Core Viewpoint - Stardust Power Inc. has engaged 38 North Solutions to enhance its federal policy and funding strategy, focusing on critical minerals and domestic lithium manufacturing as it progresses with its project development [1][2][3]. Company Overview - Stardust Power is an American developer of battery-grade lithium carbonate, aiming to strengthen U.S. energy security through resilient supply chains [6]. - The company is constructing a lithium refinery in Muskogee, Oklahoma, with an annual production capacity of up to 50,000 metric tons of battery-grade lithium carbonate [6]. Partnership with 38 North Solutions - 38 North Solutions will provide guidance on federal public-policy priorities and critical-minerals initiatives, facilitating engagement with relevant agencies [2][3]. - The firm specializes in critical minerals, energy, and advanced manufacturing, helping companies navigate federal processes and access incentives [3][7]. Strategic Importance - The partnership is timely as the U.S. focuses on critical minerals and domestic energy independence, enhancing Stardust Power's position in Washington, D.C. [4]. - The company has established relationships with state and local officials, securing potential incentives, including an analysis indicating up to $257 million in support from the Oklahoma Department of Commerce [4]. Project Development and Funding - The City and County of Muskogee approved a $27 million Tax Increment Financing (TIF) district to fund public infrastructure improvements for the refinery [4]. - Stardust Power is actively engaging with federal authorities for additional incentives aligned with key project milestones [4]. Industry Context - Critical minerals are central to U.S. national security, and Stardust Power's mission aligns with federal mandates to secure domestic supply chains [5]. - The production of battery-grade lithium in the U.S. supports energy security and the onshoring of manufacturing, contributing to American job creation [5].

Core Viewpoint - Nova Minerals has downplayed reports of purchasing antimony from Pakistan for testing and processing in Alaska, despite a partnership for exploration being mentioned in the media [1][2][3] Group 1: Antimony Exploration and Partnership - Nova Minerals is reportedly in discussions with a Pakistani company to explore antimony, with plans to purchase over 100 tonnes of antimony concentrates for approximately $2 million in early 2026 [2] - The company clarified that the discussions are still in the "exploratory" phase and only "preliminary discussions" have taken place [3] Group 2: Market Reaction - Following the news of the potential partnership, shares of Nova Minerals increased by over 6%, raising its market capitalization to nearly $396 million [3] Group 3: Focus on Gold Assets - Nova's primary focus for the year is to complete a feasibility study for its gold assets in Alaska, particularly the Estelle project, which spans over 500 km² in the Tintina Gold Belt [4] - The Estelle project has identified up to 20 prospects, including four significant gold deposits, with a total resource of nearly 10 million ounces, making it one of the largest undeveloped gold projects globally [5] Group 4: Antimony Production Plans - Nova Minerals plans to initiate the production of military-grade antimony trisulfide, as the US has not produced antimony commercially since 2016 and relies on imports [7] - The US Department of War provided $43.4 million in funding to support Nova's antimony production plans under the Defense Production Act [7]

Core Insights - Locksley Resources has confirmed a continuous, high-grade mineralized silver corridor at its Mojave Project in California, significantly extending known mineralization and enhancing geological understanding [1][2] - The discovery includes a 3km mineralized trend with surface results of up to 409 g/t silver and 1.5% copper, which aligns with the company's antimony development strategy and diversifies its portfolio in critical minerals [2] - The company is focused on advancing the Mojave Project, targeting rare earth elements and antimony, and aims to reestablish domestic supply chains for critical materials through strategic partnerships [3] Company Strategy - Locksley Resources is executing a mine-to-market strategy for antimony, supported by partnerships with leading U.S. research institutions and industry partners [3] - The company plans to advance the new silver discovery with a staged exploration program, indicating a proactive approach to resource development [2] - The targeted approach combines resource development with innovative processing and separation technologies, positioning the company to contribute to U.S. critical materials independence [3]

