NEW YORK, Feb 3, 2026, 13:17 ET — Regular session
- Shares of Energy Fuels surged about 13% by midday, after a sharp rally earlier in the session.
- Investors responded to expected fresh U.S. support aimed at supply chains linked to “critical minerals.”
- A ministerial on critical minerals is set for Feb. 4 in Washington, with more policy details expected.
Energy Fuels Inc (UUUU) shares jumped 13.4%, hitting $23.83 by 1:01 p.m. ET after peaking at $24.52. The stock opened at $22.65.
The rally followed President Donald Trump’s announcement of “Project Vault,” a $12 billion plan to stockpile critical minerals like lithium, nickel, and rare earth elements vital for electric vehicles and defense systems. “For years, American businesses have risked running out of critical minerals during market disruptions,” Trump said. (Reuters)
Timing matters for miners and processors. Washington’s push to cut China’s grip on supply chains and pricing has investors snapping up U.S.-linked stocks whenever policy signals intensify.
The lift extended beyond Energy Fuels. MP Materials (MP) jumped 6.0%, while USA Rare Earth (USAR) shot up 16.1%. Uranium names Cameco (CCJ) and Uranium Energy Corp (UEC) also gained ground, rising 3.2% and 7.2%, respectively.
Energy Fuels positions itself in uranium production and rare earth processing. Its stock reacts to changes in both markets, and Tuesday’s action leaned heavily toward the “critical minerals” narrative.
The U.S. Export-Import Bank’s board approved a direct loan of up to $10 billion for Project Vault, labeling it a public-private effort to build a national stockpile of raw materials. “Project Vault is designed to support domestic manufacturers from supply shocks,” said EXIM Chairman John Jovanovic. (EXIM)
Energy Fuels is pushing past uranium, making a bigger play in rare earths. Just last month, it agreed to buy Australia’s Strategic Materials for about $300.9 million. This deal merges Energy Fuels’ White Mesa Mill rare earth oxide output in Utah with ASM’s metalisation plant in Korea and a forthcoming metals facility in the U.S. (Reuters)
Rare earths represent only a small fraction of the metals market, but their political clout is significant. These elements are essential for permanent magnets used in motors and gears, where manufacturers need a combination of lightness and high strength.
Yet the policy-driven trade can flip fast. Project Vault focuses on financing and procurement rather than securing offtake from any one miner. Timing and price dynamics will matter; investors could pull back if the rollout drags or mineral prices dip once more.
Traders are turning their attention to Washington for new signals. Singapore’s foreign ministry confirmed that U.S. Secretary of State Marco Rubio will chair a Critical Minerals Ministerial on Feb. 4 in Washington. The gathering will bring together foreign ministers to discuss strategies for strengthening supply chains. (Ministry of Foreign Affairs)
Interior Secretary Doug Burgum also announced that 11 additional countries will join the critical minerals trade club this week. Investors see this as a crucial indicator of how far the U.S. intends to push supply diversification. (Reuters)
