Lithium Americas Corp. · NYSE:LAC
Lithium Americas — Investor Presentation (November 2025)
45 slides from Lithium Americas's investor presentation, November 2025
Slide 1: Building Battery-Quality Lithium Capacity in Northern Nevada
Building Battery-Quality Lithium Capacity in Northern Nevada CORPORATE PRESENTATION November 2025 NYSE and TSX: LAC
Slide 2: Disclaimer
Disclaimer ADDITIONAL REFERENCE MATERIALS securities at this time and cannot accept orders for any in isolation or as a substitute for measures prepared in of Regulation S- K (“S-K 1300”). Further information about This presentation should be read in conjunction with materials securities at this tim
Slide 3: Why Invest in Lithium Americas?
Why Invest in Lithium Americas? Onshoring large-scale battery-quality lithium production in northern Nevada, strengthening America’s supply chain, creating exceptional jobs and enhancing energy security Thacker Pass is Phase 1 production Phase 1 construction General Motors 20- Top-tier board and per
Slide 4: Q3 2025 Results and Highlights
Q3 2025 Results Thacker Pass Project Highlights(1) Construction Progress Throughout Q3 2025 and Highlights Total construction and other project-related $720.0 million As of September 30, 2025, achieved over 1 million hours costs capitalized as of September 30, 2025 at Thacker Pass with no lost tim
Slide 5: Lithium: Diversified Demand – It's About Batteries
Lithium: Diversified Demand – It’s About Batteries Batteries can do incredible things far beyond EVs. GM battery packs help power the largest second-life battery development in the world, a microgrid built by Redwood Materials in Sparks, Nevada, supporting the AI infrastructure company Crusoe. And o
Slide 6: Lithium Batteries Powers the Modern World
Lithium Batteries Powers the Modern World Diversified Demand Global Battery Outlook EVs and BESS(2) 3,500 Electric Vehicles >50% Growth in demand as EV penetration rates Global penetration Over 200% grow and larger batteries are produced for rates in 2030(1) longer range vehicles. 3,000 growth in 20
Slide 7: Lithium Batteries: Vital for U.S. Energy and Data Security
Lithium Batteries: Vital for U.S. Energy and Data Security Benefits of Batteries(1) Transformational Shifts(2) American Investment Texas Power Grid • BESS stabilized the grid and improved reliability and efficiency Companies are investing more than $140 • In 2024, Texas added 5 GWh battery energy •
Slide 8: Data Centers are the “Brains” of Artificial Intelligence
Data Centers are the “Brains” of Artificial Intelligence Data Centers Need A LOT of Power(1) Booming Data Centers are Powering GDP Growth(5) • Power demand for data centers is straining grid capacity Value of Data Center Installations, Seasonally Adjusted • Data center electrical consumption growth
Slide 9: Lithium Batteries Help to Strengthen National Security
Lithium Batteries Help to Strengthen National Security Current Foreign Dependence Vital to National Security(1) Department of War must make SIGNIFICANT INVESTMENTS China’s Dominance Military Batteries in standardization of military China currently control’s the global Military fleet electrification
Slide 10: Building U.S. Lithium Capacity in Northern Nevada: Thacker Pass
Building U.S. Lithium Capacity in Northern Nevada: Thacker Pass From Clay to Battery-Grade Carbonate 10
Slide 11: Thacker Pass Highlights
Thacker Pass Highlights OREGON McDermitt IDAHO Denio Caldera McDermitt Expansion potential up to five phases to 160,000 t/y battery-grade lithium carbonate estimated 85-year mine life supported by 44.5 Mt LCE Measured and Indicated Thacker Pass McDermitt Resource, 14.5 Mt LCE Proven and Probable Res
Slide 12: Received First Draw to Accelerate Major Construction
Received First Draw to Accelerate Major Construction Summary of U.S. DOE Loan Amendments and Thacker Pass Joint Venture Interest(1) First draw of $435M(2) on the DOE Loan will accelerate major construction at Thacker Pass Deferral of Debt $2.23 Billion First Draw: U.S. DOE Equity and Maximizing GM S
Slide 13: Phase 1: Substantially De-Risked Project Execution
Phase 1: Substantially De-Risked Project Execution Over 80% detailed engineering design ENGINEERING complete(1) and expected to increase to over 90% design complete by year end 2025 Permanent concrete placed; first steel PROCESSING installation completed in late Aug 2025; PLANT laydown yards for lon
Slide 14: Aerial of Thacker Pass Phase 1 Processing Plant Area
Aerial of Thacker Pass Phase 1 Processing Plant Area Drone image taken mid-October 2025 14
Slide 15: Processing Plant Construction Progress
Processing Plant Construction Progress Completed central pedestals for the CCD Thickener Rebar installation ring at the Treated Water Tank Insulation installation at the Liquid Sulfur Pit Foundation prep for the Steam Turbine Generator Concrete pour at the Run of Mine thickener area 15
Slide 16: Steel Work to Support Processing Plant Construction
Steel Work to Support Processing Plant Construction Steel shipments await assembly at the CarWil fabrication yard Progress at the Filtration Building Over 90 pipe rack modules A Bechtel worker inspects will be assembled in one of the labels that Winnemucca for identifies each piece of installation a
Slide 17: Long-Lead Equipment Fabrication, Enroute to Thacker Pass
Long-Lead Equipment Fabrication, Enroute to Thacker Pass Duplex Plant Stack Steam Turbine Generator Turbine Housing Cold Interpass Heat Exchanger 17
Slide 18: Taking Care of Our Construction Workers
Taking Care of Our Construction Workers The Workforce Hub is completed and welcoming residents in phases Spacious accommodations with private bathrooms One of the completed break tents at Thacker Pass, there will be six in total First residents moved in late September 2025 Nutritional meals made dai
