Why it’s on the map
Thacker Pass NV — largest US lithium build (40,000 tpa Phase 1, mechanical completion late 2027). GM owns 38% of JV with 20-yr offtake.
Government money & contracts
DOE $2.23B ATVM loan; DOE holds 5% warrants in LAC + 5% of the JV. $432M second draw Feb 2026.
Customers & commercial
General Motors (JV partner, 20-year offtake).
Catalysts
Construction milestones; further DOE draws; workforce >2,000 in H2 2026.
Risk
Near 52-wk low; $80–120M tariff exposure on imported equipment; first-of-kind claystone process; 2028 story.
Tariff durability
Policy-backed; not Canada-linked.