Critical Minerals Rush Accelerates as Global Explorers Unlock High-Value Resources

1. Stillwater Critical Minerals, Metallic Metals, Atlas Lithium Corp., and Atlas Critical Minerals Corp. are billboard sponsors of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. In addition, Metallic Metals and Allied Critical Minerals, has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Metallic Metals, Allied Critical Minerals, Atlas Lithium and Atlas Critical Minerals Corp.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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The global critical minerals sector gained renewed momentum in 2024 and 2025 as rising demand across defense and energy applications reshaped global trade dynamics, pricing, and investment priorities. While some markets experienced oversupply and falling prices, geopolitical shifts and government intervention have added new urgency to securing domestic supply chains.

According to the International Energy Agency's Global Critical Minerals Outlook 2025 published in June, global demand for key energy minerals remained robust. Lithium demand increased nearly 30% in 2024 alone, significantly outpacing the average 10% annual growth rate of the 2010s. Nickel, cobalt, graphite, and rare earths also saw demand rise between 6 and 8%. This was primarily driven by electric vehicles, battery storage, renewables, and grid investment. For copper, grid expansion in China was the leading factor behind two years of elevated demand.

Despite this growth, prices declined across most battery metals due to accelerated supply expansion, particularly from China, Indonesia, and the Democratic Republic of the Congo. Graphite and cobalt prices dropped by about 20% in 2024, while nickel declined 10%. The IEA noted that battery metals have scaled faster than traditional metals since 2020, with supply growth in this segment doubling the rate seen in the late 2010s.

On the supply side of the equation, BHP has suspended operations at its giant Nickel West operations in Australia, while copper recently saw several large-scale producers come off line with closures at Glencore and suspension of operations in Chile.  

Investment momentum cooled during the same period. Real investment in critical minerals rose just 2% after adjusting for inflation. The report noted a pause in exploration activity and project development, especially for nickel, cobalt, and zinc, with funding slowdowns most pronounced among new entrants lacking strong financial backing.

Geopolitical risks intensified in parallel. China's export controls have expanded significantly, particularly since 2023. Restrictions introduced in late 2024 and early 2025 targeted gallium, germanium, antimony, tungsten, tellurium, bismuth, indium, and seven heavy rare earth elements. In February 2025, the DRC halted cobalt exports for four months in an effort to support prices. The IEA reported that more than half of all energy-related minerals were now subject to export controls of some form. These restrictions extended beyond raw and refined materials to processing technologies, especially for lithium and rare earths.

Geopolitical Risks and Export Controls Expand

On August 4, The Telegraph reported that the United States defense sector was facing heightened urgency in securing rare earth minerals following China's decision to restrict exports for defense-related use. Prices for some rare earths reportedly surged more than 60-fold in the wake of the decision. A senior U.S. defense industry source told the outlet that "the light is turning from yellow to red" regarding the availability of rare earths essential for fighter jets, missile guidance systems, drones, and defensive satellites. China, which controls roughly 90% of the global rare earth supply, was described as holding a "stranglehold" over U.S. military supply chains. The China select committee called the situation a "wake-up call," warning that "Congress and the administration must now urgently work together to identify and mitigate these vulnerabilities."

In addition to rare earths, the tightening of other defense-critical metals is adding pressure to U.S. supply chains. Tungsten, essential for armor-piercing munitions, aerospace components, and high-performance tooling, has seen prices surge to multi-year highs amid persistent supply constraints. According to Shanghai Metals Market on August 7, tungsten concentrate prices rose 11.2% in July, with ammonium paratungstate, tungsten carbide, and ferrotungsten posting similar double-digit gains. Chinese production cuts, weather disruptions in major mining provinces, and stricter environmental inspections have left miners reluctant to sell, pushing inventories to critically low levels. With domestic mining quotas reduced and global resources scarce, analysts expect high-level price volatility to persist in August and beyond, posing another strategic vulnerability for industries reliant on secure access to critical minerals.

In an article from August 8, Bloomberg reported that Drew Horn, CEO of Washington-based GreenMet, had traveled to Greenland to evaluate the Tanbreez rare earth deposit, one of the world's largest undeveloped reserves. Horn serves as an intermediary between U.S. government agencies and private companies aiming to build out critical minerals infrastructure. His trip was part of a broader U.S. push to secure new rare earth supplies and reduce dependence on Chinese-controlled material. A senior official told Bloomberg that despite limited public statements, Greenland remains a strategic priority for U.S. policy in light of its resource potential.

