What is being built
Lithium Americas is building Phase 1 of a lithium mine and processing plant at Thacker Pass, in Humboldt County, Nevada. The Department of Energy calls the site the largest confirmed lithium resource in North America. Once built, Phase 1 is designed to produce 40,000 tonnes a year of battery grade lithium carbonate, the processed form of lithium used to make electric vehicle batteries. Lithium Americas targets late 2027 for mechanical completion, the point at which a plant is physically finished and ready to start up, followed by a ramp up to full commercial production that runs through 2028. As of August 2026, nothing at the site has shipped.
Jonathan Evans, President and Chief Executive Officer of Lithium Americas, described the year like this.
2025 was a pivotal year for Lithium Americas and the Thacker Pass Project with Phase 1 construction well underway.
Jonathan Evans, President and Chief Executive Officer of Lithium Americas. Source 1.
How much it costs and who lends the money
Mining Weekly reports the total cost of Phase 1 now stands at 2.93 billion dollars, up from an earlier estimate of 2.27 billion dollars, a rise of 29%, a figure calculated by MAOWCE by comparing the 2 estimates Mining Weekly gives. For 2026 alone, Lithium Americas guides spending of 1.3 to 1.6 billion dollars, most of it construction costs, with smaller amounts for other capitalized development and for interest on its federal loan that gets added to the loan balance instead of paid in cash.
Lithium Americas gives each category as a range for the full year 2026. This is the company own stated range, not a disagreement between sources.
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| Construction costs | 1,200 to 1,500 million dollars |
| Other capitalized development | 30 to 40 million dollars |
| Capitalized interest on the loan | 45 to 55 million dollars |
The Department of Energy has lent 1.97 billion dollars in principal plus 289.7 million dollars of interest added to the balance, 2.26 billion dollars in total, through its Advanced Technology Vehicles Manufacturing Loan Program, which finances factories that build fuel efficient vehicles and their parts.
Who already agreed to pay for it and buy the output
General Motors has agreed to contribute 625 million dollars in cash and letters of credit, a bank guarantee that stands in for cash, to a joint venture, a company the 2 firms own together, that holds the project. General Motors owns 38% of that joint venture and Lithium Americas owns 62%.
General Motors total commitment is 625 million dollars in cash and letters of credit combined, announced when the joint venture was formed in October 2024.
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| Cash at closing | 330 |
| Cash at final decision | 100 |
| Letter of credit facility | 195 |
In return, General Motors has locked in a 20 year offtake agreement, a contract to buy output years before a mine produces any, covering up to 100% of Phase 1 production.
Jeff Morrison, Senior Vice President, Global Purchasing and Supply Chain at General Motors, said in source 5 that General Motors expects sourcing lithium and other critical electric vehicle raw materials from suppliers in the United States to help it manage battery cell costs and deliver value to customers and investors.
Where construction stands now
By mid May 2026, Mining Weekly reported more than 1,300 people on site, on the way to a peak workforce of about 1,800 that Lithium Americas and the Department of Energy expect for later in the year. Mining Weekly also reported detailed engineering design more than 95% complete and procurement more than 70% complete as of that month.
None of the lithium at Thacker Pass has shipped. What exists today is a mine and processing plant still under construction, backed by a 2.26 billion dollar federal loan and 625 million dollars from General Motors, which has already agreed to buy nearly all of the first phase output once the plant reaches full commercial production, in 2028.