Post-Q1 Model Update

Research evidence excerpt

Post-Q1 Model Update

May 19, 2026 | 17:34 ET~

Lithium Americas

LAC-NYSE Rating Price: May-19 Target Total Rtn Fertilizers & Chemicals

LAC-TSX Market Perform $4.65 $4.50 -3%

Joel Jackson, P.Eng., CFA Analyst

joel.jackson@bmo.com (416) 359-4250

Evan McCaul, CPA Senior Associate

Post-Q1 Model Update Evan.McCaul@bmo.com (416) 355-9069

Jordan Smith, CFA Associate

jordan1.smith@bmo.com (416) 558-9275

Bottom Line: Legal Entity: BMO Nesbitt Burns Inc.

Following last week’s Q1 update, we reiterate our Market Perform rating and US$4.50

2YR Price Volume Chart

target price, above our slightly raised US$3.71/sh 10% NAV. The premium reflects our 12

maintained ~US$16k/t mid-term LCE price assumption (which we think will be in place 10

for Thacker's first tonnes), below current spot prices (~US$27k/t). We think the risk/ 8

reward remains balanced. 6 400300

Key Points 100

2 0

Nov May Nov May

Thacker Pass construction completion remains targeted for late 2027, with 2026 LHS: Price ($) / RHS: Volume (mm) Source: FactSet

capex reaffirmed at ~$1.3–1.6B. First, ~$295M capex expensed at Thacker in Q1

Company Data in $

is tracking in-line with the ~1.3-1.6B guidance. Second, LAC indicated there's about

Dividend $0.00 Shares O/S (mm) 353.2$80-120M of incremental tariff costs not included in the initial ~$2.93B capital estimate

(most of which is expected to be realized in 2026), alongside additional pressures from Yield 0.0% Market Cap (mm) $1,642

the Middle East conflict (including potentially higher logistics costs from alternative Net Debt (mm) $(1,185) EV (mm) $457

steel routes) and elevated fuel/energy costs. Third, development milestones continue BMO Estimates in $

to progress, with engineering design now over ~95% complete and procurement ~70% (FY-Dec.) 2025A 2026E 2027E 2028E