LAC 1Q26 Earnings; Thacker Pass De-Risking Continues; Maintain NEUTRAL

Research evidence excerpt

LAC 1Q26 Earnings; Thacker Pass De-Risking Continues; Maintain NEUTRAL

Company Report

May 14, 2026 Lithium Americas Corp (LAC)

Rating: LAC 1Q26 Earnings; Thacker Pass De-Risking Continues;NEUTRAL Maintain NEUTRALPrice:

$5.13

12-Month Price Target: The Wedbush View

$8.00

Lithium Americas (LAC) delivered its FY1Q26 (March) results as construction

Analysts enters its largest execution year against a geopolitical backdrop that has made

Sam Brandeis domestic lithium production a US national security priority. China's continued

(212) 222-3005 stranglehold on cathode/anode production and overall global battery cell outputsam.brandeis@wedbush.com

has elevated Thacker Pass from a mining development story into a strategicDan Ives

(212) 344-2073 national security asset. We maintain our NEUTRAL rating and $8 price target.

Dan.Ives@wedbush.com Detailed engineering design surpassed 95% complete with procurement over 70%

complete as Phase 1 capex of $275.5 million was deployed in 1Q26, bringing

cumulative spend to $1.14 billion of the $2.93 billion project estimate withCompany Information

Market Cap (M) $1,125 FY26 capex guidance reaffirmed at $1.3 - $1.6 billion as long-lead equipment

Enterprise Value (M) $617 ordered in 2024 continues arriving throughout 1H26. Major equipment now on

Shares Outst (M) 219.6 site or in transit includes the 115KV main transformer, auxiliary boiler, bicarbonate52-Week Range $2.02 - $7.71

reactors, and steam turbine generator, with first cable pulls on module pipe racks

REV (M) in $ commencing in March and structural steel installation progressing. Personnel on

FYE Dec 2025A 2026E 2027E site reached ~1,065 at the end of 1Q, stepping up to over 1,300 toward and

Q1 Mar 0.0A 0.0E 0.0E is tracking toward peak labor of ~2,000 in 2H26.