James Litinsky, MP Materials chairman and CEO, joins CNBC's 'Squawk on the Street' to discuss the company's deal with the Defense Department, in which the Pentagon will become the largest shareholder in the rare earth miner.

MP Materials stock ripped higher Thursday after the company announced a deal with the Department of Defense. Investors should always take analysts' price targets with a grain of salt. After announcing a major deal with the U.

Shares of Australian rare earths miners, including Lynas and Iluka Resources , soared on Friday after U.S.-based MP Materials' a multibillion-dollar deal with the U.S. government to boost production of rare earth magnets.