The following Management’s Discussion and Analysis (“MD&A”) provides information concerning the Company’s financial condition and results of operations and should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements and the notes thereto for the three and six months ended June 30, 2026 and audited consolidated financial statements and the notes thereto for the years ended December 31, 2025 and 2024 (“FY 2025” and “FY 2024,” respectively). The financial information in this MD&A is derived from the unaudited condensed consolidated interim financial statements prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses certain non-GAAP financial measures. For a detailed description of each of the non-GAAP measures used, please refer to the discussion under “Use of Non-GAAP Financial Measures and Reconciliations.” This item should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements and the notes thereto included in this Form 10-Q. The Company’s fiscal year is the 12-month period ending December 31. All references to “Q2 2026” and “Q2 2025” are to the fiscal quarters for the three-month periods ended June 30, 2026 and June 30, 2025, respectively. All references to “YTD Q2 2026” and “YTD Q2 2025” are to the six-month periods ended June 30, 2026 and June 30, 2025, respectively. Amounts stated in this MD&A are in United States dollars, unless otherwise indicated. COMPANY BACKGROUND Lithium Americas Corp. (the “Company”) is principally focused on development of Thacker Pass (“Thacker Pass” or the “Project”) a sedimentary-based lithium project located in the McDermitt Caldera in Humboldt County in north-western Nevada, U.S. Thacker Pass is owned by Lithium Nevada LLC (“LN”), a wholly owned subsidiary of Lithium Nevada Ventures LLC (“Lithium Nevada Ventures”), the joint venture (“JV”) between General Motors Holdings LLC (“GM”) and the Company (together, the “JV Partners”). As of August 12, 2026, the Company owned a 62% interest in Thacker Pass and managed the Project, GM owned a 38% interest in Thacker Pass, and the DOE owned a warrant to purchase 8,656,509,695 non-voting units of the JV, which was equal to a 5% economic interest in the JV on January 30, 2026 (the “Issuance Date”), at an exercise price of $0.0001 per unit (the “JV Warrant”). The JV is consolidated in the unaudited condensed consolidated interim financial statements of the Company. The Company was incorporated on January 23, 2023 under the Business Corporations Act (British Columbia). The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) and on the Toronto Stock Exchange (“TSX”) under the symbol “LAC.” The Company accounts for the business in one segment and one geographical area. The Company’s head office and principal address is Suite 3260, 666 Burrard Street, Vancouver, British Columbia, Canada, V6C 2X8. Q2 2026 AND SUBSEQUENT TO Q2 2026 HIGHLIGHTS •As of June 30, 2026, the Company had approximately $1.3 billion total cash and restricted cash, including $530.3 million at the Thacker Pass JV level. oOn March 19, 2026, the Company entered into an at-the-market (“ATM”) equity program, pursuant to which the Company may sell its common shares, no par value, up to a maximum aggregate offering price of $250 million (the “March 2026 ATM Program”). Net proceeds received from the March 2026 ATM Program may be used for general corporate purposes, which may include funding of corporate and project overhead, capital expenditures, debt repayment, and working capital. As of June 30, 2026, the Company issued and sold 13.0 million common shares at an average price of $5.36 per share for aggregate net proceeds of $68.5 million after sales agent’s commission and other expenses. Subsequent to Q2 2026, the Company issued and sold 1.1 million common shares at an average price of $3.87 per share for aggregate net proceeds of $4.2 million after sales agent’s commission and other expenses. oOn June 3, 2026, the Company received its third advance on the U.S. Department of Energy (the “DOE”) loan (“DOE Loan”) of $342 million. Cumulative advances total $1.209 billion. 21 MANAGEMENT’S DISCUSSION AND ANALYSIS (Expressed in US dollars, unless stated otherwise) oOn August 5, 2026, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with YA II PN, Ltd., an affiliate of Yorkville Advisors Global, LP (“Yorkville”), for up to $175 million in aggregate principal amount of subordinated convertible debentures (the “Yorkville Debentures”). At the initial closing, the Company has agreed to issue $150 million in Yorkville Debentures. The Company retains the right to issue up to an additional $25 million in Yorkville Debentures in one or more subsequent closings at its discretion, subject to conditions as further described in the Purchase Agreement. See Note 16 – Subsequent Events – Yorkville Convertible Debentures and Yorkville Advisors below for further discussion. oAs of August 12, 2026, the Company had 363,042,943 shares issued and outstanding. •The Company continues to progress major construction of the processing plant at Thacker Pass Phase 1, targeting mechanical completion in late 2027. As of June 30, 2026: o3.42 million workhours were completed without a serious injury or lost-time incident, with a total recordable incident frequency rate of 0.58. o$1.8 billion of construction capital and other project-related costs had been capitalized, of which $1.6 billion is part of the total capital expenditure (“Capex”) estimate