Mr. Jonathan Evans reports

LITHIUM AMERICAS PROVIDES A THACKER PASS CONSTRUCTION PLAN UPDATE

Lithium Americas Corp. has provided a construction plan update for its Thacker Pass lithium project located in Humboldt county, Nevada (all amounts in U.S. dollars unless otherwise indicated).

Highlights:

• Lithium Americas has received a conditional commitment from the U.S. Department of Energy ("DOE") for a $2.26 billion loan under the Advanced Technology Vehicles Manufacturing ("ATVM") Loan Program (the "Loan") for financing the construction of the processing facilities at Thacker Pass, targeting to produce an initial 40,000 tonnes per year ("tpa") of battery grade lithium carbonate ("Phase 1"). The expected Loan plus General Motors Holdings LLC ("GM") strategic investment are expected to provide the vast majority of the capital necessary to fund Phase 1.
• Site preparation for major earthworks has been completed, including all site clearing, commissioning a water supply system, site access improvements and site infrastructure.
• The company is currently focused on advancing detailed engineering, procurement and execution planning for the construction of Thacker Pass Phase 1. Detailed engineering is approximately 30% design complete to date, and the company plans to continue to increase the level of detailed engineering in advance of issuing full notice to proceed ("FNTP"), which is expected in the second half of 2024.
• The company leased a parcel of land in the nearby City of Winnemucca for a transloading terminal ("TLT") to be used during operations, providing direct access to the mainline railroad and an interstate highway.
• The company and its engineering, procurement and construction management ("EPCM") contractor, Bechtel, entered into a National Construction Agreement (Project Labor Agreement) ("PLA") with North America's Building Trades Unions ("NABTU") for construction of Thacker Pass.
• Estimated total capital cost for Phase 1 construction has been revised to $2.93 billion to reflect updated quantities and execution planning tied to increased engineering progress, use of union labor through a PLA for construction of Thacker Pass, development of an all-inclusive housing facility for construction workers, updated equipment pricing and a larger project contingency.
• During the year ended December 31, 2023, approximately $194 million was spent on Thacker Pass. The company expects capital expenditures to be significantly lower in the first half of 2024 as the focus turns from early works to advancing detailed engineering and project planning ahead of FNTP.
• Mechanical completion of Thacker Pass Phase 1 is targeted for 2027 following a three-year construction period. Major construction is expected to commence in the second half of 2024 following the anticipated closing of the DOE Loan and issuance of FNTP.
• In light of current market conditions and to preserve strong liquidity, the company has reduced project capital expenditures to minimal levels until closing of the DOE Loan and issuance of FNTP, which are expected in the second half of the year. In addition, the company has taken actions to reduce its general and administrative and operating expense budget for 2024 by more than 25%.

"Our team has been focused on refining the development plan and de-risking construction execution of Phase 1 for Thacker Pass," said Jonathan Evans, President and Chief Executive Officer of Lithium Americas. "We have de-risked execution by advancing detailed engineering and project planning. To date, we have completed all the early-works and infrastructure required for major construction, including excavating the processing plant areas. We anticipate issuing FNTP and commencing major construction shortly following the closing of the DOE Loan."

Evans added, "In advancing Thacker Pass to production, we have an incredible opportunity to lead the next chapter of global electrification in a way that both strengthens our national security of critical materials and ensures that the economic benefits are directed toward American workers, companies and communities."

PROJECT FINANCING DOE ATVM Loan Program

Following a robust due diligence and term sheet negotiation process since receiving the Letter of Substantial Completion in February 2023, the DOE has provided the company with Conditional Commitment of an ATVM Loan for $2.26 billion with interest rates fixed from the date of each monthly advance for the term of the loan at then applicable U.S. Treasury rates. The loan will include interest accrued during construction, which is estimated to be $290 million over the three-year construction period.

The company expects the loan to provide the cornerstone financing for the construction of Thacker Pass Phase 1, which the company estimates could support lithium needs for a domestic production supply chain for up to 800,000 electric vehicles ("EVs") annually.

The Conditional Commitment represents a significant milestone and demonstrates the DOE's intent to finance the Project. Certain technical, legal and financial conditions, including negotiation of definitive financing documents, must be satisfied before funding of the loan.

General Motors

In January 2023, GM agreed to invest $650 million in Lithium Americas across two tranches for the development of Thacker Pass, representing the largest investment publicly disclosed to date by an automaker in a company to produce battery raw materials (the "GM Investment"). GM has exclusive access to 100% of the lithium production from Phase 1 for up to 15 years and has a right of first offer on Phase 2 production. In February 2023, Tranche 1 for $320 million of the total GM Investment closed and closing of Tranche 2 for the remaining $330 million is expected before or in connection with closing of the DOE Loan.

Together, the expected DOE Loan plus GM's Investment are expected to provide the vast majority of the capital necessary to fund the construction of Phase 1.

Construction work force

Project Labor and Economic Impact

Phase 1 is expected to create approximately 1,800 direct jobs during its three-year construction period and 360 jobs in operations for its 40-year mine life.

The company commissioned the University of Nevada, Reno to complete an economic impact assessment, which estimated that every direct job created by Lithium Americas' construction investment will generate an additional 1.5 local jobs during construction.

