Lithium Americas (LAC)

• Market cap: $647M
• 1 day: 7.25%
• 5 days: 8.82%
• 1 month: -0.34%
• 3 months: -6.03%
• 6 months: -13.20%
• Year to date: -3.27%
• 1 year: -34.08%
• 5 years: -73.26%
• 10 years: -73.26%
• Sector: Materials
• Industry: Other Industrial Metals & Mining

About: Lithium Americas is a pure-play lithium producer. The firm owns 62% of one resource, Thacker Pass, that is located in northwest Nevada, with automaker General Motors owning the remaining 38%. Thacker Pass recently began construction and is expected to begin production in the mid- to late 2020s. Thacker Pass is one of the largest known lithium resources in the world. The project would be the first clay-based asset to enter production, and we estimate it will be in bottom half of the global cost curve. Management plans to develop Thacker Pass into a fully integrated lithium production site, with downstream refining capabilities on site, and will sell into the lithium chemical market.

Employees: 79

Fund manager confidence

Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

42% more first-time investments, than exits

New positions opened: 51 | Existing positions closed: 36

11% more repeat investments, than reductions

Existing positions increased: 60 | Existing positions reduced: 54

4% more funds holding

Funds holding: 211 [Q3] → 220 (+9) [Q4]

0% more funds holding in top 10

Funds holding in top 10: 1 [Q3] → 1 (+0) [Q4]

4% less capital invested

Capital invested by funds: $187M [Q3] → $180M (-$7.62M) [Q4]

1.61% less ownership

Funds ownership: 30.09% [Q3] → 28.49% (-1.61%) [Q4]

47% less call options, than puts

Call options by funds: $13.4M | Put options by funds: $25M

Research analyst outlook

1 Wall Street Analyst provided 1 year price targets over the past 3 months

• Low target: $2.75 7% downside
• Avg. target: $2.75 7% downside
• High target: $2.75 7% downside

1 analyst rating

• positive: 0 0%
• neutral: 1 100%
• negative: 0 0%

Scotiabank Ben Isaacson 35% 1-year accuracy 6 / 17 met price target

7% downside $2.75

Sector Perform Maintained

31 Mar 2025