Lithium Americas Provides a Project Update and 2026 Capex Guidance for Thacker Pass
Construction peak approaches at Thacker Pass as capital intensive phase demands flawless execution
The February 19, 2026, news release provides a comprehensive update on Phase 1 construction at the Thacker Pass lithium project in Nevada. Key data points include: - Engineering is 93% complete, significantly de-risking the design phase. - Procurement is 60% complete, with long-lead equipment installation commencing. - Personnel on site reached 950, with a target of 1,800 workers by year-end 2026. - 2026 Capital Expenditure (Capex) Guidance is set at $1.3 billion to $1.6 billion. This includes construction costs, capitalized interest on the DOE loan, and other development costs. - Major milestones for 2026 include first pipe rack module delivery (January), high-voltage power line commissioning (Q2), and completion of concrete work (Q3). - Mechanical completion of Phase 1 remains targeted for late 2027.
This update is Routine - Positive. While the capital requirements are staggering ($1.6 billion in a single year), the news confirms that the project remains on the schedule established in 2024/2025. - De-risking through Engineering: Reaching 93% engineering completion is a major milestone that reduces the likelihood of catastrophic design-related cost overruns, which frequently plague large-scale mining projects. - Funding Validation: The capex guidance aligns with the utilization of the $2.26 billion U.S. Department of Energy (DOE) loan. The first drawdown of $435 million (October 2025) and subsequent financings appear to be filtering into site progress. - Market Timing: Management notes that lithium markets are strengthening as they prepare for a late 2027 start. However, the company remains highly sensitive to lithium carbonate prices, as sustained low prices could impact the ability to service the DOE debt post-2027. - Cost Creep: The "other capitalized development costs" were not in the original $2.93 billion technical report, indicating minor but persistent cost inflation.
Lithium Americas Corp. (LAC) is focused on developing the 100%-owned Thacker Pass project in Humboldt County, Nevada. It is the largest known measured and indicated lithium resource in North America. - Flagship: Thacker Pass Phase 1. - Target: 40,000 tonnes per annum (tpa) of battery-quality lithium carbonate. - Total Capacity: Planned 80,000 tpa across two phases. - Mine Life: 40 years for Phase 1; 85 years for the total resource.