Market Overview - ASX small caps are experiencing a cautious end to the week following a global tech-led sell-off and a decline in commodity prices [1] - The Small Ordinaries index fell by 1.76%, underperforming the broader ASX 200, as volatility in tech and healthcare sectors affected emerging companies [2] Alkane Resources - Alkane Resources Ltd reported record operating and financial results for the December half, driven by higher gold and antimony prices and contributions from its expanded three-mine portfolio [3] - The company achieved gold equivalent sales of 74,094 ounces, generating $404 million in revenue for H1 FY26, with a net profit of $65 million and adjusted EBITDA of $185 million [4] - Alkane ended the half with $246 million in cash, bullion, and listed investments, and is on track to meet its full-year production and cost guidance [4] AuMEGA Metals - AuMEGA Metals Ltd has initiated a brokered Listed Issuer Financing Exemption (LIFE) offering to raise up to C$10 million for exploration in Newfoundland, Canada [5] - The funds will primarily support the company's largest drill program in four years, targeting up to 15,000 metres across various prospects in the Cape Ray District [6] St George Mining - St George Mining Ltd announced that the State of Minas Gerais in Brazil has granted a preferential goods tax regime for its Araxá rare earths and niobium project, reducing development costs by exempting equipment and materials from a state goods tax of up to 18% [7] - This fiscal support follows previous collaboration agreements with the state and will aid ongoing feasibility work at Araxá, including plans for a large-scale pilot plant through a joint venture with CEFET [8]

Core Insights - The Trump administration has launched "Project Vault," a public-private partnership aimed at creating a stockpile of critical minerals essential for national security and economic stability [1][3]. Group 1: Project Vault Overview - Project Vault will include minerals identified as critical by the U.S. Geological Survey, which lists over 50 minerals including rare earths, lithium, uranium, and copper [2]. - The initiative will be funded by the U.S. Export-Import Bank providing $10 billion in loans, with an additional $2 billion from private capital [3]. Group 2: Industry Impact - Equipment manufacturers such as GE Vernova, Western Digital, and Boeing have shown interest in the project, indicating its potential to support various industries [3]. - Critical minerals are vital for multiple sectors, including defense, robotics, semiconductors, electronics, and energy, highlighting their importance beyond the automotive industry [4]. Group 3: Strategic Context - The stockpile initiative is part of a broader strategy to counter China's dominance in critical minerals, particularly in refining, following China's previous export restrictions during trade disputes [5]. - The U.S. stockpile will source minerals both domestically and internationally, with plans for storage in a network of warehouse facilities across the United States [6]. Group 4: Government Actions - The Trump administration has taken equity stakes in several mining companies to strengthen them against competition from state-backed entities in China [7]. - Notable agreements include a deal with MP Materials for rare earth mining and financing plans for USA Rare Earth, along with stakes in Lithium Americas and Trilogy Metals [8]. Group 5: Future Considerations - The U.S. is exploring a sovereign risk insurance fund to protect investments in mining projects from potential cancellations by future administrations, which would further enhance the critical minerals strategy [9].

Core Viewpoint - Atlas Critical Minerals Corporation is celebrating a significant milestone by ringing the Opening Bell at the Nasdaq Stock Market on January 26, 2026, highlighting its commitment to advancing projects in critical minerals essential for various industries [1][3]. Company Overview - Atlas Critical Minerals Corporation (NASDAQ: ATCX) focuses on the exploration and development of critical minerals, including rare earths, nuclear-grade graphite, and uranium, which are vital for the artificial intelligence revolution, energy transformation, and defense applications [1][4]. - The company aims to establish a diversified global supply chain for these strategic minerals [4]. Leadership and Ceremony - Marc Fogassa, Chairman and CEO of Atlas Critical Minerals, will lead the Opening Bell Ceremony alongside the Board of Directors and management team, emphasizing the company's dedication to building a diversified portfolio of critical minerals [2][3]. - The ceremony will be broadcast live from the Nasdaq MarketSite Tower in New York, starting at 9:15 a.m. Eastern Time [3].

Commodities asset manager Sprott (NYSE:SII) , known for treating precious metals as a macro signal, is evaluating the market’s structural change following one of the strongest years on record for gold and silver.The commodity sector, in its view, is no longer a trade—it's becoming a core allocation shaped by politics, policy, and power.That framework is laid out in Sprott’s Top 10 Themes for 2026 report, which walks investors through a map of a fractured global system. Three ideas dominate the narrative: ac ...

Core Insights - Rare earths are critical for the development of key technologies across various sectors, including defense, automotive, and medical applications [1] Industry Overview - The rare earths market has emerged as a significant area of interest for both investors and policymakers in 2025, highlighting its importance in technological advancements [1]

Core Viewpoint - Energy Fuels, a uranium and critical minerals producer, is set to acquire Australian Strategic Materials, a rare earth producer, in a deal that values the Australian firm's equity at A$447 million (approximately $300.88 million) [1] Company Summary - The acquisition will enhance Energy Fuels' portfolio by integrating rare earth production capabilities, which are critical for various high-tech applications and renewable energy technologies [1] - The deal signifies a strategic move for Energy Fuels to diversify its operations beyond uranium and into the rare earth market, which is experiencing increasing demand [1] Industry Summary - The rare earth market is gaining traction due to the growing need for materials used in electric vehicles, wind turbines, and other green technologies [1] - The acquisition aligns with broader industry trends focusing on securing domestic supply chains for critical minerals, particularly in the context of geopolitical tensions and supply chain vulnerabilities [1]

