NI 43 – 101 TECHNICAL REPORT Updated Feasibility Study and Mineral Reserve Estimation to Support 40,000 tpa Lithium Carbonate Production at the Cauchari-Olaroz Salars, Jujuy Province, Argentina Prepared by: Ernest Burga, P.Eng. David Burga, P.Geo. Daniel Weber, P.G., RM-SME Anthony Sanford, Pr.Sci.Nat. Marek Dworzanowski, CEng, PrEng. Effective Date: September 30, 2020 Filing Date: October 19, 2020 TABLE OF CONTENTS 1.0 SUMMARY .........................................................................................................................1 1.1 INTRODUCTION ...................................................................................................1 1.2 LOCATION AND OWNERSHIP ...........................................................................1 1.3 GEOLOGY ..............................................................................................................3 1.4 MINERALIZATION ...............................................................................................4 1.5 EXPLORATION AND DRILLING ........................................................................4 1.6 MINERAL RESOURCES AND MINERAL RESERVES .....................................5 1.7 BRINE PROCESSING ............................................................................................8 1.7.1 Lithium Carbonate Production .....................................................................9 1.8 SITE INFRASTRUCTURE AND BUILDINGS .....................................................9 1.8.1 Wells ............................................................................................................9 1.8.2 Evaporation Ponds .......................................................................................9 1.8.3 Salt Harvest Equipment .............................................................................10 1.8.4 Site Infrastructure and Support Systems ....................................................10 1.9 MARKET STUDIES AND CONTRACTS ...........................................................12 1.10 PERMITTING, ENVIRONMENTAL STUDIES AND SOCIAL OR COMMUNITY IMPACT ......................................................................................13 1.10.1 Permits and Authorities..............................................................................13 1.10.2 Minera Exar’s Environmental and Social Policy .......................................14 1.10.3 Environmental Baseline Studies ................................................................15 1.10.4 Evaluation of Impacts ................................................................................15 1.10.5 Community Relations Program..................................................................16 1.11 CAPITAL AND OPERATING COST ESTIMATE .............................................16 1.11.1 Capital Cost Estimate .................................................................................16 1.11.2 Estimate Confidence Range .......................................................................18 1.11.3 Exclusions ..................................................................................................18 1.11.4 Currency .....................................................................................................18 1.11.5 Operating Cost Estimate ............................................................................18 1.12 ECONOMIC ANALYSIS .....................................................................................19 1.12.1 Capital Expenditures (CAPEX) .................................................................20 1.12.2 Production Revenues Schedule ..................................................................20 1.12.3 Other Expenses ..........................................................................................21 1.13 CONCLUSIONS AND RECOMMENDATIONS ................................................22 1.13.1 Conclusions ................................................................................................22 1.13.2 Recommendations ......................................................................................23 2.0 INTRODUCTION AND TERMS OF REFERENCE .......................................................26 2.1 TERMS OF REFERENCE ....................................................................................26 2.2 QUALIFIED PERSONS SITE VISITS .................................................................26 2.3 SOURCES OF INFORMATION ..........................................................................26 2.4 UNITS AND CURRENCY ...................................................................................27 3.0 RELIANCE ON OTHER EXPERTS ................................................................................32 4.0 PROPERTY DESCRIPTION AND LOCATION .............................................................33 4.1 PROPERTY DESCRIPTION ................................................................................33 4.2 PROPERTY AREA ...............................................................................................35 Lithium Americas Corp., Updated Feasibility Study, Cauchari Salars, Argentina Page i 4.3 SQM JOINT VENTURE .......................................................................................43 4.4 GANFENG JOINT VENTURE .............................................................................43 4.4.1 Los Boros Option Agreement ....................................................................43 4.4.2 Borax Argentina S.A. Agreement ..............................................................44 4.4.3 JEMSE Arrangement .................................................................................44 4.5 TYPE OF MINERAL TENURE ...........................................................................45 4.6 PROPERTY BOUNDARIES ................................................................................45 4.7 ENVIRONMENTAL LIABILITIES .....................................................................45 4.8 PERMITS ...............................................................................................................46 4.9 ABORIGINAL COMMUNITIES .........................................................................50 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY .............................................................................................................52 5.1 TOPOGRAPHY .....................................................................................................52 5.2 ACCESS ................................................................................................................52 5.3 POPULATION ......................................................................................................52 5.4 CLIMATE ..............................................................................................................54 5.4.1 Vaisala Station ...........................................................................................54 5.4.2 Regional Meteorological Stations ..............................................................55 5.5 TEMPERATURE ..................................................................................................56 5.6 PRECIPITATION ..................................................................................................58 5.7 HUMIDITY ...........................................................................................................60 5.8 WINDS ..................................................................................................................61 5.9 EVAPORATION ...................................................................................................63 5.9.1 Evaporation Measurements ........................................................................63 5.9.2 Calculated Evaporation Using Site-Collected Parameters .........................63 5.10 EXISTING INFRASTRUCTURE .........................................................................66 6.0 HISTORY ..........................................................................................................................67 7.0 GEOLOGICAL SETTING AND MINERALIZATION ...................................................68 7.1 REGIONAL STRUCTURAL FEATURES ...........................................................68 7.2 REGIONAL GEOLOGY .......................................................................................70 7.3 GEOLOGY OF THE OLAROZ AND CAUCHARI SALARS ............................70 7.3.1 Salar Structural Setting ..............................................................................70 7.4 SALAR SURFACE SEDIMENTS AND MINERALIZATION ...........................72 7.5 SALAR LITHOSTRATIGRAPHIC UNITS .........................................................74 7.5.1 Unit 1 – Red Silts with Minor Clay and Sand ...........................................74 7.5.2 Unit 2 – Banded Halite Beds with Clay, Silt and Minor Sand ..................74 7.5.3 Unit 3 – Fine Sands with Minor Silt and Salt Beds ...................................75 7.5.4 Unit 4 – Banded and Massive Halite Beds with Minor Sandy Beds .........75 7.5.5 Unit 5 – Medium and Fine Sands ..............................................................75 7.5.6 Sedimentation Cycles .................................................................................76 7.5.7 Sedimentary Facies Analysis and In-filling History ..................................76 7.6 SURFACE WATER ..............................................................................................84