LITHIUM AMERICAS CORP.

The selected consolidated financial information set out below has been derived from the Company's audited consolidated annual financial statements and unaudited condensed consolidated interim statements and should be read in conjunction with those consolidated financial statements and the related notes thereto.

The Nine Months Ended September 30, 2025 compared with the Nine Months Ended September 30, 2024

The following table provides a summary of the Company’s condensed consolidated results of operations for YTD Q3 2025 compared with YTD Q3 2024:

General and administrative expenses for YTD Q3 2025 increased to $24.1 million (YTD Q3 2024 - $18.2 million), due mainly to increased hiring, professional fees and office and administration fees to support increased activities related to ongoing construction at Thacker Pass and increased reporting obligations associated with the DOE Loan and formation of the JV.

Transaction costs for YTD Q3 2025 increased to $18.3 million (YTD Q3 2024 - $8.2 million), which is due mainly to advisory and professional fees associated with the Orion Investment and advisory fees due upon achieving FID for Thacker Pass Phase 1. Transaction costs in YTD Q3 2024 primarily related to negotiating and advancing towards closing the DOE Loan.

The loss on financial instruments measured at fair value is comprised of changes in the fair value of the embedded derivative associated with the Notes (the “Embedded Derivative”) and the Company’s investments in GT1 and Ascend Elements. As the Notes include a potential partial cash settlement feature, the Company recognized the Embedded Derivative, which is measured at fair value at each balance sheet date. A loss on change in the fair value of the Embedded Derivative of $187.1 million was recognized for the period from the April 1, 2025 inception date to September 30, 2025. This non-cash loss represents the movement in the fair value of the Embedded Derivative and primarily reflects the impact of the increase in the Company’s share price from $2.76 on April 1, 2025 to $5.71 at September 30, 2025. For the GT1 investment, a loss on change in fair value of $0.2 million for YTD Q3 2025 (YTD Q3 2024 - loss of $1.8 million) was recognized, reflecting the publicly-listed share price of GT1 at these respective dates. For the Ascend Elements investment, a gain on change in fair value of $1.4 million for YTD Q3 2025 (YTD Q3 2024 - loss of $4.1 million), was recognized, reflecting the increase in share prices of public companies in the same sector as Ascend Elements during Q3 2025.

Other income of $4.3 million for YTD Q3 2025 decreased when compared with $11.0 million for YTD Q3 2024, which was due mainly to higher balances invested in interest generating investments in YTD Q3 2024 compared with YTD Q3 2025.

The Three Months Ended September 30, 2025 compared with the Three Months Ended September 30, 2024

The following table provides a summary of the Company’s condensed consolidated results of operations for Q3 2025 compared with Q3 2024:

General and administrative expenses for Q3 2025 increased to $9.7 million (Q3 2024 - $6.0 million), due mainly to increased hiring, professional fees, office and administration fees, and investor and public relations fees, to support increased activities related to ongoing construction at Thacker Pass and increased reporting obligations associated with the DOE Loan and formation of the JV.

Transaction costs for Q3 2025 decreased to $0.6 million (Q3 2024 - $6.1 million). Transaction costs in Q3 2024 primarily related to negotiating and advancing towards closing the DOE Loan.

The loss on financial instruments measured at fair value includes changes in the fair value of the Embedded Derivative and the Company’s investments in GT1 and Ascend Elements. The loss on change in the fair value of the Embedded Derivative of $193.8 million was recognized for Q3 2025. This non-cash loss represents the movement in the fair value of the Embedded Derivative and primarily reflects the impact of the increase in the Company’s share price from $2.68 at June 30, 2025 to $5.71 at September 30, 2025. For the GT1 investment, a gain on change in fair value of $0.1 million for Q3 2025 (Q3 2024 - gain of $0.1 million) was recognized. For the Ascend Elements investment, a gain on change in fair value of $3.3 million for Q3 2025 (Q3 2024 - loss of $1.6 million) was recognized, reflecting the increase in share prices of public companies in the same sector as Ascend Elements during Q3 2025.

Other income of $1.6 million for Q3 2025 decreased compared with $5.0 million for Q3 2024, which was due mainly to higher balances invested in interest generating investments in Q3 2024 compared with Q3 2025.

Selected financial position information

In YTD Q3 2025, total assets increased due mainly to a $641.6 million increase in Mineral properties, plant and equipment (“MPP”) offset by a $208.6 million decrease in cash. MPP increased due mainly to continued development of Thacker Pass, including costs associated with completion of the first phase of the WFH, engineering, procurement of raw materials, payments towards long-lead equipment as well as continued on-site construction works. In addition, certain interest costs related to Thacker Pass, including interest associated with the Orion Investment, were capitalized in the period. Construction activity and costs have accelerated since the closing of the DOE Loan in October 2024, the creation of the JV in December 2024 and achieving FID for Thacker Pass Phase 1 on April 1, 2025.

Total liabilities increased by $455.7 million due mainly to the Orion Investment, which closed April 1, 2025, resulting in recognition of the Notes, the Embedded Derivative and the PPA, representing an additional $414.6 million of total long-term liabilities at September 30, 2025. In addition, accounts payable increased by $46.3 million as a result of a change in timing of payments as compared to December 31, 2024.