Lithium Americas Corp. (LAC)

Price$3.00Cached quoteAs of 2026-09-05 17:43 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because cheap-looking assets are offset by major execution risk.

Using 363.0 million shares reported on August 12, the quote implies roughly $1.02 billion of market value, about 0.7 times June stockholders’ equity of $1.42 billion. That discount looks tempting, but the accounting value largely represents an unfinished plant. The technical study’s $5.9 billion discounted project value is not directly comparable because it assumes $24,000-per-tonne lithium and future expansion phases. The valuation therefore still requires successful construction, stronger lithium economics, and manageable dilution.

Big pictureThere are no operating profits yet, so outside financing remains essential through construction.

Lithium Americas recorded no revenue, while operations consumed $23.8 million and construction spending reached $631.6 million during the first half of 2026. Financing supplied about $1.03 billion, showing that cash durability currently depends on lenders and new securities rather than customers. Production is expected to ramp during 2028 after targeted mechanical completion in late 2027. Lithium is also highly cyclical: the recent Chinese benchmark was up sharply year over year but fell about 11% in one month.

Business strengthStrategic backing and a giant resource improve survival odds, but they do not ensure returns.

June cash and restricted cash totaled $1.28 billion, against approximately $1.16 billion of debt; current assets were more than five times current liabilities. However, $456 million was restricted, and joint-venture funds cannot support general corporate needs. The $2.23 billion government loan, General Motors’ 38% project interest, and purchase commitments reduce funding and customer risk. Construction is also advanced, with engineering above 95% and procurement above 80%, although shareholders own only part of the project and bear remaining overruns.

What could change the storyReliable cost estimates and timely completion would help, while further dilution could erase gains.

The strongest positive signals would be a definitive capital estimate without a major overrun, planned power energization, late-2027 mechanical completion, and lithium prices that support the study’s $24,000-per-tonne assumption. The main warning is financing pressure: estimated tariff exposure was already $80 million to $100 million. Shares increased from 218.5 million at year-end 2024 to 363.0 million by August 2026. Yorkville’s financing adds up to $175 million of debt convertible partly at a discounted market-linked price, so per-share value can shrink.

AI: News

Peak construction updateConstruction advanced substantially, but management also identified new cost pressures requiring a revised estimate.

On August 13, Lithium Americas reported engineering above 95%, procurement above 80%, and more than 1,600 workers at Thacker Pass. Cumulative construction costs included in the existing estimate reached $1.62 billion, versus a $2.93 billion budget. Management maintained late-2027 mechanical completion but began a definitive cost review covering skilled-labor constraints, inflation, disrupted shipping, and estimated tariff exposure of $80 million to $100 million. Progress reduces completion risk, while the pending estimate leaves the final funding need uncertain.

Convertible funding addedNew convertible debt improved near-term liquidity but created another path for shareholder dilution.

On August 6, Lithium Americas announced up to $175 million of five-year convertible debt from Yorkville, beginning with $150 million. Interest starts at 5%, subject to increases after specified adverse events. Conversion can occur at the lower of a fixed price or 95% of the lowest average trading price during the preceding five sessions, subject to a floor. This supports corporate and construction needs during peak activity, but market-linked conversion could issue more shares when the stock is weak.

Loading local price history

Revenue

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$0	$0	$0	$0	—
Operating expenses	$52.8M	$28.3M	$28.8M	$60.9M	$44.5M
Operating income	−$52.8M	−$28.3M	$23.7M	−$6.9M	−$2.7M
EBITDA	−$51.8M	−$27.3M	$24.5M	−$5.4M	—
Net income	−$86.3M	−$42.6M	−$5.1M	−$67.8M	−$47.0M
Basic EPSper basic share	-$0.50	-$0.21	-$0.03	-$0.42	-$0.29
Diluted EPSper diluted share	-$0.50	-$0.21	-$0.03	-$0.42	-$0.29

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 15 reported holders of LAC
Holder	Shares held
Evans Jonathan David	781.45K
DUSHNISKY KELVIN PAUL MICHAEL	210.5K
CROWLEY TIMOTHY AMBROSE	181.01K
GRANDY EDWARD	173.31K
GERSPACHER RICHARD	146.84K
BARNUM AUBREE	99.12K
ZAWADZKI ALEXI ILLYA	96.23K
COLTON LUKE	50.29K
HASHIMOTO APRIL	45.51K
MONTGOMERY PHILIP	19.35K
MAGIE JINHEE	9.08K
Chubbs Fabiana	8.82K
BROWN MICHAEL JOHN	7.2K
GAO YUAN	3.23K
RUSSELL-SMITH ROBERT	1.84K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys5$201.2K disclosed value

Sells (SEC code S)11$3.91M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 20, 2026Form 4	BROWN MICHAEL JOHNDirector	BuyCommon Shares	1.0K	$3.78	$3.8K	7.2K
Nov 17, 2025Form 4/A	GRANDY EDWARDSr VP, GC & Secretary	SellCommon Shares	6.3K	$4.50	$28.5K	135.3K
Nov 17, 2025Form 4	GRANDY EDWARDSr VP, GC & Secretary	SellCommon Shares	14	$8.24	$115.36	135.5K
Nov 17, 2025Form 4	GRANDY EDWARDSr VP, GC & Secretary	SellCommon Shares	14	$8.24	$115.36	135.5K
Nov 14, 2025Form 4	BARNUM AUBREEVP, Human Resources	SellCommon Shares	4.8K	$4.50	$21.4K	66.4K