USA Rare Earth, Inc. (USAR) shares surged on strong volume, rising 17.27 percent, or $4.28, to $29.05 on Monday, after its operating partner announced a significant step toward U.S. government-backed funding.
The move follows news that Texas Mineral Resources Corp. said USA Rare Earth issued a letter of intent with the U.S. government for access to up to $1.6 billion in funding to accelerate the domestic heavy rare earth supply chain.
The stock opened sharply higher at $30.52 versus a previous close of $24.77 but pulled back from early highs during the session on the Nasdaq. Shares traded between $26.38 and $32.07, with the most recent bid at $26.64 and ask at $28.80. Trading activity was heavy, with volume reaching about 75.56 million shares, far above the average volume of roughly 11.76 million shares.
Shares are now trading within a 52-week range of $5.56 to $43.98.
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