Lithium Americas is a development-stage mining company whose sole meaningful asset is Thacker Pass, a large sedimentary lithium deposit in northern Nevada. The company is currently building Phase 1 of Thacker Pass, targeting 40,000 tonnes per year of battery-grade lithium carbonate, with mechanical completion targeted for late 2027 and full ramp-up through 2028. Lithium carbonate is a key input in lithium-ion batteries used in EVs and battery energy storage systems. Lithium Americas has no operating revenue yet. The business model is straightforward: mine lithium-bearing clay ore, process it through a sulfuric acid leach and chemical refining process, and sell battery-grade lithium carbonate to EV and battery manufacturers. GM is the primary customer, with a 20-year offtake agreement to purchase up to 100% of Phase 1 production. Revenue will be driven by production volume and the spot price of lithium carbonate, a commodity subject to significant price swings. Thacker Pass is designed for multi-phase expansion, with Phases 2–5 potentially bringing total capacity to 160,000 tonnes per year over an 85-year mine life, though only Phase 1 is committed to construction. Phase 1 is fully funded through a $1.97B DOE loan, a $625M GM joint venture investment (giving GM a 38% stake), $250M from Orion Resource Partners, and roughly $590M raised through equity offerings.