個股觀察： LAC

### Key Business of Lithium Americas (Ticker: LAC)
Lithium Americas Corp. (TSX: LAC, NYSE: LAC) is a Canadian-based mining company focused on developing, building, and operating lithium deposits and chemical processing facilities in the United States and Canada. Its primary asset is the Thacker Pass project, a large sedimentary-based lithium deposit located in the McDermitt Caldera in Humboldt County, northern Nevada. This project aims to produce battery-quality lithium carbonate to support the North American electric vehicle (EV) supply chain. Construction began in early 2023, with Phase 1 operations targeted for late 2027, potentially making it one of the largest lithium sources in North America. The company holds a 62% stake in Thacker Pass, with General Motors (GM) owning 38% and securing offtake rights. Lithium Americas also invests in exploration properties in the U.S. and Canada, but Thacker Pass represents the core of its operations.

### Competitive Moat
Lithium Americas' moat is anchored in several strategic and technological advantages:
- **Proprietary Extraction Technology**: Thacker Pass features lithium in claystone, unlike traditional hard-rock or brine methods used by most global producers. The company employs a specialized, proprietary process tailored to this geology, enabling cost-effective and environmentally responsible extraction that differentiates it from competitors relying on brine (e.g., SQM) or hard-rock (e.g., Albemarle) methods.
- **Strategic U.S. Location and Supply Chain Security**: As a domestic North American project, it offers faster market access (estimated 15-20% quicker than international imports) and aligns with U.S. critical minerals initiatives, reducing reliance on China (which refines ~65% of global lithium). This is bolstered by a $2.26 billion U.S. Department of Energy (DOE) loan and GM's $945 million investment, providing financial stability and offtake security.
- **Resource Scale**: Thacker Pass holds the largest-known measured and indicated (M&I) lithium resource in the U.S., supporting a 40-year mine life with potential annual output of up to 40,000 tonnes of lithium carbonate equivalent (LCE) in Phase 1, expandable to 80,000 tonnes.
These factors create barriers to entry through technology, location, and secured funding, though they come with upfront costs higher than some established players (e.g., 20-30% above Albemarle's).

### CEO Background
Jonathan D. "Jon" Evans has served as President and CEO of Lithium Americas since August 2018 (President) and May 2019 (CEO), respectively. He joined the board in June 2017 and has over 7 years of tenure with the company. Prior to Lithium Americas, Evans held senior roles in the mining sector, including positions at Western Lithium USA (a predecessor entity) and other resource exploration firms. His leadership has focused on advancing Thacker Pass through permitting, financing, and construction milestones, such as securing the DOE loan and GM partnership. Evans owns approximately 0.26% of the company's shares (valued at ~$1.82 million as of recent filings) and receives total annual compensation of $3.00 million, with 78.3% in bonuses, stock, and options.

### Key Competitors
Lithium Americas operates in the lithium mining and development space, competing with both established producers and North American developers. Key competitors include:

These rivals vary in scale, with global giants like Albemarle and SQM holding established production, while U.S.-focused peers like Piedmont and Standard Lithium vie for domestic market share.

### Market Share
As of September 2025, Lithium Americas has **0% current market share** in global lithium production, as Thacker Pass remains in the development phase with first production slated for late 2027. The global lithium market is dominated by China (~65% of refining) and major producers like Albemarle (~15-20% of supply) and SQM (~10-15%). Once operational, Thacker Pass Phase 1 is projected to produce ~40,000 tonnes of LCE annually, potentially capturing **3-5% of North American demand** (which totals ~100,000-150,000 tonnes/year) and ~0.5-1% of global supply (~500,000-600,000 tonnes/year). Full Phases 1+2 could double this, positioning LAC as a top U.S. player amid growing EV demand.