Lithium Americas (LAC) is facing a defining execution year at Thacker Pass, which has evolved from a mining development project into a national security asset, Wedbush Securities said in a Monday note.

"We see FY26 as a key year for the Thacker Pass buildout with the favorable geopolitical backdrop for domestic lithium production," the report said.

The note said construction momentum is building at the project and is fully funded through first production. It said Thacker Pass is underpinned among others by the world's largest known measured lithium resource, a $2.23 billion Department of Energy loan, and a GM joint venture with a 20-year offtake deal.

Wedbush kept its neutral rating and $8 price target, saying that execution risk remains the primary overhang.

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