Canaccord Genuity cut its price target for Lithium Americas to C$7 from C$7.50 while maintaining a Hold rating. The adjustment follows the company’s updated 2026 capital expenditure forecasts and project milestones at Thacker Pass.

Phase 1 construction at the Thacker Pass lithium project is on track for late-2025 completion, with detailed engineering 93% complete and procurement 60% complete. The project team logged 1.69 million work hours without significant incidents and employed about 950 people by year end.

Lithium Americas estimates Phase 1 capital expenditures of C$1.3–1.6 billion in 2026, covering major equipment deliveries, pipe rack and high-voltage line installations, concrete work, early plant commissioning and substation modifications. Workforce expansion is planned to scale from around 950 to 1,800 staff to support mechanical completion by late-2027.