Lithium Americas (LAC) Forecasts $1.3B to $1.6B 2026 Capex as Thacker Pass Peak Nears

Core Insights - Lithium Americas Corp. is making significant progress on its Thacker Pass lithium project, with construction on schedule and key engineering milestones achieved [1][3] - The company has issued capital expenditure guidance for 2026 between $1.3 billion and $1.6 billion to support ongoing development [2][3] - Aiming for mechanical completion of the Phase 1 processing plant by late 2027, with production ramp-up expected in 2028 [3] Group 1: Project Development - As of late 2025, approximately 950 personnel were on-site, with expectations to increase to 1,800 during peak construction in 2026 [1] - Phase 1 engineering design is 93% complete, and procurement is at 60% [1] - The Operations and Business Readiness team is ramping up hiring and training in anticipation of site commissioning [2] Group 2: Financial Guidance - Capital expenditure for 2026 is projected to cover construction costs, capitalized development expenses, and interest on a Department of Energy loan [2] - Approximately 75% of total project costs are insulated from direct tariff impacts, primarily due to labor and services [2] Group 3: Strategic Goals - Key milestones for 2026 include the delivery of major long-lead equipment, continuation of cable pulls, and energizing regional substations [3] - Early commissioning of individual plant facilities is scheduled for Q4 2026 [3] - The company aims to establish a secure, domestic lithium supply chain as global market conditions strengthen [3]