of $2.93 billion per the Company’s Technical Report entitled “NI 43-101 Technical Report on the Thacker Pass Project Humboldt County, Nevada, USA,” effective December 31, 2024 (“Technical Report”). The Company continues to target a total Capex range of $1.3 billion to $1.6 billion for Thacker Pass Phase 1 for fiscal year 2026. See Capital Expenditure and 2026 Capex Guidance below for details. oDetailed engineering design completed surpassed 95%, while procurement exceeded 80%, including the shipment of major plant materials and equipment. oOver 1,600 personnel were on site, and on-site personnel levels are expected to increase to over 2,000 in the second half of 2026. oOver 1,500 workers were residing at the Company’s all-inclusive housing facility in Winnemucca (the “Workforce Hub” or “WFH”). •Long-lead equipment continued arriving at Thacker Pass and the fabrication yard in Winnemucca. Outstanding long-lead items are expected to be delivered throughout 2026, along with other equipment and construction materials. oOver 85% of the structural steel for Thacker Pass, which is sourced from the United Arab Emirates, is in transit or has arrived on site at Thacker Pass or the laydown yard in Winnemucca. The balance is expected in Q3 2026. The Company and Bechtel have worked with the steel supplier to minimize the impact of the Middle East conflict, including the closure of the Strait of Hormuz, on the fabrication and shipment of steel to Thacker Pass. The Company has successfully re-routed steel through the Port of Jeddah. •Development milestones achieved at Thacker Pass during Q2 2026 include: oCompleting upgrades to the high voltage power line connecting Thacker Pass to the local power grid. oPlacement of the first Electrical Room, 115kV Power Transformer and Control Enclosures. oProgressing structural steel at the Filter Building, Magnesium Sulfate Building and the Lithium Carbonate Building. oDeliveries of approximately 100 prefabricated pipe rack modules, with pre-installed piping manufactured in Winnemucca. Deliveries are expected to continue throughout Q3 2026. oCommencement and continuation of key equipment installation at the following facilities: ▪Lithium Carbonate Crystallizer: Bicarbonate Reactor; ▪Magnesium Sulfate Building: Turbo Fans, Stage 4 Crystallizer; ▪Filter Building: Air Compressors and Receivers, Conveyor Tail Pulleys, Neutralization Filter Discharge Conveyors; 22 MANAGEMENT’S DISCUSSION AND ANALYSIS (Expressed in US dollars, unless stated otherwise) ▪Countercurrent Decantation and Run-of-Mine areas: Thickener Steel and Shell Plates; ▪Sulfuric Acid Plant: Fin Fan Coolers, SS Converter, Steam Turbine Generator, Main Compressor, Cold Interpass Heat Exchanger, Hot Interpass Heat Exchanger and the 198-foot-tall Duplex Plant Stack. •The following are expected development milestones for the second half of 2026: oAll main concrete required at the site is expected to be completed. oEarly commissioning of utilities in the individual plants is expected to commence. oGiven the advanced level of detailed engineering achieved, the Company has commenced a definitive capital estimate, targeting completion by the end of Q3 2026. Advanced engineering and procurement is expected to enable the team to estimate remaining quantities and materials with higher confidence. The Company will use current data to assess remaining labor needs and productivity rates for the estimate and will incorporate recent and unexpected developments, including implications from tariffs, conflicts in the Middle East, fuel prices, and other inflationary increases not included in the total Capex estimate of $2.93 billion per the Company’s Technical Report. During Q2 2026, the cost environment for activities associated with Thacker Pass was also unfavorably impacted by items such as: reduced open sea lane availability, reductions in the availability of U.S. fabrication capacity, constraints in U.S. logistics, further inflationary pressures as well as an increasingly competitive skilled labor market. Further, total associated tariff exposure, the majority of which is expected to be incurred during 2026, is estimated between $80 million and $100 million. •Construction at the Company’s Transload Terminal (“TLT”) west of Winnemucca continues. In Q2 2026, the general site and railroad grading were completed and installation of rail stabilization (geo-membrane) and sub-ballast commenced. Completion of the TLT is targeted in 2027 to align with startup at Thacker Pass. The TLT is approximately 60 miles from Thacker Pass, adjacent to the rail line, and is intended to support operations by serving as a critical logistics hub for the operation’s reagents. •During Q2 2026, the Company delivered a $5.0 million commitment to the Fort McDermitt Paiute and Shoshone Tribe’s Building Fund, in accordance with its obligations under the Community Benefits Agreement. The funds will support plans to rebuild a Travel Plaza, which was lost to fire in September 2020. An additional $0.4 million has been contributed to the tribe for workforce training, cultural monitoring and administrative purposes. CAPITAL EXPENDITURE AND 2026 CAPEX GUIDANCE As of June 30, 2026, a total of $1.8 billion of construction capital costs and other project-related costs had been capitalized, of which $1.6 billion is part of the total Capex estimate of $2.93 billion per the Company’s Technical Report. The Company continues to target a