GM
LAC
The market’s still buying the dream
Lithium Americas is up 7.74% as traders keep circling the Thacker Pass build like it’s the next big concert ticket. The company just posted a wider FY25 loss of $0.50 per share, but that was still way better than the $0.98 loss analysts were bracing for. In other words: still ugly, but not as ugly as feared.
Thacker Pass is the whole game
The real reason people care here isn’t the earnings sheet — it’s the giant lithium project in Nevada. Roughly $983 million has already gone into Thacker Pass out of an estimated $2.93 billion build, and management reaffirmed 2026 capex of $1.3 billion to $1.6 billion. That’s a lot of money, but it also means the project is no longer a slideshow and a PowerPoint promise. Construction is underway, first production is targeted for late 2027, and the company says about 1,800 workers could be on site at peak activity.
Funding is doing the heavy lifting
This is where the story gets less “moonshot” and more “carefully staged financing circus.” Lithium Americas says it has nearly $1.0 billion in cash and restricted cash, plus two drawdowns from a $2.23 billion DOE loan and strategic backing from GM. That funding stack matters because it helps reduce the odds of a nasty surprise dilution event — though with a project this capital-hungry, you’d be wise not to fall in love too fast.
Why investors are watching
If Thacker Pass works, LAC could become a major U.S. supplier of lithium carbonate right when Washington is trying to lock down critical minerals at home. If it stalls, you’re left with a company that’s burning cash in a very expensive sandbox. Big picture: the stock is moving because investors are betting that the mine, the money, and the government tailwind eventually line up.