New York, February 19, 2026, 14:33 EST — Regular session
- Lithium Americas outlined $1.3 billion–$1.6 billion of 2026 capital spending for its Thacker Pass lithium project in Nevada
- China’s lithium carbonate futures were last around 145,000 yuan a tonne, down from a late-January peak
- Lithium-linked shares were mixed in U.S. trading, with big producers lower while project developers saw scattered support
Shares of Lithium Americas were up about 0.4% on Thursday after the company set out a $1.3 billion to $1.6 billion 2026 spending plan for Phase 1 of its Thacker Pass project in Nevada. The stock traded at $4.56 in afternoon New York dealings.
The capex number matters because it puts fresh price tags on a rare thing in this market: new supply that is actually being built. It also lands as producers and automakers wrestle with tariffs, financing costs and a lithium price that has refused to behave.
China’s benchmark lithium carbonate futures were around 145,000 yuan a tonne as of Feb. 19, down from an over two-year high of 180,000 reached late last month, Trading Economics data showed. Futures are exchange-traded contracts used to hedge or bet on where prices are headed. (Trading Economics)
Lithium Americas’ update flagged tariff exposure for equipment and materials sourced from Canada, China, India, the United Arab Emirates, Turkey and the European Union, and said roughly 75% of its total project cost is tied to labor and services not expected to be directly hit. Chief executive Jonathan Evans said “safety remains our top priority” as construction ramps, and the company reiterated a late-2027 target for mechanical completion — when major equipment is installed and ready for testing — for the 40,000-tonne-a-year lithium carbonate plant. (Lithium Americas)
Reuters reported the project is a joint venture with General Motors and holds enough lithium to build about 1 million electric vehicles annually. The U.S. Department of Energy took a 5% stake in Lithium Americas and a separate 5% stake in Thacker Pass last year, it said. (Reuters)
A policy jolt in China earlier this year showed how quickly sentiment can swing. In January, Beijing said it would phase out value-added tax export rebates for battery products from April, and the most-active lithium carbonate contract on the Guangzhou Futures Exchange jumped 9% that day, Reuters reported. (Reuters)
In U.S. trading on Thursday, Albemarle fell about 2.2%, Chile’s SQM slipped 1.2% and the Global X Lithium & Battery Tech ETF was down about 1.2%. Rio Tinto shares were off roughly 2.9%.
Dealmaking is still reshaping the supply map. Rio Tinto said on Wednesday it had taken majority control of Canada’s Nemaska Lithium, with first production from the planned lithium hydroxide plant in Bécancour expected in 2028, Reuters reported. (Reuters)
In Europe, Imerys froze its British Lithium project in Cornwall and said it would focus on its Emili lithium project in France instead. “We realised that managing two projects of this scale in two countries at the same time is a lot,” CEO Alessandro Dazza told reporters. (Reuters)
But the upside case still comes with fragile assumptions. If lithium prices slide again or trade rules change abruptly, project budgets can blow out and timelines can stretch, which is exactly what investors have punished across the sector for two years.
Next up, traders will parse Lithium Americas’ annual report and 10-K filing expected on March 19, and watch for its 2026 build milestones, including commissioning work on the high-voltage power line targeted to begin in the second quarter. (Investingnews)