total Capex range of $1.3 billion to $1.6 billion for Thacker Pass Phase 1 for fiscal year 2026. The table below summarizes Capex in the three and six months ended June 30, 2026, cumulative Capex to June 30, 2026, as well as the Company’s 2026 Capex guidance. (in US$ millions, except as noted) For the Three Months Ended June 30, 2026 For the Six Months Ended June 30, 2026 Fiscal Year 2026 Capex Guidance Cumulative to June 30, 2026 Thacker Pass Phase 1 construction costs included in the total $2.93 billion Capex estimate 1, 2 $ 483.6 $ 759.1 $1.2 - $1.5 billion $ 1,621.7 Other capitalized development costs for Thacker Pass 3 7.1 15.4 30.0 - 40.0 108.5 Capitalized interest, including the Orion Notes and DOE Loan 17.2 27.9 45.0 - 55.0 54.9 Total $ 507.9 $ 802.4 $1.3 - $1.6 billion $ 1,785.1 1Thacker Pass Phase 1 construction costs cumulative to June 30, 2026 and those estimated for fiscal year 2026, do not include $19.5 million and $8.0 million, respectively, of community contributions that are required to be expensed under U.S. GAAP, though these were included in the $2.93 billion 23 MANAGEMENT’S DISCUSSION AND ANALYSIS (Expressed in US dollars, unless stated otherwise) Capex estimate per the Company’s Technical Report. 2Thacker Pass Phase 1 construction costs cumulative to June 30, 2026, and those estimated for fiscal year 2026, include actual tariffs incurred through June 30, 2026. Thacker Pass Phase 1 construction costs estimate for fiscal year 2026 also include estimated tariff exposure, primarily for equipment and construction materials sourced from Canada, China, India, UAE, Turkey and the European Union. The Company has been working toward limiting the effect of any potential tariffs on its construction supply chain, with approximately 75% of the total capital project cost structure related to labor, contractors and other services not expected to be directly affected by any potential tariffs. The Company continues to closely monitor potential tariff exposure; however, changes in tariffs and trade restrictions can be announced with little or no advance notice. 3Other capitalized development costs are required to be capitalized under U.S. GAAP, though these were not included in the $2.93 billion Capex estimate per the Company’s Technical Report. MATERIAL RELATIONSHIPS AND RELATED AGREEMENTS DOE ATVM Loan Program The DOE and the Company’s subsidiary, LN, executed the DOE Loan on October 28, 2024 for a construction facility with a maximum borrowing of $1.97 billion plus up to $289.6 million of capitalized interest for a total of $2.26 billion, provided under the Advanced Technology Vehicles Manufacturing (“ATVM”) Loan Program, to fund eligible construction costs of Thacker Pass through November 30, 2028. The DOE Loan was amended on December 20, 2024 to accommodate the formation of Lithium Nevada Ventures, and further amended on October 7, 2025 pursuant to an omnibus waiver, consent and amendment (as amended, the “OWCA”), which reduced the expected total loan amount to $2.23 billion (reflecting lower estimated capitalized interest during construction of $256 million). On January 30, 2026, as required under the OWCA: •The Company issued to the DOE a warrant to purchase up to 18,268,687 common shares (the “LAC Warrant”), which was equal to 5% of the Company’s outstanding total shares as of the Issuance Date, at an exercise price of $0.01 per share, and the JV issued to the DOE the JV Warrant to purchase 8,656,509,695 non-voting units of the JV (together with the LAC Warrant, the “Warrants”), which was equal to a 5% economic interest in the JV as of the Issuance Date, at an exercise price of $0.0001 per unit. Each Warrant is exercisable for ten years from the Issuance Date, subject to customary anti-dilution adjustments and other terms set forth in the respective Warrant. •In connection with these issuances, the JV, the Company, 1339480 B.C. Ltd., LAC US Corp. (the “LAC JV Member”), GM and the DOE, entered into a Put, Call and Exchange Agreement (the “Put, Call and Exchange Agreement”), under which the DOE may require GM to purchase the JV Warrant (or cause the JV to do so), or, failing agreement on price, exchange it for Company common shares. GM has a corresponding call right following substantial completion of Thacker Pass. As of August 12, 2026, the Warrants had not been exercised. Periodic repayments of principal and interest on the DOE Loan commence January 20, 2029, which has a maturity date of July 20, 2048. Prepayment is permitted at any time, subject to certain conditions. As of June 30, 2026, the Company received advances under the DOE Loan of $435.0 million on October 20, 2025, $432.0 million on February 24, 2026, and $342.0 million on June 3, 2026. 