Rare earths shares rocketed on Friday. USA Rare Earth up 18%; NioCorp up 17%; American Resources, The Metals up over 7%; MP Material up 4%.

USA Rare Earth's CEO Barbara Humpton said it was in close discussions with the White House.

Humpton was addressing a question about the company's potential interest in striking a deal with the Trump administration, in an interview with CNBC late on Thursday.

U.S. President Donald Trump had invoked emergency powers in March to boost domestic production of critical minerals as part of a broad effort to offset China's near-total control of the sector.

Earlier this week, the Trump administration took a 5% stake in Lithium Americas and a separate 5% stake in the company's Thacker Pass joint venture with General Motors, which is set to be the largest lithium source in the Western Hemisphere.

MP Materials had also unveiled a multibillion-dollar deal with the U.S. government in July to boost output of rare earth magnets, with the defense department becoming its largest shareholder.

Rare earths are a group of 17 metals used to make magnets that turn power into motion. China had halted exports in March as part of a trade spat with Trump, which showed some signs of easing in June even as broader tensions underscored the need for greater U.S. output.

USA Rare Earth has been developing a mine in Sierra Blanca, Texas and a neo magnet manufacturing facility in Stillwater, Oklahoma, currently planned to go commercial in the first half of 2026.

As of last close, its shares have gained 97.8% so far this year, giving the company a market capitalization of about $2.59 billion.