Geologists have confirmed that one of the world’s largest lithium deposits lies beneath the ancient McDermitt Caldera on the border between Nevada and Oregon. Estimates suggest that the lithium-bearing clay reserves amount to between 20 and 40 million metric tons, which at current market prices is worth around $1.5 trillion.
Research has shown that lithium is concentrated in the clay deposits of an ancient supervolcano that formed about 16 million years ago. High concentrations of the metal (up to 2.4% by weight in some layers) make the deposit potentially the largest on the planet — it may exceed the reserves of the famous Salar de Uyuni salt flat in Bolivia.
“This discovery could radically change the global lithium market, and the US will have a chance to become one of the leading producers of ‘white gold’, which is necessary for electric vehicle batteries, gadgets, and energy storage systems.
Experts predict that global demand for lithium will increase eightfold by 2040 compared to 2022. The new deposit is capable of supplying raw materials for battery production for decades. Currently, the US is heavily dependent on lithium imports, mainly from China and South America. The development of McDermitt could significantly strengthen the country’s energy independence.
In the southern part of the caldera, Lithium Americas’ Thacker Pass project is already underway with the support of General Motors and the US Department of Energy. In January 2025, the company increased its estimate of reserves to 14.3 million tons of lithium carbonate equivalent (reserves) and 44.5 million tons (resources). Construction of the first phase is in full swing, with production expected to start in 2027-2028.