24 MANAGEMENT’S DISCUSSION AND ANALYSIS (Expressed in US dollars, unless stated otherwise) General Motors Equity Investment, Joint Venture and Offtake On October 15, 2024, the Company entered into an investment agreement (the “Investment Agreement”) with GM to establish a JV for the purpose of funding, developing, constructing and operating Thacker Pass (the “JV Transaction”). The JV Transaction closed on December 23, 2024, prior to which the Company transferred its interest and certain other assets into Lithium Nevada Ventures. Under the Investment Agreement, GM acquired a 38% asset-level ownership stake in Thacker Pass for $625.0 million in total cash and letters of credit, including $430.0 million of direct cash funding to the JV for Phase 1 construction and a $195.0 million letter of credit facility (“LC Facility”) for DOE Loan reserve account collateral (issued for the benefit of Citibank, N.A. in its capacity as collateral agent under the DOE Loan on August 5, 2025). GM is required to purchase lithium production from Thacker Pass Phase 1, equal to 20% of GM’s specific lithium requirements, up to 100% of Phase 1 production volume (“Phase 1 Offtake Agreement”), extended to 20 years concurrently with the DOE Loan closing. GM also entered into an additional 20-year offtake agreement for up to 38% of Phase 2 volumes (“Phase 2 Offtake Agreement” and, together with the Phase 1 Offtake Agreement, the “Offtake Agreements”), retaining a right of first offer on the remaining Phase 2 balance. On October 7, 2025, in connection with the OWCA, the Company and GM agreed to amend the Offtake Agreements to, among other things, accelerate delivery dates for annual forecasts, extend the initial forecast period from two to three years (with the second and third years non-binding), require the JV to prioritize GM’s volume requirements, cap third-party commitments based on the difference between production and purchase forecasts, cap GM’s forecast growth at 20% year-over-year during the first five years, and provide GM with a profit true-up right if relinquished volumes are later needed at higher third-party costs. If the DOE exercises the JV Warrant in full, the JV economic interests would (prior to funding of the additional $120 million DOE Loan reserve accounts as required within 12 months of the OWCA) be 59% the Company (which continues as manager of the Project), 36% GM, and 5% DOE, with voting interest unchanged at 62% and 38% for Lithium Americas and GM, respectively. The DOE has observer rights at JV Board meetings for so long as it holds the JV Warrant or non-voting JV units. The DOE and GM have certain rights under the Put, Call and Exchange Agreement that may result in ownership adjustments. Orion Resource Partners On April 1, 2025 (the “Orion Closing Date”), the Company closed a $250.0 million strategic investment (the “Orion Investment”) from fund entities managed by Orion Resource Partners LP (collectively, “Orion”) for the development and construction of Thacker Pass. Orion purchased $195.0 million in aggregate principal amount of senior unsecured convertible notes (the “Notes”) and entered into a production payment agreement (“PPA”) for $25.0 million, under which payments correspond to minerals processed and gross revenue from Thacker Pass (together, the Notes and PPA represent an initial investment of $220.0 million). Orion has committed to purchase an additional $30.0 million in aggregate principal amount of Notes within two years of the Orion Closing Date (the “Delayed Draw Notes”), subject to the satisfaction of certain conditions precedent, upon request by the Company. The Notes mature on April 1, 2030 and accrue interest at 9.875% annually, payable quarterly in arrears in cash or, at the Company’s option, by capitalizing to principal. The Notes are convertible at the holder’s option at any time prior to maturity at an initial conversion price of $3.78 per share, subject to certain adjustments. In October 2025, Orion converted $97.5 million of principal, and the Company issued 25.8 million common shares to Orion, with future interest payable reduced pro rata. Under the PPA, Orion is entitled to fixed and variable production payments on the first 41,500 tonnes of lithium processed at Thacker Pass annually, subject to certain adjustments. Yorkville Advisors On August 5, 2026, the Company entered into the Purchase Agreement with Yorkville for the Yorkville Debentures. At the initial closing, the Company has agreed to issue $150 million in Yorkville Debentures. The Company retains the right to 25 MANAGEMENT’S DISCUSSION AND ANALYSIS (Expressed in US dollars, unless stated otherwise) issue up to an additional $25 million in Yorkville Debentures in one or more subsequent closings at its discretion, subject to conditions as further described in the Purchase Agreement. The Yorkville Debentures mature 5 years after each funding date and accrue interest at 5% per annum. The interest rate increases to 7.50% during the initial two-year period, and to 15% after two years, in each case if certain specified events occur (including if the stock price falls below the floor price for a specified period, if the registration statement is unavailable for an extended period, or if the exchange cap is substantially exhausted). The Yorkville Debentures are convertible at the holder’s option at a conversion price equal to the lower of a fixed price (which shall be the higher of 140% of the NYSE closing price on the day prior to the initial closing and $3.79) or a variable price (95% of the lowest daily VWAP during the five trading days prior to conversion), subject to a floor price equal to 50% of the NYSE official closing price on the day prior to the date of issuance (which shall be reduced in certain circumstances, but in no event to less than 20% of such price). Subject to certain repayment limitations while convertible notes remain outstanding to Orion, the Company may redeem the Yorkville Debentures after 181 days at a 10% premium. Upon a change of control, Yorkville may require repurchase at a 10% premium. The Yorkville Debentures are subordinated to the Company’s obligations