Major US Legislation Targets Supply Chain Gaps

U.S. domestic action intensified in parallel. On July 17, Fast Markets detailed the rollout of the "One Big Beautiful Bill," signed into law on July 4. The legislation allocated US$7.5 billion to the Department of Defense for critical minerals through Section 20004, with additional funding of US$1 billion each through Energy Dominance Financing and the Defense Production Act. The funds will support the extraction, processing, transportation, and storage of minerals used in defense and energy applications.

Stephen Empedocles, CEO of Clark Street Associates, called the funding "a massive carrot," noting that the primary challenge would be ensuring the money is allocated efficiently. Leslie Hayworth of SAFE noted that the initial focus is likely to remain on defense-linked materials. She cited the newly announced partnership between MP Materials and the Department of Defense as a key example. The multi-billion-dollar deal involves convertible equity, price floors, and offtake agreements aimed at scaling domestic magnet manufacturing and rare earth separation — both of which are dominated by China today.

The bill also amended the 45X Advanced Manufacturing Tax Credit. While credits for critical minerals will continue through 2030, their value will be phased out between 2031 and 2033 and eliminated by 2034. Section 30D, which provided up to US$7,500 in tax credits for EV buyers, was repealed for vehicles purchased after September 30, 2025. Some industry stakeholders suggested this change would reduce long-term demand signals for minerals such as lithium and cobalt, though others argued the impact would be limited, given that many qualifying battery materials are still imported.

As governments and policymakers respond to growing concerns around supply security and geopolitical risk, several companies have emerged as active participants in the global race to secure critical mineral resources. From early-stage explorers in remote jurisdictions to vertically integrated producers building domestic capacity, these firms are helping to reshape supply chains and meet the accelerating demand for energy transition materials. The following companies represent a cross-section of this evolving landscape.

Atlas Critical Minerals

Atlas Critical Minerals Corp. (JUPGF:OTCQB) recently reported successful initial processing and metallurgical test results from its Minas Gerais Graphite Project in Brazil. The company achieved graphite recovery rates as high as 96.6% using standard flotation, regrinding, and attrition processes on samples with graphitic carbon content ranging from 1.89% to 15.4%. These tests were conducted by SGS Geosol, a leading Brazilian laboratory. The project spans 1,258 hectares and aims to produce a high-grade graphite concentrate for various applications. According to CEO Marc Fogassa, the company is now focused on further refining its graphite grades through specialized laboratory processing.

Alongside its graphite development, Atlas is advancing its Alto do Paranaíba Project, also in Minas Gerais, which spans over 25,000 hectares and targets rare earth elements and titanium. The company reported encouraging results from surface sampling and auger drilling, identifying consistent high-grade mineralization across three defined exploration blocks. One drillhole returned 12 meters at 5,961 parts per million (ppm) total rare earth oxides (TREO) and 13.3% titanium dioxide (TiO₂), while another reached 7,729 ppm TREO over 6 meters. The project sits within Brazil's Mata da Corda geological sequence, known for its enrichment from tropical weathering, and is considered highly prospective for continued rare earth and titanium exploration.

Atlas Lithium Corp., listed on the NASDAQ, maintains a 30% stake in Atlas Critical Minerals, offering its shareholders diversified exposure to rare earths, graphite, titanium, and uranium. Atlas Lithium is also advancing its Neves Project in Brazil's Lithium Valley, which is fully permitted and supported by a recently delivered Dense Media Separation (DMS) lithium processing plant. Phase I is expected to produce up to 150,000 tonnes of battery-grade lithium concentrate annually. H.C. Wainwright Analyst Heiko Ihle noted in a July 14 research note that Atlas Lithium is on the firm's picks for the year. 

About 30% of Atlas Critical Minerals is owned by insiders and management, 30% is owned by Atlas Lithium Corporation and about 33% by strategic corporate entities, Refinitiv reported. The rest is retail. 

Its market cap is ~US$30 million with 38.86 million shares outstanding. It trades in a 52-week range of US$0.40 and US$1.47. 

