Will DOE Funding Accelerate Lithium Americas' Thacker Pass Buildout?

Core Insights - Lithium Americas Corp. (LAC) has achieved a significant milestone by securing a $435 million drawdown from the U.S. Department of Energy's $2.23 billion guaranteed loan, which will support the Thacker Pass project's processing facilities [1][7] Project Development - The initial drawdown enhances project certainty and financial stability, allowing construction activities to proceed at full speed, with approximately 700 workers currently engaged on-site [2][7] - As of September 30, 2025, over 80% of detailed engineering has been completed, with a target of exceeding 90% design completion by the end of 2025, which helps mitigate scheduling and cost risks [3][7] Market Performance - LAC's shares have increased by 59.6% year-to-date, outperforming the Zacks Mining - Miscellaneous industry's growth of 18.7% [4] - In comparison, peers BHP Group Limited (BHP) and TMC the metals company Inc. (TMC) have seen share price increases of 8.7% and 361.6%, respectively [4] Valuation Metrics - LAC is currently trading at a forward price-to-earnings (P/E) ratio of negative 12.86X, compared to the industry's average of 15.47X, and is positioned above TMC's P/E ratio but below BHP's [6] - BHP and TMC are trading at P/E ratios of 13.45X and negative 17.19X, respectively [6] Earnings Estimates - The Zacks Consensus Estimate for LAC's loss per share for 2025 and 2026 has widened by 37 cents and 13 cents, respectively, over the past 30 days [8]