Trident Royalties PLC (AIM:TRR) hailed the early developments at the Thacker Pass project in Nevada by operator Lithium Americas Corp (TSX:LAC, NYSE:LAC) (LAC) and the “tangible progress” from the US government after it announced updated guidance for mining claims.
The AIM-listed company has a 60% interest in a gross revenue royalty over the entirety of Thacker Pass.
On Tuesday this week, the US Department of the Interior (DOI) announced completion of the court-remanded analysis for the Thacker Pass mine approval in Nevada, consistent with a solicitor's opinion published that day.
The DOI said the opinion outlined approaches that applicants may take to site waste rock and tailings facilities on federal lands under the General Mining Act of 1872 to enhance permitting certainty and consistency for mining operators.
Among other things, the opinion confirms that the Bureau of Land Management (BLM) is not required to subject every claim without evidence of discovery in a proposed plan of operations to a detailed and independent examination of the relevant mineral content, consistent with longstanding practice.
The DoI noted that the Nevada district court largely upheld the approval of the Thacker Lithium Mine in February 2023, while remanding to the BLM an analysis of mineralization on the claims being used for waste rock and tailings.
It said the BLM has updated the record to reflect evidence of mineralization on nearly all of the claims underlying the waste and tailings sites.
Trident’s chief executive, Adam Davidson, said: "It is encouraging to see tangible progress being made by the US government to provide permitting clarity for mine developers, and the references to Thacker Pass reinforce its strategic importance to the United States.”
He said the BLM record update, which the US DOI confirms is consistent with the new opinion, provides further clarity on the pathway for Thacker Pass to production, which LAC is targeting for the second half of 2026.
To that end, Trident noted that an update from LAC that works at Thacker Pass are progressing, including water pipelines, construction ponds, site fencing and access roads, ahead of the expected start of major earthworks in the second half of the year.
LAC cited a construction budget of US$125mln through the third quarter of the year, with additional capital spend expected following completion of the US Department of Energy advanced technology vehicles manufacturing loan program process, which is targeted to fund up to 75% of the total capital costs for construction of Phase 1 at Thacker Pass.