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Lithium Americas Corp. (LAC) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's progress on the Thacker Pass project, a lithium mining venture located in Humboldt County, Nevada. The project is being developed in phases, with the first phase targeting an annual production of 40,000 tonnes of battery-grade lithium carbonate.
Lithium Americas has entered into a joint venture with General Motors, which holds a 38% interest in Thacker Pass. The joint venture agreement includes a $625 million commitment from GM to fund the project, including a $195 million letter of credit facility.
The company has secured a $2.26 billion loan from the U.S. Department of Energy's Advanced Technology Vehicles Manufacturing Loan Program to finance the construction of processing facilities at Thacker Pass.
In 2024, Lithium Americas reported a net loss of $42.6 million, compared to a net loss of $5.1 million in 2023. The increase in net loss is attributed to higher general and administrative expenses and transaction costs related to financing activities.
As of December 31, 2024, the company had cash, cash equivalents, and restricted cash totaling $594.2 million. The company expects to have sufficient resources to support its business plans for at least the next 12 months.
The company has also announced a strategic investment of $250 million from Orion Resource Partners to support the development of Thacker Pass.
Lithium Americas continues to focus on the development of Thacker Pass, with construction activities ongoing and major milestones targeted for completion in late 2027.
The company has outlined various risks associated with the project, including potential delays in permitting, fluctuations in lithium market prices, and reliance on key partnerships and financing arrangements.
Lithium Americas is committed to environmental stewardship and social responsibility, working closely with local communities and stakeholders to ensure sustainable development practices at Thacker Pass.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lithium Americas Corp. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.