to 1.0x to 0.5x, stepping down to 0.75x and then 0.50x when cumulative LCE production hits 1.5mm and 2.0mm tonnes, respectively) (4) Fixed payment is adjusted annually by Producer Price Index starting from the first full year following Commencement of Commercial Production 23 Security Senior Unsecured Convertible Notes (the “Convertible Notes”) and Production Payment Agreement Investment $195 million Convertible Notes, $30 million Delayed Draw Convertible Notes (“DDCN”)(2) and $25 million Production Payment Maturity March 2030 Initial Conversion Price $3.78, which represents a 43% premium to the 5-day VWAP on the NYSE ending March 5, 2025 Original Issue Discount 1.5% Interest 9.875% (Cash or Paid-in-Kind) Contingent Redemption Right On or after 2.5 years of closing, the Company has the right to redeem Convertible Notes if share price is at least 185% of the Conversion Price Registration Rights Orion is entitled to customary shelf registration rights with respect to the shares issuable upon conversion of the Convertible Notes and DDCN Governance Orion is entitled to have an Independent Engineer and an Independent Environmental and Social Consultant join a newly formed technical committee of LAC’s management team to monitor development Production Payment Agreement Fixed Payments: $128.00 per tonne of LCE produced up to 41,500 t/y (ending 72 quarters after first production) (3)(4) Variable Payment: 0.96% of gross revenue attributable to the first 41,500 t/y for the life of the Project(3) Phase 2 Support Orion has agreed to provide a non-binding proposal for up to $500 million of financing support for the purposes of financing the construction and development of Phase 2 of Thacker Pass
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Experts in strategic global operations and developing large capital projects, with deep technical and financial knowledge Extensive career history with mining companies, most recently serving as CEO and Board member of AngloGold Ashanti and prior to that 16+ years with Barrick Gold. Past Chair of the World Gold Council. Fellow at the Lincy Institute at the University of Nevada, Las Vegas and past Chairman of the Nevada Mining Association. Previously served in the Cabinet of Governor Sisolak of Nevada. Prior to joining the Cabinet, he spent 24 years at Barrick Gold North America, serving as President from 2015-2018. 20+ years of operations and general management experience across businesses of various sizes and industry applications. Previous executive management / operations roles at FMC (lithium division), Diversitech Corp., and Arysta, General Electric. JONATHAN EVANS Was the Vice Chairman of the board of Qinghai Taifeng Pulead Lithium-Energy Technology, a leading producer of cathodes for lithium-ion batteries, having served as President and CEO before. Previous executive management experience at Molycorp and FMC Corporation (USA). Yuan Gao Lead Independent Director and Chair, Governance and Nomination Committee 20+ years of experience leading treasury and risk management functions, most recently as CFO of Eldorado Gold. Prior to her career at Eldorado, worked at PwC Canada specializing in the audit of public mining and technology companies. She also serves on the board of Royal Gold, Inc. Currently Deputy CFO at General Motors, leading Corporate Development, GM Ventures & Treasury teams. He is GM’s nominee to the LAC Board. Extensive M&A and investing experience, from time leading corporate development teams at GM, Tesla and Apple. Extensive global experience in major capital projects. 35+ year career at BHP Group Limited and its predecessor organizations, including serving as Global Head of Group Project Management and Vice President – Projects. 25+ years of experiencein financial reporting, treasury, tax and information technology (including cybersecurity), with 15 years in the mining industry. Previously served as the CFO and SVP for Lundin Mining. Extensive experience in acquisitions, divestitures, public and private equity fundraising and public company reporting. Top-tier Board of Directors with Deep Applicable Expertise Kelvin Dushnisky Director and Executive Chair Michael Brown Director and Chair, Safety and Sustainability Committee Fabiana Chubbs Director and Chair, Audit and Risk Committee Jonathan Evans Director, President and CEO Zach Kirkman Director Jinhee Magie Director and Chair, Compensation and Leadership Committee Philip Montgomery Director and Chair, Technical Committee BOARD COMMITTEE COMPOSITE Audit & Risk Committee Governance & Nomination Committee Compensation & Leadership Committee Safety & Sustainability Committee Technical Committee Michael Brown* Fabiana Chubbs* Kelvin Dushnisky Jonathan Evans Yuan Gao* Zach Kirkman Jinhee Magie* Philip Montgomery* Legend: Committee Chair Committee Member *Independent Board member 24
