The deal is the latest federal push to build a domestic critical minerals supply chain independent of China.
The loan remains conditional, subject to further due diligence, finalization of agreements and customary closing conditions.
Energy Fuels stock shot higher on the announcement, touching $18 before the opening bell and trading at $17.93 at the time of publication on Thursday.
Here are five rare earth and critical minerals stocks with U.S. government ties to watch in the wake of the announcement.
MP Materials – MP
The DoD also locked in a 10-year offtake agreement for rare earth magnets and set a price floor for rare earth elements — a direct hedge against Chinese market flooding.
USA Rare Earth – USAR
USA Rare Earth is developing a mine in Texas and a magnet plant in Oklahoma, with production targeted for the first half of 2026.
Critical Metals – CRML
The company also executed a 50/50 joint venture term sheet with Romania in December 2025 for an integrated mine-to-processing supply chain.
Perpetua Resources- PPTA
Perpetua Resources Corp. (NASDAQ: PPTA ) secured a $2.9 billion, 13-year loan from the U.S. Export-Import Bank in May for its Stibnite gold project in Idaho — the only planned domestic source of antimony.
Antimony is critical for munitions, semiconductors, and solar panels. The Pentagon has separately backed the project.
Lithium Americas – LAC
The Takeaway
The Pentagon's latest deal with Energy Fuels highlights a clear pattern: the U.S. government is taking equity stakes, issuing loans and guaranteeing offtake agreements to build critical mineral supply chains at home.
Investors should watch for more developments as the U.S. government’s support of the rare earths sector continues.
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