Thacker Pass on Track for YE27 Completion amid Better Lithium Environment

Research evidence excerpt

Thacker Pass on Track for YE27 Completion amid Better Lithium Environment

USA | Basic Materials

Lithium Americas EquityJuneResearch12, 2026

TARGET | ESTIMATE CHANGEThacker Pass on Track for YE27 Completion

RATING BUYamid Better Lithium Environment

PRICE $4.41^

Phase I remains on track for completion by YE27, with a production ramp

through 2028. ~20kt in total production is expected in 2028, with all volumes PRICE TARGET | % TO PT $6.00 ($8.00) | +36%

likely being sold to General Motors (GM, Hold), which currently consumes 52W HIGH-LOW $12.05 - $1.91

~20kt of lithium annually. While current lithium pricing remains below incentive FLOAT (%) | ADV MM (USD) 155.8% | 12.25

levels, stronger demand for stationary storage is raising producer expectations, MARKET CAP $390.3M

suggesting a better environment as LAC commercial production ramps. TICKER LAC ^Prior trading day's closing price unless otherwise

noted.

Financial Update: LAC reported EPS of $0.01 per share in 1Q26, largely due to a non-cash gain

tied to convertible debt and an increase in interest income, partly offset by higher G&A expense.

FY (Dec) CHANGE TO JEFe JEF vs CONS

As of 1Q26, cash totaled $1.2bn, including $529m at the Thacker Pass JV-level. In March 2026,

2026 2027 2026 2027

the company sold $250m worth of shares under the ATM equity program to fund corporate and

project overhead expenses, apex financing, debt repayments, and working capital additions. We REV NA +34% NA +135%

lower our price target to $6 from $8 to better reflect Jefferies' updated near and long-term lithium EPS +40% +250% -6% -168%

pricing outlooks.

2026 ($) Q1A Q2A Q3A Q4A FY

Capex Outlook: LAC pegs Tacker Pass Phase I capex at $1.3bn-1.6bn in 2026, with $1.2bn-1.5bn EPS 0.01 (0.04) (0.04) (0.09) (0.15)

related to construction costs.