LITHIUM AMERICAS CORP. (LAC) SEC Filings & Earnings Calls

Loss of corporate development leadership; limited impact given retirement is planned.

“Retirement not due to disagreement; VP level role.”

High-cost convertible debt and equity dilution signal financial stress and potential shareholder value erosion.

“Subordinated convertible debenture and unregistered share issuance.”

Geopolitical risk from Middle East conflict affecting steel supply chain; re-routing through Port of Jeddah may cause delays.

“The Company and Bechtel have worked with the steel supplier to minimize the impact of the Middle East conflict, including the closure of the Strait of Hormuz, on the fabrication and shipment of steel to Thacker Pass.” · word for word

Dilution risk from ATM program and convertible debentures; 13M shares issued at $5.36, additional 1.1M at $3.87 post-quarter.

“the Company issued and sold 13.0 million common shares at an average price of $5.36 per share for aggregate net proceeds of $68.5 million” · word for word

Project completion risk

“The Company has not generated revenues from operations and has relied on financing to fund operations. The underlying values of mineral properties, plant and equipment, including Thacker Pass, are dependent on the existence of economically recoverable reserves, maintaining title and beneficial interest in the properties, and the ability of the Company to dra” · word for word

Dilution risk from equity issuance

“Shares outstanding increased from 314.3M (Dec 31, 2025) to 361.8M (Jun 30, 2026) due to ATM programs and warrant exercises.”

Debt covenant compliance risk

“The DOE Loan contains a variety of financial and non-financial compliance covenants. In the event of noncompliance with certain covenants, the DOE has the right to terminate the facility and demand any outstanding amounts immediately due and payable.” · word for word

Potential dilution from convertible debentures; unregistered shares issued.

“Item 3.02 Unregistered Sales of Equity Securities.” · word for word

Subordinated debt structure may increase financial risk; Yorkville is a known activist investor.

“subordinated convertible debentures with YA II PN, Ltd., an affiliate of Yorkville Advisors Global”

Pre-revenue development stage; no operating cash flow

“To date, the Company has not generated revenues from operations and has relied on financing to fund operations.” · word for word

DOE loan covenant compliance risk

“In the event of noncompliance with certain covenants, the DOE has the right to terminate the facility and demand any outstanding amounts immediately due and payable.” · word for word

Lithium price volatility

“Lithium prices fell to their lowest recent levels in June 2025, following a sentiment-driven decline that started mid-year 2024.”

Project execution risk

“The Company is subject to risks related to construction, permitting, and cost overruns at Thacker Pass.”

Geopolitical risk from Middle East conflict affecting steel supply chain; mitigated by rerouting.

“The Company and Bechtel have worked with the steel supplier to attempt to limit the effects of the Middle East conflict, including the closure of the Strait of Hormuz” · word for word

Dilution risk from ATM equity programs and DOE warrant issuance.

“Company issued 43.3M shares at avg $5.78; DOE warrant for 18.3M shares at $0.01.”

Pre-revenue development stage; no operating cash flow

“To date, the Company has not generated revenues from operations and has relied on financing to fund operations.”

Lithium price volatility

“Lithium prices fell to their lowest recent levels in June 2025, following a sentiment-driven decline that started mid-year 2024.” · word for word

Project execution risk

“The Company is subject to risks related to construction, permitting, and cost overruns at Thacker Pass.”

Dilution risk from equity issuances

“Under the ATMs, we sold 100.7 million common shares at an average price of $5.96 per share, for aggregate net proceeds of $590.9 million.” · word for word

Project execution risk

“Thacker Pass is targeting mechanical completion in late 2027 with production ramp up during 2028.” · word for word

Financing risk

“The Company has recurring net losses and negative operating cash flows and expects to continue to operate at a loss for the foreseeable future.” · word for word

Tax credit policy risk

“The OBBBA preserved the Section 45X Credit for eligible critical minerals, including lithium, but it introduced a phase out with respect to critical minerals over several years for production occurring after December 31, 2030 and imposed prohibited foreign entity ('PFE') restrictions.” · word for word

Tariff risk

“Thacker Pass Phase 1 construction costs include estimated tariff exposure for equipment and construction material sourced from Canada, China, India, UAE, Turkey and the European Union.” · word for word

Geopolitical risk from Middle East steel supply chain.

“Company and Bechtel are actively monitoring Middle East conditions with the steel supplier.” · word for word

Execution risk on large-scale construction project.

“Peak construction activity is expected in 2026... mechanical completion of Phase 1 in late 2027.” · word for word

Project completion risk

“The Company has not generated revenues from operations and has relied on debt and equity financing to fund operations.” · word for word

Funding dependency

“The underlying values of mineral properties, plant and equipment, including Thacker Pass, are dependent on the existence of economically recoverable reserves, maintaining title and beneficial interest in the properties, and the ability of the Company to draw upon debt financing arrangements and raise additional capital to complete development and to attain f” · word for word

Tariff exposure on imported equipment from multiple countries could increase project costs.

“Equipment sourced from Canada, China, India, UAE, Turkey, EU may be subject to tariffs. 75% of cost structure not directly affected.”

Construction delays could push back mechanical completion target of late 2027.

“Mechanical completion of Phase 1 processing plant targeted for late 2027.”

Equity dilution from ATM program may pressure stock price.

“26.922 million common shares sold under May 2025 ATM program.”