Construction at TSX-listed Lithium Americas’ Thacker Pass project, in Humboldt County, Nevada, is accelerating toward mechanical completion in late 2027, the company highlights in a statement on the company’s performance for the first quarter ended March 31.

There are now over 1 300 workers on site as of mid-May and over 2 000 expected at peak construction.

In 2025, Lithium Americas emphasised the need to derisk project execution and made strategic decisions to enable it to focus on execution this year.

Detailed engineering is almost complete, finances have been secured and global supply chain challenges are being well managed, CEO and president Jonathan Evans says.

“At a moment, when resilient domestic supply chains are more critical than ever, lithium stands out as a strategic resource underpinning both national security and a reliable energy future.

“We are grateful for the strong partnerships and support from leaders at the federal and state levels. Recent visits to Thacker Pass by US Senators Catherine Cortez Masto and Jacky Rosen, Nevada Governor Joe Lombardo and the US Department of Energy, underscore a shared commitment to strengthening American supply chains, advancing energy independence and creating meaningful American jobs,” he professes.

As of March 31, $1.3-billion of construction capital costs and other project-related costs have been capitalised, of which $1.1-billion is part of the total capital expenditure (capex) estimate of $2.93-billion.

The company continues to target a total capex range of $1.3-billion to $1.6-billion for Thacker Pass Phase 1 for fiscal year 2026.

Detailed engineering design completed surpassed 95%, while procurement was over 70% complete, including the shipment of major plant materials and equipment.

Long-lead equipment has been arriving at either Thacker Pass or the fabrication yard in Winnemucca, including the 115 kV main transformer, auxiliary boiler, air-cooled heat exchangers, fin fan cooler, duplex stack and bicarbonate reactors.

Additional long-lead items that have started being delivered to site include the thickener steel and shell plates, filter presses, steam turbine generator and SS Converter.

Outstanding long-lead items are expected to be delivered throughout the year, along with other equipment and construction materials.

Over 75% of the structural steel for Thacker Pass, which is sourced from the United Arab Emirates, is in transit or has arrived on site at Thacker Pass or the laydown yard in Winnemucca.

The company and the lead engineering, procurement and construction management contractor for the Thacker Pass project, Bechtel, have worked with the steel supplier to limit the effects of the Middle East conflict,  including the closure of the Strait of Hormuz, to minimise impacts on the fabrication and shipment of steel to the project site. Predominantly, steel supply has been successfully rerouted through the Port of Jeddah.

Development milestones achieved to date at Thacker Pass include the first cable pulls on the module pipe racks started in March; progress on the structural steel at the filter building, with the second floor being installed; and installation of key equipment started at several facilities. 

Given the advanced level of detailed engineering, Lithium Americas has started a definitive capital estimate, targeting completion in the second half of the year.

Advanced levels of engineering and procurement are expected to enable the team to estimate remaining quantities and materials with higher confidence. 

It will use current data to assess remaining labour needs and productivity rates for the estimate and will incorporate recent unexpected developments including the implications of tariffs, the Middle East conflict impacts, fuel price increases and other inflationary increases that were not included in the total capex estimate of $2.93-billion in its technical report.

Lithium Americas estimates the total potential exposure to tariffs for Thacker Pass Phase 1 construction costs to be about $80-million to $120-million, the majority of which is expected to be incurred during this year.

Work to enhance reliability for grid power from the local electric utility cooperative, by upgrading six regional substations and switching stations, was completed in March, ahead of schedule.

Construction at the company’s transload terminal (TLT), west of Winnemucca, started in March, with completion targeted for 2027 to align with startup at Thacker Pass.

The TLT is about 60 miles from Thacker Pass, adjacent to the rail line and is intended to support operations by serving as a critical logistics hub for the project’s reagents.

As of March 31, Lithium Americas had about $1.2-billion total cash and restricted cash, including $529-million at the Thacker Pass joint venture (JV) level.

On January 26, the company completed an at-the-market (ATM) equity programme established on November 13, 2025.

It issued and sold an aggregate total of 43.3-million common shares pursuant to the November 2025 ATM programme, for aggregate net proceeds of $246.7-million after sales agent’s commission and other expenses.

Of these amounts, during the first quarter, Lithium Americas issued and sold 32.5-million common shares for aggregate net proceeds of $189.7-million after sales agent's commission and other expenses.

On February 24, the company received its second advance on the US Department of Energy loan of $432-million.

On March 19, it entered into an ATM equity programme to sell shares up to $250-million.

Use of net proceeds for the March 2026 ATM programme includes general corporate purposes, which may include funding of corporate and project overhead expenses, financing of capex, repayment of indebtedness and additions to working capital.

Subsequent to March 31, the company issued and sold an aggregate total of 2.3-million common shares pursuant to the March 2026 ATM programme for aggregate net proceeds of $11.2-million after sales agent's commission and other expenses.