Lithium Americas Corp. · NYSE:LAC
Lithium Americas — Technical Presentation (June 2025)
58 slides from Lithium Americas's technical presentation, June 2025
Slide 1: Thacker Pass Site Tour
Thacker Pass Site Tour June 2025 NYSE and TSX: LAC
Slide 2: Disclaimer
Disclaimer ADDITIONAL REFERENCE MATERIALS securities at this time and cannot accept orders for any additional information to the user and should not be considered person under National Instrument 43-101 Standards of This presentation should be read in conjunction with materials securities at this ti
Slide 3: Why Invest in Lithium Americas?
Why Invest in Lithium Americas? Domestic U.S. Phase 1 Funded General Motors Joint World’s largest Top-tier Board and Produced Lithium Through Venture and 20-year known measured Leadership Team Construction(1)(2) Offtake lithium Resource and with Development Reserve(6) Experience Thacker Pass Phase 1
Slide 4: Track Record of Executing Key Milestones
Track Record of Executing Key Milestones Thacker Pass: approx. 20 years from discovery and exploration to construction, targeting production in late 2027 Discovery and Bureau of Land Community Benefits GM Joint Venture GM Acquired 38% of Orion Resource $250 Exploration Management (BLM) Agreement wit
Slide 5: Thacker Pass – Phase 1 Funded Through Construction
Thacker Pass – Phase 1 Funded Through Construction Funded at the project and corporate level for the development and construction of Phase 1 Thacker Pass for the duration of construction $2.26 Billion U.S. DOE $945 Million Total $250 Million Strategic ATVM Loan(1) Investment and 38% JV(2) Investment
Slide 6: Thacker Pass Highlights
Thacker Pass Highlights OREGON McDermitt IDAHO Denio Caldera McDermitt World’s largest known Strong collaboration: GM joint measured lithium Resource venture (JV), community (M&I) and Reserve (P&P) with benefits agreement with Fort Thacker Pass McDermitt expansion potential in five McDermitt Paiute
Slide 7: Substantially De-Risked Project Execution for Thacker Pass
Substantially De-Risked Project Execution for Thacker Pass The WFH is the Company’s all-inclusive housing On target for mechanical completion WORKFORCE facility for construction workers in Winnemucca. in late 2027 HUB (WFH) Build out will align with construction schedule; first occupancy expected in
Slide 8: Lithium Batteries: Vital for U.S. Security
Lithium Batteries: Vital for U.S. Security Batteries by the Numbers Benefits of Batteries Military Equipment Needs Batteries $16.9 billion American Investment Batteries are increasingly at the heart the U.S. battery market size in 2023, Companies are investing more than $140 billion to of the techno
Slide 9: Industry Leading Team with Deep Development Experience
Industry Leading Team with Deep Development Experience Kelvin Dushnisky Philip Montgomery Jonathan Evans Luke Colton Richard Gerspacher Director and Executive Chair Director and Chair, Technical Committee Director, President and CEO EVP and CFO EVP, Capital Projects 20+ years of experience 20+ y
Slide 10: Clear Path to First Production in Late 2027
Clear Path to First Production in Late 2027 Thacker Pass Phase 1 permitted, funded through construction, FID announced and in major construction • Jan 2021: Record Major construction, wet of Decision issued LAC-GM JV Investment commissioning, • April 2022: major Agreement and DOE mechanical completi
Slide 11: Thacker Pass
Thacker Pass 11
Slide 12: Thacker Pass is Located in the McDermitt Caldera
Thacker Pass is Located in the McDermitt Caldera GEOLOGY ANIMATION Scan or click on the QR code to watch an animation on the formation of the The McDermitt Caldera(1) Caldera Setting as Key Differentiator(1)(2) McDermitt Caldera and Thacker Pass Originated from a Yellowstone complex Post-caldera hyd
Slide 13: Hydrothermal Enrichment During Caldera Resurgence
Hydrothermal Enrichment During Caldera Resurgence Post-caldera hydrothermal fluids in the vicinity of Thacker Pass altered some of the smectite to illite, increasing the concentration of Li in the illitic zones(1)(2) Lithium distribution in clay and gangue Benson et al. (in press), Science Advances
Slide 14: McDermitt Caldera Lake Sediments
McDermitt Caldera Lake Sediments Closed lacustrine basin within caldera accumulated lithium-rich smectite sediments Li-rich smectite is present in caldera lake sediments throughout McDermitt caldera and is the most common mineral in other Li clay deposits (Benson et al., Science Advances)(1)(2). The