Core Insights - NevGold Corp. announced positive antimony and gold sampling results from historical gold leach pads at its Limousine Butte Project in Nevada, indicating potential for near-term antimony production [1][5] - The historical leach pads contain an estimated 2.4 million to 3.0 million tonnes of previously mined material, with consistent antimony and gold grades [1][4] Antimony and Gold Sampling Results - Crushed leach pad has an estimated tonnage of 1.4 million to 1.7 million tonnes, with average grades of 0.27% Sb and 0.34 g/t Au [4] - Run of Mine (ROM) leach pad has an estimated tonnage of 1.0 million to 1.3 million tonnes, with average grades of 0.31% Sb and 0.18 g/t Au [4] - Certain areas of the leach pads show results of 0.74% Sb to 0.81% Sb, indicating strong mineralization potential [4][6] Metallurgical and Development Plans - Metallurgical testwork indicates that acid leaching can achieve antimony recoveries of up to 92%, with minimal impact on gold recovery [4][5] - The company plans to advance both the historical leach pad opportunity and a larger commercial gold-antimony mining operation, including drilling and preparing a Mineral Resource Estimate (MRE) [4][5] Strategic Importance of Antimony - Antimony is classified as a "Critical Mineral" in the U.S., essential for national security and various technological applications [3][15] - The U.S. government has issued an Executive Order to strengthen domestic mineral production, highlighting the importance of antimony and aiming to reduce reliance on foreign sources [12][14] Market Context - Approximately 90% of the world's antimony supply is produced by China, Russia, and Tajikistan, with recent restrictions on exports from China exacerbating supply chain concerns [17] - The U.S. Department of Defense has designated antimony as a critical mineral, emphasizing the need for domestic production to mitigate supply chain disruptions [17]

Core Viewpoint - China is tightening controls on silver exports, elevating it to a strategic material status, which could significantly impact U.S. industries and defense supply chains [1][3]. Industry Impact - The new export restrictions on silver, along with tungsten and antimony, are part of China's broader strategy to strengthen oversight of rare metals, which are critical for advanced technologies and defense [2][3]. - The EU Chamber of Commerce in China reported that a majority of its members expect to be affected by these new export controls [4]. Market Dynamics - In 2024, China is projected to be one of the largest producers of silver and holds significant reserves, which underscores its dominant position in the global silver market [5]. - China exported over 4,600 tons of silver in the first 11 months of the year, contrasting sharply with only about 220 tons of imports during the same period [6]. Price Trends - Silver prices have more than doubled in 2025, reaching a record peak above $80 an ounce, marking its best performance since 1979 [10]. - The surge in silver prices is attributed to a shift in investor sentiment away from the U.S. dollar, which has seen a nearly 9.5% decline in 2025 [9].

Core Viewpoint - Energy Fuels Inc. has significantly outperformed its production guidance for 2025, solidifying its position as the leading uranium producer in the U.S. and expanding into critical minerals [1][4]. Production Performance - Mining operations at the Pinyon Plain and La Sal complexes produced over 1.6 million pounds of uranium in 2025, exceeding the company's projections by 11% [2]. - The White Mesa Mill achieved a production milestone of over one million pounds of finished yellowcake for the year, with December alone contributing 350,000 pounds [3]. Financial Strength - The production increase is expected to lead to Q4 sales of 360,000 pounds, representing a 50% increase from the previous quarter, with projected revenue of $27 million at a weighted average sales price of approximately $74.93 per pound [5]. - The company has secured its future through 2032 by signing two long-term contracts with U.S. nuclear utilities, designed for flexibility to protect against market lows while capitalizing on rising spot prices [6]. Future Outlook - Energy Fuels anticipates a significant drop in the cost of goods sold starting in Q1 due to the introduction of low-cost, high-grade ore from Pinyon Plain [7]. - The company plans to commence commercial-scale production of heavy rare earths (dysprosium and terbium) in the second half of 2026, marking the first U.S. commercial production of these materials in years [8].

Core Viewpoint - The demand for graphite is increasing significantly due to its essential role in lithium-ion batteries and concerns over supply chain reliability, particularly in light of trade tensions with China [2][4]. Industry Overview - Graphite mining in the U.S. has largely ceased since the 1950s, but the current geopolitical climate is prompting a resurgence in domestic mining efforts [1][10]. - The U.S. government has recognized graphite as a critical mineral, emphasizing the need for a stable domestic supply chain [6][9]. Company Developments - Titan Mining Corp. is actively mining graphite in northern New York, with plans for commercial sales by 2028, aiming to meet a significant portion of U.S. graphite needs [3][14]. - Titan's New York deposit is expected to produce approximately 40,000 metric tonnes (44,092 tons) of graphite concentrate annually, which could fulfill about half of the current U.S. demand for natural graphite [14]. Market Dynamics - The global demand for graphite is projected to continue rising over the next decade, driven by the battery industry, which utilizes both natural and synthetic graphite [7]. - Concerns over China's dominance in graphite supply have led U.S. policymakers to seek diversification of sources and support domestic production through initiatives like tax credits and fast-tracked permitting [8][9][13]. Active Projects - Currently, there are five active graphite mining projects in the U.S., including Titan's operation in New York and others in Alabama, Montana, and Alaska [11][12]. - The U.S. Export-Import Bank is considering significant financial support for the construction of graphite mining facilities, indicating strong governmental backing for the industry [13].

