Lithium Americas Corp. · NYSE:LAC
Lithium Americas — Investor Presentation (March 2026)
34 slides from Lithium Americas's investor presentation, March 2026
Slide 1: Creating Value by Building Thacker Pass
TSX & NYSE: LAC Creating Value by Building Thacker Pass to Deliver Vertically Integrated, Domestic Lithium Capacity CORPORATE PRESENTATION ● MARCH 2026
Slide 2: Disclaimer
Disclaimer ADDITIONAL REFERENCE MATERIALS securities at this time. This presentation is the property of the this presentation are common to the industry. The prospective and QA/QC programs, methods relating to mineral resources This presentation should be read in conjunction with materials Company.
Slide 3: Why Invest in Lithium Americas?
Why Invest in Lithium Americas? Advancing Thacker Pass Phase 1 Toward Production to Grow Stakeholder Value Li2CO3 PHASE 1 INCREASES U.S. CAPACITY 7X(2) LARGEST PROJECT IN THE U.S. Strengthening America’s energy security Building near-term domestic lithium capacity • Phase 1 battery-quality lithium c
Slide 4: Track Record of Executing and Positioned to Deliver
Track Record of Executing and Positioned to Deliver(1) FID DECLARED FOR PHASE 1 Focused on execution to build shareholder • JV partners declared the final investment decision in April 2025 value as Thacker Pass advances to production Lithium Producers and Developers Market Cap (US$)* OFFTAKE AGREEME
Slide 5: What Differentiates Thacker Pass?
What Differentiates Thacker Pass? OREGON McDermitt IDAHO Targeting mechanical completion in late-2027 Denio Caldera McDermitt at world’s largest known measured lithium resource Thacker Pass McDermitt Orovada Largest vertically integrated lithium project in the U.S. Winnemucca near-term production wi
Slide 6: Deep Development Leadership Experience
Deep Development Leadership 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 and Operations 25+ years of experience 20+ ye
Slide 7: Clear Path to Mechanical Completion in Late 2027
Clear Path to Mechanical Completion in Late 2027 2007+ • Discovery and exploration • Record of Decision issued Jan 2021 Early • Major operating construction commenced Long-term permits for construction start Feb 2023 2025 2026 2027 2028 offtake with GM received Apr 2022 for up to 100% of • CBA with
Slide 8: Thacker Pass: Building U.S. Lithium Capacity in Northern Nevada
Thacker Pass: Building U.S. Lithium Capacity in Northern Nevada From Clay to Battery-Grade Carbonate 8
Slide 9: Aerial of Thacker Pass Phase 1 Processing Plant Area
Aerial of Thacker Pass Phase 1 Processing Plant Area Beneficiation ROM Stockpile Filtration Building CCD Circuit Scale of plant pad Turbine Generator ~1,100 ft x ~3,100 ft Sulfuric Acid Plant Centrifuging Warehouse Construction of Phase 1 Admin Building is expected to create ~2,000 jobs Leaching MgS
Slide 10: Thacker Pass Phase 1 Funded for Construction
Thacker Pass Phase 1 Funded for Construction Draws on the DOE Loan accelerates major construction at Thacker Pass $2.23 Billion $945 Million Total Investment $250 Million Strategic U.S. DOE ATVM Loan(1) and 38% JV(1) Investment(1) Project financing at the risk-free rate; 38% asset-level interest in
Slide 11: Thacker Pass Capex and 2026 Development Milestones
Thacker Pass Capex and 2026 Development Milestones Capital Expenditure 2026 Expected Development Milestones Cumulative to 2025 and 2026 Guidance Cumulative to 2026 Capex 1H 2026 2H 2026 (US$) Dec 31, 2025(1) Guidance(1) Thacker Pass Phase 1 construction Major long-lead equipment and other All ma
Slide 12: 2025 Construction Progress at Thacker Pass
2025 Construction Progress at Thacker Pass Image as of late January 2026 Detailed engineering design complete achieved 93%, while Foundation, rebar and concrete work continue at multiple procurement was 60% complete* facilities throughout the processing plant, including the Filter Building, the
Slide 13: Processing Plant Construction Progress
Processing Plant Construction Progress East-west pipe rack supports on the left, and the Magnesium Sulfate building in the background The second level of steel installation at the Filter Press building has commenced Steel legs and braces for the first of eight thickeners as part of the Counter Curre
Slide 14: Processing Plant Construction Progress
Processing Plant Construction Progress Strong Acid Towers are beginning to take shape Sulfuric Acid Plant cooling water system under construction Liquid carbonate crystallizers are being assembled at Great Basin Industrial Pipe spools are being fabricated in one Preparing to weld stack sections (lef
Slide 15: Long-Lead Equipment Enroute to Thacker Pass
Long-Lead Equipment Enroute to Thacker Pass Duplex Plant Stack Steam Turbine Generator Turbine Housing Cold Interpass Heat Exchanger 15
Slide 16: Taking Care of Our Workforce and Local Community
Taking Care of Our Workforce and Local Community LAC is committed to minimizing housing and hotel room demands in Winnemucca by housing our construction workforce at the Workforce Hub (WFH) First residents moved in late Sept 2025; now approx. 850 residents The WFH is completed and welcoming resident
