one stock. Whatever they say, it's either going. It's either going to rip or go somewhere else.But that's it. >> All right. A new bipartisan report out today from the Council on Foreign Relations.The topic U.S. Economic Security and Strategic Competition in Emerging Technologies. Joining us right now is former commerce secretary in the Biden administration, Gina Raimondo. She co-chairs the task force in charge of that report.And, Secretary, thank you for being with us. Watching Washington these days, it's h ...

Industrial Policy & Economic Nationalism - The report critiques the Trump administration's "rule by deal" approach, where individual companies gain public investment through White House negotiations without transparency or consideration of the broader industrial landscape [3][4][5] - The report argues for a comprehensive, institutional approach to industrial policy, particularly for critical minerals, with a clear mission, institutional capacity, and streamlined processes [8][9][10] - The report highlights the need for government intervention in areas like rare earths and semiconductors due to China's dominance, emphasizing the importance of securing these industries [7][8] - The report mentions the CHIPS program, where $40 billion was allocated to semiconductor manufacturers, as an example of a thorough but slow process [11] Tariffs & Trade - The report suggests that broad tariffs across all imports can negatively impact trade and economic growth [20] - The report acknowledges that targeted tariffs, like those on electric vehicles from China, can be strategically useful [21] - The report warns that excessive tariffs could lead to higher prices for consumers and a less competitive domestic car market [22] AI & Data Centers - The report suggests caution regarding government investment in AI data centers, given the significant private capital already flowing into the sector, estimating close to $500 billion this year [15][16] - The report expresses concern about a potential bubble in the AI space due to excessive private investment [16]

Core Insights - Energy Fuels Inc. is positioned as a key player in the critical minerals market, focusing on uranium and heavy rare earth elements (HREEs) [1][4][30] - The company operates the White Mesa Mill, which is undergoing expansion to enhance its processing capacity for HREEs, aiming to meet the growing demand for secure supply chains in North America [2][3][11] Company Overview - Energy Fuels Inc. is a diversified supplier of uranium and an emerging processor of HREEs, targeting global buyers with a focus on Western supply chains [2][4] - The operational strategy includes bridging primary extraction and downstream separation, which is increasingly important for electrification and defense sectors [2][11] Operational Strategy - The company's operations are built on three pillars: uranium production, rare earth extraction, and strategic partnerships [3][5] - The proposed Phase 2 expansion of the White Mesa Mill aims to process up to 60,000 tonnes of monazite per year, enhancing its capacity for commercial HREE output [3][5][13] Financial Performance - Energy Fuels has experienced significant stock performance, with a 1-year total shareholder return of 169.91% and a 5-year total return of 849.17% [6][9] - The company's price-to-sales (P/S) ratio was reported at 47.3x, significantly higher than peer averages, indicating high growth expectations [7][9] Market Position - Energy Fuels is strategically positioned within the North American resource space, competing with larger producers like Cameco and regional peers [4][24] - The company benefits from a niche in Western rare earth processing, which is increasingly valued due to geopolitical risks associated with non-Western suppliers [5][11][24] Leadership and Governance - The management team, led by CEO Mark S. Chalmers, combines operational experience in uranium markets with expertise in critical minerals [19][22] - High insider ownership is noted as a positive governance attribute, aligning management interests with those of shareholders [10][22] Industry Context - The company operates at the intersection of uranium mining and rare earth processing, providing essential services that many junior miners lack [11][14] - The global demand for HREEs, particularly for applications in electric motors and magnets, underscores the strategic importance of Energy Fuels' operations [3][5][11]

Geopolitics and Trade - US President Trump aims to diversify critical minerals purchases from five central Asian countries [1] - The US seeks to reduce China's dominance in rare earths, which are crucial for advanced tech manufacturing [1]

Ceasefire and Gaza Situation - The ceasefire between Israel and Hamas is fragile, with potential challenges ahead [6][7] - Maintaining the ceasefire is a top priority, requiring attention to detail, negotiation, and coordination with regional actors like Egypt, Qatar, and Turkey [4][7] - The disarmament of Hamas and the governance of Gaza are ambitious objectives requiring significant negotiation [3] - Gaza is described as a "tinderbox," emphasizing the need for the ceasefire to endure to stabilize the region [8] US-Russia Relations and Ukraine - President Trump is frustrated with the situation in Ukraine and is looking for a deal, potentially freezing the conflict line [11][12] - Vladimir Putin believes Russia can endure economic disruption and pain longer than the US, Europe, and Ukraine [13] - Putin sensed Zelensky's potential acquisition of Tomahawk missiles and diffused the situation with a phone call, leaving Trump with hope for a negotiated settlement [15] Weaponization of Minerals - The world may be entering a new age of energy weaponization, including critical minerals [16][17][18] - China's dominance of critical minerals and the fragmentation of the global economy contribute to this potential weaponization [18] - Producers largely abandoned the idea of embargoing resources due to globalization, but this may be changing [17]

Australia's Albanese aims to secure an agreement with Trump on critical minerals - while avoiding public humiliation. https://t.co/5o29pFUyxH ...

Donald Trump, the US President, was actually asked about the trade war and whether or not the US was in fact in one. Here's how he actually framed and phrased that specific answer. Are we in for a sustained trade war with China.Well, we're in one now. Look, we have a 100% tariff. If we didn't have tariffs, we would be exposed as being a nothing. We would have no defense.President Trump spoke after Treasury Secretary Scott Bessent floated a longer pause on high US levies targeting China to resolve a conflict ...

Core Insights - The U.S. government is acquiring a 5% equity stake in Lithium Americas, which is developing a significant lithium mine in northern Nevada, known as the Thacker Pass project [2][3][4] - The Thacker Pass project aims to reduce U.S. reliance on China for lithium, a critical component for high-tech batteries used in electric vehicles and renewable energy [3][4] - The project is expected to produce 40,000 metric tons of battery-quality lithium carbonate annually, sufficient to power 800,000 electric vehicles [4][9] Government Involvement - The Department of Energy's investment is part of a broader strategy to strengthen domestic supply chains and reduce dependence on foreign adversaries for critical minerals [4][9] - The U.S. government has previously engaged in similar investments, including a 10% stake in Intel and a $400 million investment in MP Materials [5][6] Financial Aspects - Lithium Americas has reached a non-binding agreement with the DOE for an initial draw of $435 million on a federal loan, with $182 million of debt service deferred over the first five years [6][7] - General Motors has committed over $900 million to support the development of the Thacker Pass project, which has the capacity to produce enough lithium for 1 million electric vehicles annually [7][9] Market Reaction - Following the announcement of the government stake, shares of Lithium Americas surged by more than 30% [9]

Geopolitics and Resource Competition - Great powers are competing for access to Africa's critical minerals [1] - Singapore is targeting carbon credits in Africa, differing from the focus on critical minerals [1] Carbon Market - Singapore aims to become a trading hub for carbon credits [1]

Market Analysis - Citigroup analysts indicate that the price gap between US palladium and silver prices and international benchmarks is too narrow [1] - The slim price gap is concerning due to the risk of tariffs on critical minerals [1]