$LAC
Business
Lithium Americas is developing Thacker Pass in Nevada through a consolidated joint venture with General Motors. Construction, financing conditions and commissioning determine the path to lithium sales. Parent shareholders own an interest in the project after partner, debt, royalty and potential dilution claims.
Three drivers
- Construction completion, invoice settlement and cost overruns
- Conditional DOE advances and corporate financing claims
- Commissioning, customer acceptance and later lithium prices
Thesis
Our view
The investable question is whether the project reaches commissioning within its cost and funding envelope. Current accounting gains and large consolidated cash balances do not establish mine profitability or freely available parent cash.
What changes it
Track budget-eligible construction, cash PP&E, reserve restrictions and actual financing draws; distinguish mechanical completion from lithium shipments.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2025Q3 2024-09-30 | 2024Q4 2024-12-31 | 2025Q1 2025-03-31 | 2025Q2 2025-06-30 | 2025Q3 2025-09-30 | 2025Q4 2025-12-31 | 2026Q1 2026-03-31 | 2026Q2 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | — | — | — | — | — | — | — | — |
| Gross profit ($M) | — | — | — | — | — | — | — | — |
| Operating income ($M) | — | — | — | — | — | — | — | — |
| Net income ($M) | -8.51 | -21.3†2 | -11.53 | -13.23 | -199.21 | 137.7†2 | 4.63 | 1.73 |
| EPS, diluted ($) | -0.044 | — | -0.055 | -0.066 | -0.834 | — | 0.005 | -0.026 |
| Diluted shares (M) | 218.07 | — | 218.68 | 219.69 | 238.77 | — | 353.28 | 401.79 |
| Cash ($M) | — | 593.910 | 446.611 | 508.912 | 385.313 | 568.214 | 758.515 | 822.814 |
| Long-term debt ($M) | — | — | — | — | — | — | — | — |
| Cash from operations ($M) | 0.1†16 | -8.3†17 | -18.818 | -30.5†19 | 2.3†16 | -14.2†17 | -18.318 | -5.6†19 |
| Capex ($M) | 34.7†20 | 66.0†21 | 117.922 | 235.6†23 | 172.2†20 | 239.4†21 | 299.322 | 332.2†23 |
| Free cash flow ($M) | -34.6†24 | -74.2†25 | -136.8†26 | -266.1†27 | -169.9†24 | -253.5†25 | -317.6†26 | -337.8†27 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2026Q3 | 0.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Lithium revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2026Q4 | 0.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Lithium revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q1 | 0.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Lithium revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q2 | 0.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Lithium revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Thacker Pass construction, capitalized cost and conditional funding
Keep the consolidated project construction schedule separate from cash payments, capitalized interest and corporate operating cash. Base 2026 total capitalized cost is $1.46B within the reported $1.3-1.6B range; base cumulative construction reaches the $2.93B project budget by late 2027. No lithium sales are assumed through 2027. Vary invoice settlement, corporate cost, conditional DOE draws and financing cash independently. Show consolidated cash change after financing without implying unrestricted parent liquidity.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| FY2026 capitalized cost guidance midpoint | FY2026 | 1,450.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| H1 capitalized total | H1 2026 | 802.40 | reported. USD millions; capitalized-cost table is rounded. Source · 2026-08-13 |
| H1 cash capex | H1 2026 | 631.56 | reported. USD millions; capitalized-cost table is rounded. Source · 2026-08-13 |
| H1 capitalized costs less cash PP&E | H1 2026 | 170.84 | derived. Includes noncash interest, invoice timing and other accounting differences; not a complete payable rollforward. |
| H1 cash after PP&E and lease principal | H1 2026 | -657.84 | derived. Before new external funding. |
| cash | June / subsequent events | 822.78 | reported. Reported project/financing reference; June cash includes separate restrictions. Source · 2026-08-13 |
| restricted | June / subsequent events | 456.41 | reported. Reported project/financing reference; June cash includes separate restrictions. Source · 2026-08-13 |
| jv cash | June / subsequent events | 530.30 | reported. Reported project/financing reference; June cash includes separate restrictions. Source · 2026-08-13 |
| construction cumulative | June / subsequent events | 1,621.70 | reported. Reported project/financing reference; June cash includes separate restrictions. Source · 2026-08-13 |
| construction budget | June / subsequent events | 2,930.00 | reported. Reported project/financing reference; June cash includes separate restrictions. Source · 2026-08-13 |
| doe principal capacity | June / subsequent events | 1,970.00 | reported. Orion amount excludes subsequent PIK; facility/optional amounts are not cash receipts. Source · 2026-08-13 |
| doe drawn | June / subsequent events | 1,209.00 | reported. Reported project/financing reference; June cash includes separate restrictions. Source · 2026-08-13 |
| yorkville closed | June / subsequent events | 150.00 | reported. Reported project/financing reference; June cash includes separate restrictions. Source · 2026-08-13 |
| yorkville optional | June / subsequent events | 25.00 | reported. Orion amount excludes subsequent PIK; facility/optional amounts are not cash receipts. Source · 2026-08-13 |
| orion original remaining | June / subsequent events | 97.50 | reported. Orion amount excludes subsequent PIK; facility/optional amounts are not cash receipts. Source · 2026-08-13 |
Downside scenario
| Period | Operating cash flow proxy ($M) | External financing net of fees ($M) | Lithium revenue ($M) | Cash PP&E spending ($M) | Capitalized construction ($M) | Other capitalized costs ($M) | Finance-lease principal ($M) | Cash after PP&E and lease principal ($M) | Operating income ($M) | Total capitalized costs ($M) | Consolidated cash change proxy ($M) | Capitalized interest ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -13.25 | 252.20 | 0.00 | 511.00 | 420.00 | 11.00 | 1.30 | -525.55 | -18.75 | 444.00 | -273.35 | 13.00 |
| 2026Q4 | -16.45 | 149.00 | 0.00 | 502.00 | 430.00 | 12.00 | 1.30 | -519.75 | -21.25 | 456.00 | -370.75 | 14.00 |
| 2027Q1 | -22.65 | 149.00 | 0.00 | 354.00 | 300.00 | 14.00 | 1.30 | -377.95 | -23.75 | 333.00 | -228.95 | 19.00 |
| 2027Q2 | -25.85 | 149.00 | 0.00 | 295.00 | 260.00 | 15.00 | 1.30 | -322.15 | -26.25 | 297.00 | -173.15 | 22.00 |
| FY2026 | -53.52 | 1,432.62 | 0.00 | 1,644.56 | 1,609.10 | 38.40 | 5.05 | -1,703.14 | -66.24 | 1,702.40 | -270.52 | 54.90 |
| FY2027 | -109.80 | 507.00 | 0.00 | 1,123.00 | 950.00 | 63.00 | 5.20 | -1,238.00 | -110.00 | 1,105.00 | -731.00 | 92.00 |
Base scenario
| Period | Operating cash flow proxy ($M) | External financing net of fees ($M) | Lithium revenue ($M) | Cash PP&E spending ($M) | Capitalized construction ($M) | Other capitalized costs ($M) | Finance-lease principal ($M) | Cash after PP&E and lease principal ($M) | Operating income ($M) | Total capitalized costs ($M) | Consolidated cash change proxy ($M) | Capitalized interest ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -9.50 | 402.20 | 0.00 | 400.00 | 325.00 | 10.00 | 1.30 | -410.80 | -15.00 | 347.00 | -8.60 | 12.00 |
| 2026Q4 | -12.20 | 199.00 | 0.00 | 350.00 | 290.90 | 9.60 | 1.30 | -363.50 | -17.00 | 310.60 | -164.50 | 10.10 |
| 2027Q1 | -17.90 | 199.00 | 0.00 | 230.00 | 200.00 | 10.00 | 1.30 | -249.20 | -19.00 | 224.00 | -50.20 | 14.00 |
| 2027Q2 | -20.60 | 110.00 | 0.00 | 235.00 | 210.00 | 10.00 | 1.30 | -256.90 | -21.00 | 236.00 | -146.90 | 16.00 |
| FY2026 | -45.52 | 1,632.62 | 0.00 | 1,381.56 | 1,375.00 | 35.00 | 5.05 | -1,432.14 | -58.24 | 1,460.00 | 200.48 | 50.00 |
| FY2027 | -87.80 | 307.00 | 0.00 | 787.40 | 692.40 | 40.00 | 5.20 | -880.40 | -88.00 | 800.40 | -573.40 | 68.00 |
Upside scenario
| Period | Operating cash flow proxy ($M) | External financing net of fees ($M) | Lithium revenue ($M) | Cash PP&E spending ($M) | Capitalized construction ($M) | Other capitalized costs ($M) | Finance-lease principal ($M) | Cash after PP&E and lease principal ($M) | Operating income ($M) | Total capitalized costs ($M) | Consolidated cash change proxy ($M) | Capitalized interest ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -8.00 | 402.20 | 0.00 | 313.00 | 260.00 | 8.00 | 1.30 | -322.30 | -13.50 | 278.00 | 79.90 | 10.00 |
| 2026Q4 | -10.50 | 249.00 | 0.00 | 274.50 | 230.90 | 8.60 | 1.30 | -286.30 | -15.30 | 254.60 | -37.30 | 15.10 |
| 2027Q1 | -16.00 | 199.00 | 0.00 | 284.00 | 260.00 | 9.00 | 1.30 | -301.30 | -17.10 | 283.00 | -102.30 | 14.00 |
| 2027Q2 | -18.50 | 60.00 | 0.00 | 259.00 | 240.00 | 9.00 | 1.30 | -278.80 | -18.90 | 265.00 | -218.80 | 16.00 |
| FY2026 | -42.32 | 1,682.62 | 0.00 | 1,219.06 | 1,250.00 | 32.00 | 5.05 | -1,266.44 | -55.04 | 1,335.00 | 416.18 | 53.00 |
| FY2027 | -79.00 | 257.00 | 0.00 | 893.40 | 817.40 | 36.00 | 5.20 | -977.60 | -79.20 | 921.40 | -720.60 | 68.00 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| H1 revenue h1_revenue | H1 2026 / shared | 0.00 USD_millions | reported: No operating revenue in development period; funding is DOE and equity proceeds less cash financing fees, before separately deducted lease principal. Primary source · 2026-08-13 |
| H1 operating income h1_operating_income | H1 2026 / shared | -26.24 USD_millions | reported: USD millions; capitalized-cost table is rounded. Primary source · 2026-08-13 |
| H1 cfo h1_cfo | H1 2026 / shared | -23.82 USD_millions | reported: USD millions; capitalized-cost table is rounded. Primary source · 2026-08-13 |
| H1 construction h1_construction | H1 2026 / shared | 759.10 USD_millions | reported: USD millions; capitalized-cost table is rounded. Primary source · 2026-08-13 |
| H1 other capital h1_other_capital | H1 2026 / shared | 15.40 USD_millions | reported: USD millions; capitalized-cost table is rounded. Primary source · 2026-08-13 |
| H1 capitalized interest h1_capitalized_interest | H1 2026 / shared | 27.90 USD_millions | reported: USD millions; capitalized-cost table is rounded. Primary source · 2026-08-13 |
| H1 capitalized total h1_capitalized_total | H1 2026 / shared | 802.40 USD_millions | reported: USD millions; capitalized-cost table is rounded. Primary source · 2026-08-13 |
| H1 cash capex h1_cash_capex | H1 2026 / shared | 631.56 USD_millions | reported: USD millions; capitalized-cost table is rounded. Primary source · 2026-08-13 |
| H1 lease principal h1_lease_principal | H1 2026 / shared | 2.45 USD_millions | reported: USD millions; capitalized-cost table is rounded. Primary source · 2026-08-13 |
| H1 funding h1_funding | H1 2026 / shared | 1,031.42 USD_millions | reported: No operating revenue in development period; funding is DOE and equity proceeds less cash financing fees, before separately deducted lease principal. Primary source · 2026-08-13 |
| H1 sbc h1_sbc | H1 2026 / shared | 4.12 USD_millions | reported: USD millions; capitalized-cost table is rounded. Primary source · 2026-08-13 |
| H1 net income h1_net_income | H1 2026 / shared | 6.29 USD_millions | reported: USD millions; capitalized-cost table is rounded. Primary source · 2026-08-13 |
| H1 common income h1_common_income | H1 2026 / shared | 1.74 USD_millions | reported: USD millions; capitalized-cost table is rounded. Primary source · 2026-08-13 |
| H1 doe draw h1_doe_draw | H1 2026 / shared | 774.00 USD_millions | reported: USD millions; capitalized-cost table is rounded. Primary source · 2026-08-13 |
| H1 atm h1_atm | H1 2026 / shared | 258.22 USD_millions | reported: USD millions; capitalized-cost table is rounded. Primary source · 2026-08-13 |
| PP&E and lease cash h1_capital_cash | H1 2026 / shared | 634.01 USD_millions | derived: Cash purchases, not accrual additions. Formula: sum(h1_cash_capex, h1_lease_principal). |
| H1 cash after PP&E and lease principal h1_cash_after_capex | H1 2026 / shared | -657.84 USD_millions | derived: Before new external funding. Formula: subtract(h1_cfo, h1_capital_cash). |
| H1 consolidated cash change h1_cash_after_funding | H1 2026 / shared | 373.58 USD_millions | derived: Reconciles total cash including restricted accounts. Formula: sum(h1_cash_after_capex, h1_funding). |
| H1 capitalized costs less cash PP&E h1_accrual_cash_gap | H1 2026 / shared | 170.84 USD_millions | derived: Includes noncash interest, invoice timing and other accounting differences; not a complete payable rollforward. Formula: subtract(h1_capitalized_total, h1_cash_capex). |
| cash cash | June / subsequent events / shared | 822.78 USD_millions | reported: Reported project/financing reference; June cash includes separate restrictions. Primary source · 2026-08-13 |
| restricted restricted | June / subsequent events / shared | 456.41 USD_millions | reported: Reported project/financing reference; June cash includes separate restrictions. Primary source · 2026-08-13 |
| jv cash jv_cash | June / subsequent events / shared | 530.30 USD_millions | reported: Reported project/financing reference; June cash includes separate restrictions. Primary source · 2026-08-13 |
| construction cumulative construction_cumulative | June / subsequent events / shared | 1,621.70 USD_millions | reported: Reported project/financing reference; June cash includes separate restrictions. Primary source · 2026-08-13 |
| construction budget construction_budget | June / subsequent events / shared | 2,930.00 USD_millions | reported: Reported project/financing reference; June cash includes separate restrictions. Primary source · 2026-08-13 |
