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 | | --- | --- | --- | | ...

Lithium Americas Corp. (LAC) ended the recent trading session at $3.07, demonstrating a +1.66% swing from the preceding day's closing price. The stock exceeded the S&P 500, which registered a gain of 0.44% for the day. Elsewhere, the Dow gained 0.7%, while the tech-heavy Nasdaq added 0.27%.The lithium producer's shares have seen an increase of 29.06% over the last month, surpassing the Basic Materials sector's gain of 11.11% and the S&P 500's gain of 10.62%.The investment community will be paying close atte ...

In the latest trading session, Lithium Americas Corp. (LAC) closed at $2.87, marking a -1.37% move from the previous day. This change lagged the S&P 500's daily gain of 0.15%. Meanwhile, the Dow experienced a rise of 0.35%, and the technology-dominated Nasdaq saw a decrease of 0.09%.Prior to today's trading, shares of the lithium producer had gained 5.43% over the past month. This has outpaced the Basic Materials sector's loss of 1.29% and the S&P 500's loss of 0.21% in that time.The upcoming earnings relea ...

Company Performance - Lithium Americas Corp. (LAC) closed at $2.72, reflecting a +0.74% change from the previous day's closing price, underperforming the S&P 500's daily gain of 0.79% [1] - Over the past month, LAC shares experienced a loss of 6.9%, which is worse than the Basic Materials sector's loss of 4.43% and the S&P 500's loss of 3.56% [1] Earnings Expectations - The upcoming earnings report for Lithium Americas Corp. is anticipated to show an EPS of -$0.03, which represents a 25% improvement from the same quarter last year [2] Analyst Estimates - Recent modifications to analyst estimates for Lithium Americas Corp. are crucial as they reflect changing near-term business trends, with positive revisions indicating a favorable outlook on the company's health and profitability [3] - The Zacks Consensus EPS estimate has decreased by 31.82% over the last 30 days, and currently, Lithium Americas Corp. holds a Zacks Rank of 3 (Hold) [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 155, 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]

