(All amounts in US$ unless otherwise
indicated)
Lithium Americas Corp. (TSX: LAC) (NYSE: LAC)
(“Lithium Americas” or the “Company”) today announced
the closing of its previously announced joint venture (the
“JV”) with General Motors Holdings LLC (“GM”) to
fund, develop, construct and operate Thacker Pass in Humboldt
County, Nevada to supply battery-quality lithium carbonate for the
North American critical minerals supply chain (“Thacker
Pass” or the “Project”).
Lithium Americas now holds a 62% interest in Thacker Pass and
will manage the Project. GM has acquired a 38% interest in Thacker
Pass for $625 million in total cash and letters of credit (“GM’s
JV Investment”), comprised of $430 million of direct cash
funding to the JV to support the construction of Phase 11 and a
$195 million letter of credit facility (“LC Facility”).
As part of closing, GM has funded $330 million of cash into the
JV alongside $138 million2 of funding from Lithium Americas. The
remaining $100 million cash contribution from GM, and Lithium
Americas’ $181 million contribution, is to be contributed at the
final investment decision (“FID”) for Phase 1.
GM will post the LC Facility prior to first draw on the
Company’s previously announced $2.26 billion loan from the U.S.
Department of Energy (“DOE Loan”), which is expected to
occur in the middle of 2025.
“Together, Lithium Americas and GM are focused on bringing
Thacker Pass to production to significantly improve domestic output
of critical lithium supply to reduce dependence on foreign
suppliers and to start creating new jobs and bringing economic
activity to northern Nevada,” said Jonathan Evans, President and
CEO of Lithium Americas. “We are targeting to announce the final
investment decision in early 2025. Our engineering, procurement and
construction management contractor, Bechtel, and other major
contractors have been ramping up work at site to de-risk the
construction schedule, as we continue to target completion in late
2027.”
As part of the JV close, Lithium Americas and the DOE have
concluded an amendment of the DOE Loan documents to accommodate the
formation of the JV. The principal terms of the DOE Loan remain
unchanged.
ADVISORS
In connection with the JV with GM, Goldman Sachs & Co. LLC
and Evercore Group L.L.C. are acting as financial advisors to
Lithium Americas and Vinson & Elkins LLP and Cassels Brock
& Blackwell LLP are acting as legal counsel to Lithium
Americas. BMO Capital Markets acted as financial advisor to Lithium
Americas in connection with GM’s original investment announced in
January 2023.
In connection with the DOE Loan, Goldman Sachs & Co. LLC is
acting as financial advisor, and Vinson & Elkins LLP is acting
as legal counsel to Lithium Americas.
ABOUT LITHIUM AMERICAS
Lithium Americas is committed to responsibly developing the
Thacker Pass project located in Humboldt County in northern Nevada,
which hosts the largest known Measured and Indicated lithium
resource in North America. The Company is focused on advancing
Thacker Pass Phase 1 toward production, targeting nameplate
capacity of 40,000 tpa of battery-quality lithium carbonate. The
Company and its engineering, procurement and construction
management contractor, Bechtel, entered into a National
Construction Agreement (Project Labor Agreement) with North
America’s Building Trades Unions for construction of Thacker Pass.
The three-year construction build is expected to create
approximately 1,800 direct jobs. Lithium Americas’ shares are
listed on the Toronto Stock Exchange and New York Stock Exchange
under the symbol LAC. To learn more, visit www.lithiumamericas.com
or follow @LithiumAmericas on social media.