| doe principal capacity doe_principal_capacity | June / subsequent events / shared | 1,970.00 USD_millions | reported: Orion amount excludes subsequent PIK; facility/optional amounts are not cash receipts. Primary source · 2026-08-13 |
| doe drawn doe_drawn | June / subsequent events / shared | 1,209.00 USD_millions | reported: Reported project/financing reference; June cash includes separate restrictions. Primary source · 2026-08-13 |
| orion original remaining orion_original_remaining | June / subsequent events / shared | 97.50 USD_millions | reported: Orion amount excludes subsequent PIK; facility/optional amounts are not cash receipts. Primary source · 2026-08-13 |
| yorkville closed yorkville_closed | June / subsequent events / shared | 150.00 USD_millions | reported: Reported project/financing reference; June cash includes separate restrictions. Primary source · 2026-08-13 |
| yorkville optional yorkville_optional | June / subsequent events / shared | 25.00 USD_millions | reported: Orion amount excludes subsequent PIK; facility/optional amounts are not cash receipts. Primary source · 2026-08-13 |
| subsequent atm subsequent_atm | June / subsequent events / shared | 4.20 USD_millions | reported: Reported project/financing reference; June cash includes separate restrictions. Primary source · 2026-08-13 |
| FY2026 capitalized cost guidance low annual_capital_guide_low | FY2026 / shared | 1,300.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-13 |
| FY2026 capitalized cost guidance high annual_capital_guide_high | FY2026 / shared | 1,600.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-13 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| FY2026 capitalized cost guidance endpoint sum annual_capital_guide_sum | FY2026 / shared | 2,900.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(annual_capital_guide_low, annual_capital_guide_high). |
| FY2026 capitalized cost guidance midpoint annual_capital_guide | FY2026 / shared | 1,450.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(annual_capital_guide_sum, two). |
| Lithium sales downside_2026q3_revenue | 2026Q3 / downside | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs downside_2026q3_operating_cost | 2026Q3 / downside | 18.75 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income downside_2026q3_operating_income | 2026Q3 / downside | -18.75 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(downside_2026q3_revenue, downside_2026q3_operating_cost). |
| Noncash SBC downside_2026q3_sbc | 2026Q3 / downside | 2.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income downside_2026q3_interest_income | 2026Q3 / downside | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income downside_2026q3_cash_earnings | 2026Q3 / downside | -10.25 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(downside_2026q3_operating_income, downside_2026q3_sbc, downside_2026q3_interest_income). |
| Other operating working-capital cash use downside_2026q3_working_cash | 2026Q3 / downside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy downside_2026q3_cfo | 2026Q3 / downside | -13.25 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(downside_2026q3_cash_earnings, downside_2026q3_working_cash). |
| Capitalized construction downside_2026q3_construction | 2026Q3 / downside | 420.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs downside_2026q3_other_capital | 2026Q3 / downside | 11.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest downside_2026q3_capitalized_interest | 2026Q3 / downside | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs downside_2026q3_capitalized_total | 2026Q3 / downside | 444.00 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(downside_2026q3_construction, downside_2026q3_other_capital, downside_2026q3_capitalized_interest). |
| Payment timing and other cash/accrual difference downside_2026q3_payment_timing | 2026Q3 / downside | 80.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases downside_2026q3_cash_capex | 2026Q3 / downside | 511.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(downside_2026q3_construction, downside_2026q3_other_capital, downside_2026q3_payment_timing). |
| Finance-lease cash principal downside_2026q3_lease_principal | 2026Q3 / downside | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash downside_2026q3_capital_cash | 2026Q3 / downside | 512.30 USD_millions | derived: No double deduction in financing. Formula: sum(downside_2026q3_cash_capex, downside_2026q3_lease_principal). |
| Cash after PP&E and leases downside_2026q3_cash_after_capex | 2026Q3 / downside | -525.55 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capital_cash). |
| Conditional DOE principal advance downside_2026q3_doe_draw | 2026Q3 / downside | 100.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| DOE and issued equity/debenture proceeds downside_2026q3_gross_funding | 2026Q3 / downside | 254.20 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(downside_2026q3_doe_draw, yorkville_closed, subsequent_atm). |
| Cash financing fees downside_2026q3_financing_fees | 2026Q3 / downside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal downside_2026q3_funding | 2026Q3 / downside | 252.20 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(downside_2026q3_gross_funding, downside_2026q3_financing_fees). |
| Consolidated cash change proxy downside_2026q3_cash_after_funding | 2026Q3 / downside | -273.35 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(downside_2026q3_cash_after_capex, downside_2026q3_funding). |
| Cumulative budget-eligible construction downside_2026q3_cumulative_construction | 2026Q3 / downside | 2,041.70 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, downside_2026q3_construction). |
| Cumulative DOE cash advances downside_2026q3_cumulative_doe | 2026Q3 / downside | 1,309.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, downside_2026q3_doe_draw). |
| Lithium sales downside_2026q4_revenue | 2026Q4 / downside | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs downside_2026q4_operating_cost | 2026Q4 / downside | 21.25 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income downside_2026q4_operating_income | 2026Q4 / downside | -21.25 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(downside_2026q4_revenue, downside_2026q4_operating_cost). |
| Noncash SBC downside_2026q4_sbc | 2026Q4 / downside | 2.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income downside_2026q4_interest_income | 2026Q4 / downside | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income downside_2026q4_cash_earnings | 2026Q4 / downside | -12.45 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(downside_2026q4_operating_income, downside_2026q4_sbc, downside_2026q4_interest_income). |
| Other operating working-capital cash use downside_2026q4_working_cash | 2026Q4 / downside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy downside_2026q4_cfo | 2026Q4 / downside | -16.45 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(downside_2026q4_cash_earnings, downside_2026q4_working_cash). |
| Capitalized construction downside_2026q4_construction | 2026Q4 / downside | 430.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs downside_2026q4_other_capital | 2026Q4 / downside | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest downside_2026q4_capitalized_interest | 2026Q4 / downside | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs downside_2026q4_capitalized_total | 2026Q4 / downside | 456.00 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(downside_2026q4_construction, downside_2026q4_other_capital, downside_2026q4_capitalized_interest). |
| Payment timing and other cash/accrual difference downside_2026q4_payment_timing | 2026Q4 / downside | 60.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases downside_2026q4_cash_capex | 2026Q4 / downside | 502.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(downside_2026q4_construction, downside_2026q4_other_capital, downside_2026q4_payment_timing). |
| Finance-lease cash principal downside_2026q4_lease_principal | 2026Q4 / downside | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash downside_2026q4_capital_cash | 2026Q4 / downside | 503.30 USD_millions | derived: No double deduction in financing. Formula: sum(downside_2026q4_cash_capex, downside_2026q4_lease_principal). |
| Cash after PP&E and leases downside_2026q4_cash_after_capex | 2026Q4 / downside | -519.75 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capital_cash). |
| Conditional DOE principal advance downside_2026q4_doe_draw | 2026Q4 / downside | 150.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds downside_2026q4_new_debenture | 2026Q4 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds downside_2026q4_atm | 2026Q4 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds downside_2026q4_gross_funding | 2026Q4 / downside | 150.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(downside_2026q4_doe_draw, downside_2026q4_new_debenture, downside_2026q4_atm). |
| Cash financing fees downside_2026q4_financing_fees | 2026Q4 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal downside_2026q4_funding | 2026Q4 / downside | 149.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(downside_2026q4_gross_funding, downside_2026q4_financing_fees). |
| Consolidated cash change proxy downside_2026q4_cash_after_funding | 2026Q4 / downside | -370.75 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(downside_2026q4_cash_after_capex, downside_2026q4_funding). |
| Cumulative budget-eligible construction downside_2026q4_cumulative_construction | 2026Q4 / downside | 2,471.70 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, downside_2026q3_construction, downside_2026q4_construction). |
| Cumulative DOE cash advances downside_2026q4_cumulative_doe | 2026Q4 / downside | 1,459.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, downside_2026q3_doe_draw, downside_2026q4_doe_draw). |
| Lithium sales downside_2027q1_revenue | 2027Q1 / downside | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs downside_2027q1_operating_cost | 2027Q1 / downside | 23.75 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income downside_2027q1_operating_income | 2027Q1 / downside | -23.75 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(downside_2027q1_revenue, downside_2027q1_operating_cost). |
| Noncash SBC downside_2027q1_sbc | 2027Q1 / downside | 3.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income downside_2027q1_interest_income | 2027Q1 / downside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income downside_2027q1_cash_earnings | 2027Q1 / downside | -17.65 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(downside_2027q1_operating_income, downside_2027q1_sbc, downside_2027q1_interest_income). |
| Other operating working-capital cash use downside_2027q1_working_cash | 2027Q1 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy downside_2027q1_cfo | 2027Q1 / downside | -22.65 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(downside_2027q1_cash_earnings, downside_2027q1_working_cash). |
| Capitalized construction downside_2027q1_construction | 2027Q1 / downside | 300.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs downside_2027q1_other_capital | 2027Q1 / downside | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest downside_2027q1_capitalized_interest | 2027Q1 / downside | 19.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs downside_2027q1_capitalized_total | 2027Q1 / downside | 333.00 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(downside_2027q1_construction, downside_2027q1_other_capital, downside_2027q1_capitalized_interest). |
| Payment timing and other cash/accrual difference downside_2027q1_payment_timing | 2027Q1 / downside | 40.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases downside_2027q1_cash_capex | 2027Q1 / downside | 354.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(downside_2027q1_construction, downside_2027q1_other_capital, downside_2027q1_payment_timing). |
| Finance-lease cash principal downside_2027q1_lease_principal | 2027Q1 / downside | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash downside_2027q1_capital_cash | 2027Q1 / downside | 355.30 USD_millions | derived: No double deduction in financing. Formula: sum(downside_2027q1_cash_capex, downside_2027q1_lease_principal). |
| Cash after PP&E and leases downside_2027q1_cash_after_capex | 2027Q1 / downside | -377.95 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capital_cash). |
| Conditional DOE principal advance downside_2027q1_doe_draw | 2027Q1 / downside | 150.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds downside_2027q1_new_debenture | 2027Q1 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds downside_2027q1_atm | 2027Q1 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds downside_2027q1_gross_funding | 2027Q1 / downside | 150.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(downside_2027q1_doe_draw, downside_2027q1_new_debenture, downside_2027q1_atm). |
| Cash financing fees downside_2027q1_financing_fees | 2027Q1 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal downside_2027q1_funding | 2027Q1 / downside | 149.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(downside_2027q1_gross_funding, downside_2027q1_financing_fees). |
| Consolidated cash change proxy downside_2027q1_cash_after_funding | 2027Q1 / downside | -228.95 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(downside_2027q1_cash_after_capex, downside_2027q1_funding). |
