Rare earth stocks rallied on Thursday. American Resources up 11%; UAMY up 3%; Critical Metals, Energy Fuels, MP Materials up around 2%.

American Resources, through its minority stake in ReElement Technologies, entered a joint venture with POSCO International to build an integrated rare earth refining and permanent magnet manufacturing operation in the US.

The project targets a USD 200 million investment to establish an end-to-end supply chain from feedstock sourcing through separation and refining to magnet production, with final site selection underway.

Phase 1 is slated for 2028 with about 3,000 metric tons per year of separated rare earth oxides, followed by a 2030 expansion to about 6,000 metric tons per year.

The agreement expands an existing strategic partnership between ReElement and POSCO International, including a long-term offtake arrangement announced in September.