How is Lithium Americas Advancing at Thacker Pass?
In a year marked by turbulence throughout industries, the mining sector saw a significant boost to demand, caused by an increasing interest in critical materials and lithium.
Mining supply chains were reworked as companies looked to diversify their value chain and boost their own resilient supply.
Lithium Americas has released its Full Year 2025 results, exploring financial standing and progress on its lithium project at Thacker Pass.
Global supply and demand
Lithium Americas is a Canadian mining corporation, currently building Thacker Pass in northern Nevada. This project aims to onshore industrial-scale US lithium production in order to make America's supply chain more resilience and self-dependent, as well as to introduce new job opportunities and a strengthened energy supply.
The company owns one of the world's largest known lithium reserves, aiming to safely and sustainably produce the resource in order to reduce dependence on other countries for critical minerals supply. It is aiming to enable cleaner energy sources and drive innovation across the sector.
Lithium is a critical mineral which has seen a significant increase in demand over recent years. The mineral is particularly vital for batteries, which are used to strengthen America's national security and economic resilience. The ever-growing demand for EVs means that batteries are facing more demand than ever, with lithium becoming a key commodity.
At present, the US produces less than 1% of the global supply of lithium, meaning that it relies on foreign powers for the majority of its supply. Events throughout 2025 and in early 2026 have demonstrated how overreliance on foreign critical minerals can impact entire systems.
As a result, Lithium Americas is working to strengthen US lithium supply through Thacker Pass.
“2025 marked a transformative year for Thacker Pass. Construction is advancing at full pace, and we are carrying that strong momentum into 2026," explains Jonathan Evans, President and Chief Executive Officer of Lithium Americas.
"We are grateful for the continued support of the US Administration and the Department of Energy. With the second loan drawdown in February 2026, we have meaningfully de-risked the Project and reinforced our path forward. This investment reflects our shared commitment to rebuilding critical mineral supply chains here at home and reducing reliance on foreign sources.
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Financial standing
Lithium Americas reports an approximate US$905.6m in total cash and restricted cash, as of December 31, 2025. This includes US$412.6m within the Thacker Pass joint venture. In October, Lithium Americas entered into an omnibus waiver, consent and amendment with the US Department of Energy, developing amendments to its US$2.23bn loan.
During the full year, net loss increased from US$42.6m in 2024, to US$86.3m in 2025. This was a result of higher general and administrative expenses that were caused by increased hiring, professional fees and office and administration fees. This is linked to ongoing construction at Thacker Press.
The company also made a US$14.1m contribution towards funding the construction of the new Orovada K-8 school.
Lithium Americas reports that on December 31, 2025, it reports a total asset increase throughout the year, due to cash and restricted cash received. Much of this came from the funds drawn under the DOE Loan, the Orion Investment and proceeds received from the Company’s ATM programmes.
Due to ongoing development at Thacker Pass, mineral properties, plant and equipment also increased, as did costs associated with the completion of its Workforce Hub's first phase, as well as engineering, procurement of raw materials, payments towards long-lead equipment and continued on-site construction.
Construction progress
Lithium Americas is making significant progress of construction at Thacker Pass Phase One, with a target of mechanical completion by late 2027. In order to do so, it has a detailed project plans, targeting construction milestones, which was made publicly available in February 2026.
The company hit many milestones across its construction project in Q4 2025, including a total of US$982.8m of construction costs and other project-related costs being capitalised. For fiscal year 2026, the company us targeting a total capital expenditure range of US$1.3bn to US$1.6bn for Thacker Pass Phase One.
“Construction at Thacker Pass is progressing rapidly, with safety as our highest priority," Jonathan adds.
"Peak construction activity is expected in 2026, and our workforce continues to expand, with approximately 1,800 skilled craftspeople anticipated on site by late 2026. We remain on track for mechanical completion of Phase 1 in late 2027, positioning Thacker Pass to play a central role in securing America’s energy and national security future. Together with our partners, we are advancing energy independence, strengthening domestic supply chains and building a more resilient future.”
By the end of FY2025, detailed engineering design was 93% completed and procurement was 60% complete. The manufacturing of the long-lead equipment awarded for the project in Q4 2024 was fabricated throughout 2024, with expectations of delivery throughout H2 2026. Currently, more than 60% of the structural steel needed for Thacker Pass, sourced from UAE, is in transit or has already arrived to the Thacker Pass site.
The project has also created a significant amount of jobs – at the end of the FY2025, there were 950 people working on site at Thacker Pass, which included 740 manual craft and 210 additional site workers. This is expected to grow as construction does, reaching approximately 1,800 staff in late 2026.
Lithium Americas is celebrating a productive 2025 and is anticipating further growth in the upcoming year, as the project takes off and works to meet demand.
