• Thacker Pass now has the largest measured lithium reserve and resource in the world
• Expansion plan targets 160,000 tonnes-per-year of battery-quality lithium carbonate production
• Project economics outlined for an 85-year life of mine with low operating costs

Deterra Royalties Limited (ASX:DRR) is pleased to provide an update on the Thacker Pass Lithium Project, located in Nevada, USA, in which Deterra holds a 4.8% gross revenue royalty (reducing to 1.05% after a partial royalty buyback). The key highlights include: Thacker Pass now contains the largest measured lithium reserve and resource in the world, with a Non-JORC Proven and Probable mineral reserve estimate of 14.3 million tonnes lithium carbonate equivalent (LCE) and Non-JORC Measured and Indicated mineral resource estimate of 44.5 million tonnes LCE. Lithium Americas Corporation (LAC), the project operator, has outlined an expansion plan targeting 160,000 tonnes-per-year of battery-quality lithium carbonate production in four phases, doubling the planned production capacity from the previous Feasibility Study. The project economics have been outlined for an 85-year life of mine, an increase from the previous 40-year life of mine, with an optimized production scenario for years 1-25 and C1 operating costs of $6,238/tonne, making Thacker Pass one of the lowest-cost expected producers. LAC anticipates announcing the final investment decision for Phase 1 in early 2025, with production of first concrete at the Project site in Q2 2025, commencement of commissioning of the process plan in Q2 2026, and first production in Q4 2027.

Deterra Royalties is delighted with the update on Thacker Pass, which highlights the unique benefits of the royalty model. For no additional capital outlay, Deterra's economic interest has increased substantially as Thacker Pass has grown to have the largest global lithium resource and reserve, doubled the planned production profile, and increased the life-of-mine to 85-years while maintaining an exceptionally competitive operating cost profile. Deterra looks forward to further updates as Lithium Americas advances toward becoming one of the world's largest lithium producers.