On Monday, rare earth concept stocks surged during intraday trading, with American Resources Corporation (AREC.US) climbing over 14%, MP Materials (MP.US) rising more than 5%, and Energy Fuels (UUUU.US) and USA Rare Earth (USAR.US) both gaining over 3%.

On the news front, according to sources familiar with the matter, the Trump administration is considering a plan to reallocate at least $2 billion from the CHIPS Act to fund critical mineral projects and enhance Commerce Secretary Lutnick's influence over strategic industries. The proposed initiative would extract funding from allocations designated for semiconductor research and chip factory construction, avoiding the need for new spending requests.

One source indicated that strengthening Lutnick's role in critical mineral financing would also help centralize the government's overall strategy for the industry. White House officials promoted this approach following discussions about the US government's mineral strategy that arose after the Pentagon's investment in rare earth company MP Materials last month.