The All Ordinaries Index (ASX: XAO) is down 0.74% over the past month despite the best lifting efforts of this ASX All Ords stock.
The surging company in question is rare earths miner Northern Minerals Ltd (ASX: NTU).
One month ago, you could have bought Northern Minerals shares for 2 cents apiece.
On Thursday, shares closed the day trading for 4 cents each, up a tidy 100%.
So, how did this ASX All Ords stock double investors' money in just one month?
I'm glad you asked!
ASX All Ords stock riding high on trade war
If you're not familiar with Northern Minerals, the miner is primarily focused on completing its Feasibility Study for its 100%-owned Browns Range Heavy Rare Earths Project.
Browns Range, located in Western Australia, is a globally significant source of heavy rare earths dysprosium and terbium. Both elements are crucial in manufacturing magnets used in EVs, wind turbines, robotics, and specialist defence applications.
Which looks to have put this ASX All Ords stock in the sweet spot in April amid the escalating trade war between the United States and China.
China, as you may be aware, has long been responsible for the lion's share of global rare earths production. And earlier this month, Chinese officials halted shipments of a range of rare earths exports in retaliation for US President Donald Trump's ever-escalating tariffs.
The exporters are now awaiting new government licenses, the timing and makeup of which remain unknown. Sources are speculating that the US military contractors may well be prevented from receiving further shipments, which could bode well for this ASX All Ords stock in the months ahead.
"Drones and robotics are widely considered the future of warfare, and based on everything we are seeing, the critical inputs for our future supply chain are shut down," James Litinsky, chief executive of MP Materials, said (quoted by The New York Times).
Northern Minerals to the rescue?
As you might expect, the rare earths disruption has drawn significant investor interest in Aussie miners like Northern Minerals.
On 8 April, the ASX All Ords stock addressed the Chinese export ban, noting that, "China dominates the global supply of dysprosium and terbium."
Commenting on the development, Northern Minerals CEO Shane Hartwig said, "As the world rethinks its reliance on single-source supply chains, Northern Minerals looks forward to playing a central role in building Australia's critical minerals future."
Hartwig also pointed to the ASX All Ords stock's partnership with Iluka Resources Ltd (ASX: ILU), which includes an agreement to supply heavy rare earths concentrate from Browns Range to Iluka's Eneabba Rare Earths Refinery.
"Our focus on heavy rare earths like dysprosium and terbium positions us at the heart of this shift — and our partnership with Iluka strengthens Australia's ability to deliver at scale," he said.