| Cumulative budget-eligible construction downside_2027q1_cumulative_construction | 2027Q1 / downside | 2,771.70 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, downside_2026q3_construction, downside_2026q4_construction, downside_2027q1_construction). |
| Cumulative DOE cash advances downside_2027q1_cumulative_doe | 2027Q1 / downside | 1,609.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, downside_2026q3_doe_draw, downside_2026q4_doe_draw, downside_2027q1_doe_draw). |
| Lithium sales downside_2027q2_revenue | 2027Q2 / downside | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs downside_2027q2_operating_cost | 2027Q2 / downside | 26.25 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income downside_2027q2_operating_income | 2027Q2 / downside | -26.25 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(downside_2027q2_revenue, downside_2027q2_operating_cost). |
| Noncash SBC downside_2027q2_sbc | 2027Q2 / downside | 3.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income downside_2027q2_interest_income | 2027Q2 / downside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income downside_2027q2_cash_earnings | 2027Q2 / downside | -19.85 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_interest_income). |
| Other operating working-capital cash use downside_2027q2_working_cash | 2027Q2 / downside | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy downside_2027q2_cfo | 2027Q2 / downside | -25.85 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(downside_2027q2_cash_earnings, downside_2027q2_working_cash). |
| Capitalized construction downside_2027q2_construction | 2027Q2 / downside | 260.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs downside_2027q2_other_capital | 2027Q2 / downside | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest downside_2027q2_capitalized_interest | 2027Q2 / downside | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs downside_2027q2_capitalized_total | 2027Q2 / downside | 297.00 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(downside_2027q2_construction, downside_2027q2_other_capital, downside_2027q2_capitalized_interest). |
| Payment timing and other cash/accrual difference downside_2027q2_payment_timing | 2027Q2 / downside | 20.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases downside_2027q2_cash_capex | 2027Q2 / downside | 295.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(downside_2027q2_construction, downside_2027q2_other_capital, downside_2027q2_payment_timing). |
| Finance-lease cash principal downside_2027q2_lease_principal | 2027Q2 / downside | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash downside_2027q2_capital_cash | 2027Q2 / downside | 296.30 USD_millions | derived: No double deduction in financing. Formula: sum(downside_2027q2_cash_capex, downside_2027q2_lease_principal). |
| Cash after PP&E and leases downside_2027q2_cash_after_capex | 2027Q2 / downside | -322.15 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capital_cash). |
| Conditional DOE principal advance downside_2027q2_doe_draw | 2027Q2 / downside | 150.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds downside_2027q2_new_debenture | 2027Q2 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds downside_2027q2_atm | 2027Q2 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds downside_2027q2_gross_funding | 2027Q2 / downside | 150.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(downside_2027q2_doe_draw, downside_2027q2_new_debenture, downside_2027q2_atm). |
| Cash financing fees downside_2027q2_financing_fees | 2027Q2 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal downside_2027q2_funding | 2027Q2 / downside | 149.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(downside_2027q2_gross_funding, downside_2027q2_financing_fees). |
| Consolidated cash change proxy downside_2027q2_cash_after_funding | 2027Q2 / downside | -173.15 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(downside_2027q2_cash_after_capex, downside_2027q2_funding). |
| Cumulative budget-eligible construction downside_2027q2_cumulative_construction | 2027Q2 / downside | 3,031.70 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, downside_2026q3_construction, downside_2026q4_construction, downside_2027q1_construction, downside_2027q2_construction). |
| Cumulative DOE cash advances downside_2027q2_cumulative_doe | 2027Q2 / downside | 1,759.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, downside_2026q3_doe_draw, downside_2026q4_doe_draw, downside_2027q1_doe_draw, downside_2027q2_doe_draw). |
| Lithium sales downside_2027q3_revenue | 2027Q3 / downside | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs downside_2027q3_operating_cost | 2027Q3 / downside | 28.75 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income downside_2027q3_operating_income | 2027Q3 / downside | -28.75 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(downside_2027q3_revenue, downside_2027q3_operating_cost). |
| Noncash SBC downside_2027q3_sbc | 2027Q3 / downside | 3.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income downside_2027q3_interest_income | 2027Q3 / downside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income downside_2027q3_cash_earnings | 2027Q3 / downside | -22.05 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_interest_income). |
| Other operating working-capital cash use downside_2027q3_working_cash | 2027Q3 / downside | 7.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy downside_2027q3_cfo | 2027Q3 / downside | -29.05 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(downside_2027q3_cash_earnings, downside_2027q3_working_cash). |
| Capitalized construction downside_2027q3_construction | 2027Q3 / downside | 210.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs downside_2027q3_other_capital | 2027Q3 / downside | 16.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest downside_2027q3_capitalized_interest | 2027Q3 / downside | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs downside_2027q3_capitalized_total | 2027Q3 / downside | 250.00 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(downside_2027q3_construction, downside_2027q3_other_capital, downside_2027q3_capitalized_interest). |
| Payment timing and other cash/accrual difference downside_2027q3_payment_timing | 2027Q3 / downside | 30.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases downside_2027q3_cash_capex | 2027Q3 / downside | 256.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(downside_2027q3_construction, downside_2027q3_other_capital, downside_2027q3_payment_timing). |
| Finance-lease cash principal downside_2027q3_lease_principal | 2027Q3 / downside | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash downside_2027q3_capital_cash | 2027Q3 / downside | 257.30 USD_millions | derived: No double deduction in financing. Formula: sum(downside_2027q3_cash_capex, downside_2027q3_lease_principal). |
| Cash after PP&E and leases downside_2027q3_cash_after_capex | 2027Q3 / downside | -286.35 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capital_cash). |
| Conditional DOE principal advance downside_2027q3_doe_draw | 2027Q3 / downside | 150.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds downside_2027q3_new_debenture | 2027Q3 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds downside_2027q3_atm | 2027Q3 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds downside_2027q3_gross_funding | 2027Q3 / downside | 150.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(downside_2027q3_doe_draw, downside_2027q3_new_debenture, downside_2027q3_atm). |
| Cash financing fees downside_2027q3_financing_fees | 2027Q3 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal downside_2027q3_funding | 2027Q3 / downside | 149.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(downside_2027q3_gross_funding, downside_2027q3_financing_fees). |
| Consolidated cash change proxy downside_2027q3_cash_after_funding | 2027Q3 / downside | -137.35 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(downside_2027q3_cash_after_capex, downside_2027q3_funding). |
| Cumulative budget-eligible construction downside_2027q3_cumulative_construction | 2027Q3 / downside | 3,241.70 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, downside_2026q3_construction, downside_2026q4_construction, downside_2027q1_construction, downside_2027q2_construction, downside_2027q3_construction). |
| Cumulative DOE cash advances downside_2027q3_cumulative_doe | 2027Q3 / downside | 1,909.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, downside_2026q3_doe_draw, downside_2026q4_doe_draw, downside_2027q1_doe_draw, downside_2027q2_doe_draw, downside_2027q3_doe_draw). |
| Lithium sales downside_2027q4_revenue | 2027Q4 / downside | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs downside_2027q4_operating_cost | 2027Q4 / downside | 31.25 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income downside_2027q4_operating_income | 2027Q4 / downside | -31.25 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(downside_2027q4_revenue, downside_2027q4_operating_cost). |
| Noncash SBC downside_2027q4_sbc | 2027Q4 / downside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income downside_2027q4_interest_income | 2027Q4 / downside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income downside_2027q4_cash_earnings | 2027Q4 / downside | -24.25 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_interest_income). |
| Other operating working-capital cash use downside_2027q4_working_cash | 2027Q4 / downside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy downside_2027q4_cfo | 2027Q4 / downside | -32.25 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(downside_2027q4_cash_earnings, downside_2027q4_working_cash). |
| Capitalized construction downside_2027q4_construction | 2027Q4 / downside | 180.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs downside_2027q4_other_capital | 2027Q4 / downside | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest downside_2027q4_capitalized_interest | 2027Q4 / downside | 27.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs downside_2027q4_capitalized_total | 2027Q4 / downside | 225.00 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(downside_2027q4_construction, downside_2027q4_other_capital, downside_2027q4_capitalized_interest). |
| Payment timing and other cash/accrual difference downside_2027q4_payment_timing | 2027Q4 / downside | 20.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases downside_2027q4_cash_capex | 2027Q4 / downside | 218.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(downside_2027q4_construction, downside_2027q4_other_capital, downside_2027q4_payment_timing). |
| Finance-lease cash principal downside_2027q4_lease_principal | 2027Q4 / downside | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash downside_2027q4_capital_cash | 2027Q4 / downside | 219.30 USD_millions | derived: No double deduction in financing. Formula: sum(downside_2027q4_cash_capex, downside_2027q4_lease_principal). |
| Cash after PP&E and leases downside_2027q4_cash_after_capex | 2027Q4 / downside | -251.55 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capital_cash). |
| Conditional DOE principal advance downside_2027q4_doe_draw | 2027Q4 / downside | 61.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds downside_2027q4_new_debenture | 2027Q4 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds downside_2027q4_atm | 2027Q4 / downside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds downside_2027q4_gross_funding | 2027Q4 / downside | 61.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(downside_2027q4_doe_draw, downside_2027q4_new_debenture, downside_2027q4_atm). |
| Cash financing fees downside_2027q4_financing_fees | 2027Q4 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal downside_2027q4_funding | 2027Q4 / downside | 60.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(downside_2027q4_gross_funding, downside_2027q4_financing_fees). |
| Consolidated cash change proxy downside_2027q4_cash_after_funding | 2027Q4 / downside | -191.55 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(downside_2027q4_cash_after_capex, downside_2027q4_funding). |
| Cumulative budget-eligible construction downside_2027q4_cumulative_construction | 2027Q4 / downside | 3,421.70 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, downside_2026q3_construction, downside_2026q4_construction, downside_2027q1_construction, downside_2027q2_construction, downside_2027q3_construction, downside_2027q4_construction). |
| Cumulative DOE cash advances downside_2027q4_cumulative_doe | 2027Q4 / downside | 1,970.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, downside_2026q3_doe_draw, downside_2026q4_doe_draw, downside_2027q1_doe_draw, downside_2027q2_doe_draw, downside_2027q3_doe_draw, downside_2027q4_doe_draw). |
| Lithium revenue ($M) downside_fy2026_revenue | FY2026 / downside | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue). |
| Operating income ($M) downside_fy2026_operating_income | FY2026 / downside | -66.24 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income). |
| Operating cash flow proxy ($M) downside_fy2026_cfo | FY2026 / downside | -53.52 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo). |
| Capitalized construction ($M) downside_fy2026_construction | FY2026 / downside | 1,609.10 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_construction, downside_2026q3_construction, downside_2026q4_construction). |
