I personally think it is mostly caused by macro conditions as other miner are down significantly (IE. the gold miner etf GDX is down over 5%). 

Today the 10-year treasury yeild spike to almost 3%: https://www.cnbc.com/quotes/US10Y (it has sinced dropped a little which is why IMO we are seeing some bounce) - I'm not sure what is leading what, but either way it's a positive sign if this continues. I think a lot of institutional investors have been watching this closely and some may have hit their threashold for holding a pre-revenue like LAC. 

I'm sure there is also the factor of retail investor stop losses triggering in quick succession when the stock drops to a level anywhere close to -10%, and I think most people are very confused by this price action it's doing to take a bit of time to build confidence that the SP is not just going to drop another 5-10%. Personally I think $28 will likely hold and we recover from here, but to me it just goes to show we are really living in unprecidented times (at least in recent memory), where markets are so volitile, and it's not always enough to have local positive catalysts.

I am continuing to keep my sights set on the 3-10 year horizon.