Lithium Americas (LAC.TO) was 3.5% at last look Tuesday in NYSE pre-market trading as it reported an increase in mineral resources and mineral reserves for the Thacker Pass lithium project in Nevada.

The company said the latest estimate outlined proven and probable reserves of 14.3 million tonnes of lithium carbonate equivalent (LCE) grading 2,540 parts per million (ppm) lithium, a 286% increase from the November 2022 feasibility study.

Measured and indicated resources stood at 44.5 million tonnes of LCE grading 2,230 ppm lithium, a 177% increase since the November 29022 study.

The study also estimated an 85-year mine life in the base case and an after-tax net present value of US$8.7 billion at 8% discount and a 20.0% internal rate of return.

Capital costs were projected at US$2.93 billion for phase 1, US$2.33 billion for phase 2, US$2.74 billion for phase 3, and US$4.32 billion for phases 4 and 5.

"We are excited to release the results of our Thacker Pass Technical Report that demonstrates the multigenerational opportunity for transformational growth the project creates," President and CEO Jonathan Evans said. "Thacker Pass is now the largest measured lithium reserve and resource in the world and has the potential to become an unmatched district, generating American jobs and helping the U.S. regain independence of its energy supply."

Separately, Lithium Americas appointed Luke Colton as CFO and executive vice president, effective Jan. 29.

The company said Colton is a seasoned mining executive with two decades of experience. He most recently served as CFO of Minova International and was also CFO of Turquoise Hill Resources.

"Luke's previous experience developing large-scale capital projects, as well as working with joint venture partners, will be key as Lithium Americas transitions Thacker Pass into major construction in 2025," Evans said.