Shares of Lithium Americas (LAC) almost doubled in after-hours trading after reports the US government is negotiating to take an equity stake in the company’s Thacker Pass lithium project in Nevada. The stake would come as part of a renegotiation of an existing US$2.3b Department of Energy loan. It also signals policy durability across administrations on critical minerals, supportive for project timelines, offtake confidence and valuation multiples. Stronger offtake and OEM interestPolicy momentum plus government capital tends to attract automakers and battery OEMs, strengthening offtake terms (price floors/indexation, prepayments) and strategic partnerships. For ASX developers in North America, it strengthens the case for lower financing risk, faster development paths, and deeper OEM engagement, all supportive for re-ratings as milestones land.