LITHIUM AMERICAS CORP.

The Year Ended December 31, 2025 compared with the Year Ended December 31, 2024

The following table provides a summary of the Company’s consolidated results of operations for the years ended December 31, 2025 and December 31, 2024.

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

General and administrative expenses for FY 2025 increased to $52.8 million (2024 - $28.1 million) due 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. In addition, as part of its commitment to the construction of Thacker Pass, the Company made a $14.1 million contribution toward funding the construction of the new Orovada K-8 school.

Transaction costs for FY 2025 increased to $32.3 million (2024 - $22.2 million). Transaction costs in 2025 primarily related to advisory and professional fees associated with the amendment to the DOE Loan and advisory fees due upon achieving FID for Thacker Pass Phase 1.

A gain on change in the fair value of the LAC Warrant of $59.6 million was recognized from the obligation date of October 7, 2025 to December 31, 2025. A gain on change in the fair value of the JV Warrant, including exchange obligations, of $100.4 million was recognized from the obligation date of October 7, 2025 to December 31, 2025. The change in the fair value of the warrant obligations primarily reflects the impact of the decrease in the Company's share price from $8.27 on October 7, 2025 to $4.36 at December 31, 2025.

A loss on the convertible debt and conversion feature of $171.0 million was recognized for the period from the April 1, 2025 inception date to December 31, 2025, including a fair value loss on the embedded derivative of $166.7 million and a $4.3 million loss on partial extinguishment of the host debt. The fair value loss on embedded derivative primarily reflects the impact of the increase in the Company’s share price from $2.76 on April 1, 2025 to $4.36 at December 31, 2025.

Other income decreased by $5.3 million in FY 2025 compared to FY 2024 due to a reduction in interest income arising from lower average balances available to be invested and lower interest rates.

Selected financial position information

At December 31, 2025, total assets increased by $1,534.1 million from December 31, 2024, due primarily to a $311.4 million increase in cash and restricted cash, a $945.1 million increase in mineral properties, plant and equipment and a $300.3 million increase in deferred financing costs.

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Cash and restricted cash increased primarily from the receipt of funds drawn under the DOE Loan, the Orion Investment, and proceeds received from the Company’s common shares offerings, offset by construction costs, general and administrative expenses and transaction costs. Funds received from advances on the DOE Loan are held in restricted bank accounts owned by LN and managed by a collateral agent.

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Mineral properties, plant and equipment increased due 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, finance costs related to Thacker Pass totaling $29.7 million, including interest associated with the Orion Investment and DOE Loan first draw, were capitalized in FY 2025. Construction activity and associated costs have accelerated since the closing of the DOE Loan on October 28, 2024, the creation of the JV on December 20, 2024 and achieving FID for Thacker Pass Phase 1 on April 1, 2025.

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Deferred financing costs increased predominantly associated with the financing fees related to the DOE Loan amendment. Deferred financing costs will be expensed over the tenor of the DOE Loan, which is approximately 23 years from date of first draw. The DOE Loan has a maturity date of July 20, 2048. As Thacker Pass is currently under the development phase, the amortization of the deferred financing costs will be capitalized under mineral properties, plant and equipment.

At December 31, 2025, total liabilities increased including due to amounts recognized for the Orion Investment Notes and PPA of $189.7 million, the DOE Loan of $351.0 million ($435.0 million, net of amortized, debt issuance costs of $84.0 million) and the recognition of $234.1 million in warrant liabilities associated with the OWCA. In addition, accounts payable increased by $87.1 million and accrued liabilities increased by $31.7 million as a result of a change in timing of payments compared to December 31, 2024.