LITHIUM AMERICAS CORP.

Except as set forth below, there have been no material changes to the risk factors disclosed in Part I. Item 1A. Risk Factorsof the Company's annual report on Form 10-K for the year ended December 31, 2024 and Form 10-Q for the three months ended March 31, 2025.

Changes in U.S. trade policy and the impact of tariffs and other trade measures could adversely affect the Company's business, results of operations and financial condition.

The Company's business and results of operations may be adversely affected by uncertainty and changes in U.S. trade policies, including tariffs, trade agreements or other trade restrictions imposed by the U.S. or other governments. For example, on June 3, 2025, the U.S. government increased the 25% tariff on steel and aluminum imports announced on March 12, 2025, to 50%. On April 2, 2025, the U.S. government announced a 10% tariff on product imports from almost all foreign countries and an additional individualized reciprocal tariff on the countries with which the U.S. has the largest trade deficits, including China and other southeast Asian countries where the Company does business and sources equipment. Several tariff announcements have been followed by announcements of limited exemptions and temporary pauses. These actions are unprecedented, have caused substantial uncertainty and volatility in financial markets. It remains unclear to what extent, upon which countries, and upon which terms, tariffs may be levied.

The Company's business requires access to steel and other raw materials for use in the construction of Thacker Pass. Any imposition of or increase in tariffs on imports of steel or other raw materials, as well as corresponding price increases for such materials available domestically, could increase the Company's construction costs and negatively impact the Company's ability to complete the construction of Thacker Pass on budget. Higher materials costs could also diminish the Company's ability to develop new projects at acceptable returns, particularly during times of economic uncertainty, and limit the Company's ability to pursue growth opportunities that may otherwise be available to the Company.

The imposition of further tariffs by the U.S. on a broader range of imports, or further retaliatory trade measures taken in response to additional tariffs, could increase costs in the Company's supply chain or reduce demand for the Company's or the Company's customers’ products, either of which could adversely affect the Company's results of operations. To the extent any such tariffs remain in place for a sustained period of time, or in the event of a global or domestic recession resulting therefrom, the Company's customers could decide to delay currently planned growth projects or forego them entirely, each of which could result in decreased demand for the Company's products and adversely affect the Company's results of operations and financial condition.

Changes in tariffs and trade restrictions can be announced with little or no advance notice. The adoption and expansion of tariffs or other trade restrictions, increasing trade tensions, or other changes in governmental policies related to taxes, tariffs, trade agreements or policies, are difficult to predict, which makes attendant risks difficult to anticipate and mitigate. The ultimate impact of these trade measures on the Company's business operations and financial results is uncertain and may be affected by various factors, including whether and when such trade measures are implemented, the timing when such measures may become effective, and the amount, scope or nature of such trade measures, and the Company's ability to execute strategies to mitigate the potential negative impacts resulting therefrom. If the Company is unable to navigate further changes in U.S. or international trade policy, it could have a material adverse impact on the Company's business and results of operations.

Our growth will require us to hire and retain skilled construction and mining personnel; increased competition for such personnel from other projects could impact our business, financial condition and results of operations.

We rely on a skilled, unionized workforce for construction. We compete with other construction projects and mining companies in the recruitment and retention of qualified managerial employees and skilled unionized labor. Competition for such personnel is both regional and national. New construction and mining projects, particularly such projects in the regions in which we operate, could increase competition for such personnel resulting in increased labor shortages or labor costs. If we are unable to successfully compete for qualified personnel, our construction or operations timelines may be materially delayed or suspended.

Most of the factors affecting labor costs and availability are beyond our control and we may not be able to offset any increased labor costs should they occur. Increases in construction and related costs due to inflationary pressure on wages or increases in union-agreed wages or shortages of qualified personnel in any of the geographic areas in which we operate could have a material and adverse effect on our business, financial condition and results of operations.