Geologists report a $1.5T lithium deposit in the McDermitt Caldera on the Nevada–Oregon border, enough to bolster EV battery supply chains for decades.
© A. Krivonosov
In the crater of an ancient supervolcano straddling the Nevada–Oregon border, researchers have identified one of the largest lithium deposits on record, with an estimated value of $1.5 trillion. They estimate that the McDermitt Caldera could hold between 20 and 40 million metric tons of lithium-bearing clay—enough to underpin the global battery industry for decades.
The work, led by geologist Thomas R. Benson for Lithium Americas Corporation, traces the deposit’s origin to a massive eruption around 16 million years ago. After the magma chamber collapsed, a vast caldera formed and gradually filled with water. Over long periods, volcanic ash and sediments settled there, and later hydrothermal waters carried minerals upward, enriching clay layers with lithium.
In practical terms, the Thacker Pass area today shows thick sequences of lithium-rich rock up to 30 meters deep, lying close enough to the surface for open-pit mining. That proximity sharply improves the economics of development.
For the United States, the implications are strategic. The country has mined lithium before, but Silver Peak—operating since the 1960s—has long been the primary source. Recent estimates in southern Arkansas (5.1–19 million tons) hinted at broader potential, yet the McDermitt discovery appears to eclipse those figures in scale.
With global lithium demand projected to be eight times higher by 2040 than in 2022, bringing large deposits like McDermitt into production could prove pivotal for U.S. resource security and the stability of worldwide battery supply chains. If these estimates hold, the find reshapes the calculus around critical minerals.
Researchers also note that technology keeps moving. Alternatives to lithium‑ion—such as sodium‑ion systems—are in the works, but their energy density and lifespan currently lag. For the foreseeable future, lithium remains the backbone of the battery industry, and this deposit could reinforce that trajectory.