The Energy Report

Lithium Americas Corp. TICKER: LAC:TSX; LHMAF:OTCQX Visit Company Website Lithium Americas Corp. has identified the world's third-largest lithium-brine resource. A preliminary economic assessment identifies lithium carbonate operating costs of US$1,434/mt (prior to expected potash by-product credits), suggesting that the company has the potential to become the world's lowest-cost lithium producer. Lithium Americas is working on completing its definitive feasibility study. Mitsubishi Corporation and Magna International are shareholders and have off-take arrangements with the company.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

The Energy Report Interview with Mansur Khan (5/17/12) "The second brine company that I would highlight is Lithium Americas Corp. We are rating it a Buy, High Risk with a target price of $2.60. Now this is a more advanced brine developer, located in the province of Jujuy. Its Cauchari project hosts a high-grade resource of 8Mmt LCE. It's had extensive pump tests, pond- and pilot-level tests, as well as hydrological work done, and the company is currently on the verge of putting out a DFS on the project. It's also interesting to note that the DFS will trigger a decision by its strategic partners, Mitsubishi Corp and Magna International Inc., who have the option to secure 37.5% of lithium production in exchange for financing up to 37.5% of capital costs. So that's definitely a good arrangement to have in this kind of market. Lithium America's PEA from last year had estimated low cash costs of about $1,434 per ton, based on 20K tpa of phase one production. And of course one common theme with these brine projects is that, given their low impurities, there's strong byproduct credit potential. There's good infrastructure in place. . .final project approval from the province of Jujuy should be another catalyst for the stock." More >

Matt Gowing, Mackie Research (4/10/12) "Lithium Americas Corp. is on track to commercialize one of the world's largest and lowest cost lithium/potash brine projects in the world. . .the company has several competitive advantages, including the world's third-largest lithium resource, committed strategic partners, strong infrastructure at the project site, agreements with aboriginal groups and a proven management team."

The Gold Report Interview with George Ireland (4/9/12) "I visited a number of non-precious metal names, including Lithium Americas Corp. in Argentina. . . Lithium Americas is one of the most advanced brines project in South America, producing lithium using brine technology and solar evaporation—a very low-cost production method. We expect it to be among the first to market, in relatively due course." More >

Matt Gowing, Mackie Research (2/27/12) "This morning, Lithium Americas Corp. announced the completion of an independent 3D brine numerical model which simulated brine extraction from its Cauchari-Olaroz lithium/potash project. . .the key results include. . .production at high grade. . .high production rate. . .and long mine life. . .the results increase our confidence in the geological characteristics of the salar. Hence, we expect the feasibility study to demonstrate robust economics for the project in line or better than preliminary economic assessment estimates."

Jonathan Lee, Byron Capital Markets (2/27/12) "Lithium Americas Corp. expects 50% fewer wells for production of 20 Ktpa lithium carbonate. . .we estimate cost savings of less than $8M on capital costs. . .geologic modeling provided by AquaResource Inc. confirmed that the salar could provide significant mine life and sustain expected annual production, both at 20 Ktpa and at the expanded rate of 40 Ktpa."

• Corporate Fact Sheet (11/11/11)
• Corporate Presentation (11/11/11)

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