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LITHIUM AMERICAS CORP.

SIC 1000 · Metal Mining

$LAC

LITHIUM AMERICAS CORP.

CIK:0001966983|SEC Filings

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses
Exploration expenditures	$ 0	$ 0	$ 0	$ (19)
General and administrative expenses (Note 11)	(15,139)	(7,848)	(26,236)	(14,365)
Total operating expenses	(15,139)	(7,848)	(26,236)	(14,384)
Other income (expense)
Transaction costs (Note 12)	0	(13,337)	(1,001)	(17,639)
Gain on LAC Warrant and JV Warrant obligations (Note 4)	4,469	0	4,886	0
Gain on convertible debt and conversion feature (Note 8)	5,704	6,762	20,008	6,762
Loss on investments measured at fair value	(82)	(245)	(4,689)	(2,201)
Other income	6,710	1,419	13,322	2,687
Total other income (expense)	16,801	(5,401)	32,526	(10,391)
Net income (loss)	1,662	(13,249)	6,290	(24,775)
Net income (loss) attributable to:
Common stockholders	2,151	(12,447)	1,742	(23,149)
Non-controlling interest	$ (489)	$ (802)	$ 4,548	$ (1,626)
Net income (loss) per share attributable to common stockholders, basic (Note 10)	$ 0.01	$ (0.06)	$ 0	$ (0.11)
Net income (loss) per share attributable to common stockholders, diluted (Note 10)	$ (0.02)	$ (0.06)	$ (0.07)	$ (0.11)
Weighted average number of common shares outstanding, basic	371,790	219,581	362,534	219,092
Weighted average number of common shares outstanding, diluted	401,738	219,581	391,761	219,092

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Operating activities

Net income (loss)

$ 6,290

$ (24,775)

Adjustments for:

30

22

Stock-based compensation

4,122

2,652

Amortization of right-of-use asset

533

512

Gain on LAC and JV warrant obligations (Note 4)

(4,886)

0

Gain on convertible debt and conversion feature (Note 8)

(20,008)

(6,762)

Loss on financial instruments measured at fair value

4,689

2,201

0

182

Increase in receivables

(47)

(20)

Decrease in prepaids and deposits

534

854

Increase/(decrease) in accounts payable

(13,664)

253

Decrease in accrued liabilities

(1,235)

(24,005)

Operating lease payments, net of non-cash interest accrual

(179)

(498)

Net cash used in operating activities

(23,821)

(49,384)

Investing activities

Additions to mineral properties, plant and equipment

(631,564)

(353,503)

Net cash used in investing activities

(631,564)

(353,503)

Financing activities

Proceeds from convertible debt and production payment arrangements, net of issuance and transaction costs (Note 8)

0

211,754

Proceeds from issuance of non-controlling interest (Note 5)

0

100,000

Proceeds from public offering, net of issuance costs (Note 9)

258,220

8,841

Proceeds from DOE Loan (Note 4)

774,000

0

Payment of financing costs

(803)

(350)

Principal payments on finance lease obligations

(2,451)

(2,391)

Net cash provided by financing activities

1,028,966

317,854

Net increase (decrease) in cash and restricted cash

373,581

(85,033)

Cash and restricted cash, beginning of period (Note 2)

^[1]

905,609

594,173

Cash and restricted cash, end of period (Note 2)

^[1]

$ 1,279,190

$ 509,140

[1]	1 June 30, 2026 and December 31, 2025 balances include restricted cash of $456.4 million and $337.4 million, respectively.

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

$ 822,782

$ 568,226

Restricted cash

456,408

337,383

2,208

4,110

Prepaids and deposits

1,055

1,920

Total current assets

1,282,453

911,639

Investments measured at fair value (Note 14)

174

4,863

Mineral properties, plant and equipment, net (Note 3)

2,090,756

1,344,004

Deferred financing costs (Note 4)

154,583

311,808

7,933

6,734

3,535,899

2,579,048

LIABILITIES

Accounts payable

101,327

87,848

Accrued liabilities (Note 6)

127,453

83,441

Current portion of lease liabilities (Note 7)

5,811

5,530

Total current liabilities

234,591

176,819

Convertible debt and conversion feature (Note 8)

147,701

160,017

Warrant obligation (Note 4)

140,419

234,091

^[1]

988,018

350,987

Royalty and production payment arrangements (Note 8)

55,634

50,844

Lease liabilities (Note 7)

15,986

15,668

Reclamation liabilities

473

473

Other liabilities

3,500

3,500

Total liabilities

1,586,322

992,399

Commitments (Note 15)

Non-controlling interest (Note 5)

532,443

527,895

STOCKHOLDERS' EQUITY

Common stock, no par value, unlimited authorized; 361,841 and 314,335 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively (Note 9)

1,551,761

1,279,902

Additional paid-in capital

84,779

0

Accumulated deficit

(219,406)

(221,148)

Total stockholders' equity

1,417,134

1,058,754

Total liabilities, non-controlling interest and stockholders' equity

3,535,899

2,579,048

LAC Warrants [Member]

LIABILITIES

Warrant obligation (Note 4)

0

83,796

JV Warrants [Member]

LIABILITIES

Warrant obligation (Note 4)

$ 140,419

$ 150,295

[1]	The estimated fair value involved Level 3 inputs and was determined using a discount rate of 9.9% at June 30, 2026 (December 31, 2025 - 8.0%).