Core Viewpoint - Lithium battery concept stocks experienced a strong performance, driven by news of a significant supply disruption from a major player in the industry, CATL, which has temporarily halted operations at a mining project in China [1] Group 1: Stock Performance - Lithium Americas (LAC.US) rose over 10% - Albemarle (ALB.US) increased by more than 9% - Sociedad Química y Minera de Chile (SQM.US) gained over 7% - Microvast (MVST.US) saw an increase of over 6% [1] Group 2: Supply Disruption - CATL announced the suspension of a large mining project in Yichun, Jiangxi Province, due to the expiration of its mining license [1] - The company plans to resume production as soon as it obtains the necessary approvals [1] Group 3: Analyst Insights - Citigroup analyst Kate McCutcheon stated that the reduction of approximately 9,000 tons of lithium supply per month is not expected to cause a hard supply shortage, but it is likely to boost market sentiment in the short term [1] - Analyst Jack Shang estimated that the sentiment surrounding the supply disruption could drive lithium prices above $11,000 per ton in the coming days [1]

Core Viewpoint - Lithium battery concept stocks experienced a strong rally, driven by news of a significant supply disruption from a major player in the industry, CATL, which has temporarily halted operations at a large mining project in China [1] Group 1: Stock Performance - Lithium Americas (LAC.US) surged over 10% - Albemarle (ALB.US) increased by more than 9% - Sociedad Química y Minera de Chile (SQM.US) rose over 7% - Microvast (MVST.US) gained more than 6% [1] Group 2: Supply Disruption - CATL announced the suspension of operations at its mining site in Yichun, Jiangxi Province, due to the expiration of its mining license [1] - The company plans to resume production as soon as it obtains the necessary approvals [1] Group 3: Analyst Insights - Citigroup analyst Kate McCutcheon noted that the reduction of approximately 9,000 tons of lithium supply per month is not expected to cause a hard supply shortage, but it is likely to boost market sentiment in the short term [1] - Analyst Jack Shang estimated that the sentiment from the supply disruption could drive lithium prices above $11,000 per ton in the coming days [1]

Core Viewpoint - Lithium battery concept stocks experienced a strong performance, with notable increases in share prices for companies such as Lithium Americas, Albemarle, SQM, and Microvast, following the news of a significant mining project suspension by CATL in China [1] Group 1: Market Reaction - Lithium Americas (LAC.US) rose over 10%, Albemarle (ALB.US) increased by more than 9%, SQM (SQM.US) gained over 7%, and Microvast (MVST.US) saw a rise of over 6% [1] - The market sentiment is expected to be positively influenced by the supply disruption, despite analysts not anticipating a hard supply shortage from the reduction of approximately 9,000 tons of lithium supply per month [1][1] Group 2: Analyst Insights - Citigroup analyst Kate McCutcheon noted that the news of the supply reduction is likely to boost market sentiment in the short term [1] - Analyst Jack Shang from Citigroup estimated that the sentiment surrounding the supply disruption could drive lithium prices above $11,000 per ton in the coming days [1]

Group 1 - The article discusses Lithium Americas (NYSE: LAC) and highlights the commencement of construction at Thacker Pass, which is significant for lithium supply [1] - It emphasizes the growing demand for lithium, particularly in relation to data centers, indicating a robust market outlook for lithium producers [1] - The article mentions the importance of water rights in the context of lithium mining, which could impact operational capabilities and regulatory compliance [1] Group 2 - The article references President Trump's executive orders that may influence the AI and data sectors, potentially affecting the broader technology landscape and its intersection with lithium demand [1] - It stresses the importance of understanding management, financials, sector dynamics, and global macroeconomic factors before making investment decisions, rather than focusing solely on stock prices [1] - The article encourages investors to continuously review their positions and adapt to fundamental changes in the market to protect their capital and optimize returns [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Chinese chemicals industry** and its supply-side structural reforms, particularly in the context of the **petrochemical sector** [1][2]. Core Insights and Arguments - The **Chinese Politburo** meeting on July 30 indicated a shift towards **gradual adjustments** rather than aggressive mandates, suggesting a preference for market-driven solutions to overcapacity and industry 'involution' [1][2]. - The omission of the term "low prices" and the change in language regarding production capacity management indicates a more patient approach to resolving excess capacity issues, relying less on administrative measures [2]. - Key policy focus areas include **fertility subsidies**, **demographic challenges**, **local government debt**, and **international competitiveness**, with supply-side measures expected to be implemented in a measured manner [3]. - The **15th Five-Year Plan (15FYP)** is anticipated to provide clearer directions for these adjustments, with a focus on maintaining overall stability [3]. Company-Specific Insights - The report suggests that the Chinese government will continue to support **coal-based chemical production** and pursue **CTC projects** that are significantly lower in cost compared to naphtha crackers [4]. - For **US petrochemicals**, the likelihood of aggressive structural reforms appears reduced, with expected capacity closures primarily involving higher-cost units being replaced by larger, more efficient ones [4]. - The report identifies **ALB (Albemarle Corporation)** and **LAC (Lithium Americas Corp.)** as favorable investments under current policies, while **EMN (Eastman Chemical Company)** and **MEOH (Methanex Corp.)** would benefit from more aggressive policies [4]. Additional Important Information - The report highlights that the current policies may lead to a longer period of margin pressure in the petrochemical sector, indicating potential risks for investors [1][4]. - The absence of emphasis on profitability or returns on capital suggests that adjustments in the industry could take longer, particularly for older or quasi-utility industries [3]. - The report includes a distribution of ratings for various companies, indicating a majority of **Buy** ratings, with specific companies mentioned such as **CE (Celanese Corporation)** and **DOW (Dow Inc.)** rated as **Hold** [21]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the Chinese chemicals industry and specific companies within the sector.

