Shares of Lithium Americas popped more than 35% in extended trading Tuesday after U.S. Energy Secretary Chris Wright told Bloomberg that the U.S. government will take a small stake in the company.

The U.S. Department of Energy plans to take a 5% equity stake in Lithium Americas and a separate 5% stake directly in the Canadian miner's Thacker Pass project, Wright told Bloomberg Television. General Motors has a minority stake in lithium mine, which is in northern Nevada.

Thacker Pass is expected to become one of the largest sources of lithium in North America, with the first phase of the project expected to begin operations in late 2027.

"We'll own the mine itself and in the corporate entity that is the developer of the mine," Wright said Tuesday on air.

It is the latest mo

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