Thacker Pass — lithium mine

Single open-pit sedimentary clay lithium mine and processing complex. Located ~100 km north-northwest of Winnemucca, Nevada, accessed via paved US Highway 95 and State Route 293; power supplied by on-site generation and grid power from Harney Electric Cooperative, with water sourced from aquifer-fed wells. Property encompasses ~7,900 ha of public lands administered by the BLM, comprising 2,829 unpatented mining claims and 39 mill site claims, encumbered by an 8.0% gross revenue royalty (buy-down right to 1.75%) and a production payment agreement to Orion. Hosts lithium-bearing smectite and illite clays within the McDermitt Caldera. Acquired by the current operator's predecessor in 2007; mechanical completion of Phase 1 targeted for late 2027. Processing involves beneficiation, sulfuric acid leaching, neutralization, and crystallization to produce battery-grade lithium carbonate. Phase 1 targets 40,000 t/y Li2CO3; planned expansions (Phases 2-5) could increase capacity to 160,000 t/y. Key risks include potential delays in future permitting, supply chain disruptions, and the novel nature of the commercial-scale sedimentary clay processing flowsheet.