Key Highlights

  • Total cash and restricted cash was approximately $1.3 billion at quarter-end.
  • Thacker Pass detailed engineering surpassed 95%, procurement exceeded 80%.
  • DOE Loan advanced $342 million, bringing cumulative advances to $1.209 billion.
  • Shares closed at $2.20, down $0.05, or 2%, at Tuesday's close.

Lithium Americas Corp. (NYSE:LAC)'s second quarter centered on continued construction financing and progress at its Thacker Pass project, even as the company works through inflation, logistics and tariff-related cost pressures. President and Chief Executive Officer Jonathan Evans said the company is safely accelerating construction toward peak activity and labor later this year, with mechanical completion still targeted for late 2027.

LAC is engaged in the exploration and development of lithium properties, principally through its flagship Thacker Pass project in Humboldt County, Nevada, held through a joint venture with General Motors. The company also holds interests in Green Technology Metals Limited and Ascend Elements.

More than 1,600 workers were on site at quarter-end, with the company saying it expects more than 2,000 on site by year-end. Evans said structural steel and concrete work at the processing plant is advancing through second-floor installations, with piping and electrical trades now underway and more than 60 truckloads of equipment and materials arriving daily.

Second quarter 2026 compared with the prior-year quarter

Total cash and restricted cash was approximately $1.3 billion at June 30, 2026, including $530.3 million held at the Thacker Pass joint venture level. Detailed engineering at Thacker Pass surpassed 95% complete and procurement exceeded 80%, with $1.8 billion in construction and related Capital incurred toward a total Capital Expenditure estimate of $2.93 billion, as stated in the company's release.

Under its March 2026 at-the-market Equity program, the company issued and sold 13.0 million common shares at an average price of $5.36 per share for aggregate net proceeds of $68.5 million through June 30, 2026; subsequent to the quarter, it issued and sold a further 1.1 million shares at an average price of $3.87 for net proceeds of $4.2 million.

On June 3, 2026, the company received its third advance on its U.S. Department of Energy loan of $342 million, bringing cumulative advances to $1.209 billion. On August 5, 2026, the company entered into a purchase agreement with an affiliate of Yorkville Advisors Global for up to $175 million of subordinated convertible debentures, with $150 million to be issued at initial closing.

Management outlook and stated risks

Evans said all off-site power modifications at Thacker Pass are complete and the project remains on track for energization in the fourth quarter of 2026. He said lithium is central to the United States' economic and national security, and that Thacker Pass is intended to support domestic supply, electricity Demand growth and energy independence.

The company said it retains the right to issue up to an additional $25 million in Yorkville debentures in one or more subsequent closings at its discretion, subject to conditions in the purchase agreement.

Where Things Stand

Management has tied its near-term plans to reaching peak construction activity and labor at Thacker Pass later in 2026, energizing the site in the fourth quarter, and continuing to draw on its DOE loan Facility and equity program as needed. The company said it continues to manage inflation, logistics strain and tariff-related cost pressures as construction advances toward mechanical completion in late 2027.