RE:What the heck just happened?Ahh yes here's the reason from SA
"DoE weighing record $1B loan for massive Lithium Americas mine"
Lithium Americas (NYSE:LAC) +2.2% in Friday's trading, trimming earlier gains of as much as 9.5%, after Bloomberg reported the U.S. Department of Energy is in talks to lend a record $1B to the developer of the Thacker Pass lithium deposit in Nevada.
The Biden administration and Lithium Americas (LAC) are negotiating the terms of an agreement that would fund more than half of the cost of the massive project, according to the report.
The outlay would be the largest-ever loan awarded to a mining company through the Energy Department's Loan Programs Office.