New York, Jan 22, 2026, 14:44 EST — Regular session
- USAR shares climbed following its selection of Fluor and WSP to oversee crucial feasibility studies for the Round Top project in Texas.
- This move comes on the heels of another announcement earlier this week about a planned rare earth metal-and-alloy plant in France.
- Investors are focused on whether recent moves can speed up timelines and open financing avenues for projects that remain years away from production.
Shares of USA Rare Earth, Inc. surged roughly 19% to $23.00 in Thursday afternoon trading following the announcement that Fluor and WSP Global will partner on a crucial study for the company’s Round Top rare earth project in Texas. The stock reached an intraday peak of $23.85.
This shift is significant as investors want concrete milestones from early-stage critical-miner companies, not vague “reshoring” promises. For USA Rare Earth, the challenge now is showing its Round Top project can pass the rigorous engineering and economic tests that usually precede project financing.
Traders continue cycling through rare-earth stocks amid shifting policy news and volatile prices, driving rapid market re-ratings on any sign of progress. Even minor advances can sharply impact thinly traded shares.
USA Rare Earth announced it has chosen Fluor and WSP Global as its engineering, procurement, and construction management (EPCM) partners to push forward a definitive feasibility study (DFS) for its Round Top project in Sierra Blanca, Texas. The firm plans confirmatory and geotechnical drilling during the first half of 2026, aiming to start commercial production of heavy rare earth oxides by late 2028. “Fluor and WSP are key partners,” said Alex Moyes, the company’s vice president of mining and processing, in the statement. 1
Rare-earth pricing and policy headlines returned to the tape across the sector. On Wednesday, Lynas CEO Amanda Lacaze highlighted that government floor price policies have enhanced market dynamics. She referenced U.S. backing for producer MP Materials and noted ongoing multilateral discussions. 2
USA Rare Earth keeps the news coming. On Tuesday, it revealed that its Less Common Metals Europe division aims to build a 3,750-metric-ton-per-year metal and alloy plant in Lacq, France. The facility will be alongside Carester’s oxide processing plant, which is set to start up in late 2026. The French government is backing the project with direct tax credits through the C3IV program. “We are proud to establish Europe’s first metal-making platform,” said CEO Barbara Humpton. 3
Benchmark analyst Subash Chandra called the contractor choice a step that boosts the chances of a “timely and conclusive” DFS. He noted that when his firm started coverage, “the path to commerciality looked long and unlikely,” as reported by TheFly. 4
Traders are zeroing in on whether contractor progress and pilot-plant results will speed up the timeline — and, crucially, clarify the actual costs involved. That’s typically where speculative momentum hits a wall.
The downside is clear. Round Top won’t see production for years, feasibility studies could fall short, and big mining projects often face delays from permitting issues, engineering revisions, and sudden capital market shutdowns.
Investors are now turning their attention to updates on the planned drilling program set for the first half of 2026. The company also plans to complete a longer test-work run by October 2026, which it says is critical for finalizing the second phase of the Round Top feasibility study.
