Lithium Americas Corp. (LAC) has unveiled a $3.83 billion construction estimate for its Thacker Pass lithium project in Nevada, even as the company's shares came under heavy selling pressure during the session. LAC stock plunged 12.70% to $1.65, a loss of $0.24, before rebounding 1.77% to $1.6792 in after-hours trading. The company is targeting mechanical completion of Thacker Pass in late 2027, with a production ramp-up to follow throughout 2028. The disclosure detailed progress across engineering, procurement, site labor, logistics, and supporting infrastructure.

Shares Slide Despite Progress Report

LAC shares faced heavy selling despite the company's latest construction progress report. The decline came as Lithium Americas outlined its development schedule and updated its capital requirements. The company also confirmed that construction activities continue across several major facilities.

Lithium Americas is developing Thacker Pass in Humboldt County as a domestic source of battery materials. The site has been described as one of the largest known lithium resources in the United States, a distinction that places its construction milestones on the radar of observers tracking the U.S. battery supply chain. At full capacity, Phase 1 is designed to produce approximately 40,000 tonnes of battery-quality lithium carbonate annually, with output intended to supply electric vehicle batteries and stationary energy storage systems.

The company plans to transition into operations once the first construction phase is complete. Management is expanding its operations and business readiness workforce ahead of startup, and construction activity and labor demand are expected to peak by year-end. Because Thacker Pass has yet to begin producing lithium carbonate, its progress is measured primarily through construction metrics such as procurement levels and committed contract value rather than output or sales.

Engineering Complete, Procurement Surpasses 90%

By September 30, crews had completed 4.7 million work hours without a serious injury or lost-time incident. The site employed approximately 1,900 people, including more than 1,600 craft workers, and Lithium Americas expects the workforce to reach roughly 2,200 people by year-end 2026.

Detailed engineering has reached completion, while procurement exceeded 90% as of September 30. The company expects final equipment and bulk material deliveries by year-end. Contractors have committed more than 80% of third-party contract value and have incurred more than half of it. Those figures give outside observers a concrete baseline for measuring future progress reports against the $3.83 billion estimate.

Around September 30, approximately 60 trucks were delivering equipment and materials to the site each day. Deliveries included the main transformer, the steam turbine generator, and major processing vessels. Meanwhile, crews continued structural steel installation, concrete work, and piping across several processing facilities.

Rail Terminal Advances to Support Operations

Lithium Americas began awarding equipment contracts in late 2024 and early 2025 to reduce construction schedule risks, and has advanced installation work across its processing facilities. These activities support preparations for mechanical completion and future lithium carbonate production.

By August, workers had received all of the major structural steel required for the project. Additionally, 80% of fabricated piping materials had reached the site or entered transit by late October, supporting installation work at the processing plant and its associated buildings.

Beyond the main site, construction has advanced at the transload terminal west of Winnemucca in northern Nevada. Rail stabilization and sub-ballast work reached 95% completion during the third quarter, alongside initial concrete work. The company targets completion of the terminal in 2027 to support reagent deliveries and future Thacker Pass operations.

Taken together, the update lays out the company's current timeline for Thacker Pass: detailed engineering finished, procurement above 90%, a workforce building toward roughly 2,200 people, mechanical completion targeted for late 2027, and a production ramp-up throughout 2028. The nearest checkpoints are final equipment and bulk material deliveries expected by year-end, the projected peak in construction activity and labor demand, and the terminal's targeted 2027 completion, each of which will show whether the build-out is holding to the schedule and budget set out in the $3.83 billion plan.

Source: Blockonomi