History
Lithium Americas grew its Thacker Pass reserve estimate sharply in 2025, then relied on ever more dilutive financing to fund construction and keep its federal loan.
2023-2024: A quiet record
Lithium Americas set out to develop the Thacker Pass lithium project in Nevada. The record for these years is thin. In September 2023 the exchange certified the company's securities for listing, clearing them to begin trading. Shares on issue rose from 161,778,000 at the end of 2023 to 218,465,000 at the end of 2024, but the disclosures here do not explain the increase.
2025: A bigger resource and the first big financing
In January 2025 the company released a much larger estimate for Thacker Pass. Proven and probable reserves reached 14.3 million tonnes of lithium carbonate equivalent, up 286% from the 2022 feasibility study. Measured and indicated resources reached 44.5 million tonnes, up 177%, which the company described as the world's largest measured lithium deposit. It supported a five-phase expansion to 160,000 tonnes a year over an 85-year mine life, with an after-tax net present value of $5.9 to $8.7 billion. The project is held through Lithium Nevada Ventures LLC, a joint venture 62% owned by Lithium Americas and 38% by General Motors.
To build Phase 1, the company lined up $250 million from Orion Resource Partners in March: a $195 million convertible note at 9.875% interest, convertible at $3.78 a share, a $25 million production payment, and a commitment from Orion to buy a further $30 million of notes within two years if the company requests them. The deal closed in April, funding $220 million. In October the company agreed to concessions to keep its US Department of Energy (DOE) loan in good standing. It would issue penny warrants for 5% of its shares and 5% of the joint venture's economic interest, tighten General Motors' offtake-priority terms, and put another $120 million into loan reserve accounts within 12 months. By the end of 2025 shares on issue had reached 314,335,000.
2026: Warrants and a convertible
In February 2026 the company delivered the DOE warrants: a 10-year warrant over 18,268,687 shares at $0.01 each, and a warrant for a 5% non-voting stake in the joint venture. Shares on issue stood at 363,042,943 by the 2026 count.
In August the company agreed a deal with Yorkville Advisors for up to $175 million of subordinated convertible debentures. The conversion price is variable, and interest steps up to 7.5% or 15% if the stock falls or other triggers are hit. The notes rank behind Orion's. On 13 August the first $150 million tranche closed, with a fixed conversion price of $4.56 or a lower variable price, and a floor of $1.63 that could drop to $0.65. It was the company's third major dilutive financing move within a year.
Written from the 8 story beats below (2023 to 13 Aug 2026), which come from the company's own announcements and filings.