On April 1, 2025, Lithium Americas Corp. closed a US$250 million (C$335 million) strategic investment from Orion Resource Partners to fully fund the development and construction of Phase 1 of the Thacker Pass lithium project in Humboldt County, Nevada, targeted for completion in late 2027. The investment included US$195 million (C$261 million) in senior unsecured convertible notes, US$25 million (C$34 million) through a Production Payment Agreement (PPA), and a US$30 million (C$40 million) Delayed Draw Note facility available within two years. The notes mature in 2030, bear 9.875% interest, and are convertible at US$3.78 per share—a 43% premium to Lithium Americas’ five-day VWAP.

Under the PPA, Orion will receive fixed payments of US$128–152 per tonne and variable payments of 0.96%–1.14% of gross revenue annually on up to 41,500 tonnes of lithium processed for 72 quarters, subject to project-related adjustments. The investment satisfied all remaining equity capital requirements under Lithium Americas’ previously announced US$2.26 billion (C$3.03 billion) U.S. Department of Energy loan and provided sufficient liquidity to fund both project and corporate costs during construction. On the same date, Lithium Americas and General Motors announced their final investment decision (FID) for Phase 1.

Legal counsel to Lithium Americas included Vinson & Elkins LLP and Cassels Brock & Blackwell LLP. Orion was represented by Torys LLP and Davis Graham & Stubbs LLP. Evercore Group L.L.C. and Goldman Sachs & Co. LLC acted as joint lead placement agents.