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Experienced Management team with leading technical,project development and financial expertise 25 Proven Leadership Team with a Strong Track Record 20+ years of operations and general management experience across businesses of various sizes and industry applications. Previous executive management / operations roles at FMC (lithium division), Diversitech Corp. and Arysta, General Electric. Jonathan Evans Director, President and CEO 20+ years of significant financial, statutory, commercial and leadership experience with mining joint ventures across multiple global jurisdictions. Former CFO of Minova International, Turquoise Hill Resources and Richards Bay Minerals, and senior financial roles at Rio Tinto. Oversaw the development of multi-billion-dollar Oyu Tolgoi. Luke Colton EVP and CFO 25 years of experience in developing and executing industrial and mining projects. Previously worked for Fluor Corporation, served as VP and Projects Director for a lithium project in Australia. Richard Gerspacher EVP, Capital Projects 20+ of experience in legal and compliance counseling within mining, including serving as the General Counsel of Barrick’s copper business. Former law firm partner; holds Bachelor of Arts from Middlebury College and J.D. from the Emory University School of Law. Ted Grandy SVP, General Counsel and Corporate Secretary 20+ years of financial experience in the mining sector including exploration, construction and operations. Previously held positions as CFO for Pembrook Copper, Pacific Rim Mining and Global Exploration & Project Development at Placer Dome. April Hashimoto SVP, Finance and Administration 13+ years of experience as a human resources professional in municipal and mining industry. Previously held position as the Vice President of Human Resources for Nevada Copper. Aubree Barnum VP, Human Resources 30+ years of experience in public affairs and community relations, including serving as an aide to former Senator Harry Reid and Nevada Governor Bob Miller. Former President of the Nevada Mining Association. Tim Crowley VP, Government and External Affairs 20+ years of experience in investor relations, ESG, corporate communications and securities compliance. Previously held positions at Capstone Mining, Goldcorp, Avalon Rare Metals, Boeing and Citadel Investment Group (London). Virginia Morgan VP, Investor Relations and ESG 20+ years of experience in developing mining and energy projects. Founded a publicly traded renewable energy company resulting in the construction and operation of two hydroelectric facilities. Alexi Zawadzki VP, Resource Development 20 years of experience in process development, operations and battery supply chain development, 17 years in the lithium space. Experience developing the battery supply chain for Tesla and technical qualification of products & process development for FMC’s Lithium Division. Rene Leblanc VP, Growth and Product Strategy 20+ years of experience in global operations, process development and capital project implementation. Previously held positions at Rohm & Haas (Dow Chemical) and Syngenta Hugh Broadhurst General Manager, Thacker Pass
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Sustainability / ESG 26
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Developing Sustainable Lithium 27 Limiting environmental impact • On-site energy generation combined with hydropower electricity is expected to limit Scope 1 and 2 carbon intensity • Any water withdrawn is expected to be recycled and reused an average of 7x within the production process • Zero liquid discharge facility is designed to eliminate discharge of industrial wastewater into the environment • Collaborating with University Nevada, Reno on potential beneficial uses and the commercial viability of our waste streams Developing collaborative and mutually beneficial relationships • Community Benefits Agreement with the Fort McDermitt Paiute and Shoshone Tribe • Signed a Project Labor Agreement with North America’s Building Trades Unions for construction • Active Community Working Group member, focused on identifying solutions that protect the safety and well-being of community members during construction and operations • Building a new K-8 school for Orovada ENVIRONMENTAL SOCIAL Building a culture of honesty, integrity, respect and accountability • Cleared all known regulatory and legal hurdles to advance to major construction • Achieved ISO 90001:2015 Quality Management Systems certification at our Lithium Technical Development Center • Formalized a Safety Roadmap and Site Security Plan • Adopted additional policies, including an Environmental Policy, Safety Policy and Vendor Code of Conduct GOVERNANCE Seeking to prevent, limit and manage health and safety risks • Formalized health and safety management system in place • ‘Work Safe Home Safe’ program in partnership with Bechtel • Adopted SafeStartTM behavioral-based safety training program • Saving Rules in place • Formalized SafeStartTM Steering Committee, VelocityEHS Committee and a joint H&S Committee, that includes members of safety, management and worker participation SAFETY For more information, see the Company’s 2023 ESG-Safety Report available on the Company’s website.
