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Today's move appears linked to President Donald Trump's late-Thursday announcement of tariffs on drone imports and components. Drones are becoming a significant source of demand for rare earth magnets. Sentiment has been turning positive for rare earth stocks, driven by Trump administration support, corporate milestones, and agreements to supply defense contractors.
Rare earth stocks have been a ticket for riding a roller coaster for over a year, but the latest descent has been particularly brutal. Downward momentum gathered steam last Thursday, after the International Energy Agency's Global Critical Minerals Outlook 2026 edition highlighted a planned surge in mining capacity well beyond expectations of refining and magnet production. MP Materials, USA Rare Earth, Critical Metals, Energy Fuels and American Resources all fell by more than 10% last week and some stocks continued to fall on Monday.