Deterra Royalties (ASX:DRR) said its economic interest in the Thacker Pass lithium project in Nevada increased "substantially" without any additional capital investment, following an update from project operator Lithium Americas, according to a Wednesday filing in the Australian bourse.

The iron ore company holds a 4.8% gross revenue royalty over Thacker Pass, set to be reduced to 1.1% after exercising partial royalty buyback, the filing said.

The project now holds a probable reserve of 14.3 million tonnes of lithium carbonate equivalent and a measured and indicated resource of 44.5 million tonnes of lithium carbonate equivalent.

Lithium Americas outlined an expansion plan targeting 160,000 tonnes per year of lithium carbonate at the project, doubling its feasibility study's planned projection, the filing said. It plans to make a final investment decision for phase 1 of the project in early 2025, with the first production scheduled for the fourth quarter of 2027.

Deterra Royalties' shares rose nearly 1% in recent Wednesday trade.