Slide 17: Operating Costs – Competitive in a Downturn
Operating Costs – Competitive in a Downturn 35,000 Lithium AISC OPEX(1)(2) including Thacker Pass(3) Low C1 and AISC (Production Scenario (Years 1-25)) OPEX would have 30,000 enabled Thacker Pass to remain 25,000 profitable during Current Avg. Price $21,500/t the 2025 lithium 20,000 Fastmarkets Lith
Slide 18: Growing Operations and Business Readiness
Growing Operations and LAC is growing its Operations and Business Readiness Business Readiness (OBR) team to de-risk the transition from the engineering, procurement and construction phases of Thacker Pass through commissioning, ramp up and into production and maintenance of the greenfield mining an
Slide 19: 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 20: Lithium Batteries Power the Modern World
Lithium Batteries Power the Modern World Diversified Demand Benefits of Batteries(2) Electric Vehicles 50% American Investment Energy Dominance Growth in demand as EV penetration rates grow and larger Global penetration Companies are investing more than Grid-scale storage will account batteries are
Slide 21: Lithium Batteries are Vital for U.S. Grid and Data Security
Lithium Batteries are Vital for U.S. Grid and Data Security Energy Hungry Data How Much Lithium Is Needed? Global Battery Outlook(6) 3,500 Data Centers Need 1 GWh ESS Storage = 880 t LCE(5) Over 200% growth A LOT of Power • Each gigawatt hour of battery storage requires 880,000 tonnes of lithium car
Slide 22: Appendix
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Slide 23: U.S. DOE Loan and Thacker Pass Joint Venture Interest
U.S. DOE Loan and Thacker Pass Joint Venture Interest(1) Summary of the Oct 7, 2025 Omnibus Waiver, Consent and Amendment and JV Interests Deferral of Debt $2.23 Billion Total Draws: U.S. DOE Equity and Maximizing the GM Service and U.S. DOE Loan $867 Million JV Interest Offtake Agreement Additional
Slide 24: 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 VIRTUAL SITE TOUR • LAC’s Lithium Technical Development Center • Standard hydrometallurgical proc
Slide 25: Location Benefits: Thacker Pass is in the McDermitt Caldera
Location Benefits: Thacker Pass is in the McDermitt Caldera McDERMITT CALDERA Thacker Pass 80 Transloading Facility Workforce Hub THACKER PASS Access to adjacent paved highways; road improvements to facilitate construction GEOLOGY ANIMATION traffic completed Scan or click on the QR code to watch
Slide 26: Thacker Pass Phase 1-5 Expansion Potential
Thacker Pass Phase 1-5 Expansion Potential(1)(2) Overall Site General Arrangement(1) Phase 1 40,000 t/y Li2CO3 facility 2,250 t/d sulfuric acid plant CAPEX $2.9 billion Targeting construction completion in late 2027 Phase 2 40,000 t/y Li2CO3 facility 2,250 t/d sulfuric acid plant CAPEX
Slide 27: Actively Engaging with Local Tribal & Community Members
Actively Engaging with Local Tribal & Community Members To advance the shared priorities of Thacker Pass is founded on more than a decade of feedback through community engagement, all our stakeholders at Thacker and we are proud of the trust and transparency we have built with our stakeholders. We a
Slide 28: Developing a Strong Workforce in Northern Nevada
Developing a Strong Workforce in Northern Nevada At Thacker Pass, we are committed to hiring local workers and contributing to a thriving economy Creating Employment Opportunities Committed to Hiring Locally Phase 1 creates employment opportunities for approx. 2,000 jobs during Tribal and local
Slide 29: Company Snapshot
Company Snapshot LAC NYSE Performance (US$) Analyst Coverage as of March 18, 2026 As of March 18, 2026 $4.40 $1.48 billion Firm Analyst Firm Analyst Share Price Market Capitalization Joel Jackson Bill Paterson 7.5 million $2.31 / $10.52 Anthony Taglieri Mohamed Sidibé 30-day Average Volume 52 Week L
Slide 30: 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 31: Thacker Pass Mineral Resource and Reserve Notes
Thacker Pass Mineral Resource and Reserve NOTES See the Company’s Technical Reports effective December 31, 2024 for full details. (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
Slide 32: End Notes
End Notes Why Invest in Lithium Americas? Orion Production Payment Agreement payments, see the Company’s U.S. DOE Loan and Thacker Pass Joint Venture Interest (1) For more details, see the Company’s news release of Mar 19, 2026 news release of Mar 6, 2025 and Apr 1, 2025 for more details. (1) See th
Slide 33: 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; constructive engagement with these and other stakeholders, including any expected
Slide 34: LAC
LAC CONTACT INFORMATION NYSE & TSX Virginia (Ginny) Morgan VP, Investor Relations and ESG info@lithiumamericas.com www.lithiumamericas.com @LithiumAmericas
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