| Other capitalized costs ($M) downside_fy2026_other_capital | FY2026 / downside | 38.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_other_capital, downside_2026q3_other_capital, downside_2026q4_other_capital). |
| Capitalized interest ($M) downside_fy2026_capitalized_interest | FY2026 / downside | 54.90 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capitalized_interest, downside_2026q3_capitalized_interest, downside_2026q4_capitalized_interest). |
| Total capitalized costs ($M) downside_fy2026_capitalized_total | FY2026 / downside | 1,702.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capitalized_total, downside_2026q3_capitalized_total, downside_2026q4_capitalized_total). |
| Cash PP&E spending ($M) downside_fy2026_cash_capex | FY2026 / downside | 1,644.56 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_capex, downside_2026q3_cash_capex, downside_2026q4_cash_capex). |
| Finance-lease principal ($M) downside_fy2026_lease_principal | FY2026 / downside | 5.05 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_lease_principal, downside_2026q3_lease_principal, downside_2026q4_lease_principal). |
| Cash after PP&E and lease principal ($M) downside_fy2026_cash_after_capex | FY2026 / downside | -1,703.14 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capex, downside_2026q3_cash_after_capex, downside_2026q4_cash_after_capex). |
| External financing net of fees ($M) downside_fy2026_funding | FY2026 / downside | 1,432.62 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_funding, downside_2026q3_funding, downside_2026q4_funding). |
| Consolidated cash change proxy ($M) downside_fy2026_cash_after_funding | FY2026 / downside | -270.52 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_funding, downside_2026q3_cash_after_funding, downside_2026q4_cash_after_funding). |
| Lithium revenue ($M) downside_fy2027_revenue | FY2027 / downside | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| Operating income ($M) downside_fy2027_operating_income | FY2027 / downside | -110.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Operating cash flow proxy ($M) downside_fy2027_cfo | FY2027 / downside | -109.80 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| Capitalized construction ($M) downside_fy2027_construction | FY2027 / downside | 950.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_construction, downside_2027q2_construction, downside_2027q3_construction, downside_2027q4_construction). |
| Other capitalized costs ($M) downside_fy2027_other_capital | FY2027 / downside | 63.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_other_capital, downside_2027q2_other_capital, downside_2027q3_other_capital, downside_2027q4_other_capital). |
| Capitalized interest ($M) downside_fy2027_capitalized_interest | FY2027 / downside | 92.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capitalized_interest, downside_2027q2_capitalized_interest, downside_2027q3_capitalized_interest, downside_2027q4_capitalized_interest). |
| Total capitalized costs ($M) downside_fy2027_capitalized_total | FY2027 / downside | 1,105.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capitalized_total, downside_2027q2_capitalized_total, downside_2027q3_capitalized_total, downside_2027q4_capitalized_total). |
| Cash PP&E spending ($M) downside_fy2027_cash_capex | FY2027 / downside | 1,123.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_capex, downside_2027q2_cash_capex, downside_2027q3_cash_capex, downside_2027q4_cash_capex). |
| Finance-lease principal ($M) downside_fy2027_lease_principal | FY2027 / downside | 5.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_lease_principal, downside_2027q2_lease_principal, downside_2027q3_lease_principal, downside_2027q4_lease_principal). |
| Cash after PP&E and lease principal ($M) downside_fy2027_cash_after_capex | FY2027 / downside | -1,238.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_capex, downside_2027q2_cash_after_capex, downside_2027q3_cash_after_capex, downside_2027q4_cash_after_capex). |
| External financing net of fees ($M) downside_fy2027_funding | FY2027 / downside | 507.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_funding, downside_2027q2_funding, downside_2027q3_funding, downside_2027q4_funding). |
| Consolidated cash change proxy ($M) downside_fy2027_cash_after_funding | FY2027 / downside | -731.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_funding, downside_2027q2_cash_after_funding, downside_2027q3_cash_after_funding, downside_2027q4_cash_after_funding). |
| Lithium sales base_2026q3_revenue | 2026Q3 / base | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs base_2026q3_operating_cost | 2026Q3 / base | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income base_2026q3_operating_income | 2026Q3 / base | -15.00 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(base_2026q3_revenue, base_2026q3_operating_cost). |
| Noncash SBC base_2026q3_sbc | 2026Q3 / base | 2.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income base_2026q3_interest_income | 2026Q3 / base | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income base_2026q3_cash_earnings | 2026Q3 / base | -6.50 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(base_2026q3_operating_income, base_2026q3_sbc, base_2026q3_interest_income). |
| Other operating working-capital cash use base_2026q3_working_cash | 2026Q3 / base | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy base_2026q3_cfo | 2026Q3 / base | -9.50 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(base_2026q3_cash_earnings, base_2026q3_working_cash). |
| Capitalized construction base_2026q3_construction | 2026Q3 / base | 325.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs base_2026q3_other_capital | 2026Q3 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest base_2026q3_capitalized_interest | 2026Q3 / base | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs base_2026q3_capitalized_total | 2026Q3 / base | 347.00 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(base_2026q3_construction, base_2026q3_other_capital, base_2026q3_capitalized_interest). |
| Payment timing and other cash/accrual difference base_2026q3_payment_timing | 2026Q3 / base | 65.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases base_2026q3_cash_capex | 2026Q3 / base | 400.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(base_2026q3_construction, base_2026q3_other_capital, base_2026q3_payment_timing). |
| Finance-lease cash principal base_2026q3_lease_principal | 2026Q3 / base | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash base_2026q3_capital_cash | 2026Q3 / base | 401.30 USD_millions | derived: No double deduction in financing. Formula: sum(base_2026q3_cash_capex, base_2026q3_lease_principal). |
| Cash after PP&E and leases base_2026q3_cash_after_capex | 2026Q3 / base | -410.80 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(base_2026q3_cfo, base_2026q3_capital_cash). |
| Conditional DOE principal advance base_2026q3_doe_draw | 2026Q3 / base | 250.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| DOE and issued equity/debenture proceeds base_2026q3_gross_funding | 2026Q3 / base | 404.20 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(base_2026q3_doe_draw, yorkville_closed, subsequent_atm). |
| Cash financing fees base_2026q3_financing_fees | 2026Q3 / base | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal base_2026q3_funding | 2026Q3 / base | 402.20 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(base_2026q3_gross_funding, base_2026q3_financing_fees). |
| Consolidated cash change proxy base_2026q3_cash_after_funding | 2026Q3 / base | -8.60 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(base_2026q3_cash_after_capex, base_2026q3_funding). |
| Cumulative budget-eligible construction base_2026q3_cumulative_construction | 2026Q3 / base | 1,946.70 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, base_2026q3_construction). |
| Cumulative DOE cash advances base_2026q3_cumulative_doe | 2026Q3 / base | 1,459.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, base_2026q3_doe_draw). |
| Lithium sales base_2026q4_revenue | 2026Q4 / base | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs base_2026q4_operating_cost | 2026Q4 / base | 17.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income base_2026q4_operating_income | 2026Q4 / base | -17.00 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(base_2026q4_revenue, base_2026q4_operating_cost). |
| Noncash SBC base_2026q4_sbc | 2026Q4 / base | 2.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income base_2026q4_interest_income | 2026Q4 / base | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income base_2026q4_cash_earnings | 2026Q4 / base | -8.20 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(base_2026q4_operating_income, base_2026q4_sbc, base_2026q4_interest_income). |
| Other operating working-capital cash use base_2026q4_working_cash | 2026Q4 / base | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy base_2026q4_cfo | 2026Q4 / base | -12.20 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(base_2026q4_cash_earnings, base_2026q4_working_cash). |
| Capitalized construction base_2026q4_construction | 2026Q4 / base | 290.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs base_2026q4_other_capital | 2026Q4 / base | 9.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest base_2026q4_capitalized_interest | 2026Q4 / base | 10.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs base_2026q4_capitalized_total | 2026Q4 / base | 310.60 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(base_2026q4_construction, base_2026q4_other_capital, base_2026q4_capitalized_interest). |
| Payment timing and other cash/accrual difference base_2026q4_payment_timing | 2026Q4 / base | 49.50 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases base_2026q4_cash_capex | 2026Q4 / base | 350.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(base_2026q4_construction, base_2026q4_other_capital, base_2026q4_payment_timing). |
| Finance-lease cash principal base_2026q4_lease_principal | 2026Q4 / base | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash base_2026q4_capital_cash | 2026Q4 / base | 351.30 USD_millions | derived: No double deduction in financing. Formula: sum(base_2026q4_cash_capex, base_2026q4_lease_principal). |
| Cash after PP&E and leases base_2026q4_cash_after_capex | 2026Q4 / base | -363.50 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(base_2026q4_cfo, base_2026q4_capital_cash). |
| Conditional DOE principal advance base_2026q4_doe_draw | 2026Q4 / base | 200.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds base_2026q4_new_debenture | 2026Q4 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds base_2026q4_atm | 2026Q4 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds base_2026q4_gross_funding | 2026Q4 / base | 200.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(base_2026q4_doe_draw, base_2026q4_new_debenture, base_2026q4_atm). |
| Cash financing fees base_2026q4_financing_fees | 2026Q4 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal base_2026q4_funding | 2026Q4 / base | 199.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(base_2026q4_gross_funding, base_2026q4_financing_fees). |
| Consolidated cash change proxy base_2026q4_cash_after_funding | 2026Q4 / base | -164.50 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(base_2026q4_cash_after_capex, base_2026q4_funding). |
| Cumulative budget-eligible construction base_2026q4_cumulative_construction | 2026Q4 / base | 2,237.60 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, base_2026q3_construction, base_2026q4_construction). |
| Cumulative DOE cash advances base_2026q4_cumulative_doe | 2026Q4 / base | 1,659.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, base_2026q3_doe_draw, base_2026q4_doe_draw). |
| Lithium sales base_2027q1_revenue | 2027Q1 / base | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs base_2027q1_operating_cost | 2027Q1 / base | 19.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income base_2027q1_operating_income | 2027Q1 / base | -19.00 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(base_2027q1_revenue, base_2027q1_operating_cost). |
| Noncash SBC base_2027q1_sbc | 2027Q1 / base | 3.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income base_2027q1_interest_income | 2027Q1 / base | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income base_2027q1_cash_earnings | 2027Q1 / base | -12.90 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(base_2027q1_operating_income, base_2027q1_sbc, base_2027q1_interest_income). |
| Other operating working-capital cash use base_2027q1_working_cash | 2027Q1 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy base_2027q1_cfo | 2027Q1 / base | -17.90 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(base_2027q1_cash_earnings, base_2027q1_working_cash). |
| Capitalized construction base_2027q1_construction | 2027Q1 / base | 200.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs base_2027q1_other_capital | 2027Q1 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest base_2027q1_capitalized_interest | 2027Q1 / base | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs base_2027q1_capitalized_total | 2027Q1 / base | 224.00 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(base_2027q1_construction, base_2027q1_other_capital, base_2027q1_capitalized_interest). |
