Thacker Pass: How Advancements Ensure Supply Chain Stability

As global supply chains face mounting pressure to diversify and strengthen resilience, Lithium Americas' progress at its Thacker Pass project could signal a pivotal shift in North America's critical minerals infrastructure.

The company's 2025 financial report reveals how construction advancements at the northern Nevada site are reshaping domestic lithium supply capabilities at a time when demand for battery materials continues to intensify.

The mining sector has experienced substantial transformation in 2025, driven largely by companies reassessing their supply chain strategies.

Organisations across industries are working to diversify their value chains and reduce vulnerability to disruption, placing renewed emphasis on critical materials sourcing.

For lithium, a mineral essential to battery production and energy transition goals, this shift has created opportunities for domestic production facilities to challenge the status quo of import-dependent supply networks.

Lithium Americas' Full Year 2025 results provide insight into how the Canadian mining corporation is positioning Thacker Pass to address supply chain gaps in US lithium production.

The project aims to establish industrial-scale domestic output, potentially reducing reliance on foreign sources while creating employment opportunities and strengthening energy infrastructure.

Addressing supply chain vulnerabilities

The United States currently produces less than 1% of global lithium supply, creating significant dependence on international sources for a material increasingly recognised as vital to national security and economic stability.

This vulnerability has become more apparent following disruptions throughout 2025 and early 2026, which exposed how overreliance on foreign critical minerals could impact broader systems.

According to Lithium Americas, Thacker Pass sits on one of the world's largest known lithium reserves.

The project's development responds directly to supply chain concerns, aiming to onshore production capacity and reduce exposure to geopolitical risks associated with international sourcing.

Battery demand, driven largely by electric vehicle adoption, has elevated lithium to key commodity status, making supply chain security increasingly urgent.

"2025 marked a transformative year for Thacker Pass. Construction is advancing at full pace and we are carrying that strong momentum into 2026," says Jonathan Evans, President and Chief Executive Officer of Lithium Americas.

"We are grateful for the continued support of the US administration and the Department of Energy. With the second loan drawdown in February 2026, we have meaningfully de-risked the Project and reinforced our path forward. This investment reflects our shared commitment to rebuilding critical mineral supply chains here at home and reducing reliance on foreign sources."

Sustainability, procurement and supply chain leaders won’t want to miss Procurement & Supply Chain LIVE, taking place at Navy Pier, Chicago, on April 21–22.
Co-located with Sustainability LIVE: The US Summit, the event unites senior decision-makers at a time when supply chains, sustainability and business performance are more interdependent than ever.
Secure your place now for The US Summit – group booking discounts available.

Project financing and expenditure

Lithium Americas reports approximately US$905.6m in total cash and restricted cash as of 31 December 2025, which includes US$412.6m within the Thacker Pass joint venture.

In October 2025, the company entered into an omnibus waiver, consent and amendment with the US Department of Energy, developing amendments to its US$2.23bn loan facility.

Net loss increased from US$42.6m in 2024 to US$86.3m in 2025, attributed to higher general and administrative expenses resulting from increased hiring, professional fees and office costs linked to ongoing construction activity.

The company also made a US$14.1m contribution towards funding construction of the new Orovada K-8 school.

Total assets increased throughout 2025, according to Lithium Americas, driven by cash and restricted cash received from funds drawn under the DOE Loan, the Orion Investment and proceeds from the company's at-the-market (ATM) programmes.

Mineral properties, plant and equipment values also rose due to development activity, including completion of the Workforce Hub's first phase, engineering work, raw materials procurement, payments for long-lead equipment and continued on-site construction.

Construction milestones and procurement

Construction at Thacker Pass Phase One targets mechanical completion by late 2027, supported by detailed project plans made publicly available in February 2026.

During fourth quarter (Q4) 2025, the company capitalised US$982.8m in construction costs and other project-related expenses.

For fiscal year (FY) 2026, Lithium Americas is targeting total capital expenditure between US$1.3bn and US$1.6bn for Phase One.

"Construction at Thacker Pass is progressing rapidly, with safety as our highest priority," Jonathan says.

"Peak construction activity is expected in 2026 and our workforce continues to expand, with approximately 1,800 skilled craftspeople anticipated on site by late 2026. We remain on track for mechanical completion of Phase 1 in late 2027, positioning Thacker Pass to play a central role in securing America's energy and national security future. Together with our partners, we are advancing energy independence, strengthening domestic supply chains and building a more resilient future."

By the end of FY2025, detailed engineering design reached 93% completion while procurement stood at 60% complete. Manufacturing of long-lead equipment awarded in Q4 2024 was fabricated throughout 2025, with delivery expected during the second half of 2026.

More than 60% of the structural steel required for Thacker Pass, sourced from United Arab Emirates (UAE), is currently in transit or has already arrived at the site.

The project's workforce stood at 950 people at the end of FY2025, including 740 manual craft workers and 210 additional site personnel. This figure is expected to grow to approximately 1,800 staff by late 2026 as construction activity intensifies.

Lithium Americas anticipates continued momentum throughout 2026 as the project advances towards operational status.