Lithium Americas: Construction Progress Does Not Fix The Equity Problem

2026-05-18 09:09:11 ET

I have rated this stock as a Sell 3 times previously , and since my last article, Lithium Americas Corp. ( LAC ) has become a little stronger. The last thesis was built on Thacker Pass as a strategic project, but the financing structure was not the best for investors. DOE got not only creditors positions but also warrants and economic interest at the JV level, while GM already has strong offtakes and a strategic position in the project. Basically my main argument was that LAC common equity is becoming more of a residual claim into an expensive and long project and not a clean lithium upside play....

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