Allied Critical Metals

Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) continued executing its U.S. growth strategy with two key developments announced in late July 2025. This included its debut on the OTCQB under the ticker ACMIF and the launch of a U.S.-based subsidiary, Allied Critical Metals (USA) Inc., headquartered in Nashville, Tennessee. According to a company news release, this move supports the company's plan to directly supply tungsten to sectors such as defense, aerospace, and energy amid rising U.S. demand and tightening Chinese export controls. CEO Roy Bonnell stated, "The United States is a cornerstone market for tungsten," and emphasized that the U.S. expansion would enhance supply chain efficiency.

In a related announcement, Allied also confirmed that its common shares were now eligible for electronic clearing and settlement through the Depository Trust Company (DTC), simplifying trading for U.S. investors. Additionally, Canaccord Genuity Corp. agreed on July 20 to provide financial advisory services to Allied in exchange for 1.2 million shares at CA$0.25 per share.

Allied's North American expansion coincides with ongoing activity at its two 100%-owned Portuguese tungsten projects. According to a June 24 news release, the company appointed Vítor Arezes as vice president of exploration to oversee development at the Borralha and Vila Verde projects. Arezes brings over 14 years of experience in geological exploration and mining operations with a focus on tungsten and other critical minerals.

At Borralha, a 5,000-meter core drilling program is underway to expand the resource ahead of an updated preliminary economic assessment. The current mineral resource estimate, dated July 2024, includes 4.98 million tonnes (Mt) at 0.22% WO₃ in the Indicated category and 7.01 Mt at 0.20% WO₃ in the Inferred category, with additional copper and silver credits. Historically, the project produced over 10,000 tonnes of wolframite concentrate between 1904 and 1985.

Allied's second project, Vila Verde, is positioned for near-term production through a pilot plant focused on tailings and alluvial material. Construction of the plant is expected to begin in Q4/25, with plans to use an existing quarry permit that allows initial extraction of 150,000 tonnes per annum, expandable to 300,000. The historical resource at Vila Verde includes 7.3 Mt at cutoff grades as low as 0.05% WO₃.

Insiders own approximately 20% of Allied. These insiders include Chief Executive Officer and Director Roy Bonnell, President, Chief Operating Officer and Director João Barros, Director and Nonexecutive Chairman Sean O'Neill, Corporate Secretary and Director Andrew Lee, and Director Michael Galego.

The majority of the rest held by retail shareholders and approximately 7.5% is held by institutions and institutional investors.

The company has 110.11 million common shares issued and outstanding and 134.05 million common shares on a fully diluted basis. Approximately 39.5 million are considered part of the public float and are available for trading. Its market cap is CA$33.03 million. Its 52-week range is CA$0.20–0.38 per share.

Stillwater Critical Minerals Corp.

Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE) closed the final tranche of a brokered private placement that included a third investment by Glencore on August 13, 2025, raising CA$8.78 million through the issuance of over 38.1 million units at CA$0.23 per unit.  Each unit included one common share and one-half of a warrant, with full warrants exercisable at CA$0.34 until July 15, 2028.

Red Cloud Securities Inc. served as sole agent and bookrunner. Compensation for the final tranche included CA$164,407 in cash fees and 714,814 broker warrants, exercisable at the offering price for 36 months. Additional finders' compensation included CA$3,105 in fees and 13,500 warrants under similar terms, subject to a hold period expiring November 16, 2025. 

Strategic shareholder Glencore Canada Corp. and company insiders participated in a final tranche that was not conducted under the listed issuer financing exemption such that the standard four-month hold period applies. No finders' fees will be paid on this component. 

In an August 6 note, Red Cloud Securities analyst Taylor Combaluzier maintained a Buy rating on Stillwater Critical Minerals with a CA$1.20 target, citing a 445% upside from its CA$0.22 share price. He pointed to the company's 1.8 billion pounds of nickel-equivalent resources, strong U.S. support, and strategic location near Sibanye-Stillwater. Combaluzier also noted Stillwater's then CA$8.9 million cash position, multi-agency partnerships, and upcoming catalysts including drill results, a late Q4/25 resource update, and a 2026 preliminary economic assessment. 