Industry Overview - The demand for graphite is surging due to its critical role in lithium-ion batteries, which power devices from phones to electric vehicles, amid ongoing trade tensions with China [2][8] - The U.S. government is increasingly focused on securing a stable supply of critical minerals, including graphite, as part of efforts to reduce reliance on foreign sources [9][10] Company Developments - Titan Mining Corp is planning to mine graphite from a deposit in northern New York, with commercial sales expected by 2028 [2][4] - The company believes it can supply a significant portion of U.S. graphite needs, especially as China is viewed as an unreliable supply-chain partner [4][12] - Titan's New York deposit has been approved for fast-tracked permitting, which is seen as a strategic move to build a domestic supply chain for graphite [13] Market Potential - Titan expects to produce approximately 40,000 metric tonnes (44,092 tons) of graphite concentrate annually, which could meet about half of the current U.S. demand for natural graphite [14] - The global demand for graphite is projected to continue rising over the next decade, driven by the battery boom and the increasing use of both natural and synthetic graphite [7]

Core Insights - Australia maintains its status as a secure, low-risk supplier of critical minerals, bolstered by strong ESG credentials and a skilled mining workforce [1] - The country is actively diversifying its critical minerals supply chains away from China's dominance, with significant growth in demand for lithium, nickel, copper, and rare earths driven by global decarbonization efforts [2][3] Industry Overview - The mining sector contributes over 12% to Australia's GDP and accounts for approximately 70% of export earnings, with coal representing 5% of global output [5] - Australia holds significant global reserves, including 36.4% of lead, 29.4% of manganese, and 39.8% of lithium, positioning it among the top producers of various commodities [6] Production Forecasts - Lithium production is projected to increase by 2.7% in 2025, reaching 114.4 kilotonnes, with a CAGR of 5.2% expected until 2030 [9] - Iron ore output is anticipated to grow by 1.4% in 2025, with a forecasted CAGR of 2.8% from 2025 to 2030, reaching 1,108.7 million tonnes [10] - Zinc production is expected to recover modestly by 1.6% in 2025, while copper output is forecasted to decline by 7.9% due to mine closures [11][14] Policy and Investment - Federal initiatives such as the Critical Minerals Strategy and a A$4 billion Critical Minerals Facility are enhancing investment confidence and promoting downstream processing [8] - The Victorian state government has launched a Critical Minerals Roadmap to attract investment in various minerals and promote ethical sourcing [20] Technological Advancements - The mining sector is increasingly adopting AI and automation technologies to enhance operational efficiency and meet rising demand for transition minerals [23][24] - Major mining companies are implementing autonomous systems, with over half of haul truck movements in the Pilbara expected to be autonomous by mid-2025 [24] Operational Challenges - Rising operational costs and skill shortages are impacting the mining industry, with wage growth in mining averaging 5.3% in 2024, above the national average [26][27] - The industry faces financial stress, with some companies experiencing liquidity pressures and project delays due to skill shortages [28][29]

Core Viewpoint - 2025 has been a successful year for International Lithium Corp. (ILC), marked by a significant turnaround in the lithium market from June onwards, alongside strategic expansions into other critical minerals [2][3]. Company Developments - ILC completed the sale of its Avalonia property in Ireland, generating C$2.5 million, which was reinvested into the Namibian project and other initiatives [8]. - The company acquired an option to buy Lepidico's 100% interest in Lepidico Mauritius for C$975,000, which includes an 80% interest in the Karibib project in Namibia, known for its substantial rubidium and cesium resources [6][8]. - The flagship Raleigh Lake project in Ontario remains economically viable at current spodumene prices and also contains significant rubidium resources [5][10]. Market Insights - The lithium market experienced a challenging first half in 2025, with prices dropping to about 10% of 2023 highs, but saw a recovery in the second half, with spodumene prices rising over 100% and lithium carbonate prices increasing by approximately 65% from June lows [3][4]. - The rebound in lithium prices has been largely overlooked, yet it has outperformed precious metals, indicating a positive trend for the lithium sector [4]. Future Outlook - The positive developments in 2025 and the recovery in lithium prices suggest a strong potential for ILC in 2026, especially if the company exercises its option to acquire Lepidico Mauritius, which would significantly enhance its resource portfolio [9][10]. - The Karibib project could provide ILC with a world-class resource in rubidium and one of the largest cesium deposits not controlled by a Chinese company, positioning the company for substantial growth [9].