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Through years of engagement, informationsharing and meetings, we have learned about the communityneeds and priorities Community Benefits Agreement with the Fort McDermitt Paiute and ShoshoneTribe Closest Native American tribe to Thacker Pass, ~40 miles from Thacker Pass Creating EmploymentOpportunities Direct employment of approximately 2,000 jobs during construction and approximately 350 permanent jobs for Phase 1 operations Planning job readiness training Cultural monitor training allowed for eleven tribe members to actively participate in critical archeological work Provided temporary and full-time employment opportunities to tribal members, including eight Tribe members and three Duck Valley members and one Arizona Navajo living in Fort McDermitt Direct Benefit to Local Community Formal stakeholderengagementprocess with local communities Funding a new K-8 school in Orovada Community Needs & Priorities Delivered: Quality preschool and community facilities Greenhouse for native plant species, traditional foods and medicinal plants Skills Training Hired locally to support early work construction Actively Engaging with Local Tribal & Community Members 28 “Thacker Pass will provide important economic and employment opportunities for members of our Tribe” Larina Bell, previous Acting Chairwoman of the Fort McDermitt Paiute and Shoshone Tribe commented on the Loan 28
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Technical Report and Mineral Estimate 29
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Thacker Pass Technical Report(1) Summary Key Highlights Proven and Probable Reserve increase of 286% and Measured and Indicated Resource increase of 177% since Nov 2022 Feasibility Study(2) Reserve (P&P) estimate of 14.3 Mt LCE supports an expansion plan targeting up to 160,000 t/y battery-quality Li2CO3 production capacity over five phases Potential to become an unmatched district, generating American jobs and increasing domestic production of critical minerals (1) For full details, refer to the Company’s Technical Report, effective date December 31, 2024. (2) Not inclusive of Inferred resources. For more details, refer to the Company’s Feasibility Study, effective date November 2, 2022, available on SEDAR+. (3) See slide 35 and 36 for more details, or refer to the Company’s Technical Report, effective date December 31, 2024. (4) Project economics from the Company’s Technical Report, based on a long-term lithium carbonate price of $24,000 per tonne Li 2CO3 and does not include the Orion investments announced on March 5, 2025. (5) EBITDA includes capital investments and pre-completion OPEX in years up to production. This is a non-GAAP financial measure. For more information, refer to pg. 2 or Section 2.4 of the Company’s Reports or the Company’s MD&A for the three and nine months ended September 30, 2024 . Definitions: Mt = million tonnes, LCE = lithium carbonate equivalent, ppm = parts per million, Li = lithium, Li2CO3 = lithium carbonate, t/y = tonnes per year 30 Reserve Proven and Probable 14.3 Mt LCE average grade of 2,540 ppm Li(3) Resource Measured and Indicated 44.5 Mt LCE average grade of 2,230 ppm Li (3) Design Summary Life of Mine (LOM) 85 years Total nominal design capacity 160,000 t/y Li2CO3 Five phase expansion plan Project Economics For years Years 1-25 (Production Scenario)(4) Average Annual EBITDA(5) $2.2 billion Net Present Value (8%) $5.9 billion Internal Rate of Return (after-tax) 19.6% World’s largest measured lithium resource and reserve supports development of a lithium district in northern Nevada
