Lithium Americas (TSX, NYSE: LAC) said Tuesday it increased a reserve estimate for the Thacker Pass lithium project in Nevada, the continent’s largest measured and indicated lithium resource, and appointed industry veteran Luke Colton as its new chief financial officer.
The Vancouver-based company’s latest technical report pegs proven and probable mineral reserves at 14.3 million tonnes of lithium carbonate equivalent (LCE), with an average grade of 2,540 parts per million (ppm). This represents a 286% increase since the November 2022 feasibility study, supporting an expansion of up to five stages with an 85-year mine life.
Thacker Pass’ estimated measured and indicated mineral resource estimate now totals 44.5 million tonnes LCE at an average grade of 2,230 ppm of lithium, a 177% increase since the feasibility study.
Shares in Lithium Americas gained 4.9% to to $5.12 each in Toronto on Tuesday morning, valuing the company at $825.9 million. The stock is up about 19% so far this year.
Experienced CFO
Colton, the incoming CFO, brings over two decades of financial and leadership experience to the role, which is seen as pivotal as the company prepares to build Thacker Pass. He starts Jan. 29.
The project won approval from the Trump administration in 2021. It’s expected to open later this decade and become a key supplier to General Motors (NYSE: GM), which last year invested US$625 million to acquire a 38% stake in the project.
The companies created a joint venture, Lithium Nevada Ventures, to develop the project, which may create nearly 2,000 direct jobs.
Lithium Americas plans to produce 40,000 tonnes of battery-quality lithium carbonate per year in the project’s first stage, enough for up to 800,000 electric vehicles.
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