# Lithium Americas Corp. (LAC)

> Source: Nexqual · https://nexqual.com/LAC · data as of 2026-10-23 13:30 UTC · cite as "Nexqual, Lithium Americas Corp. (LAC), nexqual.com/LAC" · informational, not investment advice.

**Price:** USD 2.08 (-0.72% today) · US market open, as of October 23, 2026 at 13:30 UTC; quotes may be delayed. Prev close 2.1 · day 2.07–2.09 · 52w 2.04–7 · market cap $755M · NYQ

## Key facts
- Analysts: Buy (mean 2.42 on a 1–5 scale) (12 analysts), mean target USD 5.33 (range 2.5–10).
- Total return with dividends: 1Y -67.9% vs S&P 500 +14.9%; 5Y -81.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-13, EPS estimate USD -0.03, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Net income | -$5.1M | -$42.6M | -$86.3M | -$55.2M |
| EPS (diluted) | -$0.03 | -$0.21 | -$0.50 | — |
| Free cash flow | -$228M | -$191M | -$826M | -$1.08B |
| Cash + short-term investments | $196M | $594M | $568M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 0.5x · FCF yield -142.86% · Earnings yield -7.31%

## Analysts
Consensus Buy (mean 2.42 on a 1–5 scale), 12 analysts; mean target USD 5.33 (low 2.5, high 10).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-14 | BMO Capital | Target lowered | Market Perform | $4.5 → $4 |
| 2026-07-01 | Goldman Sachs | Initiated | Neutral | $4.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2023-10-02) |
|---|---|---|
| Total return | -67.9% | -81.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -67.9% | -42.8% |
| Volatility (annualized) | 67.1% | 82.7% |
| Max drawdown | -69.2% (Oct 2025→Oct 2026) | -81.9% (Oct 2023→Oct 2026) |

## Peers (Other Industrial Metals & Mining)
NEXA (Nexa Resources S.A.) USD 11.28 +1.08% · SSMR (Sunshine Silver Mining & Refini) USD 13.17 -0.83% · ALM (Almonty Industries Inc.) USD 8.69 -0.69% · USAR (USA Rare Earth, Inc.) USD 9.53 -1.04% · SKE (Skeena Resources Limited) USD 28.54 -0.70% · MTRN (Materion Corporation) USD 217.53 -0.73%

## More
Full page: https://nexqual.com/LAC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LAC's own 10-K filed 2026-03-19 (https://www.sec.gov/Archives/edgar/data/1966983/000119312526115081/lac-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | General Motors (GM) | "GM and the DOE have rights that may affect other security holders and the Company's actions with respect to the development of Thacker Pass through their respective investor and creditor rights, rights as a JV Partner (i…" |
| Partner | Lithium Argentina AG (LAR) | "For example, under section 55 of the Tax Act, the Company and/or Lithium Argentina will recognize a taxable gain on the transfer by Old LAC of LAC North America if: (i) a "specified shareholder" of the Company or of Lith…" |
| Partner | NACCO INDUSTRIES INC (NC) | "In 2019, LN entered into a mine design, consulting and mining operations agreement with Sawtooth Mining, LLC ("Sawtooth Mining"), a subsidiary of NACCO Industries Inc. and North American Coal." |
| Partner | Target Hospitality Corp. (TH) | "In 2025, the Company entered into an agreement with Target Hospitality Corp. for the design, installation, maintenance and operation of Company's WFH located in Winnemucca, Nevada." |

Other companies that name LAC in their own reports (relationship from LAC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | NACCO INDUSTRIES INC (NC) | 10-K 2026-03-04 | "Thacker Pass is owned by a joint venture between Lithium Americas Corp. (TSX:LAC) (NYSE: LAC) and General Motors Holdings LLC." |

## Company outlook (8-K filed 2026-08-13)

- "Outstanding long-lead items are expected to be delivered throughout 2026, along with other equipment and construction materials. o Over 85% of the structural steel for Thacker Pass, which is sourced from the United Arab Emirates, is in transit or has arrived on site at Thacker Pass or the laydown yard in Winnemucca."
- "The balance is expected in Q3 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.03 | $-0.06 | -50.0% | $0 | 2 |
| Next quarter (ends 2026-12-31) | $-0.07 | $-0.07 | -4.2% | $0 | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.07 | $-0.14 | -54.7% | $0 | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.15 | $-0.18 | -20.5% | $0 | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-13): ±15.3%; earnings reaction alone ±8.1%; last 7 reports averaged ±7.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 69.1% | ±8.9% |
| 2026-11-06 | 14 | 66.4% | ±11.3% |
| 2026-11-13 | 21 | 77.0% | ±15.3% |
| 2026-11-20 | 28 | 66.5% | ±15.3% |
| 2026-11-27 | 35 | 63.4% | ±16.0% |
| 2026-12-18 | 56 | 65.0% | ±20.3% |
| 2027-01-15 | 84 | 66.5% | ±25.4% |
| 2027-02-19 | 119 | 66.5% | ±29.9% |