MP Materials Corp. (MP) experienced a significant surge intraday, with shares soaring 5.06%. The move highlights strong investor sentiment toward the rare earth materials company during Thursday's trading session.

The stock's upward movement follows the company's announcement of securing a pivotal 10-year contract with the U.S. Department of Defense. The agreement includes a price floor for materials and guaranteed demand, providing substantial revenue visibility. Additionally, the Department of Defense is providing a US$400 million preferred equity investment and loan support to underpin MP Materials' magnet expansion plans.

Further bolstering investor confidence is a separate long-term supply agreement worth over US$500 million with technology giant Apple. This deal utilizes recycled rare-earth feedstock and underscores MP Materials' strategic shift from a pure mining operation to an integrated producer of rare earth magnets, including recent production starts at its Independence facility and plans for a new 10X plant.