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within
the meaning of applicable Canadian securities legislation, and
“forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995
(collectively referred to as “forward-looking information”
(“FLI”)). All statements, other than statements of
historical fact, are FLI and can be identified by the use of
statements that include, but are not limited to, words, such as
“anticipate,” “plan,” “continues,” “estimate,” “expect,” “may,”
“will,” “projects,” “predict,” “proposes,” “potential,” “target,”
“implement,” “scheduled,” “forecast,” “intend,” “would,” “could,”
“might,” “should,” “believe” and similar terminology, or statements
that certain actions, events or results “may,” “could,” “would,”
“might” or “will” be taken, occur or be achieved. FLI in this news
release includes, but is not limited to, expectations regarding
satisfaction of draw-down conditions for the DOE Loan; the timing
of GM’s posting of the LC Facility and the first draw on the DOE
Loan; ; anticipated timing for FID; expectation about the extent
that the JV, DOE Loan, and cash on hand would fund the development
and construction of Thacker Pass; expectations and timing on the
commencement of major construction and first production; project
de-risking initiatives; expectations related to the construction
build, job creation and nameplate capacity of the Project as well
as other statements with respect to the Company’s future objectives
and strategies to achieve these objectives, and management’s
beliefs, plans, estimates and intentions, and similar statements
concerning anticipated future events, results, circumstances,
performance or expectations that are not historical facts.
FLI involves known and unknown risks, assumptions and other
factors that may cause actual results or performance to differ
materially. FLI reflects the Company’s current views about future
events, and while considered reasonable by the Company as of the
date of this news release, are inherently subject to significant
uncertainties and contingencies. Accordingly, there can be no
certainty that they will accurately reflect actual results.
Assumptions upon which such FLI is based include, without
limitation, the absence of material adverse events affecting the
Company during the construction of the Project; the ability of the
Company to satisfy all draw-down conditions under the DOE Loan;
expectations regarding the Company's financial resources and future
prospects; the ability to meet future objectives and priorities; a
cordial business relationship between the Company and third party
strategic and contractual partners; general business and economic
uncertainties and adverse market conditions; the availability of
equipment and facilities necessary to complete development and
construction at the Project; unforeseen technological and
engineering problems; political factors, including the impact of
the results of the 2024 U.S. presidential election on, among other
things, the extractive resource industry, the green energy
transition and the electric vehicle market; uncertainties inherent
to feasibility studies and mineral resource and mineral reserve
estimates; uncertainties relating to receiving and maintaining
mining, exploration, environmental and other permits or approvals
in Nevada; demand for lithium, including that such demand is
supported by growth in the electric vehicle market; current
technological trends; the impact of increasing competition in the
lithium business, and the Company’s competitive position in the
industry; compliance by joint venture partners with terms of
agreements; the regulation of the mining industry by various
governmental agencies; as well as assumptions concerning general
economic and industry growth rates, commodity prices, resource
estimates, currency exchange and interest rates and competitive
conditions. Although the Company believes that the assumptions and
expectations reflected in such FLI are reasonable, the Company can
give no assurance that these assumptions and expectations will
prove to be correct.
Readers are cautioned that the foregoing lists of factors are
not exhaustive. There can be no assurance that FLI will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information. As such,
readers are cautioned not to place undue reliance on this
information, and that this information may not be appropriate for
any other purpose, including investment purposes. The Company’s
actual results could differ materially from those anticipated in
any FLI as a result of the risk factors set out herein and in the
Company’s filings with securities regulators.
The FLI contained in this news release is expressly qualified by
these cautionary statements. All FLI in this news release speaks as
of the date of this news release. The Company does not undertake
any obligation to update or revise any FLI, whether as a result of
new information, future events or otherwise, except as required by
law. Additional information about these assumptions and risks and
uncertainties is contained in the Company’s filings with securities
regulators, including the Company’s most recent Annual Report on
Form 20-F and most recent management’s discussion and analysis for
our most recently completed financial year and, if applicable,
interim financial period, which are available on SEDAR+ at
www.sedarplus.ca and on EDGAR at www.sec.gov. All FLI contained in
this news release is expressly qualified by the risk factors set
out in the aforementioned documents.
__________________________ 1 Phase 1 is the initial phase of
production at Thacker Pass, targeting 40,000 tonnes per annum
(“tpa”) of battery-grade lithium carbonate. 2 Represents
$211 million initial Lithium Americas estimated contribution
referenced in the October 16, 2024 announcement of the JV with GM,
adjusted for credits on agreed expenditures that occurred after
August 2024.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241223531237/en/
INVESTOR CONTACT Virginia Morgan, VP, IR and ESG
+1-778-726-4070 ir@lithiumamericas.com
Lithium Americas (NYSE:LAC)
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