Mr. Jonathan Evans reports

LITHIUM AMERICAS PROVIDES THACKER PASS PROJECT UPDATE

Lithium Americas Corp. has provided update on its Thacker Pass lithium project in Humboldt county, Nevada. Mechanical completion of Thacker Pass phase 1 construction is targeted for late 2027, with ramp-up through 2028. Once at full production capacity, Thacker Pass is expected to produce nominal 40,000 tonnes per year of battery-quality lithium carbonate (1). All dollar amounts in this news release are in U.S. dollars unless otherwise indicated.

Jonathan Evans, president and chief executive officer of Lithium Americas, said: "Thacker Pass is on track to deliver America's largest fully integrated source of domestic battery-quality lithium carbonate and we are building it at pace. Phase 1 is advancing toward peak construction activity by year-end 2026, with mechanical completion targeted for late 2027. Despite external and internal factors impacting the project's capital cost estimate, the anticipated capital cost for Thacker Pass are expected to remain funded as we continue to deliver on our execution plan and bring the project safely into production. As construction advances to piping and electrical installation, we are building our operations and business readiness team to support the transition from developer to operator."

Mr. Evans added: "Lithium is a strategic asset and Thacker Pass is the nation's clearest near-term path to a reliable domestic supply. As one of the largest construction projects in Nevada, the project is already putting nearly 2,000 skilled craftspeople to work in Humboldt county and that number is still growing. This project will help anchor the supply chains driving American economic competitiveness and support growing demand from the lithium-ion battery markets for electric vehicles and energy stationary storage. Thacker Pass is essential to America's economic and national security, and we are committed to delivering it."

Construction update

Mechanical completion of Thacker Pass phase 1 construction is targeted for late 2027, with ramp-up through 2028. As of Sept. 30, 2026 (unless otherwise indicated):

• 4.7 million work hours were completed at Thacker Pass without a serious injury or lost-time incident;
• Approximately 1,900 personnel on site, including over 1,600 craft workers, increasing to approximately 2,200 total personnel by year-end 2026 as construction ramps up to peak labour and peak activity;
• Both detailed engineering design and procurement of equipment and materials are well advanced, with detailed engineering completed and procurement at over 90 per cent completed. Outstanding procurement consists mainly of finishing final deliveries of equipment and bulk materials to site, which are expected by year-end 2026;
• Over 80 per cent of the value for third party contracts has been committed with over 50 per cent incurred;
• The company commenced awarding equipment contracts in late 2024 and early 2025, which has supported the derisking of the construction schedule. Proximate to Sept. 30, 2026, approximately 60 truckloads of equipment and materials were arriving to site each day as major long-lead equipment, along with other key equipment and materials, were being delivered to Thacker Pass. Deliveries have included certain key equipment with long lead times, such as the 115-kilovolt (kv) main transformer, the steam turbine generator and major process vessels;
• All major structural steel was delivered to the site by the end of August, 2026. Structural steel for key facilities in the processing plant area, including the filter building, the magnesium sulphate building and the lithium carbonate building, continue to advance with steel installations enabling mechanical and piping activity;
• Both above-ground and underground piping installations are progressing across multiple work fronts throughout the site. At the end of October, 2026, 80 per cent of the required fabricated piping material was either in transit or delivered to site;
• Major concrete work required throughout the site continues to progress, with concrete finishing being a priority to ensure quality and readiness for follow-on work;
• The company completed a definitive capital cost estimate (capex estimate) for Thacker Pass phase 1 of $3.83-billion, including contingency (see the definitive capex estimate update section below for more information);
• Construction at the company's Transload Terminal (TLT) west of Winnemucca continues. In Q3 (third quarter) 2026, installation of rail stabilization (geo-membrane) and subballast achieved 95 per cent completion, the first concrete was poured, power line relocation work commenced, and construction of the main line railroad turnout was completed and is now ready for installation. Completion of the TLT is targeted in 2027 to align with start-up at Thacker Pass to support operations by serving as a critical logistics hub for the operation's reagents.

(1) See the company's National Instrument 43-101 technical report dated effective Dec. 31, 2024, "National Instrument 43-101 Technical Report -- Thacker Pass Project, Humboldt County, Nevada, USA," for full details.

Upcoming construction milestones

The following project development milestones are targeted for the remainder of 2026:

• Delivery of all packaged equipment and all remaining miscellaneous structural steel;
• Structural completion of the main field erected tanks;
• All structural concrete foundations required at the site are expected to be completed;
• Early commissioning of utilities in the individual plants is expected to commence;
• Connecting the electrical utility grid to the site substation and the subsequent energization of certain key components in the process plant.

