Lithium Americas Receives First Drawdown of $435 Million from U.S. DOE ATVM Loan

Executive Summary

• Lithium Americas received its first draw of $435 million from a $2.23 billion U.S. Department of Energy (DOE) loan to fund construction of the Thacker Pass processing facilities in Nevada.
• The DOE loan consists of $1.97 billion principal and $256 million estimated capitalized interest, carries a long‑dated Treasury rate with 0% spread, and has a ~23‑year tenor with repayments beginning Jan 2029.
• The drawdown supports Phase 1 development targeting 40,000 t/yr of battery‑grade lithium carbonate and demonstrates continued progress toward a U.S. domestic lithium supply chain.

Key Details

• Draw Amount: $435 million (first disbursement) from the DOE Advanced Technology Vehicles Manufacturing (ATVM) Loan Program.
• Total Loan Commitment: $2.23 billion guaranteed loan, comprising:
• Principal: $1.97 billion
• Estimated capitalized interest during construction: $256 million
• Interest Rate: Applicable long‑dated U.S. Treasury rate on the date of each draw, with a 0% spread.
• Loan Tenor: Approximately 23 years from the first draw date.
• Repayment Schedule: Principal and interest repayments to commence in January 2029.
• Prepayment Rights: Company may prepay at any time by paying principal plus accrued interest, subject to certain conditions.
• Draw Frequency: Ability to draw monthly as needed, contingent on satisfying customary construction‑loan conditions; no financial model bring‑down requirements for subsequent draws.
• Project Context: Funding is earmarked for the construction of processing facilities at Thacker Pass, Nevada – a joint venture (62% Lithium Americas, 38% General Motors Holdings LLC) targeting Phase 1 nominal capacity of 40,000 t/yr lithium carbonate.
• Contractor: Engineering, procurement and construction management by Bechtel under a National Construction Agreement with North America’s Building Trades Unions.

Notable Quotes

“We are excited that Thacker Pass is progressing rapidly. Construction of the processing facilities is underway and our expanding skilled workforce is already living in the housing facility we proudly built in Winnemucca… We are honored to have the DOE as a partner on this journey.” – Jonathan Evans, President and CEO, Lithium Americas.