U.S.-listed rare earth mining companies saw a sharp rise in share prices on Thursday after China agreed to postpone the introduction of new export restrictions. The move came as part of an agreement between President Donald Trump and Chinese President Xi Jinping during their meeting in South Korea.

Shares of Critical Metals surged nearly 7%, USA Rare Earth jumped about 6%, and Energy Fuels rose 3%. Meanwhile, MP Materials and NioCorp Developments gained around 3%.

As part of the broader trade deal, the U.S. agreed to reduce certain fentanyl-related tariffs, while China confirmed it would delay rare earth export controls for one year. President Trump told reporters aboard Air Force One that the postponement is expected to be “routinely extended.”

China had previously announced new export restrictions in early April, aiming to prevent the “misuse” of rare earth minerals in sensitive sectors such as the military. These existing restrictions will remain in place despite the latest delay.