Glencore, which entered into an investor agreement with Stillwater in May 2024, exercised its participation rights, bringing its total investment to C$8.4 million investment to date and maintaining a 15% equity position, board representation, and technical committee involvement. Insider participation, including director Gregor Hamilton, CEO Michael Rowley, V-P Exploration Dr. Danie Grobler, and Corporate Secretary Susan Henderson, triggers related party transaction rules. The company relied on Multilateral Instrument 61-101 exemptions to proceed without minority approval or a formal valuation. 

Stillwater West, located adjacent to Sibanye-Stillwater's operating mine complex, is one of the largest nickel and platinum group element (PGE) projects in the United States, and the largest in an active mining district. The NI 43-101 resource includes 1.64 billion pounds of nickel, copper, and cobalt, and 3.81 million ounces of PGEs and gold, based on a 0.20% nickel-equivalent cutoff. According to Stillwater's July 2025 corporate presentation, a 40,000-meter drill database and recent geophysical surveys support expansion potential across the 33-kilometer-wide Peridotite Zone. Mineralization remains open in all directions. 

Management and insiders own approximately 20% of Stillwater, according to the company.  

Executive Chairman and Director Gregory Shawn Johnson owns 2.86%, President and CEO Michael Victor Rowley owns 2.56%, Independent Director Gregor John Hamilton owns 1.65%, Independent Director Gordon L. Toll owns 0.44%, and Vice President of Exploration Daniel F. Grobler owns 0.23%, according to Reuters.  

Institutions own approximately 25% of the company, high-net-worth investors own about 37%, and Glencore Canada Corp. owns 15.4%. About 18% of the company's shares are in retail, Stillwater said.  

There are about 233 million shares outstanding with 180.5 million free float traded shares, while the company has a market cap of CA$49.93 million and trades in a 52-week range of CA0.0900 - CA0.3050. 

Metallic Minerals Corp.

Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCQB) closed a brokered private placement on July 30 raising over CA$6 million, including full exercise of the over-allotment option. The financing involved 25 million units priced at CA$0.24, with each unit comprising a share and half a warrant exercisable at CA$0.34 through July 2027. Proceeds will fund exploration at the La Plata copper-silver-gold-PGE project in Colorado, as well as ongoing work at the Keno Hill silver project in Yukon.

The financing was led by Cormark Securities, alongside Canaccord Genuity, SCP Resource Finance, and Beacon Securities. Newmont Corporation, through its subsidiary Newcrest International, has indicated plans to maintain its 9.5% stake by participating in a follow-on non-brokered tranche, alongside management and insiders. Notable investors also include Eric Sprott (12.5%).

Metallic's flagship La Plata project hosts a July 2023 NI 43‑101 resource of 1.2 billion pounds of copper and 17.6 million ounces of silver (0.41% Cu Eq), and spans over 25 square kilometers. A district-scale 2025 exploration campaign identified three priority drill targets and over 25 additional zones, with recent surface samples yielding high grades of copper (up to 1.68% Cu Eq), gold (up to 1.98 g/t), silver (up to 426 g/t), and PGEs. According to President Scott Petsel in the news release, these results confirmed significant untapped potential. The company also reported the discovery of rare earth elements in May, enhancing the project's strategic value in critical minerals development.

In Yukon, Metallic's Keno Silver Project neighbors Hecla Mining's operations and contains an NI 43-101 resource of 18.2 million ounces silver equivalent at 223 g/t. The site includes eight historic mines, five of which produced silver grades above 5,000 g/t. 

On July 30, Bob Moriarty of 321gold highlighted the strategic value of La Plata in light of U.S. federal efforts to re-establish domestic mining capacity. He described Metallic as undervalued given its multi-metal exposure and near-term drill catalysts. Earlier, on July 1, analyst John Newell praised the company's management and noted the scale and geologic analogs to world-class porphyry systems like Newmont's Cadia. He pointed to a coming resource update likely to include gold and PGEs, suggesting 2025 could be "transformative."

According to Metallic Minerals' Investor Presentation, ownership of the company breaks down this way: management and associates own 15%, Newmont Corp. holds 9.5%, Eric Sprott has 12.5% and high net worth individuals own 15%.

Institutional ownership totals 20%. The remainder, 28%, is in retail.

As of August 1, the Canadian explorer has 204.4 million issued and outstanding shares. Its market cap is CA$46.00 million. Refinitiv reports Metallic Mineral's 52-week range is CA$0.13–0.31 per share.