Shares of miner Energy Fuels UUUU.A surged 13% in morning trading.

Company signs memorandum of understanding (MOU) with Vulcan Elements, manufacturer of rare earth permanent magnets, to create a domestic supply chain for rare earth magnets independent of China.

UUUU will supply initial quantities of high-purity "light" and "heavy" separated rare earth oxides to Vulcan in Q4 2025.

Company says Vulcan will validate UUUU's neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides for production of rare earth magnet applications.

After validation, companies will negotiate additional long-term supply agreements for both NdPr and Dy oxides.

Company adds that the oxides will be sourced exclusively from U.S. mines.