| Payment timing and other cash/accrual difference base_2027q1_payment_timing | 2027Q1 / base | 20.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases base_2027q1_cash_capex | 2027Q1 / base | 230.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(base_2027q1_construction, base_2027q1_other_capital, base_2027q1_payment_timing). |
| Finance-lease cash principal base_2027q1_lease_principal | 2027Q1 / base | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash base_2027q1_capital_cash | 2027Q1 / base | 231.30 USD_millions | derived: No double deduction in financing. Formula: sum(base_2027q1_cash_capex, base_2027q1_lease_principal). |
| Cash after PP&E and leases base_2027q1_cash_after_capex | 2027Q1 / base | -249.20 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(base_2027q1_cfo, base_2027q1_capital_cash). |
| Conditional DOE principal advance base_2027q1_doe_draw | 2027Q1 / base | 200.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds base_2027q1_new_debenture | 2027Q1 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds base_2027q1_atm | 2027Q1 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds base_2027q1_gross_funding | 2027Q1 / base | 200.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(base_2027q1_doe_draw, base_2027q1_new_debenture, base_2027q1_atm). |
| Cash financing fees base_2027q1_financing_fees | 2027Q1 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal base_2027q1_funding | 2027Q1 / base | 199.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(base_2027q1_gross_funding, base_2027q1_financing_fees). |
| Consolidated cash change proxy base_2027q1_cash_after_funding | 2027Q1 / base | -50.20 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(base_2027q1_cash_after_capex, base_2027q1_funding). |
| Cumulative budget-eligible construction base_2027q1_cumulative_construction | 2027Q1 / base | 2,437.60 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, base_2026q3_construction, base_2026q4_construction, base_2027q1_construction). |
| Cumulative DOE cash advances base_2027q1_cumulative_doe | 2027Q1 / base | 1,859.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, base_2026q3_doe_draw, base_2026q4_doe_draw, base_2027q1_doe_draw). |
| Lithium sales base_2027q2_revenue | 2027Q2 / base | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs base_2027q2_operating_cost | 2027Q2 / base | 21.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income base_2027q2_operating_income | 2027Q2 / base | -21.00 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(base_2027q2_revenue, base_2027q2_operating_cost). |
| Noncash SBC base_2027q2_sbc | 2027Q2 / base | 3.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income base_2027q2_interest_income | 2027Q2 / base | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income base_2027q2_cash_earnings | 2027Q2 / base | -14.60 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_interest_income). |
| Other operating working-capital cash use base_2027q2_working_cash | 2027Q2 / base | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy base_2027q2_cfo | 2027Q2 / base | -20.60 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(base_2027q2_cash_earnings, base_2027q2_working_cash). |
| Capitalized construction base_2027q2_construction | 2027Q2 / base | 210.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs base_2027q2_other_capital | 2027Q2 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest base_2027q2_capitalized_interest | 2027Q2 / base | 16.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs base_2027q2_capitalized_total | 2027Q2 / base | 236.00 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(base_2027q2_construction, base_2027q2_other_capital, base_2027q2_capitalized_interest). |
| Payment timing and other cash/accrual difference base_2027q2_payment_timing | 2027Q2 / base | 15.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases base_2027q2_cash_capex | 2027Q2 / base | 235.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(base_2027q2_construction, base_2027q2_other_capital, base_2027q2_payment_timing). |
| Finance-lease cash principal base_2027q2_lease_principal | 2027Q2 / base | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash base_2027q2_capital_cash | 2027Q2 / base | 236.30 USD_millions | derived: No double deduction in financing. Formula: sum(base_2027q2_cash_capex, base_2027q2_lease_principal). |
| Cash after PP&E and leases base_2027q2_cash_after_capex | 2027Q2 / base | -256.90 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(base_2027q2_cfo, base_2027q2_capital_cash). |
| Conditional DOE principal advance base_2027q2_doe_draw | 2027Q2 / base | 111.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds base_2027q2_new_debenture | 2027Q2 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds base_2027q2_atm | 2027Q2 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds base_2027q2_gross_funding | 2027Q2 / base | 111.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(base_2027q2_doe_draw, base_2027q2_new_debenture, base_2027q2_atm). |
| Cash financing fees base_2027q2_financing_fees | 2027Q2 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal base_2027q2_funding | 2027Q2 / base | 110.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(base_2027q2_gross_funding, base_2027q2_financing_fees). |
| Consolidated cash change proxy base_2027q2_cash_after_funding | 2027Q2 / base | -146.90 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(base_2027q2_cash_after_capex, base_2027q2_funding). |
| Cumulative budget-eligible construction base_2027q2_cumulative_construction | 2027Q2 / base | 2,647.60 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, base_2026q3_construction, base_2026q4_construction, base_2027q1_construction, base_2027q2_construction). |
| Cumulative DOE cash advances base_2027q2_cumulative_doe | 2027Q2 / base | 1,970.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, base_2026q3_doe_draw, base_2026q4_doe_draw, base_2027q1_doe_draw, base_2027q2_doe_draw). |
| Lithium sales base_2027q3_revenue | 2027Q3 / base | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs base_2027q3_operating_cost | 2027Q3 / base | 23.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income base_2027q3_operating_income | 2027Q3 / base | -23.00 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(base_2027q3_revenue, base_2027q3_operating_cost). |
| Noncash SBC base_2027q3_sbc | 2027Q3 / base | 3.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income base_2027q3_interest_income | 2027Q3 / base | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income base_2027q3_cash_earnings | 2027Q3 / base | -16.30 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_interest_income). |
| Other operating working-capital cash use base_2027q3_working_cash | 2027Q3 / base | 7.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy base_2027q3_cfo | 2027Q3 / base | -23.30 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(base_2027q3_cash_earnings, base_2027q3_working_cash). |
| Capitalized construction base_2027q3_construction | 2027Q3 / base | 170.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs base_2027q3_other_capital | 2027Q3 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest base_2027q3_capitalized_interest | 2027Q3 / base | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs base_2027q3_capitalized_total | 2027Q3 / base | 198.00 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(base_2027q3_construction, base_2027q3_other_capital, base_2027q3_capitalized_interest). |
| Payment timing and other cash/accrual difference base_2027q3_payment_timing | 2027Q3 / base | 10.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases base_2027q3_cash_capex | 2027Q3 / base | 190.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(base_2027q3_construction, base_2027q3_other_capital, base_2027q3_payment_timing). |
| Finance-lease cash principal base_2027q3_lease_principal | 2027Q3 / base | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash base_2027q3_capital_cash | 2027Q3 / base | 191.30 USD_millions | derived: No double deduction in financing. Formula: sum(base_2027q3_cash_capex, base_2027q3_lease_principal). |
| Cash after PP&E and leases base_2027q3_cash_after_capex | 2027Q3 / base | -214.60 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(base_2027q3_cfo, base_2027q3_capital_cash). |
| Conditional DOE principal advance base_2027q3_doe_draw | 2027Q3 / base | 0.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds base_2027q3_new_debenture | 2027Q3 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds base_2027q3_atm | 2027Q3 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds base_2027q3_gross_funding | 2027Q3 / base | 0.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(base_2027q3_doe_draw, base_2027q3_new_debenture, base_2027q3_atm). |
| Cash financing fees base_2027q3_financing_fees | 2027Q3 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal base_2027q3_funding | 2027Q3 / base | -1.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(base_2027q3_gross_funding, base_2027q3_financing_fees). |
| Consolidated cash change proxy base_2027q3_cash_after_funding | 2027Q3 / base | -215.60 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(base_2027q3_cash_after_capex, base_2027q3_funding). |
| Cumulative budget-eligible construction base_2027q3_cumulative_construction | 2027Q3 / base | 2,817.60 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, base_2026q3_construction, base_2026q4_construction, base_2027q1_construction, base_2027q2_construction, base_2027q3_construction). |
| Cumulative DOE cash advances base_2027q3_cumulative_doe | 2027Q3 / base | 1,970.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, base_2026q3_doe_draw, base_2026q4_doe_draw, base_2027q1_doe_draw, base_2027q2_doe_draw, base_2027q3_doe_draw). |
| Lithium sales base_2027q4_revenue | 2027Q4 / base | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs base_2027q4_operating_cost | 2027Q4 / base | 25.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income base_2027q4_operating_income | 2027Q4 / base | -25.00 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(base_2027q4_revenue, base_2027q4_operating_cost). |
| Noncash SBC base_2027q4_sbc | 2027Q4 / base | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income base_2027q4_interest_income | 2027Q4 / base | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income base_2027q4_cash_earnings | 2027Q4 / base | -18.00 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_interest_income). |
| Other operating working-capital cash use base_2027q4_working_cash | 2027Q4 / base | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy base_2027q4_cfo | 2027Q4 / base | -26.00 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(base_2027q4_cash_earnings, base_2027q4_working_cash). |
| Capitalized construction base_2027q4_construction | 2027Q4 / base | 112.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs base_2027q4_other_capital | 2027Q4 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest base_2027q4_capitalized_interest | 2027Q4 / base | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs base_2027q4_capitalized_total | 2027Q4 / base | 142.40 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(base_2027q4_construction, base_2027q4_other_capital, base_2027q4_capitalized_interest). |
| Payment timing and other cash/accrual difference base_2027q4_payment_timing | 2027Q4 / base | 10.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases base_2027q4_cash_capex | 2027Q4 / base | 132.40 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(base_2027q4_construction, base_2027q4_other_capital, base_2027q4_payment_timing). |
| Finance-lease cash principal base_2027q4_lease_principal | 2027Q4 / base | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash base_2027q4_capital_cash | 2027Q4 / base | 133.70 USD_millions | derived: No double deduction in financing. Formula: sum(base_2027q4_cash_capex, base_2027q4_lease_principal). |
| Cash after PP&E and leases base_2027q4_cash_after_capex | 2027Q4 / base | -159.70 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(base_2027q4_cfo, base_2027q4_capital_cash). |
| Conditional DOE principal advance base_2027q4_doe_draw | 2027Q4 / base | 0.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds base_2027q4_new_debenture | 2027Q4 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds base_2027q4_atm | 2027Q4 / base | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds base_2027q4_gross_funding | 2027Q4 / base | 0.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(base_2027q4_doe_draw, base_2027q4_new_debenture, base_2027q4_atm). |
| Cash financing fees base_2027q4_financing_fees | 2027Q4 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal base_2027q4_funding | 2027Q4 / base | -1.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(base_2027q4_gross_funding, base_2027q4_financing_fees). |
| Consolidated cash change proxy base_2027q4_cash_after_funding | 2027Q4 / base | -160.70 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(base_2027q4_cash_after_capex, base_2027q4_funding). |
| Cumulative budget-eligible construction base_2027q4_cumulative_construction | 2027Q4 / base | 2,930.00 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, base_2026q3_construction, base_2026q4_construction, base_2027q1_construction, base_2027q2_construction, base_2027q3_construction, base_2027q4_construction). |
| Cumulative DOE cash advances base_2027q4_cumulative_doe | 2027Q4 / base | 1,970.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, base_2026q3_doe_draw, base_2026q4_doe_draw, base_2027q1_doe_draw, base_2027q2_doe_draw, base_2027q3_doe_draw, base_2027q4_doe_draw). |