under the Notes. Department of War Grant In August 2024, the Company received approval for a $11.8 million grant from the U.S. Department of War (previously known as the Department of Defense) to support local power infrastructure upgrades and construction of a transloading facility. At June 30, 2026, $6.6 million of eligible costs had been incurred and $5.2 million remained available. RESULTS OF OPERATIONS The selected consolidated financial information set out below has been derived from the Company's audited consolidated annual financial statements for FY 2025 and unaudited condensed consolidated interim financial statements for Q2 2026 and should be read in conjunction with those consolidated financial statements and the related notes thereto. The Six Months Ended June 30, 2026 compared with the Six Months Ended June 30, 2025 The following table provides a summary of the Company’s unaudited condensed consolidated interim statements of income (loss) for YTD Q2 2026 compared with YTD Q2 2025. For the Six Months Ended June 30, (in US$ millions except for share amounts) 2026 2025 Change Net income (loss) $ 6.3 $ (24.8 ) $ 31.1 Net income (loss) attributable to LAC stockholders 1.7 (23.1 ) 24.8 Net income (loss) per share – basic - attributable to common stockholders 0.00 (0.11 ) 0.11 Net income (loss) per share - diluted - attributable to common stockholders (0.07 ) (0.11 ) 0.04 Net income (loss) comprised of: General and administrative expenses $ (26.2 ) $ (14.4 ) $ (11.8 ) Transaction costs (1.0 ) (17.6 ) 16.6 Gain/(loss) on financial instruments measured at fair value: Gain on LAC Warrant and JV Warrant obligations 4.9 - 4.9 Gain on convertible debt and conversion feature 20.0 6.8 13.2 Loss on financial instruments measured at fair value (4.7 ) (2.2 ) (2.5 ) Other income 13.3 2.7 10.6 General and administrative expenses increased to $26.2 million in YTD Q2 2026 (YTD Q2 2025 - $14.4 million) due to increased hiring, share-based compensation, community investment, and regulatory and professional fees supporting expanded operations. Transaction costs decreased to $1.0 million in YTD Q2 2026 (YTD Q2 2025 - $17.6 million). YTD Q2 2026 costs primarily related to advisory and professional fees for the LAC Warrant and JV Warrant issuances on January 30, 2026, while YTD 26 MANAGEMENT’S DISCUSSION AND ANALYSIS (Expressed in US dollars, unless stated otherwise) Q2 2025 costs primarily related to the Orion Investment and advisory fees due upon achieving the final investment decision (“FID”) for Thacker Pass Phase 1. The LAC Warrant and the JV Warrant were initially recognized as financial liabilities on October 7, 2025. A $5.0 million loss on change in fair value of the LAC Warrant was recognized in YTD Q2 2026 (YTD Q2 2025 - $nil), reflecting the increase in the Company’s share price from $4.36 on December 31, 2025 to $4.87 on January 30, 2026, when the LAC Warrant was issued and reclassified to equity. A $9.9 million gain on change in fair value of the JV Warrant, including obligations under the Put, Call and Exchange Agreement, was recognized in YTD Q2 2026 (YTD Q2 2025 - $nil), primarily reflecting the decrease in share price from $4.36 on December 31, 2025 to $3.85 on June 30, 2026. A $20.0 million gain on change in fair value of the embedded derivative associated with the Notes (the “Embedded Derivative”) was recognized in YTD Q2 2026 (YTD Q2 2025 - $6.8 million), primarily reflecting the decrease in the Company’s share price from $4.36 at December 31, 2025 to $3.85 at June 30, 2026. A $4.7 million loss on financial instruments measured at fair value was recognized in YTD Q2 2026 (YTD Q2 2025 - $2.2 million), primarily consisting of a $4.5 million loss on change in fair value of the Company’s investment in Ascend Elements, Inc. (“Ascend Elements”) (YTD Q2 2025 - $1.8 million loss). During YTD Q2 2026, the Company determined the fair value of the Ascend Elements investment was $nil based on public disclosures indicating significant uncertainty regarding recovery. Other income for YTD Q2 2026 increased to $13.3 million (YTD Q2 2025 - $2.7 million), primarily due to higher interest income from increased balances in interest-generating bank accounts, driven largely by proceeds from the Company’s ATM programs. The Three Months Ended June 30, 2026 compared with the Three Months Ended June 30, 2025 The following table provides a summary of the Company’s unaudited condensed consolidated interim statements of income (loss) for Q2 2026 compared with Q2 2025. For the Three Months Ended June 30, (in US$ millions except for share amounts) 2026 2025 Change Net income (loss) $ 1.7 $ (13.2 ) $ 14.9 Net income (loss) attributable to LAC stockholders 2.2 (12.4 ) 14.6 Net income (loss) per share – basic - attributable to common stockholders 0.01 (0.06 ) 0.07 Net income (loss) per share – diluted - attributable to common stockholders (0.02 ) (0.06 ) 0.04 Net income (loss) comprised of: General and administrative expenses $ (15.1 ) $ (7.8 ) $ (7.3 ) Transaction costs - (13.3 ) 13.3 Gain/(loss) on financial instruments measured at fair value: Gain on JV Warrant obligation 4.5 - 4.5 Gain on convertible debt and conversion feature 5.7 6.8 (1.1 ) Loss on financial instruments measured at fair value (0.1 ) (0.2 ) 0.1 Other income 6.7 1.4 5.3 General and administrative expenses increased to $15.1 million in Q2 2026 (Q2 2025 - $7.8 million) due to increased hiring, share-based compensation, community investment and regulatory and professional fees supporting expanded operations. Transaction costs decreased to $nil in Q2 2026 (Q2 2025 - $13.3 million). Q2 2025 costs primarily related to third-party transaction costs for the Orion Investment and advisory fees due upon achieving FID for Phase 1 at Thacker Pass. The JV Warrant was initially recognized as a financial liability on October 7, 2025. A $4.5 million gain on change in fair value of the JV Warrant, including obligations under the Put, Call and Exchange Agreement, was recognized in Q2 2026 (Q2 2025 - $nil), primarily reflecting the decrease in the Company’s share price from $3.95 on March 31, 2026 to $3.85 on June 30, 2026. 