Definitive capex estimate update

The company has completed an updated capex estimate for Thacker Pass phase 1 that reflects achieving advanced levels of construction, detailed engineering and procurement, and further incorporates external factors, which have arisen following declaration of the final investment decision (FID) in April, 2025. The updated capex estimate of $3.83-billion (including contingency) represents an increase from the prior capex estimate of $2.93-billion and reflects:

• Tariff and logistics -- total impact of approximately $100-million. The tariff exposure estimate is now reduced to approximately $60-million (from the previously disclosed estimate of between $80-million and $100-million), now that most of the equipment and materials have been received. Logistics costs have been heavily impacted by increases in fuel prices, reductions in the availability of U.S. fabrication capacity, and challenging global and national shipping conditions (requirements to reroute shipments due to regional constraints to protect the construction schedule, constraints in U.S. logistics and reduced open sea lane availability);
• Craft labor wage rates and compensation package inflation -- total impact of approximately $150-million. Higher-than-anticipated escalation in union labour craft wage rates and incentives, due to higher than anticipated levels of regional competition for skilled union labour;
• Labor install rates for piping, steel and equipment -- total impact of approximately $245-million. Labour hour costs related to install rates have been updated to reflect anticipated hours based on the current availability of quality labour. Regional competition is stretching the availability of union labour beyond what was anticipated. Actual install rates for the steel, piping and mechanical disciplines are now better known based on early installation quantities, allowing the company to develop estimates with a higher level of accuracy and confidence;
• Engineering, procurement and construction management (EPCM) and contractor staffing levels -- total impact of approximately $100-million. The project's EPCM contractor, Bechtel, and its contractors required more engineers and construction staff to complete the project. Given the advanced levels of detailed engineering, the required number of personnel can now be estimated with higher confidence;
• EPCM and contractor staff wage rates -- total impact of approximately $150-million. The project's EPCM and various contractors have also been exposed to inflationary and competitive wages, as well as increased incentives, to be able to continue to attract quality craft professionals;
• Additional contingency -- impact of approximately $150-million. Allocating an additional 10-per-cent contingency on estimated capital costs that have not yet been committed or spent.

The capex estimate risk profile has been lowered with advanced levels of engineering and procurement completed, all earthworks and geotechnical risks have passed, and all remaining key long-lead equipment is expected to mobilize to site during November, 2026. Further, the number of craft workers already on site lowers the risk associated with being able to achieve peak labour requirements by the end of 2026. For the remainder of construction, primary risks include costs associated with attraction and retention of quality craft labour and sustaining planned installation rates.

The incremental financing requirement associated with the updated capex estimate is anticipated to be met mainly through company contributions and available U.S. Department of Energy (DOE) loan reserve funding. See the project financing section below for more details.

2026 capex guidance

The company's previously disclosed capital expenditure guidance (capex guidance) for fiscal year 2026 has been updated to reflect changes to the total overall project capital expenditure, as outlined above. As a result, the company is targeting a capital expenditure range of $1.7-billion to $2.0-billion for Thacker Pass phase 1 for fiscal year 2026. Peak capital expenditure is expected to be in fiscal year 2026, with the balance of capital expenditure spent throughout 2027 and into 2028 during ramp-up.

The attached table summarizes certain capital costs in the nine months ended Sept. 30, 2026, and cumulative to Sept. 30, 2026, as well as changes to the company's 2026 capex guidance. The financial information presented in this news release is preliminary, is subject to completion of the company's quarter-end closing and review procedures, which are currently continuing, and may be adjusted in the company's full results for the quarter ended Sept. 30, 2026 (Q3 2026). It is provided solely to give context for the project financing and liquidity update, is not a complete presentation of the company's Q3 2026 results, and should not be viewed as a substitute for the company's complete Q3 2026 financial statements and management's discussion and analysis. Other information regarding the company's Q3 2026 financial position and results of operations is not yet final and will be disclosed with the company's full Q3 2026 results. The inclusion or omission of any particular financial information in this news release should not be read as indicative of any other actual or anticipated trends in the company's Q3 2026 financial position or results of operations, except as expressly set forth herein. The company will release full results for Q3 2026 on Nov. 12, 2026.