Slide 15: Thacker Pass Location Benefits
Thacker Pass Location Benefits McDermitt Caldera Thacker Pass 80 Transloading Facility Access to adjacent paved highways; road improvements to facilitate construction traffic completed Lease for transloading terminal secured; access to rail ~60 miles away in Winnemucca, adjacent to I-80 for reag
Slide 16: Key Permits Achieved for Construction and Operations
Key Permits Achieved for Construction and Operations Your Text Over 10 years of collecting environmental, land and cultural data to support the EIS and permitting process EIS Record of Class II Air Quality Water Pollution Water Rights Transfer Decision and Plan of Operating Permit Control Permit App
Slide 17: Together, Building Thacker Pass Phase 1
Together, Building Thacker Pass Phase 1 Lithium Americas works closely with the following industry leading design and construction contractors Water Treatment EPCM Mining Sulfuric Acid Plant Terminal Operator Equipment Provider Trusted industry-leading firm Part of the NACCO Natural Global leader in
Slide 18: Thacker Pass Construction Progress
Thacker Pass Construction Progress Sulfur storage tanks, as of May 2025 First permanent concrete pour on the process plant pad in May 2025; (below) rebar installation Aerial view of the process plant pad as of May 2025 18
Slide 19: Lithium Processing
Lithium Processing 19
Slide 20: Lithium Technical Development Center
Lithium Technical Development Center De-risking scale-up concerns with production-size beneficiation equipment – producing end-to-end lithium carbonate samples since July 2022 • State-of-the-art laboratory and piloting facility integrating the Thacker Pass flow sheet from end-to-end • Validated Thac
Slide 21: 3D Rendering of Phase 1 Site Layout
3D Rendering of Phase 1 Site Layout Permitted Pit Shell Beneficiation Counter Current Decantation (CCD) Leaching & Filtration Neutralization Security Office Sulfuric Acid Plant Tailings Lithium Carbonate Plant Epsom Salt Crystallization 21
Slide 22: Phase 1 Processing Pad Layout
Phase 1 Processing Pad Layout PROCESSING PLANT ANIMATION Scan or click on the QR code to watch an animation for the Thacker Pass Phase 1 Processing Plant. Clay Centrifuging & BFW & Steam System Administration Building Acid Leaching Magnesium Precipitation & Tail Gas Treatment Neutralization Neutrali
Slide 23: Thacker Pass Utilizes Well Proven Technology & Equipment
Thacker Pass Utilizes Well Proven Technology & Equipment No novel equipment required; the flowsheet consists of standard equipment that has been proven for decades Beneficiation Process Chemical Process Thacker Pass Key Mineral Clay Traditional Standard Chemical Standard Process Steps: 1 Beneficiati
Slide 24: Hard Rock Conversion Process
Commonly Used Mining and Chemical Processes MINERAL BENEFICIATION CLAY DEWATERING Crusher Attrition Hydrocyclones/ Sulfuric Thickener Centrifuges scrubbers Hydraulic Classifier acid plant The process starts by feeding ore and water to attrition scrubbers. Through mechanical Clay is thickened to reco
Slide 25: Attrition Scrubbing
Attrition Scrubbing The process starts by feeding ore and water to attrition scrubbing. The lithium bearing clay particles disperse easily with minimal energy input and no crushing and no grinding. Attrition scrubbing (a form of high intensity slurry mixing) is an effective technique to libera
Slide 26: Classification and Thickening
Classification and Thickening Non-lithium bearing material is easily removed from the ore by classification (size separation). The resulting clay slurry is then fed to a thickener and decanter centrifuges so that the water can be recycled back into the process. Any water used in the production
Slide 27: Sulfuric Acid Plant – Phase 1
Sulfuric Acid Plant – Phase 1 Sulfuric acid is produced onsite from liquid sulfur using the conventional Contact Process. One unit of liquid sulfur produces three units of sulfuric acid, thereby reducing the impact of transportation and associated carbon emissions. Heat from the sulfuric acid pr
Slide 28: Leach and Neutralize
Leach and Neutralize Our sulfuric acid leaching and neutralization process is designed to achieve high lithium recoveries and neutral tailings to minimize hazards during long- term tailings storage. Lithium contained in clay rich leach feed is extracted with sulfuric acid in agitated leach tanks
Slide 29: Countercurrent Decantation