27 MANAGEMENT’S DISCUSSION AND ANALYSIS (Expressed in US dollars, unless stated otherwise) A $5.7 million gain on change in fair value of the Embedded Derivative was recognized in Q2 2026 (Q2 2025 - $6.8 million), primarily reflecting the decrease in the Company’s share price from $3.95 at March 31, 2026 to $3.85 at June 30, 2026. Other income increased to $6.7 million in Q2 2026 (Q2 2025 - $1.4 million), primarily due to higher interest income from increased balances in interest-generating bank accounts, driven largely by proceeds from the Company’s ATM programs. Selected financial position information (in US$ millions) June 30, 2026 December 31, 2025 Change Cash and restricted cash $ 1,279.2 $ 905.6 $ 373.6 Mineral properties, plant and equipment, net 2,090.8 1,344.0 746.8 Total assets 3,535.9 2,579.0 956.9 Total liabilities 1,586.3 992.4 593.9 At June 30, 2026, total assets increased by $956.9 million from December 31, 2025, driven primarily by a $373.6 million increase in cash and restricted cash and a $746.8 million net increase in mineral properties, plant and equipment, partially offset by a $157.2 million decrease in deferred financing costs. •Cash and restricted cash increased primarily from DOE Loan advances and proceeds from the Company’s ATM programs, partially offset mainly by cash outflows related to Thacker Pass construction costs, general and administrative expenses, and transaction costs. DOE Loan advances are held in restricted bank accounts owned by LN and managed by a collateral agent. •Mineral properties, plant and equipment, net increased mainly due to continued development of Thacker Pass, including costs associated with completion of the WFH, on-going engineering and procurement activities, payments towards long-lead equipment as well as continued on-site construction works. In addition, in YTD Q2 2026, finance costs, related to Thacker Pass totaling $32.7 million including interest on the Orion Investment and DOE Loan advances, were capitalized. •Deferred financing costs decreased due to reclassification of $157.2 million in unamortized costs related to the second and third DOE Loan advances. Upon signing the OWCA, $400.2 million in transaction costs were recorded as an asset. As funds are advanced, these costs are allocated to the DOE Loan liability proportionally and amortized as interest over the loan term using the effective interest method, then capitalized to Thacker Pass. At June 30, 2026, total liabilities increased by $593.9 million compared to December 31, 2025, primarily driven by the following: •a $637.0 million increase in the DOE Loan, reflecting advances of $774.0 million and $17.4 million of interest costs, net of $157.2 million of amortized deferred financing costs; and •an $83.8 million decrease in the LAC Warrant obligation, reflecting the $88.8 million fair value reclassified to equity on January 30, 2026, partly offset by a $5.0 million loss recognized for the fair value increase from December 31, 2025 to January 30, 2026. LIQUIDITY AND CAPITAL RESOURCES The Company has recurring net operational losses (excluding non-cash net gains on financial instruments measured at fair value) and negative operating cash flows and expects to continue operating at an operating loss for the foreseeable future while Thacker Pass Phase 1 is under development. The Company will not generate revenues from operations until after Thacker Pass begins production, with mechanical completion targeted in late 2027 and production ramp-up during 2028. The Company believes it will have sufficient available liquidity to carry out its business plans, including currently planned development activities at Thacker Pass, for at least the next 12 months. Liquidity includes cash, restricted cash, and available borrowing capacity under the DOE Loan. Beyond 12 months, until the Company generates sufficient operating cash flows, it expects to meet its obligations and fund Thacker Pass development through available cash and restricted cash as well as established financings; however, due to conditions associated with such financings, there can be no assurance the Company will successfully complete all contemplated financing plans. The Company may also engage in 28 MANAGEMENT’S DISCUSSION AND ANALYSIS (Expressed in US dollars, unless stated otherwise) capital markets transactions on an opportunistic basis as market conditions permit. The Company does not engage in currency hedging. At June 30, 2026, the Company had cash of $822.8 million (December 31, 2025 - $568.2 million), restricted cash of $456.4 million (December 31, 2025 - $337.4 million), and working capital (non-GAAP) of $1.0 billion (December 31, 2025 - $734.8 million). DOE Loan advances, cash flows from Thacker