| Lithium revenue ($M) base_fy2026_revenue | FY2026 / base | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue). |
| Operating income ($M) base_fy2026_operating_income | FY2026 / base | -58.24 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income). |
| Operating cash flow proxy ($M) base_fy2026_cfo | FY2026 / base | -45.52 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo). |
| Capitalized construction ($M) base_fy2026_construction | FY2026 / base | 1,375.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_construction, base_2026q3_construction, base_2026q4_construction). |
| Other capitalized costs ($M) base_fy2026_other_capital | FY2026 / base | 35.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_other_capital, base_2026q3_other_capital, base_2026q4_other_capital). |
| Capitalized interest ($M) base_fy2026_capitalized_interest | FY2026 / base | 50.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capitalized_interest, base_2026q3_capitalized_interest, base_2026q4_capitalized_interest). |
| Total capitalized costs ($M) base_fy2026_capitalized_total | FY2026 / base | 1,460.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capitalized_total, base_2026q3_capitalized_total, base_2026q4_capitalized_total). |
| Cash PP&E spending ($M) base_fy2026_cash_capex | FY2026 / base | 1,381.56 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_capex, base_2026q3_cash_capex, base_2026q4_cash_capex). |
| Finance-lease principal ($M) base_fy2026_lease_principal | FY2026 / base | 5.05 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_lease_principal, base_2026q3_lease_principal, base_2026q4_lease_principal). |
| Cash after PP&E and lease principal ($M) base_fy2026_cash_after_capex | FY2026 / base | -1,432.14 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capex, base_2026q3_cash_after_capex, base_2026q4_cash_after_capex). |
| External financing net of fees ($M) base_fy2026_funding | FY2026 / base | 1,632.62 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_funding, base_2026q3_funding, base_2026q4_funding). |
| Consolidated cash change proxy ($M) base_fy2026_cash_after_funding | FY2026 / base | 200.48 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_funding, base_2026q3_cash_after_funding, base_2026q4_cash_after_funding). |
| Lithium revenue ($M) base_fy2027_revenue | FY2027 / base | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| Operating income ($M) base_fy2027_operating_income | FY2027 / base | -88.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Operating cash flow proxy ($M) base_fy2027_cfo | FY2027 / base | -87.80 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| Capitalized construction ($M) base_fy2027_construction | FY2027 / base | 692.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_construction, base_2027q2_construction, base_2027q3_construction, base_2027q4_construction). |
| Other capitalized costs ($M) base_fy2027_other_capital | FY2027 / base | 40.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_other_capital, base_2027q2_other_capital, base_2027q3_other_capital, base_2027q4_other_capital). |
| Capitalized interest ($M) base_fy2027_capitalized_interest | FY2027 / base | 68.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capitalized_interest, base_2027q2_capitalized_interest, base_2027q3_capitalized_interest, base_2027q4_capitalized_interest). |
| Total capitalized costs ($M) base_fy2027_capitalized_total | FY2027 / base | 800.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capitalized_total, base_2027q2_capitalized_total, base_2027q3_capitalized_total, base_2027q4_capitalized_total). |
| Cash PP&E spending ($M) base_fy2027_cash_capex | FY2027 / base | 787.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_capex, base_2027q2_cash_capex, base_2027q3_cash_capex, base_2027q4_cash_capex). |
| Finance-lease principal ($M) base_fy2027_lease_principal | FY2027 / base | 5.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_lease_principal, base_2027q2_lease_principal, base_2027q3_lease_principal, base_2027q4_lease_principal). |
| Cash after PP&E and lease principal ($M) base_fy2027_cash_after_capex | FY2027 / base | -880.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_capex, base_2027q2_cash_after_capex, base_2027q3_cash_after_capex, base_2027q4_cash_after_capex). |
| External financing net of fees ($M) base_fy2027_funding | FY2027 / base | 307.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_funding, base_2027q2_funding, base_2027q3_funding, base_2027q4_funding). |
| Consolidated cash change proxy ($M) base_fy2027_cash_after_funding | FY2027 / base | -573.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_funding, base_2027q2_cash_after_funding, base_2027q3_cash_after_funding, base_2027q4_cash_after_funding). |
| Lithium sales upside_2026q3_revenue | 2026Q3 / upside | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs upside_2026q3_operating_cost | 2026Q3 / upside | 13.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income upside_2026q3_operating_income | 2026Q3 / upside | -13.50 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(upside_2026q3_revenue, upside_2026q3_operating_cost). |
| Noncash SBC upside_2026q3_sbc | 2026Q3 / upside | 2.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income upside_2026q3_interest_income | 2026Q3 / upside | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income upside_2026q3_cash_earnings | 2026Q3 / upside | -5.00 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(upside_2026q3_operating_income, upside_2026q3_sbc, upside_2026q3_interest_income). |
| Other operating working-capital cash use upside_2026q3_working_cash | 2026Q3 / upside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy upside_2026q3_cfo | 2026Q3 / upside | -8.00 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(upside_2026q3_cash_earnings, upside_2026q3_working_cash). |
| Capitalized construction upside_2026q3_construction | 2026Q3 / upside | 260.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs upside_2026q3_other_capital | 2026Q3 / upside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest upside_2026q3_capitalized_interest | 2026Q3 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs upside_2026q3_capitalized_total | 2026Q3 / upside | 278.00 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(upside_2026q3_construction, upside_2026q3_other_capital, upside_2026q3_capitalized_interest). |
| Payment timing and other cash/accrual difference upside_2026q3_payment_timing | 2026Q3 / upside | 45.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases upside_2026q3_cash_capex | 2026Q3 / upside | 313.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(upside_2026q3_construction, upside_2026q3_other_capital, upside_2026q3_payment_timing). |
| Finance-lease cash principal upside_2026q3_lease_principal | 2026Q3 / upside | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash upside_2026q3_capital_cash | 2026Q3 / upside | 314.30 USD_millions | derived: No double deduction in financing. Formula: sum(upside_2026q3_cash_capex, upside_2026q3_lease_principal). |
| Cash after PP&E and leases upside_2026q3_cash_after_capex | 2026Q3 / upside | -322.30 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capital_cash). |
| Conditional DOE principal advance upside_2026q3_doe_draw | 2026Q3 / upside | 250.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| DOE and issued equity/debenture proceeds upside_2026q3_gross_funding | 2026Q3 / upside | 404.20 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(upside_2026q3_doe_draw, yorkville_closed, subsequent_atm). |
| Cash financing fees upside_2026q3_financing_fees | 2026Q3 / upside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal upside_2026q3_funding | 2026Q3 / upside | 402.20 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(upside_2026q3_gross_funding, upside_2026q3_financing_fees). |
| Consolidated cash change proxy upside_2026q3_cash_after_funding | 2026Q3 / upside | 79.90 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(upside_2026q3_cash_after_capex, upside_2026q3_funding). |
| Cumulative budget-eligible construction upside_2026q3_cumulative_construction | 2026Q3 / upside | 1,881.70 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, upside_2026q3_construction). |
| Cumulative DOE cash advances upside_2026q3_cumulative_doe | 2026Q3 / upside | 1,459.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, upside_2026q3_doe_draw). |
| Lithium sales upside_2026q4_revenue | 2026Q4 / upside | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs upside_2026q4_operating_cost | 2026Q4 / upside | 15.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income upside_2026q4_operating_income | 2026Q4 / upside | -15.30 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(upside_2026q4_revenue, upside_2026q4_operating_cost). |
| Noncash SBC upside_2026q4_sbc | 2026Q4 / upside | 2.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income upside_2026q4_interest_income | 2026Q4 / upside | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income upside_2026q4_cash_earnings | 2026Q4 / upside | -6.50 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(upside_2026q4_operating_income, upside_2026q4_sbc, upside_2026q4_interest_income). |
| Other operating working-capital cash use upside_2026q4_working_cash | 2026Q4 / upside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy upside_2026q4_cfo | 2026Q4 / upside | -10.50 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(upside_2026q4_cash_earnings, upside_2026q4_working_cash). |
| Capitalized construction upside_2026q4_construction | 2026Q4 / upside | 230.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs upside_2026q4_other_capital | 2026Q4 / upside | 8.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest upside_2026q4_capitalized_interest | 2026Q4 / upside | 15.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs upside_2026q4_capitalized_total | 2026Q4 / upside | 254.60 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(upside_2026q4_construction, upside_2026q4_other_capital, upside_2026q4_capitalized_interest). |
| Payment timing and other cash/accrual difference upside_2026q4_payment_timing | 2026Q4 / upside | 35.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases upside_2026q4_cash_capex | 2026Q4 / upside | 274.50 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(upside_2026q4_construction, upside_2026q4_other_capital, upside_2026q4_payment_timing). |
| Finance-lease cash principal upside_2026q4_lease_principal | 2026Q4 / upside | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash upside_2026q4_capital_cash | 2026Q4 / upside | 275.80 USD_millions | derived: No double deduction in financing. Formula: sum(upside_2026q4_cash_capex, upside_2026q4_lease_principal). |
| Cash after PP&E and leases upside_2026q4_cash_after_capex | 2026Q4 / upside | -286.30 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capital_cash). |
| Conditional DOE principal advance upside_2026q4_doe_draw | 2026Q4 / upside | 250.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds upside_2026q4_new_debenture | 2026Q4 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds upside_2026q4_atm | 2026Q4 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds upside_2026q4_gross_funding | 2026Q4 / upside | 250.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(upside_2026q4_doe_draw, upside_2026q4_new_debenture, upside_2026q4_atm). |
| Cash financing fees upside_2026q4_financing_fees | 2026Q4 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal upside_2026q4_funding | 2026Q4 / upside | 249.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(upside_2026q4_gross_funding, upside_2026q4_financing_fees). |
| Consolidated cash change proxy upside_2026q4_cash_after_funding | 2026Q4 / upside | -37.30 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(upside_2026q4_cash_after_capex, upside_2026q4_funding). |
| Cumulative budget-eligible construction upside_2026q4_cumulative_construction | 2026Q4 / upside | 2,112.60 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, upside_2026q3_construction, upside_2026q4_construction). |
| Cumulative DOE cash advances upside_2026q4_cumulative_doe | 2026Q4 / upside | 1,709.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, upside_2026q3_doe_draw, upside_2026q4_doe_draw). |
| Lithium sales upside_2027q1_revenue | 2027Q1 / upside | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs upside_2027q1_operating_cost | 2027Q1 / upside | 17.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income upside_2027q1_operating_income | 2027Q1 / upside | -17.10 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(upside_2027q1_revenue, upside_2027q1_operating_cost). |
| Noncash SBC upside_2027q1_sbc | 2027Q1 / upside | 3.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income upside_2027q1_interest_income | 2027Q1 / upside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income upside_2027q1_cash_earnings | 2027Q1 / upside | -11.00 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(upside_2027q1_operating_income, upside_2027q1_sbc, upside_2027q1_interest_income). |
| Other operating working-capital cash use upside_2027q1_working_cash | 2027Q1 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy upside_2027q1_cfo | 2027Q1 / upside | -16.00 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(upside_2027q1_cash_earnings, upside_2027q1_working_cash). |
