Lithium Americas : Corporate Presentation

NYSE & TSX: LAC

Corporate Presentation

APRIL 2024

	NYSE & TSX: LAC	2

/ CORPORATE PRESENTATION ● APRIL 2024

Disclaimer

ADDITIONAL REFERENCE MATERIALS

This presentation should be read in conjunction with materials from Lithium Americas Corp. (the "Company"), including news releases, material change reports, most recent annual financial statements and related management discussion and analysis ("MD&A"), technical reports and most recent annual report on Form 20-F for the year ended December 31, 2023 (collectively "Disclosure Documents"), for full details of the information referenced throughout this presentation. These documents are available on the Company's website at www.lithiumamericas.com or the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR+") at www.sedarplus.ca and the United States ("U.S.") Securities and Exchange Commission ("SEC") Electronic Data Gathering, Analysis and Retrieval system ("EDGAR") at www.sec.gov.

This presentation is for general information purposes only and shall not constitute an offer, solicitation or sale in any state or jurisdiction. This presentation includes information on peer companies and other industry and market data. We obtained information from publicly available and other third-party sources as well as the Company's good faith estimates. While the Company believes the information was prepared by reputable sources, the Company did not independently verify the information or the underlying assumptions. No representation or warranty is made as to accuracy, completeness or reasonableness of such information. The Company disclaims any responsibility or liability whatsoever in respect of this information. Readers are cautioned to review the underlying information referenced herein, as applicable.

FORWARD-LOOKING STATEMENTS AND INFORMATION

This presentation contains "forward-looking information" within the meaning of applicable Canadian securities legislation, and "forward-looking statements" within the meaning of applicable United States securities legislation (collectively referred to as "forward-looking information" ("FLI")), and readers should read the cautionary notes contained on the slide entitled "Forward-Looking Statements and Information" in the Appendix of this document.

NON-GAAP FINANCIAL MEASURES

This presentation includes certain non-GAAP financial measures, including average annual EBITDA, regarding the Thacker Pass Project. These measures have no standardized meaning under IFRS and may not be comparable to similar measures used by other issuers. The Company believes these measures provide investors with an improved ability to evaluate the Company's prospects, and in particular the Thacker Pass Project. As the Thacker Pass Project is not in production, the prospective non-GAAP financial measures presented may not be reconciled to the nearest comparable measure under IFRS and the equivalent historical non-GAAP financial measure for the prospective non-GAAP financial measures discussed herein is nil$.

THIRD-PARTY NAMES AND TRADEMARKS

All product and company names are trademarks or registered trademarks of the respective third-party holders. Our use of such trademarks in our presentation does not imply any endorsement by or affiliation with such third parties

CURRENCY

All figures presented are in U.S. Dollars unless otherwise noted.

NI 43-101 and S-K 1300 DISCLOSURE

Scientific and technical information in this presentation has been reviewed and approved by Rene LeBlanc, PhD, the Company's VP Growth and Product Strategy, and a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and Subpart 1300 of Regulation S-K("S-K1300"). Further information about Thacker Pass, including a description of key assumptions, parameters, methods and risks, data verification and QA/QC programs, methods relating to mineral resources and mineral reserves and factors that may affect those estimates are contained in the NI 43-101 technical report of Lithium Americas dated effective November 2, 2022 entitled "Feasibility Study National Instrument 43-101 Technical Report for the Thacker Pass Project, Humboldt County, Nevada, USA" ("Nov 2022 Feasibility Study") and the S-K 1300 technical report of Lithium Americas effective December 31, 2022 entitled "Preliminary Feasibility Study S-K 1300 Technical Report Summary for the Thacker Pass Project Humboldt County, Nevada, USA." (the "Thacker Pass 1300 Report" and collectively with the Nov 2022 Feasibility Study, the "Reports"). Readers are cautioned that the conclusions, projections and estimates set out in this presentation with respect to Thacker Pass are subject to important qualifications, assumptions and exclusions, all of which are detailed in this presentation or in the Nov 2022 Feasibility Study, each of which should be read in their entirety. The Reports are available on the Company's website, SEDAR+ and EDGAR.

Other than as described in the Company's Disclosure Documents, there are no known legal, political, environmental or other risks that could materially affect the potential development of the mineral reserves and mineral resources at this point in time.

The mineral resource and mineral reserve estimates contained in this presentation have been prepared in accordance with the requirements of securities laws in effect in Canada, including NI 43-101, which governs Canadian securities law disclosure requirements for mineral properties and in the United States, including S-K 1300.

DISCLAIMER

Information provided in this presentation is summarized and may not contain all available material information. Accordingly, readers are cautioned to review the Company's Disclosure Documents in full. The Company expressly disclaims any responsibility for readers' reliance on this presentation. This informational meeting regarding Lithium Americas Corp. is for you to familiarize yourself with the Company. We are not making any offers of securities at this time, and cannot accept orders for any securities at this time. This presentation is the property of the Company.

Readers of this presentation shall not construe the contents hereof to constitute legal, tax, regulatory, financial, accounting or other advice. Readers of this presentation should seek advice from their own independent tax advisor, legal counsel and/or other advisor with respect to such matters.

