Nevada’s McDermitt Caldera Revealed as World’s Largest Lithium Deposit Worth Over €413 Billion

Geologists reveal the McDermitt Caldera supervolcano holds 120M metric tons of lithium, worth €413B. Discover how it could supply 60% of U.S. demand by 2030.

By: AXL Media

Published: Apr 23, 2026, 1:01 PM EDT

Source: Information for this report was sourced from Science Advances

Geological Origins of the White Gold Hotspot

The McDermitt Caldera, a massive volcanic crater measuring approximately 28 by 22 miles, was formed 16.4 million years ago following a catastrophic eruption tied to the Yellowstone hotspot. Over millions of years, the collapsed basin filled with water, creating a prehistoric lake that accumulated thick layers of volcanic ash and mineral-rich sediments. Geologists from Columbia University and Lithium Americas Corporation have identified a unique two-stage enrichment process: initial leaching of lithium from volcanic material into smectite clays, followed by hydrothermal activity that transformed these into high-grade illite. This rare transition resulted in lithium concentrations reaching up to 2.4% by weight, significantly higher than the global average of 0.4% found in similar sedimentary deposits.

Massive Scale and Economic Projections

Estimates published in Science Advances suggest the caldera could contain between 20 and 40 million metric tons of lithium, with a theoretical maximum capacity reaching 120 million metric tons. At current market valuations, the deposit’s worth is estimated at $413 billion (approximately €413 billion based on recent exchange rates). The scale of this resource is poised to transform the United States from a lithium importer to a potential global exporter. Projections indicate that if the site reaches full development potential, it could supply lithium for up to 1 million electric vehicles annually, drastically reducing dependence on the current top three global producers who controlled over 75% of the market in 2024.

Development Milestones at Thacker Pass

The southern portion of the caldera, specifically the area known as Thacker Pass, is the current focal point of industrial development. Lithium Americas, backed by a $2.26 billion loan facility from the U.S. Department of Energy and a $650 million investment from General Motors, has accelerated construction efforts. As of late 2025, the site employed 950 workers, with that number expected to double by late 2026. The project is targeting mechanical completion of Phase 1 by late 2027, with the first industrial-scale production anticipated in 2028. This initial phase aims for an annual output of 40,000 tonnes of lithium carbonate, a critical step toward domestic energy security.