U.S. eyes up to 10% stake in $LAC as it renegotiates a $2.26B DOE loan for Nevada’s Thacker Pass; $GM holds 38% project stake and phase-one offtake, with first production targeted before 2028 at ~40,000 t/yr.

WINNERS

Category 1 — U.S. lithium developers/producers

Reason: Potential federal equity and financing support lowers cost of capital, derisks timelines, and signals policy tailwinds for domestic supply.

$LAC (Lithium Americas) — direct beneficiary of the proposed stake/loan renegotiation.

$ALB (Albemarle) — leading U.S.-listed lithium producer; stronger U.S. policy support can bolster expansion and pricing power versus imports.

Category 2 — OEMs with locked-in U.S. lithium supply

Reason: Domestic offtake improves IRA compliance, reduces supply risk, and can stabilize battery in ...