Lithium Americas Corp (NYSE:LAC) is pressing ahead with its Thacker Pass lithium project in Nevada after receiving its first cash draw from a loan backed by the US Department of Energy.
On November 13, Lithium Americas said the Thacker Pass project is now fully funded, enabling continued construction and development at the site.
The workforce has grown to about 700 employees on site, and more than 80% of detailed engineering is complete.
In October, the company renegotiated its US$2.23 billion federal loan, secured a US$435 million initial draw, deferred about US$184 million in early debt payments, and granted the Energy Department warrants equal to a 5% equity stake in the company and a corresponding 5% interest in the project.
The company reported a net loss of US$223.9 million or US$0.98 per share for the nine months ended September 30, 2025, a sharp increase from the US$21.4 million loss or US$0.07 per share in the same period a year earlier. The rise was driven by a noncash accounting charge related to outstanding notes as the share price increased.
Operating expenses rose to US$24.1 million from US$18.2 million, reflecting increased hiring and administrative costs for Thacker Pass operations.