COVER PAGE IMAGE

Thacker Pass: site preparation for major earthworks has been completed, including all site clearing, commissioning a water supply system, site access improvements and site infrastructure. The Company is currently focused on de- risking construction execution by increasing detailed engineering and progressing procurement packages and execution planning for the construction of Thacker Pass Phase 1 to prepare for major construction, expected later in the year.

	NYSE & TSX: LAC	3

/ CORPORATE PRESENTATION ● APRIL 2024

Investment Highlights

1	Thacker Pass: Phase 1 permitted and full funding for construction substantially
de-risked(1) - positioned to become a near-term source of lithium in the U.S.
2	General Motors strategic investment and exclusive offtake for Phase 1
3	U.S. Department of Energy (DOE) Advanced Technology Vehicles
Manufacturing (ATVM) Loan Conditional Commitment

4

5

Thacker Pass: unique geology with significant location benefits

Lithium Technical Development Center and proven processing flowsheet

6	Substantially de-risked project execution and full construction funding(1) for
Thacker Pass Phase 1
7	Multifaceted ESG approach and strong stakeholder support
8	Experienced management team with leading technical, project development
and financial expertise

(1) See the Company's new release of April 22, 2024 for full details.

NYSE & TSX: LAC 4

/ CORPORATE PRESENTATION ● APRIL 2024

1 Thacker Pass Snapshot

Phase 1 construction permitted, full funding substantially de-risked and uniquely positioned to supply North American lithium

• Unique high-grade sedimentary resource, one of the largest Measured and Indicated lithium resource in the U.S.(1)
• Tier 1 jurisdiction - located in a mining-friendly state in the U.S.; major permits for construction received
• General Motors strategic investment and long-termoff-take
• U.S. DOE ATVM Loan Conditional Commitment received(2)
• Expect to be fully funded for Phase 1 construction with GM Tranche 2, DOE Loan and cash on hand(3)
• Phase 1 total nominal production capacity of ~40 ktpa of lithium carbonate over the 40-year project life
• Substantially de-risked project execution; proven flowsheet, early works construction completed, increasing detailed engineering to >30%
• Multifaceted ESG approach; Community Benefits Agreement with Fort McDermitt Pauite Shoshone Tribe; expected to be a low water and carbon operation
• Production from both Phase 1 and 2 can support lithium needs for up to 1.6 million electric vehicles annually

1. As of November 2, 2022 Mineral Resource Estimate, see slide 30 and 31 for more details.
2. See the Company's Form 20-F for the year ended December 31, 2023 and material change report dated March 14, 2024 for full details. Certain technical, legal and financial conditions, including negotiation of definitive financing documents, must be satisfied before funding of the loan.
3. See the Company's news release of April 22, 2024 for more details.

		OREGON
Denio	McDermitt	IDAHO
Caldera	McDermitt

Thacker Pass	McDermitt
Orovada

Winnemucca

Reno

NEVADA

San Francisco

CALIFORNIA

ARIZONA

	NYSE & TSX: LAC	5

/ CORPORATE PRESENTATION ● APRIL 2024

1 A Track Record of Executing Key Milestones

Thacker Pass is one of the largest known Measured & Indicated Resource and most advanced lithium project in the U.S.

	Jun	Jan	Apr	Jul	Oct	Jan	Feb	Mar
2007+	2018	2021	2022	2022	2022	2023	2023	2024
Discovery and	Pre-Feasibility	BLM	Major	Lithium	Community Benefits	General Motors	DOE ATVM Loan	DOE ATVM
Exploration	Study	Record of	Operating	Technical	Agreement with the	Strategic Partner	Letter of	Loan
(232 holes drilled)		Decision	Permits	Development	Fort McDermitt	and Long-Term	Substantial	Conditional
		Issued	Received	Center	Paiute Shoshone	Off-Takeand	Completion	Commitment
					Tribe	Feasibility Study	received	received

Significant technical and community engagement work completed over last 12 years

to bring Thacker Pass to current advanced stage

NYSE & TSX: LAC 186

/ CORPORATE PRESENTATION ● APRIL 2024

2 Strong Support from General Motors via Long-TermOff-Take Agreement and Strategic Investment

Total investment of $650 million across two tranches(1)
Thacker Pass provides General Motors with a rare,
 Tranche 1: General Motors investment of $320 million completed in February 2023(1)	coveted supply of IRA compliant lithium and certainty
		of supply via U.S. domestic supply chain
 Tranche 2: General Motors to invest $330 million(2)
	An eligible "clean" vehicle may not contain any critical
Offtake agreement for 100% of Thacker Pass Phase 1 for 10 years (+5-year option)		minerals that were extracted, processed or recycled by a
	foreign entity of concern if it expects to qualify for the $7,500
 General Motors has a Right of First Offer (ROFO) on Thacker Pass' Phase 2 production		IRA consumer credit from the beginning of 2025
As the largest shareholder of Lithium Americas, General Motors is fully aligned with	Current Global Processing Capacity(3)
creating a robust North American-focused supply chain for EV raw materials
		Chile
 Lithium carbonate from Thacker Pass will be used in GM's proprietary Ultium battery cells	21%
 Thacker Pass helps support EV eligibility for consumer incentives under the U.S. clean	U.S.
2%
energy tax credits

