Deterra Royalties (ASX:DRR) said that Lithium Americas, the project operator of the Thacker Pass lithium project in Nevada, achieved fully funded status for the development of the first phase of the project targeted for late 2027, according to a Wednesday Australian bourse filing.

Deterra owns a 4.8% gross revenue royalty over the Thacker Pass project, which will reduce to a 1.1% gross revenue royalty after the expected exercise of a partial royalty buyback, which would see $13.2 million paid to Deterra.

Lithium Americas reported the closing of a $250 million investment from fund entities managed by Orion Resource Partners.

Lithium Americas and General Motors Holdings contributed $192 million and $100 million in cash, respectively, to the Thacker Pass joint venture.

Deterra Royalties' shares slipped almost 1% in recent Wednesday trade.