Pass, and other amounts received by LN are required to be held in restricted cash accounts owned by LN and managed by a collateral agent, pursuant to the Collateral Agency and Accounts Agreement (as amended, the “Accounts Agreement”) by and among LN, DOE, and Citibank, N.A. as collateral agent (“Collateral Agent”) and depositary bank (“Depositary Bank”). LN must comply with certain reporting and notice requirements to draw upon or deposit amounts in these accounts. DOE Loan advances typically occur quarterly, and the Company draws upon those funds monthly. The Company has the following sources of liquidity or capital resources, which are also described above in sections Q2 2026 and Subsequent to Q2 2026 Highlights and Material Relationships and Related Agreements. Debt On April 1, 2025, the Company closed the Orion Investment for gross proceeds of $220.0 million. Subject to certain conditions, Orion agreed to purchase an additional $30.0 million in Delayed Draw Notes within two years of the Orion Closing Date upon the Company’s request. In October 2025, Orion converted $97.5 million of principal and accrued interest into 25.8 million common shares. At June 30, 2026, the convertible debt principal balance was $116.0 million (December 31, 2025 - $110.5 million), with remaining principal and deferred interest due in April 2030, unless redeemed or converted early. On October 28, 2024, the Company closed the $2.26 billion DOE Loan under the ATVM Loan Program to finance construction of Phase 1 processing facilities at Thacker Pass. On October 7, 2025, the Company and DOE entered into the OWCA, which reduced the expected total loan amount to $2.23 billion (due to lower estimated capitalized interest of $256.0 million), while principal remained at $1.97 billion. The Company received its initial advance of $435.0 million on October 20, 2025, followed by its second advance of $432.0 million on February 24, 2026, and third advance of $342.0 million on June 3, 2026, with advances totaling $1.209 billion to June 30, 2026. The Company agreed to contribute an additional $120 million to DOE Loan reserve accounts within 12 months of the OWCA. Principal and interest repayments do not commence until January 2029. On August 5, 2026, the Company entered into the Purchase Agreement for up to $175 million of Yorkville Debentures, of which $150 million will be issued at the initial closing. The Yorkville Debentures will be subordinated to the Notes. See “Yorkville Advisors” above for further discussion. Joint Venture with GM On October 15, 2024, the Company and GM entered into the Investment Agreement to establish the JV for funding, developing, constructing, and operating Thacker Pass. As of June 30, 2026, GM has contributed $430.0 million in cash to the JV. In August 2025, GM provided a $195 million letter of credit facility, which bears no interest and matures with the DOE Loan, unless otherwise withdrawn under the Investment Agreement. At June 30, 2026, the Company's net assets of $1.9 billion included $1.4 billion held in the JV (inclusive of GM's non-controlling interest), of which $1.4 billion was held by LN. The DOE Loan restricts transfers of assets from LN to the Company, including prohibitions on dividend payments, loans, other payments, and transfers of collateral. Exceptions to such restrictions are possible upon satisfaction of certain conditions, including construction milestones. The DOE Loan also requires LN to maintain working capital (non-GAAP) sufficient to cover project-related costs. The JV Transaction documents impose additional restrictions on asset transfers from LN, including transfers of material assets outside the ordinary course 29 MANAGEMENT’S DISCUSSION AND ANALYSIS (Expressed in US dollars, unless stated otherwise) or assets exceeding $5.0 million (subject to exceptions for lithium sales in the ordinary course or sales of non-productive assets under $10.0 million). Equity Offerings On November 13, 2025, the Company entered into an equity distribution agreement, pursuant to which the Company may sell its common shares, no par value, up to a maximum aggregate offering price of $250.0 million (the “November 2025 ATM Program”). The Company completed the November 2025 ATM Program on January 26, 2026. During the first quarter of 2026, the Company sold 32.5 million common shares at an average price of $5.92 per share, for aggregate net proceeds of $189.7 million after sales agent’s commission and other expenses. On March 19, 2026, the Company established the March 2026 ATM Program. During Q2 2026, the Company sold 13.0 million common shares at an average price of $5.36 per share for aggregate net proceeds of $68.5 million after sales agent’s commission and other expenses. Subsequent to June 30, 2026, the Company issued and sold 1.1 million common shares at an average price of $3.87 per share pursuant to the March 2026 ATM Program, for net proceeds of $4.2 million after sales agent’s commission and other expenses. Cash Flow Summary For the Six Months Ended June 30, (in US$ millions) 2026 2025 Net cash used in operating activities $ (23.8 ) $ (49.5 ) Net cash used in investing activities (631.6 ) (353.5 ) Net cash provided by financing activities 1,029.0 317.9 Change in cash and restricted cash 373.6 (85.1 ) Cash and restricted cash – beginning of period 905.6 594.2 Cash and restricted cash – end of period $ 1,279.2 $ 509.1 Operating Activities Net cash used