Lithium Americas claims the project now holds the largest lithium reserves and resources in the world. Credit: Gchapel/Shutterstock.

Lithium Americas has announced an increased mineral resource and reserve estimate for the Thacker Pass lithium project in Humboldt County, Nevada.

This development includes the release of an independent National Instrument 43-101 (NI 43-101) technical report and an independent S-K 1300 technical report, both dated effective on 31 December 2024.

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The project is indirectly owned by Lithium Nevada Ventures, a joint venture where Lithium Americas holds a 62% stake and General Motors Holdings 38%.

The highlights of the updated estimates include a proven and probable (P&P) mineral reserve of 14.3 million tonnes (mt) of lithium carbonate equivalent (LCE) at an average grade of 2,540 parts per million (ppm) lithium (Li).

This represents an increase of 286% since the November 2022 feasibility study and supports an expansion of up to five phases.

The measured and indicated (M&I) mineral resource estimate stands at 44.5mt of LCE at an average grade of 2,230ppm of Li, reflecting a 177% increase since the previous study.

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The project economics for an 85-year life of mine and an optimised production scenario for the first 25 years have also been outlined.

Lithium Americas president and CEO Jonathan Evans said: “We are excited to release the results of our Thacker Pass Technical Report that demonstrates the multigenerational opportunity for transformational growth the project creates.

“Thacker Pass is now the largest measured lithium reserve and resource in the world and has the potential to become an unmatched district, generating American jobs and helping the US regain independence of its energy supply. We are committed to safely and sustainably developing Thacker Pass while engaging with our stakeholders to increase domestic production of critical minerals.”

Capital cost estimates for phase one are $2.93bn, while phase two is estimated at $2.33bn, phase three at $2.74bn, and phases four and five together at $4.32bn. These estimates are based on costs from the second quarter of 2024 and include a 15% contingency.

Phase one is targeted for completion in late 2027, with the company aiming to announce the final investment decision for this phase in early 2025.

Bechtel has been appointed as the engineering, procurement and construction management contractor for phase one.

Construction of phase one commenced in early 2023, and the company has issued limited full notice to proceed to Bechtel and other major contractors to mitigate risks in the construction schedule, continuing to target completion in late 2027.