Lithium Americas J.P. Morgan Natural Resources Conference Takeaways

研报英文原文证据摘录

Lithium Americas J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

Lithium Americas

J.P. Morgan Natural Resources Conference Takeaways

We hosted Lithium Americas’ CEO, Jonathan Evans, at our 2026 Natural Metals & Mining

ACResources Conference. Discussions primarily focused on 1) lithium and Bill Peterson

downstream market dynamics, 2) Thacker Pass strategy and operating execution, (1-415) 315-6766

and 3) capital allocation and commercialization. For context, in our prior CEO bill.peterson@jpmchase.com

Series note (link), Evans emphasized a constructive EV + ESS demand setup, the Bennett Moore

importance of price discovery / fair market pricing, Phase 1 mechanical (1-212) 622-0188

completion target for late 2027 with volumes ramping through 2028, and 2026 as bennett.moore@jpmchase.com

a “peak capex” year, alongside incremental tariff exposure/capex inflation to be Rock Hoffman

defined. (1-212) 259-5055

rock.hoffman@jpmchase.com

• Price drives battery chemistry and pace of investment: Incrementally, J.P. Morgan Securities LLC

Evans provided a more explicit framework for chemistry substitution in ESS

(where sodium-ion may become more relevant at >$30/kg LCE, but faces

LAC, LAC US

meaningful energy density tradeoffs at current lithium price levels) while

noting that longer-dated solid-state pathways could still be lithium-intensive Neutral

even if battery size declines, implying that substitution risk is not one- Price (22 Jun 26): $4.30

directional. He also tied today’s spot price ($23.5/kg LCE) more directly to

greenfield financing behavior, suggesting the market likely needs “six months” LAC.TO, LAC CN

of supportive pricing before developers/banks meaningfully re-engage, and Neutral