Lithium Americas (TSX:LAC) has entered a securities purchase agreement with YA II PN, an affiliate of Yorkville Advisors Global, for up to US$175 million ($248.9 million) of financing through subordinated convertible debentures.
The funding announcement follows the project’s US$2.23 billion loan from the US Department of Energy and strategic investments from General Motors and additional funds managed by Orion Resource Partners.
The company is currently advancing the development of Thacker Pass, with phase one of the project projected to produce 40,000 tonnes per year of battery-grade lithium carbonate.
President and CEO Jonathan Evans says that Thacker Pass is progressing toward its late 2027 mechanical completion target date, ramping up its personnel on site and mobilising long-lead equipment.
“The debentures announced today will provide the company with additional financial flexibility as we advance through peak construction while navigating global macroeconomic and geopolitical pressures,” Evans notes.
“We believe Thacker Pass is uniquely positioned to deliver a reliable, US-sourced supply of lithium at a time when domestic supply chain security is more critical than ever, and this financing underscores our commitment to supporting American energy independence.”
Thacker Pass hosts the largest-known measured lithium resource in the world and is owned through a joint venture between Lithium Americas and GM.
Write to Amy Rotman at Mining.com.au
Images: Lithium Americas