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Thacker Pass Phase 1-5 Expansion Potential(1)(2) 31 Phase 1 40,000 t/y Li2CO3 facility 2,250 t/d sulfuric acid plant CAPEX $2.9 billion Targeting construction completion in late 2027 Phase 2 40,000 t/y Li2CO3 facility 2,250 t/d sulfuric acid plant CAPEX(2) $2.3 billion Phase 3 40,000 t/y Li2CO3 facility 2,250 t/d sulfuric acid plant CAPEX(2) $2.8 billion Phase 4 and 5 Total CAPEX(2) $4.3 billion Phase 4: 40,000 t/y Li2CO3 facility 2,250 t/d sulfuric acid plant Rail to Thacker Pass Phase 5: 3,000 t/d sulfuric acid plant (1) For full details, refer to the Company’s Technical Report, effective date December 31, 2024. (2) CAPEX for Phase 2, 3, 4 and 5 is derived from Phase 1 estimates. Additional required permitting for Phases 2 through 5 will be initiated following the completion of Phase 1 construction. Definitions: Li2CO3 = lithium carbonate, t/y = tonnes per year; t/d = tonnes per day Overall Site General Arrangement(1)
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Thacker Pass Construction Timeline (1) (2) Phases 1 through 4 is a 2,250 t/d sulfuric acid plant, Phase 5 is a 3,000 t/d sulfuric acid plant. Additional required permitting for Phases 2 through 5 will be initiated following the completion of Phase 1 construction. See the Company’s Reports for full details. 32 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2023-2024 2025 2026 2027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Early works and site preparation Construction infrastructure (power, water pipeline, roads, highway improvements, site buildings) Plant pad excavation >70% Detailed engineering >50% Awarded seven long-lead items Awarded procurement packages Provided limited full notice to proceed to Bechtel and major contractors Announce final investment decision First concrete First steel Commence commissioning of process plant Initiate mining Construction complete First production Phase 1 Ramp-upPhase 1 – 40,000 t/y Phase 1 – 40,000 t/y: Detailed Construction Timeline(1) Pathway to 160,000 t/y: Phase 1-5 High-level Construction Timeline(1)(2) Phase 2 Ramp-up Phase 3 Ramp-up Phase 2 Engineering Phase 3 Engineering Phase 4 & 5 Engineering Phase 2 – 40,000 t/y Phase 3 – 40,000 t/y Phase 4 & 5 Ramp-up Phase 4 and 5 – 40,000 t/y plus additional sulfuric acid plant and rail to Thacker Pass
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Thacker Pass Technical Report – Sensitivity Analysis (1) For full details, refer to the Company’s Technical Report, effective date December 31, 2024. (2) EBITDA includes capital investments and pre-completion OPEX in years up to production. This is a non-GAAP financial measure. For more information, refer to pg. 2 or Section 2.4 of the Company’s Reports. 33 NPV (8%) – Production Scenario IRR (after-tax) – Base Case $5.9 billion 20.0% Lithium Price Assumption $24,000 per tonne NPV (8%) – Base Case $8.7 billion Payback (after-tax, 8% discount) – LOM 8.7 years Technical Report Results(1) $1.3 $2.1 $2.9 $18,000 (25% lower) $24,000 (base case) $30,000 (25% higher) EBITDA – LOM Base Case (US$ billions) 12.8% 20.0% 26.5% $18,000 (25% lower) $24,000 (base case) $30,000 (25% higher) IRR NPV and IRR Sensitivity Analysis(1) Production Scenario = Years 1-25 of 85-year LOM Base Case = 85-year Life of Mine (LOM) IRR (after-tax) – Production Scenario 19.6% EBITDA(2) Sensitivity Analysis $3.4 $8.7 $13.6 $18,000 (25% lower) $24,000 (base case) $30,000 (25% higher) NPV (US$ billions) Avg. Annual EBIDTA – Base Case $2.1 billion $1.4 $2.2 $2.9 $18,000 (25% lower) $24,000 (base case) $30,000 (25% higher) EBITDA – Production Scenario (US$ billions) Avg. Annual EBIDTA – Production Scenario $2.2 billion
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Thacker PassMineral Resourceand Reserve As reported under NI 43-101 as of December 31, 2024(1) (1) See the Company’s Reports for full details. 34 Mineral Reserve Estimate Category Tonnage (Mt) Average Li (ppm) LCE (Mt) Proven 269.5 3,180 4.5 Probable 787.1 2,320 9.7 Total Proven & Probable 1,056.7 2,540 14.3 Mineral Resource Estimate Category Tonnage (Mt) Average Li (ppm) LCE (Mt) Measured (M) 560.8 2,680 8.0 Indicated (I) 3,225.2 2,150 36.5 Total M & I 3,786.0 2,230 44.5 Inferred 1,981.5 2,070 21.6 1. The independent Qualified Person who supervised the preparation of and approved disclosure for the estimate is Benson Chow, P.G., SME-RM. 2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 3. The Mineral Resource model has been generated using Imperial units. Metric tonnages shown in table are conversions from the Imperial Block Model. 