Shares of USA Rare Earth (NASDAQ: USAR), which looks to develop a domestic rare earth magnet supply chain, surged by 23% late on Thursday and another 14% in pre-trade on Friday after the company’s chief executive said USA Rare Earth is in “close communication” with the White House. In July, U.S. rare earths miner and magnet producer MP Materials Corp entered into a public-private partnership with the U.S. Department of Defense (DoD) to accelerate the build-out of an end-to-end U.S. rare earth magnet supply chain and reduce foreign dependency. Now USA Rare Earth is in communication with the White House, CEO Barbara Humpton told CNBC on Thursday. “It’s going to take a lot of players to build out this marketplace.”USA Rare Earth holds the Round Top deposit in West Texas which hosts 15 of the 17 rare earth elements, including all heavy rare earth elements, as well as other high-tech metals such as gallium, hafnium, zirconium, beryllium, and lithium. USA Rare Earth also plans to supply other industries, including the U.S. defense industry, with its critical minerals.