Countercurrent Decantation Countercurrent Decantation (CCD) is a classical metallurgical technique for washing valuable dissolved substances away from solids. It is particularly effective and reliable for fine particles, such as those found at Thacker Pass. Each stage of CCD mixes lithium bearin
Slide 30: Neutral Tailings Filtration
Neutral Tailings Filtration Plate-and-frame filter presses are used to separate solids from the washed CCD slurry. The resulting filter cake is dry and amenable to stacking in the lined storage facility and the filtrate (water) is recycled. AUTOMATIC FILTER PRESS Scan or click on the QR code to
Slide 31: Magnesium Removal
Magnesium Removal Magnesium is an impurity in battery-quality lithium carbonate and removed from the extracted lithium in a multi-step process. 1. The brine is concentrated with a pre-evaporator and then passed through a series of crystallizers that produce common Epsom Salts and purified water fo
Slide 32: Lithium Carbonate Plant
Lithium Carbonate Plant Battery-quality lithium carbonate will be produced by a three-stage process. 1. Concentrated brine is purified with ion exchange and mixed with a soda ash solution to precipitate lithium carbonate and form crystals. 2. The crystals are purified to battery-quality by convert
Slide 33: Water Recycling – Zero Liquid Discharge Crystallizer
Water Recycling – Zero Liquid Discharge Crystallizer At the end of the process, water is recovered by a large evaporator in the Zero Liquid Discharge Crystallizer. This step means Thacker Pass does not discharge any process water to the environment and has extremely pure water that can be recycled
Slide 34: Filter Stacked Tailings
Filter Stacked Tailings All waste material generated in the process (clay filter cake, sulfate salts) goes to an engineered, double-lined dry stack facility. This method of storage is preferred over traditional slurry tailings dams which have the potential for failure and subsequent release to the
Slide 35: Workforce Hub
Workforce Hub 35
Slide 36: Workforce Hub
Workforce Hub Nevada Governor Joe Lombardo and Congressman Mark Amodei visit the WFH. Aerial view of the Workforce Hub. As of June 2025, 340 modules have been set; first occupancy targeted for 2H 2025. 36
Slide 37: Workforce Hub Foundations and Modules
Workforce Hub Foundations and Modules As of May 2025 37
Slide 38: Workforce Hub (WFH)
Workforce Hub (WFH) • Full-service housing facility for Thacker Pass employees and contractors only • Rooms are not for rent and meals cannot be purchased by the public; they are a benefit of employment • Workforce Hub has been purchased by LAC and will be in place to complete Phase 1 and Phase 2 of
Slide 39: Workforce Hub
Workforce Hub Facility Assembly Plan: • Phase 1 (Blue) = 144 exec dorms & 218 trade dorms • Phase 2 (Green) = +545 trade dorms (545 total) • Phase 3 (Maroon) = +654 trade dorms (1,199 total) • Phase 4 (Yellow) = = +654 trade dorms (1,853 total) 39
Slide 40: Dormitory Rooms
Dormitory Rooms Craft/Trades Dormitory Rooms Project Leadership Dormitory Rooms • 17 Dorms / 109 rooms each / 1,853 total rooms • 2 Dorms / 72 rooms each / 144 total rooms • Total Area:136ft2 (12’-1” x 11’-2”) • Total Area: 228ft2 (21’ x 10’-10”) • Bedroom Area: 100ft2 (8’-11” x 11’-2”) • Bedroom Ar
Slide 41: Commercial Kitchen and Dining Facilities
Commercial Kitchen and Dining Facilities Commercial Kitchen Facilities • Service Capacity: 2,000 meals per service • Servicing three (3) meals per day • 11,687 ft² food production and storage space • HVAC features MUA’s, forced air heating, exhaust hoods • Fire suppression systems • Walk-in coolers
Slide 42: Lunch Bag-Up Room and Fitness Center
Lunch Bag-Up Room and Fitness Center Lunch Bag-Up Room • 2,587 ft² adjacent to Dining Room • Cooler display cases • Beverage dispensers (pop, juice, milk, coffee, etc.) • Ice machine • Millwork countertops with base cabinets Fitness Center • 7,212 ft² of separated workout space for men and women • C
Slide 43: Commissary and Lounge & Game Room
Commissary and Lounge & Game Room Commissary Lounge & Game Room • 2,155 ft² of retail space • 2,263 ft² of floor space • Check-out counter • Equipment: Pool tables, foosball tables, • Merchandise shelving & displays bubble hockey, card tables, board games, • Cooler display cases bar-height tables an
Slide 44: Sustainability / ESG
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Slide 45: Developing Sustainable Lithium