4. Mineral Resources are inclusive of 1,056.7 million metric tonnes (Mt) of Mineral Reserves 5. Mineral Resources are reported using an economic break-even formula: “Operating Cost per Resource Short Ton”/“Price per Recovered Short Ton Lithium” * 10^6 = ppm Li Cutoff. “Operating Cost per Resource Short Ton” = US$86.76, “Price per Recovered Short Ton Lithium” is estimated: “Lithium Carbonate Equivalent (LCE) Price” * 5.3228 * (1 – “Royalties”) * “Metallurgical Recovery”. Variables are “LCE Price” = US$26,308/Short Ton ($29,000/tonne) Li 2CO3, “GRR” = 1.75% and “Metallurgical Recovery” = 73.5%. 6. Presented at a cutoff grade of 858 ppm Li. and a maximum ash content of 85%. 7. A mineral resource constraining pit shell has been derived from performing a pit optimization estimation using Vulcan software and the same economic inputs as what was used to calculate the cutoff grade. 8. The conversion factor for lithium to LCE is 5.3228. 9. Applied density for the mineralization is weighted in the block model based on clay and ash percentages in each block and the average density for each lithology (Section 14.1.6.4 of the Technical Report). 10. Measured Mineral Resources are in blocks estimated using at least 3 drill holes and 10 samples where the closest sample during estimation is less than or equal to 900 ft. Indicated Mineral Resources are in blocks estimated using at least 2 drill holes and 10 samples where the closest sample during estimation is less than or equal to 1,500 ft. Inferred Mineral Resources are in blocks estimated using at least 2 drill holes and 9 samples where the closest sample during estimation is less than or equal to 2,500 ft. 11. Tonnages and grades have been rounded to accuracy levels deemed appropriate by the QP. Summation errors due to rounding may exist. 12. Mineral Resources are presented on a 100% basis. LN indirectly owns the Project. Lithium Americas owns a 62% interest in LN and GM owns the remaining 38%. 1. The independent Qualified Person for the Mineral Reserves Estimate has been prepared by Kevin Bahe, P.E. 2. Mineral Reserves have been converted from measured and indicated Mineral Resources within the feasibility study and have demonstrated economic viability. 3. Reserves presented in an optimized pit at an 85% maximum ash content, cutoff grade of 858 ppm Li, and an average cut-off factor of 13.3 kg of LCE recovered per tonne of leach ore tonne (ranged from 7.5-26 kg of LCE recovered per tonne of leach ore tonne). 4. A sales price of $29,000 US$/tonne of Li 2CO3 was utilized in the pit optimization resulting in the generation of the reserve pit shell in 2024. An overall slope of 27 degrees was applied. For bedrock material pit slope was set at 52 degrees. Mining and processing costs of $95.40 per tonne of ROM feed, a processing recovery factor based on the block model, and a GRR cost of 1.75% were additional inputs into the pit optimization. 5. A LOM plan was developed based on equipment selection, equipment rates, labor rates, and plant feed and reagent parameters. All Mineral Reserves are within the LOM plan. The LOM plan is the basis for the economic assessment within the Technical Report, which is used to show the economic viability of the Mineral Reserves. 6. Applied density for the ore is varied by clay type (Table 14-13 of the Technical Report). 7. Lithium Carbonate Equivalent is based on in-situ LCE tonnes with a 95% mine recovery factor. 8. Tonnages and grades have been rounded to accuracy levels deemed appropriate by the QP. Summation errors due to rounding may exist. 9. The reference point at which the Mineral Reserves are defined is at the point where the ore is delivered to the run-of-mine feeder. 10. Mineral Reserves are presented on a 100% basis. LN indirectly owns the Project. Lithium Americas owns a 62% interest in LN and GM owns the remaining 38%.
