- Lithium Americas (TSX:LAC) closed a US$250 million investment from funds managed by Orion Resource Partners
- The capital will allow the company to complete phase 1 of its flagship Thacker Pass project, which houses the world’s largest lithium resource and reserve
- Lithium Americas is developing its Thacker Pass project in Nevada towards production
- The lithium stock has given back 58.6 per cent year-over-year tracking its target commodity’s recent drop in price
Lithium Americas (TSX:LAC) closed a US$250 million investment from funds managed by Orion Resource Partners.
Proceeds will go towards phase 1 development of the company’s Thacker Pass lithium project in Humboldt County, Nevada. The property hosts the world’s largest measured and indicated lithium resource and proven and probable reserve, coming in at 44.5 million tons and 14.3 million tons of lithium carbonate equivalent, respectively.
The previously announced investment allows Lithium Americas and partner General Motors to meet fundraising requirements under a US$2.26 billion loan from the U.S. Department of Energy (DOE) and officially issue a positive final investment decision on phase 1 work.
The first phase of development at Thacker Pass, targeted for completion in 2027, aims to generate 40,000 tons per year of battery-grade lithium carbonate.
Leadership insights
“Today marks another important milestone in our journey to bring Thacker Pass to production,” Jonathan Evans, Lithium Americas’ president and chief executive officer, said in a statement. “With our joint venture partner, GM, we announced a final investment decision for phase 1 alongside our other exceptional partners – the U.S. DOE and Orion. Together, we will develop a U.S.-produced lithium supply chain to reduce American dependence on foreign suppliers for critical minerals.”
About Lithium Americas
Lithium Americas is developing its world-class Thacker Pass project in Nevada towards production.
Lithium Americas stock (TSX:LAC) last traded at C$3.95 per share. The stock has given back 58.6 per cent year-over-year, tracking lithium‘s recent drop in price, laying the foundation for a value play supported by a tier-1 project and forecasted 20x demand growth by 2050.
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