Canada’s Lithium Americas (TSX, NYSE: LAC) announced on Tuesday an increased reserve estimate for the Thacker Pass lithium project in Nevada, US, and has also appointed industry veteran Luke Colton as its new chief financial officer and executive vice president, effective January 29.
The miner’s latest technical report pegs proven and probable mineral reserves at 14.3 million tonnes of lithium carbonate equivalent, 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 phases 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 latest feasibility study.
Colton, the upcoming CFO, brings over two decades of financial and leadership experience to the role, which is seen as pivotal as the company prepares for the construction of the Nevada project.
US-listed shares in Lithium Americas jumped on the news, trading 3.53% higher in pre-market hours to $3.53 each. The stock is up 13.7% so far this year.
The project won approval from the Trump administration in 2021. It is expected to open later this decade and become a key supplier to General Motors (NYSE: GM), which last year invested $625 million to acquire a 38% stake in the project.
The companies created a joint venture, Lithium Nevada Ventures, to develop the project, which is expected to create nearly 2,000 direct jobs.
The project, which hosts the largest known measured and indicated lithium resource in North America, is expected to produce 40,000 tonnes of battery-quality lithium carbonate per year in its first phase, enough to power up to 800,000 electric vehicles.