Funding and Financial Support - The Company has secured a DOE Loan totaling $2.26 billion, which includes $1.97 billion for construction costs and an estimated $289.6 million in interest over three years[23]. - The Company completed a public offering of 55 million Common Shares at $5.00 per share, raising approximately $262 million for Thacker Pass development[24]. - GM has committed $625 million to the Thacker Pass Project, including $430 million in direct cash funding for Phase 1 construction and a $195 million letter of credit facility[27]. - The Company expects to achieve fully funded status for Phase 1 development through the DOE Loan and investments from GM and Orion, with completion targeted for late 2027[33]. - The Company secured a $1.97 billion ATVM Loan from the DOE for Thacker Pass construction, with a maturity of 24 years[54]. - The financial assurance for full construction of Phase 1 is estimated at $73 million, with a third-party reclamation bond submitted in February 2025[72]. - The funding from the DOE Loan, US$430 million from GM, and existing cash are expected to fully fund the estimated remaining capital expenditures for Phase 1 of Thacker Pass[113]. - The Company may need to raise additional financing, which could dilute existing shareholders' interests and impose further restrictions on operations[176]. Project Development and Operations - The Thacker Pass Project aims for a total production capacity of 160,000 tonnes per year of lithium carbonate across five phases, with Phase 1 targeting 40,000 tonnes per year[16]. - A transloading terminal is being developed to provide direct access to the railroad for shipping reagents, expected to reduce transportation costs and emissions[44]. - The Company has engaged Bechtel for the engineering, procurement, and construction management of Phase 1, with major construction set to begin in May 2025[40]. - As of March 2025, site preparation for major construction at Thacker Pass is ongoing, with a focus on de-risking the construction schedule[41]. - The Thacker Pass area encompasses approximately 7,900 hectares and is expected to have a mine life of 85 years, processing a total of 1,057 million metric tonnes of ore[38]. - Detailed engineering is over 55% complete, with a target of over 90% completion by the end of 2025, and earthworks for the processing plant area are over 90% completed[47]. - All major federal, state, and local permits for Phase 1 operations have been achieved, with no identified issues preventing further progress[64]. - The Company aims to source the majority of reagents from North America to limit carbon emissions and reduce transportation costs[51]. - The Company received final water rights permits for Thacker Pass on June 30 and July 3, 2023, allowing the use of water production wells for construction activities[74]. - A Project Labor Agreement was signed in 2023, expected to create approximately 2,000 jobs, including 1,800 skilled labor contractors for Thacker Pass Phase 1[88]. - The Workforce Hub is being developed as a temporary housing facility for construction workers, with first occupancy targeted for the second half of 2025[91]. - The Company is collaborating with Great Basin College to develop a Workforce Development Training program tailored for Thacker Pass[80]. - The Company aims to sustainably manage waste and water resources, targeting a low-water and low-carbon operation at Thacker Pass[76]. - The Company is focused on reducing energy consumption and carbon emissions as part of its environmental stewardship initiatives[76]. Market and Demand Outlook - Global lithium demand is expected to more than double by 2030, with EV sales projected to increase by 26% globally in 2024[50]. - Production from Thacker Pass Phase 1 is estimated to support lithium needs for up to 800,000 electric vehicles annually[50]. - Development of Thacker Pass is highly dependent on projected demand for lithium-based products, particularly lithium-ion batteries for electric vehicles, which currently have limited market share[133]. - The market price of lithium products fluctuates widely and is influenced by external economic factors, which could adversely affect the Company's revenues and financial condition[134]. Risks and Challenges - The Company lacks a history of completing mining and chemical processing projects, increasing uncertainty regarding its future success[114]. - Inherent risks in establishing new mining operations, including unexpected costs and delays, could impact profitability at Thacker Pass[115]. - The Company faces potential opposition from various groups that could delay or prevent project development despite its commercial viability[129]. - Changes in government laws and regulations, including those related to environmental compliance and permitting, may affect the development of Thacker Pass[123]. - Mineral resource and reserve estimates are inherently uncertain and may be inaccurate, which could adversely affect the Company's financial position[127]. - The Company cannot guarantee that production estimates for Thacker Pass will be achieved, which could materially affect cash flows and profitability[131]. - Increased political involvement in the lithium industry may lead to both opportunities and challenges for the Company, particularly regarding domestic supply development[119]. - The evolving geopolitical landscape and potential new tariffs could adversely affect the Company's business and financial results[120]. - The novel process for producing lithium carbonate from Thacker Pass has not been demonstrated at commercial scale, posing risks of inefficiencies, unforeseen costs, and delays[132]. - Actual costs and production may vary significantly from current estimates due to factors such as resource availability, inflation, and unexpected operational challenges[135]. - The Company anticipates continuing negative cash flows from operations until profitable production is achieved at Thacker Pass, relying on capital raising to meet obligations[140]. - The Company has not generated significant revenues from operations to date and expects to incur negative operating cash flows through the construction and ramp-up period[141]. - Thacker Pass is the Company's sole material mining project, making its successful development critical to the Company's overall business viability[142]. - Compliance with stringent environmental regulations is essential, as non-compliance could lead to delays and increased costs[143]. - The lithium production industry is highly competitive, requiring significant capital and resources, which may pose challenges in securing financing and personnel[150]. - The Company faces risks related to market conditions, including variability in demand for lithium products and competition from other producers[153]. - Global economic uncertainties, including the Russian war in Ukraine and inflation, may adversely affect the Company's business and financial position[155]. Corporate Governance and Compliance - The Company holds approximately 7% of outstanding Common Shares and a 38% asset-level interest in Thacker Pass, which may influence corporate actions[164]. - The potential conversion of the Orion Note could result in Orion holding up to 19.99% of the Company's outstanding Common Shares, significantly impacting shareholder dynamics[168]. - The Company's debt agreements, including the DOE Loan and the Orion Note, impose restrictions that limit operational flexibility and could lead to defaults if covenants are breached[169]. - As of December 31, 2024, the Company had no long-term debt, but it may incur substantial additional indebtedness in the future[181]. - The Company may be classified as a Passive Foreign Investment Company (PFIC) for the 2024 taxation year, which could lead to greater tax liabilities for U.S. shareholders[210]. - If classified as a PFIC, U.S. shareholders may face adverse tax consequences, including interest charges and additional reporting obligations[213]. - The Company anticipates increased regulatory reporting requirements and associated costs due to the loss of its foreign private issuer (FPI) status, effective January 1, 2025[199]. - As of January 1, 2025, the Company will be required to file quarterly reports on Form 10-Q and current reports on Form 8-K, increasing compliance costs[200]. - The Company is restricted for three years from pursuing certain strategic transactions to maintain the tax-free status for shareholders, which may limit its operational flexibility[205]. - Changes in U.S. and Canadian tax laws could increase the Company's tax liabilities, adversely affecting its operating results and cash flows[207]. - The Organisation for Economic Co-operation and Development's BEPS initiatives and Canada's Global Minimum Tax Act could materially impact the Company's tax situation and cash flows[208]. - Any indemnification claims under the Tax Indemnity and Cooperation Agreement could be substantial and may adversely affect the Company[209]. Human Resources and Labor - As of December 31, 2024, the Company had 79 full-time employees across its offices in Vancouver, Reno, and Winnemucca[84]. - The Company completed 195,573 work hours at Thacker Pass in 2024 without a serious injury or lost-time incident[92]. - The Company is committed to hiring locally, with 100% of new hires in 2024 at the Winnemucca or Reno offices being local to Nevada[87]. - The Company’s growth relies heavily on retaining and attracting key personnel in a competitive market, with labor shortages potentially impacting operations[187]. - The Company has not purchased any "key-man" insurance for its key personnel, which could pose risks if key individuals are lost[188]. Cybersecurity and Risk Management - Cybersecurity threats continue to grow, and while the Company maintains cyber insurance, it may not fully protect against all risks stemming from cyber incidents[195]. - The Company relies on internal and third-party systems to manage sensitive information and key business processes, highlighting the importance of cybersecurity risk management[216].