Ms. Virginia Morgan reports

LITHIUM AMERICAS REPORTS 2023 FULL YEAR AND FOURTH QUARTER RESULTS

Lithium Americas Corp. has released its financial and operating results for the fourth quarter and year ended Dec. 31, 2023 (Q4 2023), and filed its audited consolidated financial statements and management's discussion and analysis (MD&A) for the year ended Dec. 31, 2023. The company is also providing an update on its Thacker Pass lithium project in Humboldt county, Nevada. All amounts are in U.S. dollars unless otherwise indicated.

Highlights

Thacker Pass:

• 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 per cent 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.
• On March 12, 2024, the company 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 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 company and its engineering, procurement and construction management (EPCM) contractor, Bechtel, entered into a national construction agreement (project labour agreement) (PLA) with North America's Building Trades Unions (NABTU) for construction of Thacker Pass.
• 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 railway and an interstate highway.
• Estimated total capital cost (capex) 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 labour 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.
• The DOE loan plus the strategic investment from General Motors Holdings LLC (GM) are expected to provide the majority of the capital necessary to finance phase 1.
• During the year ended Dec. 31, 2023, $193.7-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 December, 2023, the U.S. District Court, District of Nevada, issued a final order and judgment dismissing a lawsuit that was filed in February, 2023, by three tribes asserting among other claims, inadequate consultation by the Bureau of Land Management prior to the issuance of the record of decision for Thacker Pass.

Corporate:

• As of Dec. 31, 2023, the company had approximately $196-million in cash and cash equivalents.
• 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 per cent.

Technical information

The scientific and technical information in this news release has been reviewed and approved by Dr. Rene LeBlanc, PhD, SME, vice-president, growth and product strategy, of the company, and a qualified person as defined under National Instrument 43-101 and Subpart 1300 of Regulation S-K under the United States Securities Act of 1933.

Financials

Selected consolidated financial information is presented as noted herein.

During the year ended Dec. 31, 2023, expenses and net loss decreased due to the commencement of construction at Thacker Pass resulting in the commencement of capitalization of a majority of project costs effective Feb. 1, 2024. Also, at Dec. 31, 2023, the company recognized a $32.8-million gain on the change in fair value of the derivative liability related to the number of shares to be issued pursuant to the second tranche of the subscription agreement with GM.

In 2023, total assets increased primarily due to the distribution to the company pursuant to the arrangement, of the unspent remaining proceeds of the first tranche of the GM investment and $75-million to establish sufficient working capital, as well as the commencement of capitalization of a majority of Thacker Pass costs effective Feb. 1, 2024.

This news release should be read in conjunction with the company's financial statements and management's discussion and analysis for the year ended Dec. 31, 2023, which are available on the company's issuer profile on SEDAR+ and on EDGAR.

About Lithium Americas Corp.

Lithium Americas is committed to responsibly developing the 100-per-cent-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 PLA 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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