| Capitalized construction upside_2027q1_construction | 2027Q1 / upside | 260.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs upside_2027q1_other_capital | 2027Q1 / upside | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest upside_2027q1_capitalized_interest | 2027Q1 / upside | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs upside_2027q1_capitalized_total | 2027Q1 / upside | 283.00 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(upside_2027q1_construction, upside_2027q1_other_capital, upside_2027q1_capitalized_interest). |
| Payment timing and other cash/accrual difference upside_2027q1_payment_timing | 2027Q1 / upside | 15.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases upside_2027q1_cash_capex | 2027Q1 / upside | 284.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(upside_2027q1_construction, upside_2027q1_other_capital, upside_2027q1_payment_timing). |
| Finance-lease cash principal upside_2027q1_lease_principal | 2027Q1 / upside | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash upside_2027q1_capital_cash | 2027Q1 / upside | 285.30 USD_millions | derived: No double deduction in financing. Formula: sum(upside_2027q1_cash_capex, upside_2027q1_lease_principal). |
| Cash after PP&E and leases upside_2027q1_cash_after_capex | 2027Q1 / upside | -301.30 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capital_cash). |
| Conditional DOE principal advance upside_2027q1_doe_draw | 2027Q1 / upside | 200.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds upside_2027q1_new_debenture | 2027Q1 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds upside_2027q1_atm | 2027Q1 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds upside_2027q1_gross_funding | 2027Q1 / upside | 200.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(upside_2027q1_doe_draw, upside_2027q1_new_debenture, upside_2027q1_atm). |
| Cash financing fees upside_2027q1_financing_fees | 2027Q1 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal upside_2027q1_funding | 2027Q1 / upside | 199.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(upside_2027q1_gross_funding, upside_2027q1_financing_fees). |
| Consolidated cash change proxy upside_2027q1_cash_after_funding | 2027Q1 / upside | -102.30 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(upside_2027q1_cash_after_capex, upside_2027q1_funding). |
| Cumulative budget-eligible construction upside_2027q1_cumulative_construction | 2027Q1 / upside | 2,372.60 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, upside_2026q3_construction, upside_2026q4_construction, upside_2027q1_construction). |
| Cumulative DOE cash advances upside_2027q1_cumulative_doe | 2027Q1 / upside | 1,909.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, upside_2026q3_doe_draw, upside_2026q4_doe_draw, upside_2027q1_doe_draw). |
| Lithium sales upside_2027q2_revenue | 2027Q2 / upside | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs upside_2027q2_operating_cost | 2027Q2 / upside | 18.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income upside_2027q2_operating_income | 2027Q2 / upside | -18.90 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(upside_2027q2_revenue, upside_2027q2_operating_cost). |
| Noncash SBC upside_2027q2_sbc | 2027Q2 / upside | 3.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income upside_2027q2_interest_income | 2027Q2 / upside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income upside_2027q2_cash_earnings | 2027Q2 / upside | -12.50 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_interest_income). |
| Other operating working-capital cash use upside_2027q2_working_cash | 2027Q2 / upside | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy upside_2027q2_cfo | 2027Q2 / upside | -18.50 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(upside_2027q2_cash_earnings, upside_2027q2_working_cash). |
| Capitalized construction upside_2027q2_construction | 2027Q2 / upside | 240.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs upside_2027q2_other_capital | 2027Q2 / upside | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest upside_2027q2_capitalized_interest | 2027Q2 / upside | 16.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs upside_2027q2_capitalized_total | 2027Q2 / upside | 265.00 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(upside_2027q2_construction, upside_2027q2_other_capital, upside_2027q2_capitalized_interest). |
| Payment timing and other cash/accrual difference upside_2027q2_payment_timing | 2027Q2 / upside | 10.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases upside_2027q2_cash_capex | 2027Q2 / upside | 259.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(upside_2027q2_construction, upside_2027q2_other_capital, upside_2027q2_payment_timing). |
| Finance-lease cash principal upside_2027q2_lease_principal | 2027Q2 / upside | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash upside_2027q2_capital_cash | 2027Q2 / upside | 260.30 USD_millions | derived: No double deduction in financing. Formula: sum(upside_2027q2_cash_capex, upside_2027q2_lease_principal). |
| Cash after PP&E and leases upside_2027q2_cash_after_capex | 2027Q2 / upside | -278.80 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capital_cash). |
| Conditional DOE principal advance upside_2027q2_doe_draw | 2027Q2 / upside | 61.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds upside_2027q2_new_debenture | 2027Q2 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds upside_2027q2_atm | 2027Q2 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds upside_2027q2_gross_funding | 2027Q2 / upside | 61.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(upside_2027q2_doe_draw, upside_2027q2_new_debenture, upside_2027q2_atm). |
| Cash financing fees upside_2027q2_financing_fees | 2027Q2 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal upside_2027q2_funding | 2027Q2 / upside | 60.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(upside_2027q2_gross_funding, upside_2027q2_financing_fees). |
| Consolidated cash change proxy upside_2027q2_cash_after_funding | 2027Q2 / upside | -218.80 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(upside_2027q2_cash_after_capex, upside_2027q2_funding). |
| Cumulative budget-eligible construction upside_2027q2_cumulative_construction | 2027Q2 / upside | 2,612.60 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, upside_2026q3_construction, upside_2026q4_construction, upside_2027q1_construction, upside_2027q2_construction). |
| Cumulative DOE cash advances upside_2027q2_cumulative_doe | 2027Q2 / upside | 1,970.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, upside_2026q3_doe_draw, upside_2026q4_doe_draw, upside_2027q1_doe_draw, upside_2027q2_doe_draw). |
| Lithium sales upside_2027q3_revenue | 2027Q3 / upside | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs upside_2027q3_operating_cost | 2027Q3 / upside | 20.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income upside_2027q3_operating_income | 2027Q3 / upside | -20.70 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(upside_2027q3_revenue, upside_2027q3_operating_cost). |
| Noncash SBC upside_2027q3_sbc | 2027Q3 / upside | 3.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income upside_2027q3_interest_income | 2027Q3 / upside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income upside_2027q3_cash_earnings | 2027Q3 / upside | -14.00 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_interest_income). |
| Other operating working-capital cash use upside_2027q3_working_cash | 2027Q3 / upside | 7.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy upside_2027q3_cfo | 2027Q3 / upside | -21.00 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(upside_2027q3_cash_earnings, upside_2027q3_working_cash). |
| Capitalized construction upside_2027q3_construction | 2027Q3 / upside | 190.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs upside_2027q3_other_capital | 2027Q3 / upside | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest upside_2027q3_capitalized_interest | 2027Q3 / upside | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs upside_2027q3_capitalized_total | 2027Q3 / upside | 217.00 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(upside_2027q3_construction, upside_2027q3_other_capital, upside_2027q3_capitalized_interest). |
| Payment timing and other cash/accrual difference upside_2027q3_payment_timing | 2027Q3 / upside | 10.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases upside_2027q3_cash_capex | 2027Q3 / upside | 209.00 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(upside_2027q3_construction, upside_2027q3_other_capital, upside_2027q3_payment_timing). |
| Finance-lease cash principal upside_2027q3_lease_principal | 2027Q3 / upside | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash upside_2027q3_capital_cash | 2027Q3 / upside | 210.30 USD_millions | derived: No double deduction in financing. Formula: sum(upside_2027q3_cash_capex, upside_2027q3_lease_principal). |
| Cash after PP&E and leases upside_2027q3_cash_after_capex | 2027Q3 / upside | -231.30 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capital_cash). |
| Conditional DOE principal advance upside_2027q3_doe_draw | 2027Q3 / upside | 0.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds upside_2027q3_new_debenture | 2027Q3 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds upside_2027q3_atm | 2027Q3 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds upside_2027q3_gross_funding | 2027Q3 / upside | 0.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(upside_2027q3_doe_draw, upside_2027q3_new_debenture, upside_2027q3_atm). |
| Cash financing fees upside_2027q3_financing_fees | 2027Q3 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal upside_2027q3_funding | 2027Q3 / upside | -1.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(upside_2027q3_gross_funding, upside_2027q3_financing_fees). |
| Consolidated cash change proxy upside_2027q3_cash_after_funding | 2027Q3 / upside | -232.30 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(upside_2027q3_cash_after_capex, upside_2027q3_funding). |
| Cumulative budget-eligible construction upside_2027q3_cumulative_construction | 2027Q3 / upside | 2,802.60 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, upside_2026q3_construction, upside_2026q4_construction, upside_2027q1_construction, upside_2027q2_construction, upside_2027q3_construction). |
| Cumulative DOE cash advances upside_2027q3_cumulative_doe | 2027Q3 / upside | 1,970.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, upside_2026q3_doe_draw, upside_2026q4_doe_draw, upside_2027q1_doe_draw, upside_2027q2_doe_draw, upside_2027q3_doe_draw). |
| Lithium sales upside_2027q4_revenue | 2027Q4 / upside | 0.00 USD_millions | assumption: No sales assumed before commissioning and customer acceptance; mechanical completion does not recognize revenue. |
| Corporate and expensed project costs upside_2027q4_operating_cost | 2027Q4 / upside | 22.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income upside_2027q4_operating_income | 2027Q4 / upside | -22.50 USD_millions | derived: Construction cost is capitalized separately; fair-value gains do not create operating earnings. Formula: subtract(upside_2027q4_revenue, upside_2027q4_operating_cost). |
| Noncash SBC upside_2027q4_sbc | 2027Q4 / upside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income upside_2027q4_interest_income | 2027Q4 / upside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating income plus SBC and cash interest income upside_2027q4_cash_earnings | 2027Q4 / upside | -15.50 USD_millions | derived: Interest on constrained cash is not assumed freely distributable. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_interest_income). |
| Other operating working-capital cash use upside_2027q4_working_cash | 2027Q4 / upside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow proxy upside_2027q4_cfo | 2027Q4 / upside | -23.50 USD_millions | derived: Assumes no cash payment of DOE or PIK corporate coupons in the horizon. Formula: subtract(upside_2027q4_cash_earnings, upside_2027q4_working_cash). |
| Capitalized construction upside_2027q4_construction | 2027Q4 / upside | 127.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Other capitalized costs upside_2027q4_other_capital | 2027Q4 / upside | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Capitalized noncash interest upside_2027q4_capitalized_interest | 2027Q4 / upside | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Total capitalized costs upside_2027q4_capitalized_total | 2027Q4 / upside | 156.40 USD_millions | derived: Accrual project cost; cash payment is calculated independently. Formula: sum(upside_2027q4_construction, upside_2027q4_other_capital, upside_2027q4_capitalized_interest). |
| Payment timing and other cash/accrual difference upside_2027q4_payment_timing | 2027Q4 / upside | 5.00 USD_millions | assumption: Positive means cash exceeds current non-interest capital additions; includes invoice settlement and other differences. |
| Cash PP&E purchases upside_2027q4_cash_capex | 2027Q4 / upside | 141.40 USD_millions | derived: Capitalized noncash interest is not paid again. Formula: sum(upside_2027q4_construction, upside_2027q4_other_capital, upside_2027q4_payment_timing). |
| Finance-lease cash principal upside_2027q4_lease_principal | 2027Q4 / upside | 1.30 USD_millions | assumption: Desk assumption; not company guidance. |
| PP&E and finance-lease cash upside_2027q4_capital_cash | 2027Q4 / upside | 142.70 USD_millions | derived: No double deduction in financing. Formula: sum(upside_2027q4_cash_capex, upside_2027q4_lease_principal). |
