Following the Trump administration’s lead in taking stakes in companies has been a winning investment strategy in recent months, and William Blair analysts have pointed investors toward several rare-earth stocks that could be next on the government’s buy list.

To facilitate increased rare-earth production in the U.S., the government has taken stakes in Nevada-based MP Materials Corp. and Canada-based Lithium Americas Corp. and Trilogy Metals Inc., and since it did so, those stocks have more than doubled. The Trump administration has deemed rare-earth elements, which areused by a wide variety of industries, to becritical to U.S. national securityamid ongoing trade tensions with China, which currently is by far the world’s largest miner and producer of those elements.

William Blair’s Neal Dingmann wrote in a note to clients that he believes “there is still material upside” in those stocks and expects additional funding from the Trump administration for other rare-earth companies in the near term.

“We believe that significant new financial backing and direct government stakes in rare earth companies could provide a second meaningful leg up for several rare earth stocks,” Dingmann wrote.

Shares of Texas-based United States Antimony Corp. are on Dingmann’s list of buy targets, given how critical the element antimony, which can be used as a flame retardant, is for industries such as military and defense, transport and semiconductors. The stock soared 20% on Monday and has nearly tripled over the past three months,

Dingmann also believes American Resources Corp. is a Trump target. That stock surged 18.3% on Monday and has also tripled over the past three months.

He said what makes the company attractive in the rare-earth space is that it has a unique process to separate and refine rare-earth elements that achieves nearly 100% purity, “and the government has taken notice.”

Talk of a government investment has already been swirling around USA Rare Earth Inc., which was also cited by Dingmann as a potential Trump target. Earlier this month, during a CNBC interview, Chief Executive Barbara Humpton said that the company was in direct contact with the government.

The stock jumpd 13.9% on Monday and has more than doubled over the past three months.

Dingmann said NioCorp Developments Ltd. is close to signing a three-year construction deal that would produce a number of rare-earth elements that aren’t currently produced in the U.S. He believes the government could step in with financing to help that project along.

That stock ran up 19.7% on Monday and has more than tripled over the past three months.

In August, NioCorp subsidiary Elk Creek Resources Corp. was awarded a $10 million grant from the Pentagon to help establish what the company describes as the first domestic scandium mine-to-master alloy supply chain. The funds will also help Elk Creek Resources and a Pentagon contractor develop aluminum-scandium alloy components for defense aerospace systems. NioCorp told MarketWatch that it is in discussions with the administration about additional potential investment into NioCorp but is unable to comment in any detail at this point.

United States Antimony and American Resources have declined to comment, and USA Rare Earth has not yet responded to a request for comment from MarketWatch.

The White House responded to a request for comment by saying: “Unless officially announced and confirmed by the administration, discussion about hypothetical equity deals involving the federal government should be treated as baseless speculation.”

The urgency for the government to help the fledgling U.S. rare-earth industry grow has increased as trade tensions between the U.S. and China have escalated in recent weeks. Although some of that tension has eased in recent days, China recently increased export restrictions on rare earths as it built leverage ahead of a potential meeting with President Donald Trump later this month.

During a meeting at the White House on Monday, Trump officials and Australian Prime Minister Anthony Albanese rolled out a deal for U.S. access to Australia’s rare-earth minerals. “This is an $8.5 billion pipeline that we have ready to go,” Albanese said. Trump economic adviser Kevin Hassett said Australia is “really, really going to be helpful in the effort to take the global economy and make it less risky, less exposed to the kind of rare-earth extortion that we’re seeing from the Chinese.”