USA Rare Earth Inc. stock rose more than 17% after jumping 41% on Monday. The Metals Company shares rose another 13% after surging 45% on Monday, and MP Materials gained 2% after the Financial Times reported the Trump administration is drafting an executive order to stockpile metals and rare earths found on the Pacific Ocean seabed.

A strategic reserve of so-called polymetallic nodules is intended to counter China's dominance of battery minerals and rare earth supply chains, the Times reported Monday, citing people familiar with the matter.

In late March, TMC applied for mining exploration licenses and commercial recovery permits in international waters under existing US legislation.