Lithium Americas Plans $1.3B–$1.6B 2026 Capex as Thacker Pass Nears Peak
Lithium Americas projects $1.3B-$1.6B capex in 2026 to advance Thacker Pass, with Phase 1 design 93% complete and procurement 60%, while on-site personnel grow from 950 to 1,800. Mechanical completion is targeted for late 2027 with early commissioning in Q4 2026 and production ramp-up in 2028.
1. 2026 Capital Expenditure Guidance
Lithium Americas has set 2026 capital spending at $1.3 billion to $1.6 billion to support construction, capitalized development expenses and interest on its Department of Energy loan, reflecting a major investment phase to drive Thacker Pass toward peak build-out.
2. Thacker Pass Development Progress
Phase 1 engineering design at Thacker Pass is now 93% complete while procurement has reached 60%. On-site staffing climbed to approximately 950 personnel in late 2025 and is expected to rise to about 1,800 workers during the 2026 peak construction phase, with over 1.6 million workhours recorded without a lost-time incident.
3. Construction and Production Timeline
The company targets mechanical completion of the Phase 1 processing plant by late 2027, with early commissioning of individual plant facilities in Q4 2026 and a full production ramp-up scheduled for 2028, aiming to establish a domestic lithium supply for the EV market.
4. Tariff Exposure and Cost Structure
Lithium Americas is monitoring potential tariff exposure on international construction materials but highlights that roughly 75% of total project costs—primarily labor and services—are insulated from direct import duty impacts, reducing cost volatility.