Lithium Americas Corp. · NYSE:LAC
Lithium Americas — TD Cowen Metals & Mining Conference 2026
34 slides from Lithium Americas's conference presentation, Jan 27, 2026
Slide 1: Building Thacker Pass to Deliver U.S.-Produced Battery-Quality Lithium Capacity
Building Thacker Pass to Deliver U.S.-Produced Battery-Quality Lithium Capacity CORPORATE PRESENTATION January 2026 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? LARGEST PROJECT IN THE U.S. INCREASING U.S. CAPACITY BY 7X (2) building near-term lithium capacity strengthening America’s energy security Targeting mechanical Thacker Pass Phase 1 is Phase 1 battery-quality lithium World’s largest known permitted, declared completion
Slide 4: Track Record of Executing and Positioned to Deliver
Track Record of Executing and Positioned to Deliver Thacker Pass: ~20 years from discovery; targeting mechanical completion in late 2027(1) 2007+ 2007+ 2024 2024 Discovery and exploration – 232 holes drilled Q1: Received conditional commitment for DOE ATVM Loan Q4: Closed DOE ATVM Loan 2018 20
Slide 5: 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 25+ years of experience 20+ years of signific
Slide 6: What Differentiates Thacker Pass?
What Differentiates Thacker Pass? OREGON McDermitt IDAHO Phase 1 mechanical completion in late-2027 Denio Caldera McDermitt at world’s largest known measured lithium resource Thacker Pass McDermitt Largest vertically integrated lithium project in the U.S. Orovada near-term production with mechanical
Slide 7: 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 7
Slide 8: 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 Turbine Generator Scale of plant pad Sulfuric Acid Plant ~1,100 ft x ~3,100 ft Centrifuging Warehouse Admin Building Leaching MgSO4 Crystallization Li2CO3 Crystallization Ion Exchange PRO
Slide 9: Received DOE Loan First Draw to Accelerate Construction
Received DOE Loan First Draw to Accelerate Construction Summary of U.S. DOE Loan Amendments and Thacker Pass Joint Venture Interest(1) First draw of $435M(2) on the DOE Loan accelerates major construction at Thacker Pass Deferral of Debt $2.23 Billion First Draw: U.S. DOE Equity and Maximizing GM Se
Slide 10: Phase 1: Substantially De-Risked Project Execution
Phase 1: Substantially De-Risked Project Execution Over 80% detailed engineering design complete(1), expected to increase to over 90% by ENGINEERING year end 2025; higher level of detailed engineering at the earlier stages of construction helps to de-risk execution in terms of schedule and cost Perm
Slide 11: Processing Plant Construction Progress
Processing Plant Construction Progress Completed central pedestals for the CCD Thickener A large, tank foundation in the Water Systems area Insulation installation at the Liquid Sulfur Pit Foundation work for the site temporary warehouse Concrete and formwork at the future site of the steam turbine
Slide 12: 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 Air receivers were safely The first pipe rack module lowered into the Filter Building arrived at Thacker Pass for installation. Over 90 pipe rack modu
Slide 13: 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 13
Slide 14: Taking Care of Our Workforce
Taking Care of Our Workforce 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 Sept 2025; now nearly 600 residents Nutritional meal
Slide 15: 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 mechanical completion, • Jan 2021: Record Agreement and DOE wet commission
Slide 16: 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 17: 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 18: 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 19: 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 2032(1) longer range vehicles. 3,000 growth in 203
Slide 20: 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 21: 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 22: 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 23: Appendix
Appendix 23
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 $2.9 billion Targeting construction completion in late 2027 Phase 2 40,000 t/y Li2CO3 facility 2,250 t/d sulfuric acid plant CAPEX
Slide 29: Company Snapshot
Company Snapshot LAC NYSE Performance (US$) Analyst Coverage as of January 22, 2026 As of January 22, 2026 $6.13 $1.86 billion Firm Analyst Firm Analyst Share Price Market Capitalization Joel Jackson Bill Paterson 14.3million $2.31 / $10.52 Katie Lachapelle Mohamed Sidibé 30-day Average Daily Volume
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 (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 32: End Notes
End Notes Why Invest in Lithium Americas? Operating Costs – Competitive in a Downturn Lithium Batteries Help to Strengthen National Security (1) For more details, see the Company’s news release of Nov 13, 2025 and Form 10- (1) C1 OPEX include raw materials, labor, utilities, maintenance materials, s
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; workforce housing facility; the stable and supportive legislative, regulatory and
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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