New York, February 19, 2026, 14:33 EST — Regular session
- Lithium Americas put its 2026 capital spending for the Thacker Pass lithium project in Nevada at $1.3 billion to $1.6 billion.
- Lithium carbonate futures in China hovered near 145,000 yuan per tonne, backing off from their late-January high.
- U.S. lithium shares split direction—major producers dipped, but there was selective buying among project developers.
Lithium Americas stock edged up roughly 0.4% Thursday, trading at $4.56 in New York that afternoon, after the company outlined a $1.3 billion to $1.6 billion capital plan for Phase 1 at its Thacker Pass site in Nevada, targeting 2026.
Capex is drawing attention here—it’s a real-world number slapped on something pretty scarce these days: actual new supply in the works. And this comes while producers and carmakers are dealing with tariffs, financing headaches, and a lithium price that just won’t play ball.
Lithium carbonate futures in China hovered near 145,000 yuan per tonne on Feb. 19, slipping from a late-January peak above 180,000—the highest level in more than two years, according to Trading Economics. Futures like these, traded on exchanges, give market players a tool to hedge or speculate on price moves.
Lithium Americas highlighted tariff risks tied to equipment and materials sourced from Canada, China, India, the UAE, Turkey, and the EU, but noted that about 75% of its overall project spending is linked to labor and services unlikely to be hit directly. “Safety remains our top priority,” CEO Jonathan Evans said as construction moves forward. The company stuck with its late-2027 timeline for mechanical completion — that’s when core equipment should be installed and ready for testing — at its 40,000-tonne-per-year lithium carbonate facility. Lithium Americas
According to Reuters, the project—being developed in partnership with General Motors—contains sufficient lithium for roughly 1 million electric vehicles each year. The U.S. Department of Energy picked up a 5% stake in Lithium Americas last year, and also took a separate 5% stake in Thacker Pass, the report added.
China’s policy move earlier this year triggered a rapid shift in sentiment. When Beijing announced in January it would gradually scrap value-added tax export rebates on battery products starting in April, the most-traded lithium carbonate contract on the Guangzhou Futures Exchange surged 9% that day, according to Reuters.
Albemarle dropped 2.2% in Thursday’s U.S. session, while Chile’s SQM edged down 1.2%. The Global X Lithium & Battery Tech ETF lost 1.2%. Rio Tinto shares declined around 2.9%.
The deal wave keeps redrawing the supply landscape. On Wednesday, Rio Tinto announced it now holds majority control of Canada’s Nemaska Lithium. Reuters reports first output from the Bécancour lithium hydroxide facility is slated for 2028.
Imerys has put its British Lithium project in Cornwall on ice, shifting attention to the Emili lithium venture in France. “We realised that managing two projects of this scale in two countries at the same time is a lot,” CEO Alessandro Dazza said to reporters. Reuters
The bullish scenario hinges on shaky ground. Lithium prices could drop—or a sudden shift in trade policy could throw everything off. Either way, project costs may spiral and schedules get pushed out, the sort of setbacks that have drawn investor backlash throughout the sector over the past two years.
Traders are eyeing Lithium Americas’ annual report and 10-K, both slated for March 19. Attention will also turn to the company’s 2026 build targets—most notably, the kickoff of high-voltage power line commissioning, which is scheduled for the second quarter.
