Investment Rating - The industry investment rating is "In-Line" [6]. Core Viewpoints - The waiver of certain requirements in the Defense Production Act (DPA) by President Trump aims to boost production capacity for critical minerals, including uranium, copper, potash, and gold, as well as munitions and missiles [2][3]. - Waiving the "terms of sales" requirement could allow the US government to offer above-market pricing for critical minerals, potentially incentivizing new projects and contributing to a bifurcation of pricing in certain commodities, particularly rare earths [3][4]. - The report highlights the potential for a mining boom in the US driven by a push to on-shore supply chains, with the recent DPA changes seen as a step towards this goal [4]. Summary by Sections Industry Overview - The report discusses the implications of the DPA changes on the critical minerals market, suggesting that it could lead to higher pricing and increased domestic production [3][4]. Company Focus - MP Materials (EW, PT $23) is identified as well-positioned to benefit from potential above-market pricing for critical minerals [3]. Market Dynamics - The report notes that the changes could accelerate the development of domestic and allied rare earth element supply chains, which are critical for both commercial and national security [3].