Energy Fuels (UUUU) stock soared 11.65% in pre-market trading on Monday, riding the wave of a broader rally in rare earth stocks. The surge comes as fresh tensions between the United States and China over critical mineral exports fuel investor interest in alternative suppliers.

The rally in rare earth stocks is driven by several factors, including threatened tariffs by US President Donald Trump on Chinese goods in response to Beijing's plans to strengthen its export controls. China's recent announcement of expanded export controls on rare earths and related products has further intensified the situation. These developments have heightened concerns about global supply chains and pushed investors towards non-Chinese rare earth companies.

Adding to the momentum, reports of a potential broad rare earths deal between Australia and the US have emerged. According to The Age, Australia is considering a A$1.2 billion ($782 million) strategic minerals reserve as part of an agreement with the US. This move underscores Western efforts to reduce reliance on Chinese rare earth supplies and benefits companies like Energy Fuels, which operate outside of China.

Energy Fuels' significant pre-market gain aligns with the performance of other rare earth stocks, with some peers seeing even larger increases. As geopolitical tensions continue to impact the rare earths market, investors appear to be positioning themselves in companies that could benefit from shifts in global supply chains and increased government support for non-Chinese producers.