NEW YORK, Feb 3, 2026, 13:17 ET — Regular session
- Energy Fuels shares jumped roughly 13% by midday, following a steep rise earlier in the session.
- Investors reacted to anticipated new U.S. backing for supply chains tied to “critical minerals.”
- A Washington ministerial focused on critical minerals is scheduled for Feb. 4, promising additional policy details.
Shares of Energy Fuels Inc (UUUU) surged 13.4% to $23.83 by 1:01 p.m. ET, having climbed as high as $24.52 earlier. The stock started the day at $22.65.
The rally came after President Donald Trump unveiled “Project Vault,” a $12 billion initiative to build a reserve of critical minerals — including lithium, nickel, and rare earth elements used in everything from electric vehicles to defense systems. “For years, American businesses have risked running out of critical minerals during market disruptions,” Trump said. (Reuters)
Timing is crucial for miners and processors. Washington aims to reduce China’s hold on supply chains and pricing, prompting investors to jump on U.S.-linked stocks whenever policy signals sharpen.
The boost wasn’t confined to Energy Fuels. MP Materials (MP) climbed 6.0%, and USA Rare Earth (USAR) surged 16.1%. Uranium leaders Cameco (CCJ) and Uranium Energy Corp (UEC) also advanced, up 3.2% and 7.2%, respectively.
Energy Fuels pitches itself as a player in uranium production and rare earth processing. That combination means its stock can move on shifts in either market, and Tuesday’s trading clearly favored the “critical minerals” story.
The U.S. Export-Import Bank’s board has greenlit a direct loan of up to $10 billion for Project Vault, calling it a public-private partnership aimed at stockpiling raw materials nationwide. “Project Vault is designed to support domestic manufacturers from supply shocks,” said EXIM Chairman John Jovanovic. (EXIM)
Energy Fuels has been expanding beyond uranium, diving deeper into rare earths. Last month, it struck a deal to acquire Australia’s Strategic Materials, pegging the purchase at around $300.9 million. The move pairs Energy Fuels’ White Mesa Mill rare earth oxide production in Utah with ASM’s Korean metalisation facility and a planned metals plant in the U.S. (Reuters)
Rare earths make up a tiny slice of the metals market, yet their political weight is anything but small. These elements are crucial for permanent magnets found in motors and gear where manufacturers demand both lightness and strong power.
But the policy trade can shift quickly. Project Vault is set up around financing and procurement, not a guaranteed offtake for any single miner. Timing and price mechanics will be key; investors might lose interest if rollout stalls or mineral prices fall again.
Traders are eyeing Washington for fresh cues. Singapore’s foreign ministry announced that U.S. Secretary of State Marco Rubio will lead a Critical Minerals Ministerial on Feb. 4 in Washington. The meeting will gather foreign ministers to explore ways to bolster supply chains. (Ministry of Foreign Affairs)
Separately, Interior Secretary Doug Burgum revealed that 11 more countries will be named this week as new members of a critical minerals trade club, a key signal investors are watching closely to assess how aggressively the U.S. plans to advance supply diversification. (Reuters)
