Lithium Americas Corp. · NYSE:LAC

Lithium Americas — Investor Presentation (September 2025)

38 slides from Lithium Americas's investor presentation, September 2025

  1. Slide 1: FID Declared and Funded: Accelerating Toward Production

    FID Declared and Funded: Accelerating Toward Production CORPORATE PRESENTATION September 2025 NYSE and TSX: LAC

  2. Slide 2: Disclaimer

    Disclaimer ADDITIONAL REFERENCE MATERIALS securities at this time. This presentation is the property of the accordance with IFRS. Non-GAAP financial measures used in Thacker Pass, including a description of key assumptions, This presentation should be read in conjunction with materials Company. Read

  3. Slide 3: Why Invest in Lithium Americas?

    Why Invest in Lithium Americas? 1 Thacker Pass is permitted and in major construction: building a U.S. lithium supply chain 2 Phase 1 construction funded from the U.S. DOE, General Motors and Orion Resources(1)(2) 3 General Motors joint venture and 20-year offtake 4 World’s largest known measured li

  4. Slide 4: Lithium Batteries: Vital for U.S. Security

    Lithium Batteries: Vital for U.S. Security Batteries by the Numbers(1) Benefits of Batteries(1) Global Battery Outlook EVs and BESS(2) 3,500 $16.9 billion American Investment The U.S. battery market size in 2023, Companies are investing more than $140 Over 200% which is expected to grow five-fold in

  5. Slide 5: 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 over an 85-year mine life supported bt 44.5 Mt LCE Measured and Indicated Thacker Pass McDermitt Resource, 14.5 Mt LCE Proven and Probable Reser

  6. Slide 6: Thacker Pass Phase 1 Funded for Construction

    Thacker Pass Phase 1 Funded for Construction $2.26 Billion $945 Million Total $250 Million Strategic U.S. DOE ATVM Loan(1) Investment and 38% JV(2) Investment(7) Project financing at the risk-free GM has a 38% asset-level interest in Total $250 million investment by rate Thacker Pass Orion; $220 rec

  7. Slide 7: Track Record of Executing Key Milestones

    Track Record of Executing Key Milestones Approx. 20 years from discovery and exploration to construction; targeting production in late 2027 Discovery and Bureau of Land Community Benefits GM Joint Venture GM Acquired 38% of Orion Resource $250 Exploration Management (BLM) Agreement with the Fort and

  8. Slide 8: Substantially De-Risked Project Execution

    Substantially De-Risked Project Execution Currently ~70% detailed engineering design ENGINEERING complete and expected to increase to over 90% design complete by year end 2025 Excavation of the process plant is over 90% PROCESSING complete; permanent concrete placed; first steel PLANT installation c

  9. Slide 9: Q2 Construction Highlights

    Q2 Construction Highlights The first three shipments of steel arrive in Winnemucca for assembly Foundation placement for the Magnesium Precipitation Filtration Building  Steel – steel shipments have started to arrive in Winnemucca, where they  Magnesium Sulphate Building and Thickener areas – comp

  10. Slide 10: Photos of Construction Progress

    Photos of Construction Progress Thacker Pass Workforce Hub As of July 2025, all 686 modular housing units have been set Arial of Thacker Pass processing plant area Lunch tents being completed Foundation for one of two liquid sulfur tanks Preparing for first occupancy 10

  11. Slide 11: 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

  12. Slide 12: 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) • Jan 2021: Record Major construction, of Decision issued LAC-GM JV Investment wet commissioning, • April 2022: major Agreement and DOE mechanical completio

  13. Slide 13: Thacker Pass Operating Costs – Competitive in a Downturn

    Thacker Pass Operating Costs – Competitive in a Downturn Production Scenario (Years 1-25) Thacker Pass AISC OPEX(3)(4) C1 OPEX(1)(2) Low OPEX would have enabled Thacker Pass to remain profitable during the 2025 lithium downturn Approx. $500/t, or ~7%, lower than estimated in 20,000 Nov 2022 Feasibil