Company Performance - Lithium Americas Corp. (LAC) closed at $3.28, reflecting a -1.5% change from the previous day, underperforming the S&P 500's daily loss of 0.01% [1] - The stock has increased by 25.66% over the past month, outperforming the Basic Materials sector's gain of 1.67% and the S&P 500's gain of 5.37% [1] Earnings Projections - The upcoming EPS for Lithium Americas Corp. is projected at -$0.04, indicating a 20.00% increase compared to the same quarter of the previous year [2] - For the entire year, Zacks Consensus Estimates forecast earnings of -$0.18 per share and revenue of $0 million, reflecting changes of +14.29% and 0%, respectively, compared to the previous year [2] Analyst Estimates - Recent modifications to analyst estimates for Lithium Americas Corp. are crucial as they reflect near-term business trends, with positive changes indicating analyst optimism regarding the company's profitability [3] - The Zacks Rank system, which incorporates these estimate changes, has shown a 0.6% rise in the Zacks Consensus EPS estimate over the past month, with Lithium Americas Corp. currently holding a Zacks Rank of 3 (Hold) [5] Industry Context - The Mining - Miscellaneous industry, which includes Lithium Americas Corp., has a Zacks Industry Rank of 150, placing it in the bottom 40% of over 250 industries [6] - The Zacks Industry Rank assesses the strength of specific industry groups, with top-rated industries outperforming the bottom half by a factor of 2 to 1 [6]

Company Performance - Lithium Americas Corp. (LAC) experienced a decline of 1.88% to $2.61, underperforming the S&P 500, which fell by 0.79% [1] - Prior to the recent trading session, LAC shares had decreased by 1.48%, lagging behind the Basic Materials sector's gain of 4.52% and the S&P 500's gain of 5.22% [1] Earnings Forecast - The upcoming earnings disclosure for Lithium Americas Corp. is anticipated to show an EPS of -$0.04, reflecting a 20% growth compared to the same quarter last year [2] - For the annual period, Zacks Consensus Estimates predict earnings of -$0.18 per share and revenue of $0 million, indicating changes of +14.29% and 0% respectively from the previous year [2] Analyst Forecast Revisions - Recent revisions to analyst forecasts for Lithium Americas Corp. should be monitored, as these adjustments often reflect changes in short-term business dynamics [3] - Upward revisions in estimates suggest analysts' positive outlook on the company's operations and profit generation capabilities [3] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has a strong historical performance, with 1 ranked stocks yielding an average annual return of +25% since 1988 [5] - Currently, Lithium Americas Corp. holds a Zacks Rank of 3 (Hold), with the consensus EPS projection having increased by 0.6% in the past 30 days [5] Industry Context - The Mining - Miscellaneous industry, which includes Lithium Americas Corp., is part of the Basic Materials sector and currently holds a Zacks Industry Rank of 157, placing it in the bottom 37% of over 250 industries [6] - The performance of individual industry groups is measured by the Zacks Industry Rank, with top-rated industries outperforming the bottom half by a factor of 2 to 1 [6]

Company Overview - Lithium Americas Corp. (LAC) closed at $2.65, reflecting a +1.15% change from the previous day, outperforming the S&P 500 which fell by 0.03% [1] - Over the past month, shares of Lithium Americas have decreased by 6.76%, underperforming the Basic Materials sector's gain of 3.05% and the S&P 500's gain of 0.6% [1] Earnings Forecast - The upcoming earnings release is anticipated, with forecasts indicating an EPS of -$0.04, representing a 20% increase from the same quarter last year [2] - For the entire fiscal year, Zacks Consensus Estimates predict an EPS of -$0.18 and revenue of $0 million, showing changes of +14.29% and 0% respectively from the previous year [2] Analyst Sentiment - Recent revisions to analyst forecasts for Lithium Americas are important, as they reflect changes in short-term business dynamics [3] - Positive estimate revisions indicate analyst optimism regarding the company's business and profitability [3] Zacks Rank and Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has historically outperformed, with 1 stocks averaging a +25% annual gain since 1988 [5] - Currently, Lithium Americas holds a Zacks Rank of 3 (Hold), with a 5.48% decline in the Zacks Consensus EPS estimate over the past month [5] Industry Context - The Mining - Miscellaneous industry, part of the Basic Materials sector, has a Zacks Industry Rank of 153, placing it in the bottom 38% of over 250 industries [6] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [6]