| Cash after PP&E and leases upside_2027q4_cash_after_capex | 2027Q4 / upside | -166.20 USD_millions | derived: Consolidated cash consumption before external funding. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capital_cash). |
| Conditional DOE principal advance upside_2027q4_doe_draw | 2027Q4 / upside | 0.00 USD_millions | assumption: Desk draw schedule subject to conditions; not a receipt or unrestricted parent cash. |
| Additional debenture proceeds upside_2027q4_new_debenture | 2027Q4 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional equity proceeds upside_2027q4_atm | 2027Q4 / upside | 0.00 USD_millions | assumption: Desk assumption; not company guidance. |
| DOE and issued equity/debenture proceeds upside_2027q4_gross_funding | 2027Q4 / upside | 0.00 USD_millions | derived: Only disclosed completed corporate proceeds plus conditional DOE scenario. Formula: sum(upside_2027q4_doe_draw, upside_2027q4_new_debenture, upside_2027q4_atm). |
| Cash financing fees upside_2027q4_financing_fees | 2027Q4 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Financing net of fees before lease principal upside_2027q4_funding | 2027Q4 / upside | -1.00 USD_millions | derived: No optional Yorkville $25M or new Orion delayed draw included. Formula: subtract(upside_2027q4_gross_funding, upside_2027q4_financing_fees). |
| Consolidated cash change proxy upside_2027q4_cash_after_funding | 2027Q4 / upside | -167.20 USD_millions | derived: Includes constrained project cash; not parent cash available for distribution. Formula: sum(upside_2027q4_cash_after_capex, upside_2027q4_funding). |
| Cumulative budget-eligible construction upside_2027q4_cumulative_construction | 2027Q4 / upside | 2,930.00 USD_millions | derived: Tracks original Phase 1 scope against $2.93B budget, before other capital and interest. Formula: sum(construction_cumulative, upside_2026q3_construction, upside_2026q4_construction, upside_2027q1_construction, upside_2027q2_construction, upside_2027q3_construction, upside_2027q4_construction). |
| Cumulative DOE cash advances upside_2027q4_cumulative_doe | 2027Q4 / upside | 1,970.00 USD_millions | derived: Excludes noncash capitalized interest. Formula: sum(doe_drawn, upside_2026q3_doe_draw, upside_2026q4_doe_draw, upside_2027q1_doe_draw, upside_2027q2_doe_draw, upside_2027q3_doe_draw, upside_2027q4_doe_draw). |
| Lithium revenue ($M) upside_fy2026_revenue | FY2026 / upside | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue). |
| Operating income ($M) upside_fy2026_operating_income | FY2026 / upside | -55.04 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income). |
| Operating cash flow proxy ($M) upside_fy2026_cfo | FY2026 / upside | -42.32 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo). |
| Capitalized construction ($M) upside_fy2026_construction | FY2026 / upside | 1,250.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_construction, upside_2026q3_construction, upside_2026q4_construction). |
| Other capitalized costs ($M) upside_fy2026_other_capital | FY2026 / upside | 32.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_other_capital, upside_2026q3_other_capital, upside_2026q4_other_capital). |
| Capitalized interest ($M) upside_fy2026_capitalized_interest | FY2026 / upside | 53.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capitalized_interest, upside_2026q3_capitalized_interest, upside_2026q4_capitalized_interest). |
| Total capitalized costs ($M) upside_fy2026_capitalized_total | FY2026 / upside | 1,335.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capitalized_total, upside_2026q3_capitalized_total, upside_2026q4_capitalized_total). |
| Cash PP&E spending ($M) upside_fy2026_cash_capex | FY2026 / upside | 1,219.06 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_capex, upside_2026q3_cash_capex, upside_2026q4_cash_capex). |
| Finance-lease principal ($M) upside_fy2026_lease_principal | FY2026 / upside | 5.05 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_lease_principal, upside_2026q3_lease_principal, upside_2026q4_lease_principal). |
| Cash after PP&E and lease principal ($M) upside_fy2026_cash_after_capex | FY2026 / upside | -1,266.44 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capex, upside_2026q3_cash_after_capex, upside_2026q4_cash_after_capex). |
| External financing net of fees ($M) upside_fy2026_funding | FY2026 / upside | 1,682.62 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_funding, upside_2026q3_funding, upside_2026q4_funding). |
| Consolidated cash change proxy ($M) upside_fy2026_cash_after_funding | FY2026 / upside | 416.18 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_funding, upside_2026q3_cash_after_funding, upside_2026q4_cash_after_funding). |
| Lithium revenue ($M) upside_fy2027_revenue | FY2027 / upside | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| Operating income ($M) upside_fy2027_operating_income | FY2027 / upside | -79.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Operating cash flow proxy ($M) upside_fy2027_cfo | FY2027 / upside | -79.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| Capitalized construction ($M) upside_fy2027_construction | FY2027 / upside | 817.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_construction, upside_2027q2_construction, upside_2027q3_construction, upside_2027q4_construction). |
| Other capitalized costs ($M) upside_fy2027_other_capital | FY2027 / upside | 36.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_other_capital, upside_2027q2_other_capital, upside_2027q3_other_capital, upside_2027q4_other_capital). |
| Capitalized interest ($M) upside_fy2027_capitalized_interest | FY2027 / upside | 68.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capitalized_interest, upside_2027q2_capitalized_interest, upside_2027q3_capitalized_interest, upside_2027q4_capitalized_interest). |
| Total capitalized costs ($M) upside_fy2027_capitalized_total | FY2027 / upside | 921.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capitalized_total, upside_2027q2_capitalized_total, upside_2027q3_capitalized_total, upside_2027q4_capitalized_total). |
| Cash PP&E spending ($M) upside_fy2027_cash_capex | FY2027 / upside | 893.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_capex, upside_2027q2_cash_capex, upside_2027q3_cash_capex, upside_2027q4_cash_capex). |
| Finance-lease principal ($M) upside_fy2027_lease_principal | FY2027 / upside | 5.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_lease_principal, upside_2027q2_lease_principal, upside_2027q3_lease_principal, upside_2027q4_lease_principal). |
| Cash after PP&E and lease principal ($M) upside_fy2027_cash_after_capex | FY2027 / upside | -977.60 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_capex, upside_2027q2_cash_after_capex, upside_2027q3_cash_after_capex, upside_2027q4_cash_after_capex). |
| External financing net of fees ($M) upside_fy2027_funding | FY2027 / upside | 257.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_funding, upside_2027q2_funding, upside_2027q3_funding, upside_2027q4_funding). |
| Consolidated cash change proxy ($M) upside_fy2027_cash_after_funding | FY2027 / upside | -720.60 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_funding, upside_2027q2_cash_after_funding, upside_2027q3_cash_after_funding, upside_2027q4_cash_after_funding). |
Model boundaries
- Mechanical completion targeted for late 2027 is not commercial production. Energization, commissioning, customer acceptance and a later lithium ramp remain separate. All scenarios assume zero sales through 2027; no zero-sales perpetuity or mine valuation is implied.
- Project financials consolidate 100% of a JV owned 62% by LAC and 38% by GM before potential DOE warrant dilution. Consolidated costs and cash do not equal common-shareholder economics or distributable parent cash.
- The $1.3-1.6B annual capitalized-cost range includes noncash interest and other capital. Cash PP&E spending uses a separate invoice/payment-timing assumption. The H1 accrual/cash difference is not asserted to be solely payables.
- DOE principal capacity is $1.97B; $1.209B was advanced by June. Forecast draws remain conditional and cumulative draws do not exceed that principal capacity. The larger $2.23B expected loan includes capitalized interest and is not an extra cash commitment.
- Capitalized interest is a project-accounting proxy, not cash coupon expense. DOE repayments start January 2029. Orion and Yorkville interest is assumed capitalized/settled without current cash; actual elections and restrictions require filing updates.
- August $150M Yorkville proceeds were issued; the optional $25M is excluded. Variable-price conversion, interest step-ups, redemption premiums and caps can materially alter dilution and financing needs. No diluted EPS or share-price target is supplied.
- Orion notes, production payments and royalties survive construction. Their production-linked claims are outside the zero-sales horizon; no assumption that future mine revenue belongs entirely to shareholders.
- Cash after financing is a period flow, not closing cash or a solvency opinion. Restrictions, reserve transfers, debt conversion, parent/JV waterfalls, reclamation and unmodeled expansion commitments remain outside the forecast.
Funding the construction path to Thacker Pass
Can Thacker Pass reach commissioning within the revised capital and conditional funding envelope?
H1 capitalized costs were $802.4M, including $759.1M construction and $27.9M interest, while cash PP&E was $631.6M. Full-year capitalized guidance is $1.3-1.6B. Construction incurred through June was $1.622B against the $2.93B Phase 1 budget. The base scenario reaches that construction budget by late 2027 without assuming commercial sales. June cash was $822.8M plus $456.4M restricted; $530.3M of combined cash sat in the consolidated JV. DOE cash advances totaled $1.209B against $1.97B principal capacity, with repayments starting January 2029. August Yorkville issuance supplied $150M; the optional $25M is not received cash. Orion notes carry 9.875% interest and production-payment rights, and Yorkville conversion terms introduce additional dilution sensitivity.
The competing explanation
Delays can increase corporate burn and construction cost while financing conditions restrict draws. Even successful construction leaves commissioning, lithium pricing, partner ownership and creditor/royalty claims between project output and common-shareholder cash.
Risks to track
- Construction inflation, labor availability and scope changes.
- DOE draw conditions, reserve requirements and cash restrictions.
- Commissioning and battery-grade product qualification.
- Variable-price debt conversion and interest step-ups.
- Lithium pricing, offtake economics and project-level claims.
Next checkpoints
- Energization · Q4 2026 company target (estimated). Verify energization separately from commercial operation.
- Construction and cash · Next quarterly filing (estimated). Compare capitalized cost, cash PP&E and cumulative budget scope.
- Funding and completion · Late 2027 mechanical-completion target (estimated). Verify actual DOE advances and commissioning readiness; no presumed sales.
Data coverage and open work
- Mechanical completion targeted for late 2027 is not commercial production. Energization, commissioning, customer acceptance and a later lithium ramp remain separate. All scenarios assume zero sales through 2027; no zero-sales perpetuity or mine valuation is implied.
- Project financials consolidate 100% of a JV owned 62% by LAC and 38% by GM before potential DOE warrant dilution. Consolidated costs and cash do not equal common-shareholder economics or distributable parent cash.
- The $1.3-1.6B annual capitalized-cost range includes noncash interest and other capital. Cash PP&E spending uses a separate invoice/payment-timing assumption. The H1 accrual/cash difference is not asserted to be solely payables.
- DOE principal capacity is $1.97B; $1.209B was advanced by June. Forecast draws remain conditional and cumulative draws do not exceed that principal capacity. The larger $2.23B expected loan includes capitalized interest and is not an extra cash commitment.
- Capitalized interest is a project-accounting proxy, not cash coupon expense. DOE repayments start January 2029. Orion and Yorkville interest is assumed capitalized/settled without current cash; actual elections and restrictions require filing updates.
- August $150M Yorkville proceeds were issued; the optional $25M is excluded. Variable-price conversion, interest step-ups, redemption premiums and caps can materially alter dilution and financing needs. No diluted EPS or share-price target is supplied.
- Orion notes, production payments and royalties survive construction. Their production-linked claims are outside the zero-sales horizon; no assumption that future mine revenue belongs entirely to shareholders.
- Cash after financing is a period flow, not closing cash or a solvency opinion. Restrictions, reserve transfers, debt conversion, parent/JV waterfalls, reclamation and unmodeled expansion commitments remain outside the forecast.
What the memory says
State as of the 2026-09-18 close: in a 120-day downtrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed mid-range, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -3.1 | -0.1 | +3.0 | 48% |
| 5 sessions | -7.2 | +0.2 | +6.8 | 50% |
| 10 sessions | -11.4 | -0.4 | +8.6 | 47% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.