U.S. Rare Earth Revival Spurs Focus on Three Rising Stocks

Highlights

• USA Rare Earth
• Ramaco Resources
• NioCorp Developments
• Emerging potential domestic champions in rebuilding America's critical minerals infrastructure
• Each company targets unique market niches:
  • Heavy magnet metals
  • Battery alloys
• Companies have promising but still unproven strategies
• Pentagon's strategic investments signal potential government support for multiple rare earth mineral producers beyond MP Materials

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Rare Earth Exchanges (REEx) analysts respond to a new Barchart report (opens in a new tab) by Aditya Raghunath highlighting three companies poised to benefit from America’s rare earth supply chain resurgence. The Barchart column notes the Pentagon’s unprecedented stake in MP Materials – including a 10-year, $110/kg price floor for NdPr magnet metals – as a wake-up call that Washington may back multiple domestic suppliers. With China still supplying ~70% of U.S. rare earth imports, USA Rare Earth ( (opens in a new tab)NASDAQ: USAR), Ramaco Resources (opens in a new tab) (NASDAQ: METC), and NioCorp Developments (opens in a new tab) (NASDAQ: NB) are now in the spotlight. REEx vets these picks, noting their promise and the critical questions ahead.

USA Rare Earth (USAR) – Heavy Rare Earth Contender

The recent report spotlights USA Rare Earth’s push for a mine-to-magnet U.S. supply chain. The company’s Round Top deposit in Texas is rich in heavy rare earths like dysprosium and terbium, which command prices “hundreds to thousands” of dollars per kg (far above MP’s light REEs). REEx data confirms Round Top ranks #11 globally among heavy REE projects (REEx score 6.0). USAR recently acquired UK’s LCM metal plant to fill a midstream gap and raised $125 million at $15/share to fund expansion. Critically, the company remains pre-revenue with no production yet – a stark contrast to MP’s $200M+ annual revenue. “Will USA Rare Earth receive similar government support, or has Washington already picked its champion?” REEx asks. Notably, four of five analysts rate USAR a Strong Buy (avg. price target $19 vs ~$17.20 current), reflecting optimism if execution and federal backing materialize.

Ramaco Resources (METC) – Coal Miner’s Rare Earth Pivot

Once a pure coal producer, Ramaco is transforming into a dual-platform miner with its Wyoming Brook Mine rare earth project. Brook Mine – America’s first new REE mine in 70+ years – contains an estimated 1.7 million tons of rare earth oxide in soft, coal-based ore. This unconventional geology enables cheaper processing with minimal radioactive waste, yielding high-value heavy REEs (Dy, Tb) and even scandium. A Fluor Corp. assessment pegs the project’s NPV at $1.2 billion (38% IRR), with Ramaco accelerating first production to 2027. REEx notes Brook’s 1,242-ton annual output could supply ~5% of U.S. magnet REE demand and 30% of defense needs if realized. Still, questions linger on funding the $473 million capex and scaling from a PEA stage project. Ramaco’s stock has surged ~20% above analysts’ target ($33 vs $27.67), suggesting high market expectations. REEx urges caution until the company proves it can deliver on both its coal and critical minerals fronts.

NioCorp Developments (NB) – Critical Minerals Wildcard

NioCorp’s fully permitted Elk Creek project in Nebraska is unique, targeting niobium, scandium, titanium, and potentially magnetic rare earths like NdPr, Dy, Tb. Barchart highlights Elk Creek’s robust base-case economics (projected $403 M annual EBITDA over 38 years) before accounting for added rare earth outputs. NioCorp has raised ~$152 M in 2025 and carries zero debt, even securing a $10 M DoD grant to de-risk its resource.

Yet REEx’s analysis tempers the enthusiasm: $152 M is “a fraction of what Elk Creek requires” – likely >$1 B – making this year’s financings a bridge rather than a breakthrough. The company’s repeated capital raises and delayed construction start raise a fundamental question: can NioCorp secure full project financing (perhaps through a government loan or strategic partner) without incurring heavy shareholder dilution? Until that puzzle is solved, Elk Creek’s promise of reducing U.S. reliance on imports remains just that – a promise. Two of three analysts rate NB a Strong Buy, though the stock ( ~$6.68 ) already trades near the modest ~$6.62 average target, reflecting a wait-and-see market stance.

In Summary

The recent Barchart piece correctly underscores that rebuilding the U.S. rare earth supply chain will require multiple domestic champions, not just one MP Materials. REEx’s objective review finds USA Rare Earth, Ramaco, and NioCorp each occupy a strategic niche aligned with U.S. needs – from heavy magnet metals to battery alloys. All three have strong potential if they can surmount their respective hurdles: USAR and NioCorp must transition from ambition to production, and Ramaco must execute its unconventional mining plan at scale.

Key unanswered questions include whether federal support will expand beyond MP (a new industrial policy picking multiple winners), and how quickly these firms can achieve reliable output to truly loosen China’s grip.

Rare Earth Exchanges™ will continue to track these developments, empowering retail investors with transparency and insight into the critical minerals resurgence.

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