Lithium Americas — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported net income of $96.4 million for the nine months ended September 30, 2026, compared to a net loss of $223.9 million for the same period in 2025.
• Net income attributable to LAC stockholders was $76.4 million for the nine months ended September 30, 2026, versus a net loss of $220.8 million in the prior year period.
• Net income for the three months ended September 30, 2026, was $90.1 million, compared to a net loss of $199.2 million in Q3 2025.
• General and administrative expenses increased to $35.5 million for the nine months ended September 30, 2026, from $24.1 million in the prior year period.
• Transaction costs were $8.3 million for the nine months ended September 30, 2026, down from $18.3 million in the prior year period.
• Other income increased to $21.9 million for the nine months ended September 30, 2026, from $4.3 million in the prior year period, driven by higher interest income.
• Cash and restricted cash totaled $1.3 billion as of September 30, 2026, including $359.5 million at the Thacker Pass joint venture level.
• Total assets increased to $3,945.8 million as of September 30, 2026, from $2,579.0 million as of December 31, 2025.
• Total liabilities increased to $1,853.2 million as of September 30, 2026, from $992.4 million as of December 31, 2025.
• Mineral properties, plant and equipment, net increased to $2,569.9 million as of September 30, 2026, from $1,344.0 million as of December 31, 2025.

Guidance and Future Outlook:

• Updated definitive capital cost estimate for Thacker Pass Phase 1 is $3.83 billion (including contingency), an increase from the prior estimate of $2.93 billion.
• Fiscal year 2026 capital expenditure guidance is updated to a range of $1.7 billion to $2.0 billion.
• Thacker Pass Phase 1 targets mechanical completion in late 2027, with ramp-up continuing through 2028.
• Peak capital expenditure is expected in fiscal year 2026, with the balance spent throughout 2027 and into 2028.
• The incremental funding requirement arising from the updated Capex Estimate is approximately $995 million.
• Cumulative construction capital costs and other project-related costs capitalized as of September 30, 2026, totaled $2.4 billion.
• The Company expects to meet the incremental funding requirement through $650 million in contributions to the Thacker Pass JV level and up to $315 million from reserve accounts established under the DOE Loan.

Business Segments and Product Lines:

• Thacker Pass Phase 1 is designed for a nominal production capacity of 40,000 tonnes per year of battery-quality lithium carbonate.
• Approximately 1,900 personnel were on site as of September 30, 2026, with numbers expected to increase to approximately 2,200 by year-end 2026.
• Detailed engineering is complete, and procurement is over 90% completed.
• Over 80% of the value for third-party contracts has been committed, with over 50% incurred.
• Major structural steel was delivered to the site by the end of August 2026.
• Construction at the Transload Terminal (TLT) west of Winnemucca is progressing, with rail stabilization and sub-ballast achieving 95% completion in Q3 2026; TLT completion is targeted for 2027.
• The Company issued $150 million in subordinated convertible debentures to Yorkville Advisors Global, LP, with the right to issue an additional $25 million.
• The Company received its fourth advance of $239.0 million on the U.S. Department of Energy (DOE) loan, bringing cumulative advances to $1.448 billion.

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 and General Motors Holdings LLC.
• The DOE holds warrants to purchase common shares equivalent to a 5% equity stake of the Company and JV warrants for a 5% non-voting interest in the JV.
• Regional competition for skilled union labor has impacted labor wage rates and install rates.
• Logistics costs have been impacted by increased fuel prices, reduced U.S. fabrication capacity, and challenging global shipping conditions.

Risks and Challenges:

• Primary risks for the remainder of construction include costs associated with the attraction and retention of quality craft labor and sustaining planned installation rates.
• Tariff exposure is estimated at approximately $60 million, with total tariff and logistics impact estimated at $100 million.
• Craft labor wage rates and compensation package inflation contributed approximately $150 million to the increased Capex Estimate.
• Labor install rates for piping, steel, and equipment contributed approximately $245 million to the increased Capex Estimate.
• EPCM and contractor staffing levels and wage rates contributed approximately $250 million combined to the increased Capex Estimate.
• An additional 10% contingency of approximately $150 million was allocated to the Capex Estimate.
• The Company faces risks related to potential supply chain disturbances, customs delays, and shipping disruptions.
• Uncertainties exist regarding the finalization of incremental funding arrangements with the DOE and GM and their implications for JV interest holdings.

Management Commentary and Tone:

• Jonathan Evans, President and CEO, stated that Thacker Pass is on track to deliver America's largest fully integrated source of domestic battery-quality lithium carbonate.
• Management described the project as a strategic supply chain asset and an investment in Nevada workers and local communities.
• The Company expressed pride in building an operation expected to help secure America's critical mineral independence.
• Management noted that the Capex Estimate risk profile has been lowered due to advanced levels of engineering and procurement, completed earthworks, and geotechnical risks passing.

Other Key Points:

• On November 11, 2026, the Company announced a definitive capital cost estimate for Thacker Pass Phase 1 of $3.83 billion.
• The Company contributed $120 million to the reserve account funding required pursuant to the October 7, 2025 omnibus waiver, consent and amendment (OWCA).
• The Company contributed $650 million toward the incremental funding requirement, which will result in an increase to the Company's ownership percentage in the JV.
• The Company issued 1.1 million common shares during Q3 2026 at an average price of $3.87 per share for aggregate net proceeds of $4.1 million under its March 2026 ATM program.
• Yorkville converted $40.5 million of principal and accrued interest, and the Company issued 14.3 million common shares to Yorkville during Q3 2026.
• As of November 11, 2026, the Company had 377,334,749 shares issued and outstanding.
• The Company recorded a $58.5 million gain on LAC Warrant and JV Warrant obligations and a $59.3 million gain on the embedded derivative associated with the Orion Notes for the nine months ended September 30, 2026.
• The Company determined the fair value of its investment in Ascend Elements, Inc. was $nil based on public disclosures indicating significant uncertainty regarding recovery.
• Amendments to the DOE Loan documents pursuant to OWCA 3 will decrease the funding requirement of the Sustaining Capex Reserve Account by approximately $30 million during and after the ramp-up period.