Lithium Americas Fully Funds Thacker Pass After U.S. Loan Drawdown; Construction Progressing

By Adriano Marchese

Lithium Americas is pushing ahead with the development of its Thacker Pass lithium project in Nevada after drawing down its first tranche from its loan from the U.S. Energy Department.

On Thursday, Lithium Americas said that Thacker Pass is now fully funded and is pushing ahead with construction and development at the site after securing its first cash drawdown from the DOE loan.

Chief Executive Jonathan Evans said the company's workforce continues to grow each week, with about 700 workers now on-site and over 80% of detailed engineering complete.

"We're making tangible progress across all fronts--from steel and concrete work to site infrastructure and the expansion of our Workforce Hub," said Evans.

In October, Lithium Americas renegotiated its $2.23 billion federal loan for the Thacker Pass lithium project, securing financial support in exchange for giving the U.S. government a direct stake in the venture. The Energy Department agreed to defer $184 million in early debt payments, easing the company's financial burden during the project's construction phase. In return, Lithium Americas has granted the DOE warrants for a 5% equity stake in the company and a 5% economic stake in the project itself.

The lithium producer on Thursday posted a net loss of $223.9 million, or 98 cents a share, compared with a loss of $21.4 million, or 7 cents a share, in the comparable quarter a year ago.

The widened loss was due to a noncash accounting charge related to its outstanding notes, and the company noted that the paper loss wasn't tied to operations but was a direct result of its own share price rising sharply between April and September, which increased the value of a conversion feature embedded in the debt.

Operating expenses rose to $24.1 million from $18.2 million, mainly because of increased hiring, professional fees and office and administration fees to support increased activities at its Thacker Pass mine in Nevada.

Write to Adriano Marchese at adriano.marchese@wsj.com

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November 13, 2025 07:42 ET (12:42 GMT)