Image source: © 2025 Krish Capital Pty.Ltd

Highlights

  • Amendments to DOE loan postpone USD 184 millions of early repayment to later years.
  • DOE to receive 5% equity in Lithium Americas and 5% economic interest in JV.
  • The ATM program finalized with 26.9M shares sold, raising close to USD 100 million.

Lithium Americas Corp. (TSX:LAC) announced it has finalized amendments to its USD 2.23 billion loan provided by the U.S. Department of Energy (DOE) to fund Thacker Pass processing facilities.

As part of the revised agreement, USD 184 millions of scheduled debt service originally due in the first five years of the loan will be deferred to later years of the loan term. The company is also set to add USD 120 million to the DOE Loan reserve accounts within 12 months of the amendments taking effect.

In return for the deferral, the DOE will acquire a 5% ownership interest in Lithium Americas through warrants exercisable at USD 0.01 per share. Additionally, the DOE will receive a 5% economic interest in the Thacker Pass joint venture (JV) through non-voting, non-transferable JV units, also exercisable at USD 0.01 per unit.

Amendment to GM Offtake Agreement

JV and General Motors Holdings LLC (GM), which holds a 38% stake, amended the lithium offtake agreement. The update allows Lithium Nevada LLC to enter additional third-party agreements for remaining uncommitted production volumes, providing greater flexibility in managing output from the Thacker Pass project.

ATM Program Completion

Lithium Americas completed its at-the-market (ATM) equity program, initiated on May 15, 2025. The program resulted in the sale of 26,921,629 common shares, generating gross proceeds of approximately USD 99.99 million.

Project Overview

Thacker Pass, located in Humboldt County, Nevada, hosts the world’s largest measured lithium resource and reserve. Lithium Americas holds a 62% interest and manages the project, with GM holding the remaining 38%. Phase 1 is planned to yield 40,000 tonnes annually of battery-grade lithium carbonate, with construction under a Project Labor Agreement with North America’s Building Trades Unions anticipated to generate about 2,000 jobs, including 1,800 skilled contractor roles.