  14. Slide 14: 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 and in Phase 1 production will U.S. DOE Loan, General Phase 1 construction major construction, increase lithium production Motors largest equity f

  15. Slide 15: Appendix

    Appendix 15

  16. Slide 16: 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. Beneficiation Filtration Building Sulfuric Acid Plant CCD Circuit Acid Storage Centrifuging Sulfur Storage Ion Exchange MgSO4 Crysta

  17. Slide 17: 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

  18. Slide 18: 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

  19. Slide 19: 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

  20. Slide 20: 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

  21. Slide 21: 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

  22. Slide 22: 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

  23. Slide 23: Proven Leadership Team with a Strong Track Record

    Proven Leadership Team with a Strong Track Record Experienced Management team with leading technical, project development and financial expertise Jonathan Evans Aubree Barnum Rene Leblanc Director, President and CEO VP, Human Resources VP, Growth and Product Strategy 20+ years of operations and gene

  24. Slide 24: Company Snapshot

    Company Snapshot LAC NYSE Performance (US$) Analyst Coverage as of September 3, 2025 As of August 6, 2025 $2.86 $691 million Firm Analyst Firm Analyst Share Price Market Capitalization Joel Jackson Bill Paterson 241.7 million $2.11 / $5.20 Katie Lachapelle Seth Goldstein Shares Outstanding* 52 Week

  25. Slide 25: Sustainability / ESG

    1) op) Lu ~— > = 2 4) ES is) —_ ” =) ~” 25 LithiumAmericas »

  26. Slide 26: 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

  27. Slide 27: 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 

  28. Slide 28: Technical Report and Mineral Estimate

    Technical Report and Mineral Estimate 28

  29. Slide 29: 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

  30. Slide 30: 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

  31. Slide 31: 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

  32. Slide 32: Thacker Pass Technical Report – Sensitivity Analysis

    Thacker Pass Technical Report – Sensitivity Analysis Technical Report Results(1) NPV and IRR Sensitivity Analysis(1) NPV IRR Base Case = 85-year Life of Mine (LOM) (US$ billions) 26.5% $13.6 20.0% Production Scenario = Years 1-25 of 85-year LOM $8.7 12.8% Lithium Price Assumption $24,000 per tonne $

  33. Slide 33: Thacker Pass Mineral Resource and Reserve

    Thacker Pass Mineral Resource and Reserve As reported under NI 43-101 as of December 31, 2024(1) Mineral Reserve Estimate Mineral Resource Estimate Tonnage Average Li LCE Tonnage Average Li LCE Category Category (Mt) (ppm) (Mt) (Mt) (ppm) (Mt) Proven 269.5 3,180 4.5 Measured (M) 560.8 2,680 8.0 Prob

  34. Slide 34: Thacker Pass Mineral Resource and Reserve

    Thacker Pass Mineral Resource and Reserve As reported under S-K 1300, as of December 31, 2024(1) Mineral Reserve Estimate Mineral Resource Estimate Tonnage Average Li LCE Metallurgical Category Tonnage Average Li LCE (Mt) (ppm) (Mt) Category Recovery (Mt) (ppm) (Mt) (%) Proven 269.5 3,180 4.5 Measur

  35. Slide 35: 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 35

  36. Slide 36: End Notes

    End Notes Why Invest in Lithium Americas? Substantially De-Risked Project Execution for Thacker Pass Thacker Pass Technical Report Summary (1) As of the date of this presentation, as noted on pg. 2; at the project and (1) As of June 30, 2025. See the Company’s news release of August 14, 2025 for (1)

  37. Slide 37: Forward-Looking Statements and Information

    Forward-Looking Statements and Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation, and “forward- supply chain disruptions and the availability of equipment and facilities necessary to complete development and construc

  38. Slide 38: LAC

    LAC CONTACT INFORMATION NYSE & TSX Virginia (Ginny) Morgan VP, IR and ESG info@lithiumamericas.com www.lithiumamericas.com @LithiumAmericas 38

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