Critical Minerals

China’s rare earth magnet exports to the US saw a significant 28.7% drop in September, signaling potential trade escalations. Stricter export license enforcement in China and its dominance in global rare earth production (90%) raise concerns about US supply chain vulnerabilities. This decline prompts US and allied initiatives to diversify rare earth sources, including a US-Australia minerals agreement and the Noveon Magnetics-Lynas Rare Earths partnership. Building a comprehensive, competitive rare earth magnet industry, however, requires significant investment and technological advancement.

Australian critical minerals and rare earths companies surged after a new US-Australia agreement to bolster essential material supply chains for defense and energy security. The deal, potentially worth $8.5 billion, spurred stock increases in companies like Lynas Rare Earths, Iluka Resources, and Pilbara Minerals. Smaller miners also saw significant gains. Alcoa, developing a gallium project in Western Australia, received a US equity investment commitment. The agreement aims to diversify sourcing amid concerns over China’s dominance and supply chain vulnerabilities. The US Export-Import Bank will also issue letters of interest for financing.

United States Antimony Corporation (USAC) proposed acquiring Larvotto Resources via a scheme of arrangement, offering 6 USAC shares per 100 Larvotto shares. USAC also disclosed a ~10% ownership stake in Larvotto. The non-binding proposal is subject to Larvotto shareholder and regulatory approvals. The combination aims to scale antimony and critical minerals production outside China. While the proposal is an actionable takeover attempt, completion is conditional on a binding agreement, approvals, and successful integration.

Bayhorse Silver (BHSIF) redeployed its Steinert Ore-Sorter at its Idaho mill after a rental period that generated $718,000. The Ore-Sorter reduces mined tonnage by up to 75%. Bayhorse Mine contains tetrahedrite mineralization with historic silver grades of 20-100 oz/t. Metallurgical tests show concentrate grades of 7,500-12,000 g/t silver, plus copper, antimony, and zinc. The company is investigating Allihies Alkaline Selective Leaching, achieving up to 99% antimony leaching recovery. Mine operations are pending permits, and no feasibility study has been completed.

Huntsman Exploration (TSXV: HMAN) will rebrand as Lux Metals Corp on September 25, 2025, under the new ticker LXM (CUSIP: 55067G108/ISIN: CA55067G1081). The TSX Venture Exchange approved the change, signaling a strategic shift towards high-value metals for emerging technologies and renewable energy. This reflects an intensified focus on resources like lithium and nickel, driven by the electric vehicle market and global demand for critical minerals.

NioCorp Developments CEO Mark A. Smith will appear on Fox Business News on September 25, 2025, to discuss the Elk Creek Critical Minerals Project in Nebraska. This project is the only U.S. project containing niobium, scandium, titanium, and rare earths, and is fully permitted for construction. The U.S. relies heavily on niobium imports, crucial for advanced steels and defense, while Brazil controls most production, and China influences supply chains through mine ownership.

BHP has launched applications for its 2026 Xplor cohort, a nine-month accelerator program supporting early-stage ventures focused on critical mineral discovery. The program offers up to $500,000 in equity-free funding, mentorship, and access to BHP’s global network. Aimed at boosting critical mineral supply, Xplor fosters collaboration between major and junior companies. Applications are open from September 8 to October 15, 2025, offering a chance for explorers to accelerate projects and access BHP’s expertise and 21-company alumni network.

DISA Technologies Inc. secured $30M in an oversubscribed Series A2 round led by Evok Innovations with a strategic investment from Constellation Technology Ventures. The funding will scale DISA’s High-Pressure Slurry Ablation (HPSA) technology. HPSA enhances critical mineral recovery for mining and cleans up Abandoned Uranium Mine waste, recycling uranium and vanadium. Constellation’s investment highlights uranium remediation, and DISA expects an NRC license decision by September. Valor Equity Partners, Veriten, and Halliburton Labs also participated in the round.

NioCorp CEO Mark Smith will appear on Fox Business Network to discuss a $10 million Pentagon award received by its subsidiary, Elk Creek Resources Corp. The funding, granted under the Defense Production Act, supports the development of a domestic scandium supply chain at the Elk Creek Critical Minerals Project in Nebraska. This initiative aims to secure domestic sources of critical minerals and reduce reliance on foreign entities. The project also focuses on producing niobium, titanium, and evaluating rare earth elements.

Nano One Materials Corp. (NNOMF), a Canadian battery tech innovator, leverages its wastewater-free One-Pot™ LFP production technology to address growing global demand beyond China, forecasted to claim 52% of cathode markets by 2035. Recognized by the International Energy Agency, its process bypasses China’s iron sulphate dominance and aligns with G7/EU critical mineral strategies. Despite China’s 95% market control, Nano One’s non-Asian facility and scalable licensing model position it to capitalize on projected 500% demand surge outside China. Challenges include securing partnerships and competing with China’s cost advantages. Policy tailwinds from G7 and Canada-EU initiatives underscore supply chain diversification urgency.