Rare earth stocks jumped in morning trading. USA Rare Earth rose 23%; Trilogy Metals rose 9%; American Resources rose 7%; Energy Fuels, Freeport-McMoRan, Teck Resources, and Lightbridge rose 4%.

USA Rare Earth today announced its entry into a non-binding Letter of Intent (the LOI) with the U.S. Department of Commerce and a collaboration with the U.S. Department of Energy (DOE). The Department of Commerce's CHIPS Program has provided an LOI covering a total of $1.6 billion, including $277 million in proposed federal funding and $1.3 billion in a proposed senior secured loan under the CHIPS Act. In conjunction with this announcement, USAR has raised a common stock PIPE in the amount of $1.5 billion anchored by Inflection Point with participation from large mutual fund complexes.