Lithium Americas: Government Support Comes At Equity's Expense

2026-02-10 23:57:20 ET

Last time when covering Lithium Americas ( LAC ) I was harsh. My last thesis was mainly focused on Q3 results, which clearly showed that the company was lacking progress, signs of operational and financial deterioration. In this article I would like to focus on new problems. Since my last thesis, there have been certain legal and capital structure changes, which are now changing risk distribution among common shareholders, General Motors and US government, through the Department of Energy. These changes, are yet to be priced in by the market, because there are a lot of talks about the DOE loan and the importance of a strategic project....

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