Lithium Americas Corp. has successfully closed a $250 million strategic investment from Orion Resource Partners LP to support the development and construction of Phase 1 of the Thacker Pass lithium project in Humboldt County, Nevada. At the same time, Lithium Americas and General Motors Holdings LLC (GM), the joint venture (JV) partners in Thacker Pass, have announced the final investment decision (FID) for Phase 1 of the project, marking a significant step toward the establishment of a domestic lithium supply chain.

As part of the investment agreement, Orion has acquired senior unsecured convertible notes worth $195 million and has provided $25 million in exchange for payments based on the minerals produced and revenue generated from Thacker Pass. Additionally, Orion has committed another $30 million through a delayed draw facility, subject to certain conditions. This investment fulfills all remaining equity capital fundraising requirements under the previously announced $2.26 billion loan from the U.S. Department of Energy (DOE). With Orion’s funding, Lithium Americas now has full financial backing for the development of Phase 1 at both the project and corporate levels through the construction period.

The JV partners have officially approved the FID for Phase 1 of Thacker Pass, setting the stage for construction. Completion of Phase 1 is targeted for late 2027, marking a crucial milestone in the advancement of a domestic lithium supply chain. Concurrently with the FID announcement, GM and Lithium Americas contributed $100 million and $192 million in cash, respectively, to the JV.

Lithium Americas’ President and CEO, Jonathan Evans, emphasized the importance of this milestone, stating, “Today marks another important step in our journey to bring Thacker Pass to production. Alongside our JV partner GM, as well as our other key supporters, including the U.S. DOE and Orion, we are committed to developing a U.S.-produced lithium supply chain that reduces American reliance on foreign sources for critical minerals.”

Thacker Pass is one of North America’s most significant lithium projects, crucial for supporting the growing demand for electric vehicle (EV) batteries. The completion of Phase 1 will contribute to strengthening domestic lithium production, aligning with broader U.S. efforts to secure a stable and sustainable supply of critical minerals. With funding secured and construction set to move forward, the Thacker Pass project represents a vital step toward achieving energy independence and supporting the long-term growth of the EV industry.

Lithium Americas is dedicated to the responsible development of the Thacker Pass project in Humboldt County, northern Nevada, home to the world’s largest known measured and indicated lithium resource, as well as the largest proven and probable lithium reserve. Thacker Pass is jointly owned by a JV between Lithium Americas, which holds a 62% stake and serves as the project manager, and GM, which holds the remaining 38% interest. The company is actively working to advance Phase 1 of Thacker Pass toward production, aiming for a nominal design capacity of 40,000 tons per year of battery-quality lithium carbonate.