Slide 19: Track Record of Executing and Positioned to Deliver
Track Record of Executing and Positioned to Deliver Thacker Pass: ~20 years from discovery to construction; targeting production in late 2027 From 2007 – 2025(1) 2007+ 2024 Discovery and exploration – 232 holes drilled Q1: Received conditional commitment for DOE ATVM Loan Q4: Closed DOE ATVM L
Slide 20: Deep Development Experience
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+ years of significant financi
Slide 21: Clear Path to First Production in Late 2027
Clear Path to First Production in Late 2027 Thacker Pass Phase 1 permitted, funded for construction, FID announced and in major construction(1) 2007+ • 2007+: discovery Major construction, and exploration LAC-GM JV Investment wet commissioning, • Jan 2021: Record Agreement and DOE mechanical complet
Slide 22: Operating Costs – Competitive in a Downturn
Operating Costs – Competitive in a Downturn Thacker Pass C1 OPEX Thacker Pass AISC OPEX (Production Scenario (Years 1-25))(3)(4) Production Scenario (Years 1-25) (1)(2) Low OPEX would have enabled Thacker Pass to remain profitable during the 2025 lithium downturn Approx. $500/t, or ~7%, lower than e
Slide 23: Focused on Execution and Creating Value
Focused on Execution and Creating Value UNIQUELY VERTICALLY STRONG DE-RISKING POSITIONED INTEGRATED PARTNERSHIPS EXECUTION U.S. LITHIUM Phase 1 permitted, Phase 1 production will Project funding from U.S. High level of detailed declared FID and in major increase lithium production DOE Loan, General
Slide 24: Appendix
Appendix 24
Slide 25: Thacker Pass Phase 1 Processing Pad Layout
Thacker Pass 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. ROM Stockpile Beneficiation Admin Building Warehouse Acid Storage Filtration Building Sulfuric Acid Plant Centrifuging CCD Circuit T
Slide 26: 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 27: 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 McDermitt Caldera and Thacker Pass The McDermitt Caldera(1) Caldera Setting as Key Differentiator(1)(2) Originated from a Yellowstone complex Post-caldera hyd
Slide 28: Thacker Pass Location Benefits
Thacker Pass Location Benefits McDermitt Caldera Thacker Pass 80 Transloading Facility Workforce Hub 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
Slide 29: 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 30: 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 31: Top-tier Board of Directors with Deep Applicable Expertise
Top-tier Board of Directors with Deep Applicable Expertise Experts in strategic global operations and developing large capital projects, with deep technical and financial knowledge Kelvin Dushnisky Jonathan Evans Jinhee Magie JONATHAN EVANS Director and Chair, Compensation and Leadership Director an
Slide 32: Company Snapshot
Company Snapshot LAC NYSE Performance (US$) Analyst Coverage as of November 12, 2025 As of November 6, 2025 $4.87 $1.20 billion Firm Analyst Firm Analyst Share Price Market Capitalization Joel Jackson Bill Paterson 32.6 million $2.31 / $10.52 Katie Lachapelle Seth Goldstein 3-month Average Daily Vol
Slide 33: Sustainability / ESG
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Slide 34: Developing Sustainable Lithium
Developing Sustainable Lithium E S G S ENVIRONMENTAL SOCIAL GOVERNANCE SAFETY Environmental Stewardship Community Partner and Culture of Honesty, Integrity Doing the and Operational Excellence Employer of Choice and Accountability Right Thing • Any water withdrawn is expected to be • Signed a Projec
Slide 35: 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 Committed to Hiring Locally Where Possible Fort McDermitt Paiute and Shoshone Tribe
Slide 36: Technical Report and Mineral Estimate
Technical Report and Mineral Estimate 36
Slide 37: 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 38: 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 39: 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 40: Thacker Pass Mineral Resource and Reserve
Thacker Pass Mineral Resource and Reserve See next slide for Notes As Reported Under NI 43-101 As Reported Under S-K 1300 Mineral Reserve Estimate Mineral Reserve Estimate As reported under NI 43-101 as of December 31, 2024(1) As reported under S-K 1300, as of December 31, 2024(3) Tonnage Average Li
Slide 41: Thacker Pass Mineral Resource and Reserve Notes
Thacker Pass Mineral Resource and Reserve NOTES (1) Mineral Reserve Estimate (2) Mineral Resource Estimate (3) Mineral Reserve Estimate (4) Mineral Resource Estimate As reported under NI 43-101 as of December 31, 2024 As reported under NI 43-101 as of December 31, 2024 As reported under S-K 1300, as
Slide 42: End Notes
End Notes Why Invest in Lithium Americas? Received First Draw to Accelerate Major Construction Thacker Pass Utilizes Well Proven Technology & Equipment (1) For more details, see the Company’s news release of Nov 13, 2025 and Form 10- (1) See the Company’s news release of Oct 1, 2025, Oct 7, 2025 and
Slide 43: Useful Reference Materials
Useful Reference Materials 2024 Annual Report on Form 10-K 2024 ESG-S Report NI 43-101 Technical Report on the Thacker Pass Project, Humboldt County, Nevada, USA Stock Information News Releases Presentations and Events Reports and Filings Governance and Policies 43
Slide 44: Forward-Looking Statements and Information
Forward-Looking Statements and Information This presentation contains “forward-looking information” within the meaning of applicable payback period, sensitivity analyses, EBITDA, OPEX, net cash flows and life of mine; workforce housing facility; the stable and supportive legislative, regulatory and
Slide 45: LAC
LAC CONTACT INFORMATION NYSE & TSX Virginia (Ginny) Morgan VP, IR and ESG info@lithiumamericas.com www.lithiumamericas.com @LithiumAmericas
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