Core Viewpoint - Critical Metals Corp is considering the construction of a refinery in partnership with a Saudi Arabian entity to process rare earths from its upcoming Tanbreez mine in Greenland, with the refined materials intended for supply [1] Group 1 - The planned refinery aims to enhance the processing capabilities of rare earths extracted from the Tanbreez mine [1] - The partnership with a Saudi Arabian company indicates a strategic move to leverage international collaboration for resource processing [1] - The refined rare earth materials are expected to meet growing demand in various industries [1]

Core Insights - President Trump has decided to delay imposing tariffs on critical minerals, directing his administration to seek solutions with international trading partners following a security review [1] - The U.S. is heavily reliant on imports for critical minerals, with 12 minerals being 100% net-import reliant and 29 more at 50% reliance, posing significant national security vulnerabilities [2] Group 1: Industry Exposure - The White House highlighted that the reliance on foreign sources for critical minerals exposes key industries to supply disruptions and price volatility, which could be exploited by foreign actors [2] - Domestic mining does not ensure national security if the U.S. remains dependent on foreign processing capabilities, despite being the second-largest producer of mined rare earth oxides [4][6] Group 2: Negotiation and Policy Actions - Instead of immediate tariffs, Trump has tasked Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer to engage in negotiations with trading partners, focusing on mechanisms like price floors for critical minerals [3] - If negotiations fail, Trump may consider setting minimum import prices or other measures to address the issue [4] Group 3: China's Role - China is a dominant player in the critical minerals market, producing over half of the 54 minerals deemed critical by the U.S. Geological Survey and controlling significant refining capacity [5] - Recent export curtailments by Beijing amid trade tensions have raised concerns about supply chain concentration and strategic risks associated with reliance on China [5] Group 4: Domestic Demand Trends - Despite a decline in U.S. refining and production of critical minerals, domestic demand is rapidly increasing, driven by expanding defense needs, data centers, nuclear energy, and new energy technologies [7] - The administration has prioritized resolving the critical minerals issue, with a report on negotiation progress expected within 180 days [8]

Core Viewpoint - President Trump is delaying new tariffs on critical mineral imports and is instead focusing on negotiating agreements with foreign nations to secure adequate supplies and address supply chain vulnerabilities [1][2]. Group 1: Tariff Decisions - Trump indicated that import restrictions, including tariffs, may be imposed if satisfactory agreements are not reached promptly [2]. - The absence of immediate tariffs suggests an effort to maintain a trade truce with China, which was established to lower import-tax rates and ease export controls [3]. - The administration is considering price floors for critical minerals, which may include minimum import prices and potential future tariffs to address supply chain vulnerabilities [4]. Group 2: National Security and Industry Impact - The investigation under Section 232 concluded that imports of processed critical minerals threaten US national security due to their importance in defense industries [2]. - Trump's proclamation allows for the possibility of imposing tariffs on critical minerals from countries with artificially low prices, which would raise import costs to support US production [5].

Company Overview - Energy Transition Minerals (GDLNF) is an Australia-based critical-minerals developer, primarily known for its Kvanefjeld rare earths project in Greenland, which is one of the largest land-based rare earth deposits globally with over 11 million metric tons of reserves and resources [3][4]. Financial Performance - The company's net loss before tax narrowed to $1.81 million from $2.39 million year-over-year, with loss per share improving to $0.12 from $0.17 [1]. - Total comprehensive loss was reported at $1.69 million, influenced by a positive foreign-currency translation impact [1]. - "Other income" increased to $796,000 from $264,000, primarily from interest on cash deposits, indicating that the business is not yet generating operating revenue [1]. Stock Performance - Over the past 52 weeks, GDLNF stock has increased by approximately 119%, with a year-to-date gain of around 102% [2]. Market Dynamics - Global demand for rare earths is projected to rise by 45% between 2024 and 2030, driven by the expansion of electric vehicles and renewable energy [6]. - The geopolitical focus on Greenland's mineral resources has been heightened, particularly with renewed interest from the U.S. government, which has positively impacted mining stocks associated with Greenland [6]. Project Developments - The company has acquired the Penouta tin-tantalum-niobium mine in Spain, confirmed by a Spanish insolvency court, providing a producing asset that can generate near-term cash flow while Kvanefjeld is in permitting and arbitration [11][12]. - Kvanefjeld remains a long-term asset with over 1 billion tonnes of JORC-compliant mineral resources, but its carrying value has been fully impaired to zero due to regulatory uncertainties [12]. Strategic Initiatives - To enhance financing options and visibility, the company has engaged two prominent U.S. advisors to support a potential Nasdaq listing, which could provide access to a larger institutional investor base [13]. - The company is also exploring earlier-stage projects in Europe and Canada, such as the Villasrubias lithium project in Spain, aligning with EU battery supply-chain priorities [14]. Investment Outlook - GDLNF stock is viewed as a speculative investment with significant potential but also considerable risks due to legal, regulatory, and financing uncertainties [15].