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Thacker PassMineral Resourceand Reserve As reported under S-K 1300, as of December 31, 2024(1) (1) See the Company’s Reports for full details. 35 Mineral Reserve Estimate Category Tonnage (Mt) Average Li (ppm) LCE (Mt) Proven 269.5 3,180 4.5 Probable 787.1 2,320 9.7 Total Proven & Probable 1,056.7 2,540 14.3 1. Mineral Reserves Estimate has been prepared by Sawtooth Mining, LLC. 2. Mineral Reserves have been converted from measured and indicated Mineral Resources within the pre- feasibility study and have demonstrated economic viability. 3. Reserves presented in an optimized pit at an 85% maximum ash content, cutoff grade of 858 ppm Li, and an average cut-off factor of 13.3 kg of LCE recovered per tonne of leach ore tonne (ranged from 7.5-26 kg of LCE recovered per tonne of leach ore tonne). 4. A sales price of $29,000 US$/tonne of Li2CO3 was utilized in the pit optimization resulting in the generation of the reserve pit shell in 2024. An overall slope of 27 degrees was applied. For bedrock material pit slope was set at 52 degrees. Mining and processing costs of $95.40 per tonne of ROM feed, a processing recovery factor based on the block model, and a GRR cost of 1.75% were additional inputs into the pit optimization. 5. A LOM plan was developed based on equipment selection, equipment rates, labor rates, and plant feed and reagent parameters. All Mineral Reserves are within the LOM plan. The LOM plan is the basis for the economic assessment within the TRS, which is used to show the economic viability of the Mineral Reserves. 6. Applied density for the ore is varied by clay type (Table 11-13 of Section 11 of the Thacker Pass 1300 Report). 7. Lithium Carbonate Equivalent is based on in-situ LCE tonnes with a 95% mine recovery factor. 8. Tonnages and grades have been rounded to accuracy levels deemed appropriate by the QP. Summation errors due to rounding may exist. 9. The reference point at which the Mineral Reserves are defined is at the point where the ore is delivered to the run-of-mine feeder. 10. Mineral Reserves are presented on a 100% basis. LN indirectly owns the Project. Lithium Americas owns a 62% interest in LN and GM owns the remaining 38%. Mineral Resource Estimate Category Tonnage (Mt) Average Li (ppm) LCE (Mt) Metallurgical Recovery (%) Measured (M) 277.1 2,180 3.2 69% Indicated (I) 2,396.6 2,060 26.3 68% Total M & I 2,673.7 2,070 29.5 68% Inferred 1,981.5 2,070 21.6 75% 1. Mineral Resource Estimate has been prepared by Sawtooth Mining, LLC as of December 31, 2024. 2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 3. The Mineral Resource model has been generated using Imperial units. Metric tonnages shown in table are conversions from the Imperial Block Model. 4. Mineral Resources are in situ and exclusive of 1,056.7 million metric tonnes (Mt) of Mineral Reserves (Section 12 of the Thacker Pass 1300 Report). 5. Mineral Resources are reported using an economic break-even formula: “Operating Cost per Resource Short Ton”/“Price per Recovered Short Ton Lithium” * 10^6 = ppm Li Cutoff. “Operating Cost per Resource Short Ton” = US$86.76, “Price per Recovered Short Ton Lithium” is estimated: “Lithium Carbonate Equivalent (LCE) Price” * 5.3228 * (1 – “Royalties”) * “Metallurgical Recovery”. Variables are “LCE Price” = US$26,308/Short Ton ($29,000/tonne) Li 2CO3, “GRR” = 1.75% and “Metallurgical Recovery” = 73.5%. 6. Presented at a cutoff grade of 858 ppm Li. and a maximum ash content of 85%. 7. A mineral resource constraining pit shell has been derived from performing a pit optimization estimation using Vulcan software and the same economic inputs as what was used to calculate the cutoff grade. 8. The conversion factor for lithium to LCE is 5.3228. 9. Applied density for the mineralization is weighted in the block model based on clay and ash percentages in each block and the average density for each lithology (Section 11.1.6.4 of the Thacker Pass 1300 Report). 10. Measured Mineral Resources are in blocks estimated using at least 3 drill holes and 10 samples where the closest sample during estimation is less than or equal to 900 ft. Indicated Mineral Resources are in blocks estimated using at least 2 drill holes and 10 samples where the closest sample during estimation is less than or equal to 1,500 ft. Inferred Mineral Resources are in blocks estimated using at least 2 drill holes and 9 samples where the closest sample during estimation is less than or equal to 2,500 ft. 11. Tonnages and grades have been rounded to accuracy levels deemed appropriate by the QP. Summation errors due to rounding may exist. 12. Mineral Reserves are presented on a 100% basis. LN indirectly owns the Project. Lithium Americas owns a 62% interest in LN and GM owns the remaining 38%.
