Trident Royalties PLC (AIM:TRR) noted that General Motors (GM) has paid the initial US$320mln of its US$650mln investment into the Thacker Pass project in Nevada.
GM’s investment will be used to accelerate the development of Thacker Pass, the largest known lithium resource in the US that is fully permitted to begin construction.
Lithium Americas (LAC) is the operator and developer of Thacker Pass with GM now its largest shareholder and offtake partner.
In a statgement, Jonathan Evans, LAC's CEO, commented: "The beginning of construction at Thacker Pass is imminent following last week's favourable ruling on the Record of Decision and the closing of GM's initial investment.
“GM's investment is a landmark transaction that will help put millions of drivers into electric vehicles while creating jobs and a strong and secure US supply chain for EV raw materials."
Trident holds a 60% interest in a gross revenue royalty over the entirety of Thacker Pass, which at current spot prices of approximately US$59,000 per tonne of lithium carbonate will generate approximately US$50mln per year at full production.
Adam Davidson, Trident’s chief executive said first production is expected in the second half of 2026.