[Lithium Americas First Quarter 2025 Results](index=1&type=section&id=Lithium%20Americas%20First%20Quarter%202025%20Results) [Operating and Financial Highlights](index=1&type=section&id=OPERATING%20AND%20FINANCIAL%20HIGHLIGHTS) Lithium Americas achieved fully funded status for Thacker Pass Phase 1, commenced major construction, and reported an increased net loss in Q1 2025 [Project and Construction Update](index=1&type=section&id=PROJECT%20AND%20CONSTRUCTION%20UPDATE) The company details progress on Thacker Pass Phase 1, including funding, construction milestones, and supply chain management - Achieved **fully funded status** for Phase 1 construction after closing a **$250 million investment** from Orion Resource Partners and receiving joint venture contributions from General Motors (**$100 million**) and itself (**$191.6 million**)[5](index=5&type=chunk) - Major construction has commenced at Thacker Pass, with the first permanent concrete placed in early May 2025, targeting Phase 1 completion for late 2027[2](index=2&type=chunk)[5](index=5&type=chunk) - The company expects to make the first draw on its **$2.26 billion loan** from the U.S. Department of Energy (DOE) in the third quarter of 2025[5](index=5&type=chunk) - Detailed engineering was over **60% complete** as of March 31, 2025, and is expected to exceed **90% by year-end 2025** to de-risk project execution[5](index=5&type=chunk) - The company is managing supply chain risks, noting that approximately **75% of total capital project costs** relate to labor and services not expected to be directly affected by potential tariffs[6](index=6&type=chunk) - A Plan of Operations was submitted to build the Western Quarry, a local source for limestone, a key reagent in the production process, aimed at lowering costs[9](index=9&type=chunk) [Financials](index=1&type=section&id=FINANCIALS) Financial results for Q1 2025 show increased net loss and changes in balance sheet metrics Q1 2025 Financial Performance (in US$ millions, except per share) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating expenses | $6.5 | $5.8 | | Net loss | $11.5 | $6.3 | | Loss per share - basic | $0.05 | $0.04 | Balance Sheet Summary (in US$ millions) | Metric | As at March 31, 2025 | As at Dec 31, 2024 | | :--- | :--- | :--- | | Cash and restricted cash | $446.9 | $594.2 | | Total assets | $1,018.5 | $1,044.9 | | Total long-term liabilities | $40.1 | $41.3 | - Net loss increased year-over-year due to higher general and administrative expenses related to the company's transition to domestic filer status, increased reporting obligations under the DOE Loan, and higher transaction costs from financing activities[7](index=7&type=chunk) - During Q1 2025, **$78.2 million** of construction capital costs and other project-related costs were capitalized[5](index=5&type=chunk) [About Lithium Americas](index=3&type=section&id=ABOUT%20LITHIUM%20AMERICAS) Lithium Americas focuses on the Thacker Pass project, the world's largest lithium resource, targeting 40,000 tonnes/year production - The Thacker Pass project, located in Humboldt County, Nevada, hosts the **largest known measured and indicated lithium resource** and proven and probable reserve in the world[10](index=10&type=chunk) - The project is owned by a joint venture in which Lithium Americas holds a **62% interest** and acts as the manager, while General Motors (GM) holds the remaining **38%**[10](index=10&type=chunk) - Phase 1 of Thacker Pass is targeting a nominal design capacity of **40,000 tonnes per year (t/y)** of battery-quality lithium carbonate[10](index=10&type=chunk) - The company has a National Construction Agreement with North America's Building Trades Unions for the construction of Thacker Pass, which is expected to create nearly **2,000 direct jobs**[10](index=10&type=chunk) [Forward-Looking Statements](index=3&type=section&id=FORWARD-LOOKING%20STATEMENTS) This section cautions readers that the report contains forward-looking statements subject to significant risks and uncertainties, advising reliance on official filings - The report includes forward-looking statements concerning project financing (including the DOE Loan and Orion Investment), construction timelines, and the commencement of production[11](index=11&type=chunk) - These statements are based on current expectations but are subject to significant known and unknown risks, assumptions, and uncertainties that may cause actual results to differ materially[13](index=13&type=chunk) - Readers are cautioned not to place undue reliance on these statements and are advised to review the full risk factors detailed in the company's continuous disclosure documents filed on SEDAR+ and EDGAR[15](index=15&type=chunk)

For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from To Commission file number: 001-41788 LITHIUM AMERICAS CORP. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | ...