Shares of IGO LTD surged 6.22% during intraday trading on Wednesday, leading gains among Australian critical minerals stocks.

The rally follows an announcement from the Australian resources minister that the nation's planned strategic reserve for critical minerals will include an element of floor-price support. Australia aims to be a leading supplier of minerals like rare earths and lithium, key for industries from automotive to defence, and has committed A$1.2 billion to develop the reserve.

The government's plan to underpin prices provides greater certainty and support for miners, driving investor optimism across the sector. IGO, as a major lithium producer, is a direct beneficiary of this policy initiative aimed at securing the critical minerals supply chain.