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This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation, and “forward-looking statements” within the meaning of applicable United States securities legislation (collectively referred to as “forward-looking information” (“FLI”)). All statements, other than statements of historical fact, are FLI and can be identified by the use of statements that include, but are not limited to, words, such as “anticipate”, “plan”, “continues”, “estimate”, “expect”, “may”, “will”, “projects”, “predict”, “proposes”, “potential”, “target”, “implement”, “scheduled”, “forecast”, “intend”, “would”, “could”, “might”, “should”, “believe” and similar terminology, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. FLI in this presentation includes, but is not limited to, statements related to the JV Transaction with General Motors LLC (“GM”) and the loan (the “DOE Loan”) from the U.S. Department of Energy (the “U.S. DOE”) under the Advanced Technology Vehicles Manufacturing (“ATVM”) Loan Program, including statements regarding satisfaction of draw-down conditions on the DOE Loan; anticipated timing for declaring and announcing FID; anticipated timing for closing of Orion’s investment, if at all; expectations regarding the non- binding proposal from Orion for the funding of Phase 2; expectation about the extent that the JV Transaction, DOE Loan, Orion investment and cash on hand have de-risked funding for the development and construction of Thacker Pass; the expected capital expenditures for the construction of Thacker Pass; the anticipated issuance of the Delayed Draw Convertible Notes; expectations and timing on the commencement of major construction and first year of production; project de-risking initiatives and extent to which work to date has de-risked project execution; ability to supply enough Inflation Reduction Act-compliant lithium to GM to support stated annual production of electric vehicles; expectations regarding the relationship with GM, including that GM will be a long-term offtake partner; production capacity estimates; expectations regarding the minimizing of environmental impact of operations; mineral resource and mineral reserve estimates; expectations related to the construction build and phases of Thacker Pass, job creation, nameplate capacity (as well as expansion potential) and mine life; statements with respect to the expected economics of Thacker Pass, including production expectations, EBITDA, NPV, IRR, pricing assumptions, life of mine, OPEX and sustaining capital; other statements with respect to the Company’s future objectives and strategies to achieve these objectives, and management’s beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. FLI involves known and unknown risks, assumptions and other factors that may cause actual results or performance to differ materially. FLI reflects the Company’s current views about future events, and while considered reasonable by the Company as of the date of this presentation, are inherently subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will accurately reflect actual results. Assumptions upon which such FLI is based include, without limitation: that the Company will be able to satisfy all conditions to closing of the Orion investment in a timely manner, if at all; that the Orion investment will close; expectations regarding Phase 2, including financing pursuant to Orion’s non-binding proposal or otherwise; that the conditions precedent to the delayed draw convertible notes will be satisfied in a timely manner, if at all; the absence of material adverse events affecting the Company during the construction of the Project; that FID will be declared and announced in a timely manner, if at all; a cordial business relationship between the Company and third party strategic and contractual partners; confidence that development, construction and operations at Thacker Pass will proceed as anticipated, including the impact of potential supply chain disruptions and the availability of equipment and facilities necessary to complete development and construction at Thacker Pass and produce battery grade lithium; the Company’s ability to operate in a safe and effective manner, and without material adverse impact from the effects of climate change or severe weather conditions; expectations regarding the Company’s financial resources and future prospects; expectations regarding future pricing of lithium and the supplies necessary to operate Thacker Pass; the ability to meet future objectives and priorities; general business and economic uncertainties and adverse market conditions; settlement of agreements related to the operation and sale of mineral production