Lithium Americas and Bechtel entered into a PLA with NABTU for construction of Thacker Pass.

Workforce Hub

The Workforce Hub is a temporary full-service housing facility for construction workers in the nearby City of Winnemucca. Earthworks for the facility are completed and the delivery of the remaining housing modules is expected during Q1 2024. The housing modules are currently stored in-place to allow for staged erection to align with the Project's construction timeline following issuance of FNTP.

CONSTRUCTION AND ENGINEERING PROGRESS

In late 2022, the company awarded the EPCM contract to Bechtel for the design, procurement and execution of Phase 1. Over the past year, Bechtel has provided significant expertise based on their experience with global capital projects to improve the Project's execution planning and to de-risk the construction phase.

Following the start of early works construction activities at Thacker Pass in early 2023, the following has been completed to prepare for major construction, which is expected to commence in the second half of 2024:

First phase of major earthworks including site clearing and plant pad excavation;

Stockpiled growth media for future reclamation;

Commissioned a water supply system consisting of pipelines, pumps and ponds in July 2023;

Improved State Route 293 with acceleration and deceleration lanes, conforming to Nevada Department of Transportation specifications to improve safety and traffic flow for vehicles entering and exiting the Project site; and

Completed site infrastructure including erection of temporary offices, fencing, security gates and systems.

The company continues to take steps to further de-risk the project construction, including:

Progressing minor earthworks to the plant pad; and

Progressing detailed engineering above the current 30% design complete prior to FNTP. A higher level of advanced engineering prior to commencing major construction mitigates the potential for field rework and supports well-planned construction execution.

TRANSLOADING TERMINAL

The company has leased a parcel of land adjacent to the mainline railroad from the City of Winnemucca and purchased an adjacent property with access to State Route 796, approximately 60 miles from the Project site, for the development of a TLT.

The TLT will provide direct access to the railroad for shipping of reagents during operations and is expected to create approximately 50 jobs for Phase 1. Expected benefits of direct access to the mainline railroad during operations include reduced transportation costs for reagents, such as liquid sulfur and soda ash, and minimizing Scope 3 emissions by utilizing lower carbon intensity transportation methods.

CAPITAL COST ESTIMATE

Together with Bechtel and other major mining and processing plant contractors, the company has further refined and updated the Thacker Pass Phase 1 capital cost estimate, following the Project's November 2022 Feasibility Study ("FS") estimate. The revised capital cost estimate of $2.93 billion reflect steps the company has taken to de-risk construction, including:

Achieving a higher degree of engineering, advancing estimates of key quantities and execution plans;

Increasing project contingency to 15%;

Updating labor costs due to an increase in estimated number of construction workers to approximately 1,800 and substantially de-risking skilled labor availability with the PLA;

Securing land and temporary housing facility for the Workforce Hub in Winnemucca for construction workers; and

Updating pricing for over 70% of procurement packages to reflect current market conditions.

Construction commenced in early 2023 including site preparation, geotechnical drilling, well installation, water pipeline development and associated infrastructure. The majority of capital expenditures are expected in 2025 as the Project ramps up to peak-construction.

PROJECT TIMELINE

Mechanical completion of Thacker Pass Phase 1 is targeted for 2027 following a three-year construction period. Major construction is expected to commence in the second half of 2024 following the anticipated closing of the DOE Loan and issuance of FNTP. The company anticipates a commissioning and ramp-up period of six to twelve months, targeting achieving full capacity production in 2028.

EXPLORATION PROGRAM

The 2023 drilling program at Thacker Pass to further define and expand the resource estimate concluded successfully in December 2023. A total of 97 core holes totaling 50,099 feet were drilled and the process of sampling and analysis is currently underway. The exploration program continues to confirm that sedimentary deposits are common throughout Thacker Pass.

QUALIFIED PERSON

The scientific and technical information contained in this news release has been reviewed and approved by Rene LeBlanc, RM-SME, Vice President, Growth and Product Strategy of the company, a "qualified person" ("QP") as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Further information about Thacker Pass, including a description of key assumptions, parameters, methods and risks, data verification and quality assurance/quality control programs, methods relating to mineral resources and mineral reserves and factors that may affect those estimates are contained in the company's technical report dated effective November 2, 2022 entitled "Feasibility Study National Instrument 43-101 Technical Report for the Thacker Pass Project, Humboldt County, Nevada, USA," which is available under the company's profile on SEDAR+ and on the company's website.

ABOUT LITHIUM AMERICAS

Lithium Americas is committed to responsibly developing the 100%-owned Thacker Pass project located in Humboldt County in northern Nevada, which hosts the largest known Measured and Indicated lithium resource in North America. The company is focused on advancing Thacker Pass Phase 1 toward production; targeting nameplate capacity of 40,000 tpa of battery-quality lithium carbonate. The company and its EPCM contractor, Bechtel, entered into a National Construction Agreement (Project Labor Agreement) with NABTU for construction of Thacker Pass. The three-year construction build is expected to create approximately 1,800 direct jobs. Lithium Americas' shares are listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol LAC.

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