in operating activities in YTD Q2 2026 was $23.8 million, a decrease of $25.7 million from YTD Q2 2025, primarily due to higher interest income of $10.9 million, lower transaction costs of $16.6 million and lower net working capital use (non-GAAP) of $8.5 million, partially offset by higher general and administrative expenses of $11.9 million. Investing Activities Net cash used in investing activities in YTD Q2 2026 was $631.6 million, an increase of $278.1 million from YTD Q2 2025, primarily due to higher construction activity and expenditures at Thacker Pass. Financing Activities Net cash provided by financing activities in YTD Q2 2026 was $1.0 billion, compared to net cash provided by financing activities of $317.9 million in YTD Q2 2025. YTD Q2 2026 net proceeds received from financing transactions included $189.7 million in net proceeds from the November 2025 ATM Program, $68.5 million in net proceeds from the March 2026 ATM Program, and $774.0 million from DOE Loan advances, partially offset by principal payments for finance lease obligations and financing fees. In YTD Q2 2025, net proceeds received from financing transactions included $211.8 million for the Notes and PPA, $100.0 million contribution from GM to the JV at FID, and $8.5 million in net proceeds from ATM programs, partially offset by principal payments for finance lease obligations and financing fees. Contractual Obligations The Company’s contractual obligations, commitments under long-term purchase agreements and other commitments as at June 30, 2026 are disclosed in Notes 4, 7, 8 and 15 to the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2026. 30 MANAGEMENT’S DISCUSSION AND ANALYSIS (Expressed in US dollars, unless stated otherwise) OFF-BALANCE SHEET ARRANGEMENTS As at June 30, 2026, the Company had no off-balance sheet arrangements that have or are reasonably likely to have a material effect on its financial condition, results of operations, or liquidity. DECOMMISSIONING PROVISION AND RECLAMATION BONDS The carrying value of the decommissioning liability arising from exploration and development activities at Thacker Pass was $0.5 million as of June 30, 2026 (December 31, 2025 - $0.5 million). The Company has a $1.7 million reclamation bond payable to the Bureau of Land Management (“BLM”), guaranteed by a third-party insurance company, with $0.3 million accepted and obligated for exploration projects. In February 2025, a $73 million reclamation bond payable to the BLM was established for Thacker Pass and accepted and obligated in March 2025. CRITICAL ACCOUNTING POLICIES AND ESTIMATES The Company’s unaudited condensed consolidated interim financial statements to June 30, 2026 have been prepared in accordance with U.S. GAAP. Preparation of unaudited condensed consolidated interim financial statements requires management to make estimates affecting reported amounts of assets, liabilities, and expenses. The Company bases its estimates on historical experience and various assumptions that it believes are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. The significant accounting policies of the Company are described in Note 2 to the audited consolidated financial statements for the year ended December 31, 2025. A summary of the Company’s critical accounting estimates is described in Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Company’s annual report on Form 10-K for the year ended December 31, 2025. There have been no significant changes to these policies or estimates during the six months ended June 30, 2026. Accounting Developments For a discussion of Recently Adopted and Recently Issued Accounting Pronouncements, refer to Note 2 to the audited consolidated financial statements for the year ended December 31, 2025 and Note 1 to the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2026. USE OF NON-GAAP FINANCIAL MEASURES AND RECONCILIATION The Company makes reference to certain non-GAAP measures. These measures are not recognized under U.S. GAAP, do not have a standardized meaning prescribed by U.S. GAAP, and therefore, may not be comparable to similar measures presented by other companies. Rather, these measures provide additional information to complement U.S. GAAP measures by providing further understanding of the Company's liquidity from management’s perspective. Accordingly, these measures are not intended to represent and should not be considered as alternatives to U.S. GAAP performance measures of liquidity. In addition to U.S. GAAP results, the Company uses “working capital,” a non-GAAP measure, to provide investors with a supplemental measure of liquidity and highlight trends in the core business that may not otherwise be apparent when relying solely on U.S. GAAP measures. “Working capital” is the difference between current assets and current liabilities, derived from the Company’s consolidated financial statements and applied on a consistent basis as appropriate. Various assets and liabilities fluctuate significantly from month to month depending on short-term liquidity needs. The Company discloses this measure because it believes it assists readers in understanding the Company’s financial position and provides further information about liquidity to investors. (in US$ millions) June 30, 2026 December 31, 2025 Change Current assets $ 1,282.5 $ 911.6 $ 370.9 Less: current liabilities 234.6 176.8 (57.8 ) Working capital (non-U.S. GAAP) $ 1,047.9 $ 734.8 $ 313.1 31