(Reuters) -USA Rare Earth ( USAR ) shares jumped 10% in premarket trading on Friday, after a report that the mining company's CEO Barbara Humpton said it was in close discussions with the White House.

Humpton was addressing a question about the company's potential interest in striking a deal with the Trump administration, in an interview with CNBC late on Thursday.

USA Rare Earth ( USAR ) did not immediately respond to a Reuters request for comment.

U.S. President Donald Trump had invoked emergency powers in March to boost domestic production of critical minerals as part of a broad effort to offset China's near-total control of the sector.

Earlier this week, the Trump administration took a 5% stake in Lithium Americas and a separate 5% stake in the company's Thacker Pass joint venture with General Motors, which is set to be the largest lithium source in the Western Hemisphere.

MP Materials had also unveiled a multibillion-dollar deal with the U.S. government in July to boost output of rare earth magnets, with the defense department becoming its largest shareholder.

Rare earths are a group of 17 metals used to make magnets that turn power into motion. China had halted exports in March as part of a trade spat with Trump, which showed some signs of easing in June even as broader tensions underscored the need for greater U.S. output.

USA Rare Earth ( USAR ) has been developing a mine in Sierra Blanca, Texas and a neo magnet manufacturing facility in Stillwater, Oklahoma, currently planned to go commercial in the first half of 2026.

As of last close, its shares have gained 97.8% so far this year, giving the company a market capitalization of about $2.59 billion.