1. The company received its first drawdown of $435 million from the DOE Loan on October 20, 2025, which could provide significant financial support for ongoing and future projects.

2. The company successfully completed the May 2025 ATM Program, raising net proceeds of $66.1 million during the nine months ended September 30, 2025, and an additional $31.7 million subsequent to September 30, 2025.

3. The October 2025 ATM Program was also completed, raising net proceeds of $246.4 million after September 30, 2025, indicating strong investor interest and additional capital for the company.

4. The company continues to progress major construction at Thacker Pass, with $145.9 million of construction capital costs and other project-related costs capitalized during the quarter ended September 30, 2025, suggesting ongoing development and potential future revenue generation.

**Bearish Points:**

1. The company reported a significant increase in net loss to $223.9 million for the nine months ended September 30, 2025, compared to a net loss of $21.4 million for the same period in 2024.

2. General and administrative expenses increased to $24.1 million, reflecting higher costs due to increased hiring, professional fees, and office and administration fees.

3. Transaction costs rose to $18.3 million, primarily due to advisory and professional fees associated with the Orion Investment and Thacker Pass Phase 1.

4. A substantial loss on financial instruments measured at fair value of $185.9 million was recognized, mainly due to changes in the fair value of the embedded derivative associated with the Notes.

5. Cash and restricted cash decreased significantly to $385.6 million as of September 30, 2025, from $594.2 million as of December 31, 2024.

6. Total liabilities increased sharply to $555.3 million as of September 30, 2025, from $99.6 million as of December 31, 2024, mainly due to the Orion Investment.

**Summary:**

Lithium Americas Corp. (LAC) is experiencing a challenging financial period with a significant increase in net loss and rising expenses, which could negatively impact its short-term financial health. However, the company has successfully raised substantial capital through ATM programs and received a major loan drawdown, which could support its ongoing projects and future growth. The continued progress at Thacker Pass indicates potential for future revenue, but the increased liabilities and cash outflow present risks that need to be managed carefully.