Developing Sustainable Lithium ENVIRONMENTAL SOCIAL GOVERNANCE SAFETY Limiting environmental Developing collaborative Building a culture of Seeking to prevent, limit impact and mutually beneficial honesty, integrity, respect and manage health and relationships and accountability safety risks • On-si
Slide 46: Actively Engaging with Local Tribal & Community Members
Actively Engaging with Local Tribal & Community Members Through years of engagement, information sharing and meetings, we have learned about the community needs and priorities Community Benefits Agreement with the Community Needs & Priorities Delivered: Fort McDermitt Paiute and Shoshone Tribe Clo
Slide 47: Mining and Reclamation
Mining and Reclamation Mining Highlights Year 5 • Shallow pit (<400 feet) • Mineralized soft clay, minimal blasting expected • Block mining for active reclamation Active Reclamation • Prior to earth works, the media growth (topsoil) Year 25 from the processing plant area was stockpiled and seeded wi
Slide 48: Sawtooth Mining and Reclamation Projects
North American Coal Sawtooth Mining and Reclamation Projects Reclamation Mississippi Lignite Mining Company’s Red Hills Mine In 2019, we entered into a mine design, consulting and mine operations agreement with Sawtooth Mining, a subsidiary of NACCO Natural Resources. Sawtooth Mining has exclusive
Slide 49: Technical Report and Mineral Estimate
Technical Report and Mineral Estimate 49
Slide 50: Thacker Pass Technical Report Summary
Thacker Pass Technical Report(1) Summary World’s largest measured lithium resource and reserve supports development of a lithium district in northern Nevada Resource Reserve Key Highlights Measured and Indicated Proven and Probable 44.5 Mt LCE 14.3 Mt LCE Proven and Probable Reserve increase of aver
Slide 51: Thacker Pass Operating Costs – Competitive in a Downturn
Thacker Pass Operating Costs – Competitive in a Downturn Production Scenario (Years 1-25) Thacker Pass AISC OPEX(3)(4) C1 OPEX(1)(2) Low OPEX would have enabled Thacker Pass to remain profitable during the 2024 lithium downturn Approx. $500/t, or ~7%, lower than estimated in 16,000 Nov 2022 Feasibil
Slide 52: Thacker Pass Phase 1-5 Expansion Potential
Thacker Pass Phase 1-5 Expansion Potential(1)(2) Phase 1 Overall Site General Arrangement(1) 40,000 t/y Li2CO3 facility 2,250 t/d sulfuric acid plant CAPEX $2.9 billion Targeting construction completion in late 2027 Phase 2 40,000 t/y Li2CO3 facility 2,250 t/d sulfuric acid plant CAPEX
Slide 53: Thacker Pass Construction Timeline
Thacker Pass Construction Timeline Phase 1 – 40,000 t/y: Detailed Construction Timeline(1) 2025 2026 2027 2023-2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Early works and site preparation First WFH Announced the First steel Detailed Commence Construction Construction infrastructure (pow
Slide 54: Thacker Pass Technical Report – Sensitivity Analysis
Thacker Pass Technical Report – Sensitivity Analysis Technical Report Results(1) NPV and IRR Sensitivity Analysis(1) NPV IRR Base Case = 85-year Life of Mine (LOM) (US$ billions) 26.5% $13.6 20.0% Production Scenario = Years 1-25 of 85-year LOM $8.7 12.8% Lithium Price Assumption $24,000 per tonne $
Slide 55: Thacker Pass Mineral Resource and Reserve (NI 43-101)
Thacker Pass Mineral Resource and Reserve As reported under NI 43-101 as of December 31, 2024(1) Mineral Reserve Estimate Mineral Resource Estimate Tonnage Average Li LCE Tonnage Average Li LCE Category Category (Mt) (ppm) (Mt) (Mt) (ppm) (Mt) Proven 269.5 3,180 4.5 Measured (M) 560.8 2,680 8.0 Prob
Slide 56: Thacker Pass Mineral Resource and Reserve (S-K 1300)
Thacker Pass Mineral Resource and Reserve As reported under S-K 1300, as of December 31, 2024(1) Mineral Reserve Estimate Mineral Resource Estimate Tonnage Average Li LCE Metallurgical Category Tonnage Average Li LCE (Mt) (ppm) (Mt) Category Recovery (Mt) (ppm) (Mt) (%) Proven 269.5 3,180 4.5 Measur
Slide 57: Forward-Looking Statements and Information
Forward-Looking Statements and Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation, and industry, the green energy transition and the electric vehicle market; accuracy of development budgets and construction “forward-l
Slide 58: LAC Contact Information
LAC CONTACT INFORMATION NYSE & TSX Virginia (Ginny) Morgan VP, IR and ESG [email protected] www.lithiumamericas.com @LithiumAmericas 58
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