Lithium Americas — Second Quarter 2026 Earnings Summary

Financial Performance

• Net income for the six months ended June 30, 2026, was $6.3 million, compared to a net loss of $24.8 million in the same period in 2025.
• Net income attributable to LAC stockholders for the six months ended June 30, 2026, was $1.7 million, compared to a loss of $23.1 million in 2025.
• Net income for the three months ended June 30, 2026, was $1.7 million, compared to a net loss of $13.2 million in the same period in 2025.
• Net income attributable to LAC stockholders for the three months ended June 30, 2026, was $2.2 million, compared to a loss of $12.4 million in 2025.
• General and administrative expenses increased to $26.2 million for the six months ended June 30, 2026, from $14.4 million in 2025, and to $15.1 million for the three months ended June 30, 2026, from $7.8 million in 2025.
• Transaction costs decreased to $1.0 million for the six months ended June 30, 2026, from $17.6 million in 2025, and were nil for the three months ended June 30, 2026, compared to $13.3 million in 2025.
• Other income increased to $13.3 million for the six months ended June 30, 2026, from $2.7 million in 2025, and to $6.7 million for the three months ended June 30, 2026, from $1.4 million in 2025.
• Cash and restricted cash totaled $1.3 billion as of June 30, 2026, including $530.3 million at the Thacker Pass joint venture level.
• Total assets increased to $3.54 billion as of June 30, 2026, from $2.58 billion as of December 31, 2025.
• Total liabilities increased to $1.59 billion as of June 30, 2026, from $992.4 million as of December 31, 2025.
• Mineral properties, plant, and equipment, net increased to $2.09 billion as of June 30, 2026, from $1.34 billion as of December 31, 2025.

Guidance and Future Outlook

• Mechanical completion of the Thacker Pass processing plant is targeted for late 2027.
• Energization of the site is targeted for the fourth quarter of 2026.
• The Company targets a total capital expenditure (Capex) range of $1.3 billion to $1.6 billion for Thacker Pass Phase 1 for fiscal year 2026.
• A definitive capital estimate is expected to be completed by the end of the third quarter of 2026.
• Total tariff exposure is estimated between $80 million and $100 million, with the majority expected to be incurred during 2026.
• The Transload Terminal (TLT) completion is targeted for 2027 to align with startup at Thacker Pass.

Business Segments and Product Lines

• Construction of the Thacker Pass Phase 1 processing plant is advancing, with over 1,600 workers on site and levels expected to exceed 2,000 before the end of 2026.
• Over 1,500 workers reside at the Company's all-inclusive housing facility in Winnemucca.
• Detailed engineering design has surpassed 95%, and procurement has exceeded 80%.
• Over 85% of structural steel sourced from the United Arab Emirates is in transit or on site, with the balance expected in Q3 2026.
• Off-site power modifications are complete, and the high voltage power line connecting Thacker Pass to the local grid has been upgraded.
• Construction at the Transload Terminal west of Winnemucca has completed general site and railroad grading.
• The Company delivered a $5.0 million commitment to the Fort McDermitt Paiute and Shoshone Tribe's Building Fund and contributed an additional $0.4 million for workforce training and cultural monitoring.

Market and Competitive Landscape

• Thacker Pass hosts the largest known measured lithium resource (Measured and Indicated) in the world.
• The project is a joint venture between Lithium Americas (62% interest) and General Motors (38% interest).
• Phase 1 is designed for a nominal production capacity of 40,000 tonnes per year of battery-quality lithium carbonate.
• The Company notes that lithium is central to America's economic and national security, supporting military operations, civilian infrastructure, and modern economic growth technologies.

Risks and Challenges

• The cost environment was unfavorably impacted by reduced open sea lane availability, reduced U.S. fabrication capacity, logistics constraints, inflationary pressures, and a competitive skilled labor market.
• Potential supply chain disturbances, including customs delays and shipping disruptions, particularly regarding steel, pose risks to construction timelines.
• Ongoing conflict in the Middle East and potential changes in U.S. trade policy, including the imposition of tariffs, could impact the project.
• The Company faces risks related to the availability of technology, water rights, and the ability to secure sufficient additional financing.
• Uncertainties exist regarding the receipt and maintenance of mining, exploration, environmental, and other permits in Nevada.

Management Commentary and Tone

• Jonathan Evans, President and CEO, stated the Company is "safely accelerating construction toward peak activity and peak labor later this year."
• Management emphasized that Thacker Pass is "reaching new vertical heights" with structural steel and concrete work advancing through second-floor installations.
• The Company is transitioning into piping and electrical trades, receiving more than 60 truckloads of equipment and materials daily.
• Management highlighted the project's role in securing a reliable domestic lithium supply to meet rising electricity demand and strengthen energy independence.

Other Key Points

• As of June 30, 2026, the Company had issued and sold 13.0 million common shares under the March 2026 ATM Program for aggregate net proceeds of $68.5 million.
• Subsequent to Q2 2026, the Company issued and sold 1.1 million common shares at an average price of $3.87 per share for aggregate net proceeds of $4.2 million.
• On June 3, 2026, the Company received its third advance on the U.S. Department of Energy (DOE) loan of $342 million, bringing cumulative advances to $1.209 billion.
• On August 5, 2026, the Company entered into a securities purchase agreement with Yorkville Advisors Global, LP for up to $175 million in subordinated convertible debentures, with an initial closing of $150 million.
• Cumulative construction capital and other project-related costs capitalized as of June 30, 2026, totaled $1.8 billion, of which $1.6 billion is part of the $2.93 billion total Capex estimate.
• The Company recognized a $20.0 million gain on the change in fair value of the embedded derivative associated with the Orion convertible notes for the six months ended June 30, 2026.
• The Company determined the fair value of its investment in Ascend Elements, Inc. was nil during the six months ended June 30, 2026.
• Total shares issued and outstanding were 363,042,943 as of August 12, 2026.