• Thacker Pass is Inflation Reduction Act (IRA) compliant, providing up to $7,500 in

	consumer tax credits for electric vehicle purchases	China	Australia
		64%	1%
(1)	See Form 20-F for the year ended December 31, 2023 for full details.		ROW
(2)	Following Lithium Americas securing sufficient available capital to fund the development of Thacker Pass Phase 1 (the "Funding Condition"). The number of shares is to be determined using a		12%
price equal to the lower of (a) the 5-day volume weighted average share price (which is determined as of the date the notice that the Funding Condition has been met) and (b) $17.36 per share.
(3)	Benchmark data based on 2024E lithium processing capacity.

	NYSE & TSX: LAC	7

/ CORPORATE PRESENTATION ● APRIL 2024

3 U.S. DOE ATVM Loan Conditional Commitment

Conditional Commitment received for an ATVM Loan from the U.S. Department of Energy(1)

Anticipated terms highly attractive across all metrics

Quantum: $2.26 billion(2)

Interest: U.S. Treasury Rate(3)

with 0% Spread

Tenor: 24 Years

Maturity date from first draw

1. See the Company's news release titled "Lithium Americas Receives Conditional Commitment for $2.26 Billion ATVM Loan from the U.S. DOE for Construction of Thacker Pass" full details. The Conditional Commitment represents a significant milestone and demonstrates the U.S. Department of Energy's indication of intent to finance the project. Certain technical, legal and financial conditions, including negotiation of definitive financing documents, must be satisfied before funding of the loan.
2. Includes $290 million of estimated interest accrued during construction of Phase 1.
3. Interest rates fixed from the date of each monthly advance for the term of the loan at the applicable U.S. Treasury rates.

	NYSE & TSX: LAC	8

/ CORPORATE PRESENTATION ● APRIL 2024

4 Unique Geology

The McDermitt Caldera

Caldera Setting as Key Differentiator

Originated from a Yellowstone complex supervolcano ~16 million years ago

Post-caldera hydrothermal fluids in the vicinity of Thacker Pass altered some of the smectite to illite clay, increasing the concentration of lithium in the illitic zones

Source: Camp and Tolan (2020)

Source: Dr. Thomas R. Benson

The resulting near-surface deposit allows for a shallow open pit (<400 feet deep) that

will be block mined with active reclamation to minimize environmental impact

See the Company's Reports for full details.

	NYSE & TSX: LAC	9

/ CORPORATE PRESENTATION ● APRIL 2024

4 Thacker Pass Project Location Benefits

McDermitt Caldera

Thacker Pass

80

Transloading Facility

• Access to adjacent paved highways; road improvements to facilitate construction traffic completed
• Lease for transloading terminal secured; access to rail ~60 miles away in Winnemucca, adjacent to I-80 for reagent transport
• Access to hydroelectric via onsite high voltage transmission line
• Water rights acquired(1) for Phase 1 and water infrastructure completed
• Workforce Hub located in Winnemucca; Earth works completed and all housing modules have been delivered to site

(1) Please see the Company's Form 20-F for the year ended December 31, 2023 for full details.

NYSE & TSX: LAC 160

/ CORPORATE PRESENTATION ● APRIL 2024

4 Thacker Pass is Well Positioned Along the Global Cost Curve

	30,000	Thacker Pass Feasibility Study OPEX(1)			Feasibility Study Total Operating Costs
		does not reflect benefits from Inflation Reduction Act			(Years 1 - 25)(2)(3)
		45X credits - 10% credit on cost of production					Lithium Process
	25,000
									Plant
										46%
								Mine	$6,743 per
	20,000							15%	tonne lithium
								carbonate
ProductionCosts LCE)tonneper							G&A
						3%
	15,000									Sulfuric Acid Plant
									36%
				Thacker Pass
2024EC1	($USD						Feasibility Study Reagents
		$6,743(1)
						(Years 1 - 25)(2)	26%
	10,000							Soda Ash
										Quicklime
										11%
	5,000								Reagents
									account for	Floculant
									~45% of	10%
	-								total OPEX	Limestone
							Liquid Sulphur		6%
	0	200	400	600	800	1,000	1,200
	43%	Other	Other (Acid Plant)
				Tonnes
								2%	2%

1. Cost curve source: Benchmark Mineral Intelligence, Q4 2023. 2024 production estimates, C1 2023 Cost LCE, no by-products. Thacker Pass Phase 1 production capacity and OPEX shown, based on Nov 2022 Feasibility Study. Nov 2022 Feasibility Study OPEX does not include the IRA 45X tax credit, which the Company is positioned to benefit from and which would provide a 10% credit on cost of production.
2. See the Company's Reports for full details.
3. Operating costs in each area include labor, maintenance materials and supplies, raw materials, outside services, among others. Labor is based on a 24/7 operation.