Equity Snap: Lithium Americas Corp (LAC US) Thacker Pass project construction on track

Research evidence excerpt

Equity Snap: Lithium Americas Corp (LAC US) Thacker Pass project construction on track

14 May 2026

Equity Snap: Lithium Americas Equities Metals & Mining

Corp (LAC US)

Thacker Pass project construction on track Canada

◆ The timeline for the construction of the Thacker Pass project Ishan Jain*

is unchanged; potential for capex escalation Analyst,HSBC SecuritiesMetals &andMining,CapitalPulpMarkets& Paper(India) Private

Limited

ishanjain@hsbc.co.in

Lithium Americas Corp (LAC US, USD5.46, Hold, TP USD4.75) +91 80 4550 3767

(Priced as of 13 May 2026) Jonathan Brandt, CFA

Analyst, GEMs ex-Asia Metals & Mining,Pulp & Paper

Lithium Americas reported 1Q26 results and provided an update on the construction HSBC Securities (USA) Inc.

of the Thacker Pass project. jon.brandt@us.hsbc.com

+1 212 525 4499

Net income of USD0.00/shr in 1Q26 was better than the net loss of USD0.05/shr in Gustavo Hwang*, CFA

1Q25 due to a gain on the fair value of the embedded derivative associated with the Banco HSBC S.A.

senior unsecured convertible notes. gustavo.hwang@hsbc.com

+55 11 2802 3257

Thacker Pass project update:

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

◆ Construction is on track toward mechanical completion in late 2027. not registered/ qualified pursuant to FINRA regulations

◆ So far, USD1.3bn of construction capital costs and other project-related costs

have been capitalized. Of this, cUSD1.1bn is part of the initial total capex

estimate of USD2.93bn for the project.

◆ 2026 guidance for Thacker Pass Phase 1 capex unchanged at USD1.3-1.6bn.

◆ The company highlighted that c75% of the structural steel for the project sourced

from the United Arab Emirates is in transit or has arrived on site.