as well as contracts in respect of operations and inputs required in the course of production; the respective benefits and impacts of Thacker Pass when production operations commence; unforeseen technological, engineering and operational problems; political factors, including the impact of the 2024 U.S. presidential election on, among other things, the extractive resource industry, the green energy transition and the electric vehicle market; accuracy of development budgets and construction estimates; uncertainties inherent to feasibility studies and mineral resource and mineral reserve estimates; reliability of technical data; uncertainties relating to receiving and maintaining mining, exploration, environmental and other permits or approvals in Nevada; government regulation of mining operations and changes to regulatory or governmental royalty or tax rates; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; demand for lithium, including that such demand is supported by growth in the electric vehicle market; current technological trends; the impact of increasing competition in the lithium business, and the Company’s competitive position in the industry; changes to costs of production due to general economic factors such as: recession, inflation, deflation, and financial instability; compliance by joint venture partners with terms of agreements; continuing support of local communities and the Fort McDermitt Paiute and Shoshone Tribe for Thacker Pass, and continuing constructive engagement with these and other stakeholders, and any expected benefits of such engagement; risks related to cost, funding and regulatory authoritarians to develop a workforce housing facility; the stable and supportive legislative, regulatory and community environment in the jurisdictions where the Company operates; ability to realize expected benefits from investments in or partnerships with third parties; availability of technology, including low carbon energy sources and water rights, on acceptable terms to advance Thacker Pass; the impact of unknown financial contingencies, including litigation costs, title dispute or claims, environmental compliance costs and costs associated with the impacts of climate change, on the Company’s operations; increased attention to environmental, social, governance and safety (“ESG-S”) and sustainability-related matters, risks related to the Company’s public statements with respect to such matters that may be subject to heightened scrutiny from public and governmental authorities related to the risk of potential “greenwashing,” (i.e., misleading information or false claims overstating potential sustainability-related benefits), risks that the Company may face regarding potentially conflicting anti-ESG-S initiatives from certain U.S. state or other governments; estimates of and unpredictable changes to the market prices for lithium products, as well as assumptions concerning general economic and industry growth rates, commodity prices, currency exchange and interest rates and competitive conditions. Although the Company believes that the assumptions and expectations reflected in such FLI are reasonable, the Company can give no assurance that these assumptions and expectations will prove to be correct. Readers are cautioned that the foregoing lists of factors are not exhaustive. There can be no assurance that FLI will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, readers are cautioned not to place undue reliance on this information, and that this information may not be appropriate for any other purpose, including investment purposes. The Company’s actual results could differ materially from those anticipated in any FLI as a result of the risk factors set out herein and in the Company’s filings with securities regulators. The FLI contained in this presentation is expressly qualified by these cautionary statements. All FLI in this presentation speaks as of the date hereof. The Company does not undertake any obligation to update or revise any FLI, whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Company’s filings with securities regulators, including the Company’s most recent Annual Report on Form 20-F and most recent management’s discussion and analysis for our most recently completed financial year and the most recent interim financial period, which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. All FLI contained in this presentation is expressly qualified by the risk factors set out in the aforementioned documents. Forward-Looking Statements and Information 36 36
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LAC NYSE & TSX CONTACT INFORMATION Virginia (Ginny) Morgan VP , IR and ESG info@lithiumamericas.com www.lithiumamericas.com @LithiumAmericas