Project financing

The company estimates the incremental financing requirement arising from the capex estimate and other assumption changes to be approximately $995-million, summarized as follows:

• Incremental capital expenditure of $895-million;
• An additional $58-million from net increases to sustaining capex reserve account requirements under the DOE loan through March, 2028, driven by increased levels of sustaining capital in 2028 and 2029;
• A further net increase of $42-million across all other areas, including increases to other precompletion expenditures, partially offset by improved estimated operating cash flow during the 2028 ramp-up period, largely resulting from changes in the pricing forecast for lithium carbonate.

Pursuant to: (a) an omnibus waiver, consent and amendment (OWCA) to the DOE loan signed on Nov. 10, 2026 (OWCA 3) and related loan documents; and (b) agreements among the DOE, the company and General Motors Holdings LLC (GM), it is anticipated this incremental financing requirement will be fully met through, collectively, $650-million in contributions from the company to the Thacker Pass joint venture (JV) level, and, as and when required, $315-million currently credited to certain reserve accounts established and financed under the DOE loan. In addition, amendments to the DOE loan documents pursuant to the OWCA 3 will decrease the financing requirement of the sustaining capex reserve account by approximately $30-million during and after the ramp-up period of the project. These contributions will result in an increase to the company's ownership percentage in the JV.

Liquidity position and capital resources

The selected financial information below is preliminary and unaudited, is subject to completion of the company's quarter-end closing and review procedures, which are currently continuing, and is provided solely to give context for the project financing and liquidity update. It is not a complete presentation of the company's Q3 2026 results and may be adjusted in the company's final Q3 2026 results. Other information regarding the company's Q3 2026 financial position and results of operations is not yet final and will be disclosed with the company's full Q3 2026 results on Nov. 12, 2026. The inclusion or omission of any particular information herein should not be read as indicative of any other actual or anticipated trends in the company's Q3 2026 financial position or results of operations, except as expressly set forth herein:

• As of Sept. 30, 2026, the company had approximately $1.3-billion total cash and restricted cash, including $359.5-million at the JV:
  • The company issued and sold 1.1 million common shares during Q3 2026 at an average price of $3.87 per share for aggregate net proceeds of $4.1-million, after sales agent's commission and other expenses, pursuant to the company's March 19, 2026, at-the-market (ATM) equity program.
  • On Aug. 21, 2026, the company received its fourth advance of $239.0-million on the DOE loan. Cumulative advances total $1.448-billion.
  • On Aug. 5, 2026, the company entered into a securities purchase agreement with YA II PN Ltd., an affiliate of Yorkville Advisors Global LP, for up to $175-million in aggregate principal amount of subordinated convertible debentures. On Aug. 13, 2026, the company issued $150-million in Yorkville debentures to Yorkville. The company retains the right to, subject to certain conditions, issue up to an additional $25-million in Yorkville debentures in one or more subsequent closings at its discretion.
• On Oct. 7, 2026, the company contributed the additional $120-million in reserve account funding required pursuant to the Oct. 7, 2025, OWCA to the DOE loan.
• The company maintains the option to, subject to certain conditions, place an additional $30-million in aggregate principal amount of senior unsecured convertible notes with Orion, pursuant to the April 1, 2025, production payment agreement.
• Pursuant to the March, 2026, ATM program, the company may sell its common shares, no par value, up to a maximum aggregate offering price of $250-million. To date, the company issued and sold 14.2 million common shares at an average price of $5.25 per share for aggregate net proceeds of $72.6-million, leaving $175.7-million of capacity remaining under the March, 2026, ATM program.

Next steps

The company is working with the DOE and GM to finalize the related implications on JV interest holdings.

Mr. Evans added: "I am proud of the construction progress we have achieved to date and the focus and hard work in completing the definitive capital cost estimate while also maintaining our target of mechanical completion in late 2027. Our board and everyone across Lithium Americas, including Bechtel, are focused on bringing Thacker Pass to full commercial production in 2028."

About Lithium Americas Corp.

Lithium Americas is building Thacker Pass, located in Humboldt county, in northern Nevada. Phase 1 is designed for nominal production capacity of 40,000 tonnes per year of battery-quality lithium carbonate and mechanical completion is targeted for late 2027. Thacker Pass hosts the largest known measured lithium resource (measured and indicated) in the world and is owned by a JV between Lithium Americas and GM. The DOE holds a warrant to purchase common shares equivalent to a 5-per-cent equity stake of the company as of Jan. 30, 2026, as well as a warrant at the JV level to purchase a non-voting, non-transferable equity interest in the JV. Lithium Americas' shares are listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol LAC.

Technical information

The scientific and technical information in this news release has been reviewed and approved by Rene LeBlanc, PhD, SME, vice-president, commercial 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, as amended.

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