Sovereign Supply — Minerals & Reshoring Industrials
A single F-35 needs more than 400 kilograms of rare-earth magnets — and almost every magnet of that kind in the world is made in China, the same country the West is preparing to fight. This is the story of the defense industry's "deepest vulnerability," and how governments are now investing their own money to pull the raw-material supply chain back home.
China Rare Earth Group in talks to acquire Shenghe Resources, sources say
China Rare Earth Group, a state-owned rare earth giant, is in talks to acquire Shenghe Resources, according to two people familiar with the matter. The talks began this year, and China Rare Earth Group wants to take a controlling stake, the sources said. If a deal is reached, Shenghe's holdings in overseas companies would be transferred, including a 3% stake in US rare earth company MP Materials, which would put China Rare Earth Group in the position of investing in MP, whose largest shareholder is the US Department of Defense. A successful acquisition would bring one of China's last major privately owned rare earth mining and refining companies under China Rare Earth Group, ending a decades-long effort to consolidate the sector under state control. Shenghe acquired Australia's Peak Rare Earths last year. According to one of the sources, a deal would make it easier for Shenghe to secure the quotas the Chinese government uses to manage supply. China Rare Earth Group, Shenghe Resources and China's Ministry of Commerce did not respond to requests for comment.
Trump and Xi to discuss trade in Washington, with agriculture, energy and rare earths in focus
US President Donald Trump is set to hold trade talks with Chinese President Xi Jinping in Washington on September 24, with trade in agricultural goods, energy and rare earths among the key issues both sides have used as bargaining chips in the trade war and which are likely to be raised again. On agricultural goods, one of the major US exports to China worth 29 billion dollars in 2024, China agreed to buy 25 million tonnes of soybeans a year from the United States through 2028, according to the White House, and US officials said China also agreed to buy an additional 17 billion dollars of other agricultural products during Trump's visit to Beijing in May. US Trade Representative Jamieson Greer said on September 3 that incentive measures to promote US agricultural sales to China could be announced. On energy, Bloomberg reported on Tuesday, September 15, that energy tariffs could be part of a 30 billion dollar reciprocal tariff reduction package, which was signalled after the May summit but has not yet been implemented. Meanwhile, US energy imports between 2020 and 2024 were worth between 7.5 billion dollars and 12 billion dollars a year. As for rare earths, where China controls production and has restricted exports to the United States, the issue has not been fully resolved. Reuters reported that US officials have demanded China honour its commitment to maintain continuous deliveries of these critical raw materials, and ahead of this summit the United States signalled the possibility of lifting some sanctions while threatening to impose additional ones. Trump said he would consider lifting some sanctions after the visit to Beijing.
EU Sets October Deadline for China to Rebalance Trade
The European Union is demanding concrete action from China to rebalance trade with the EU, setting a deadline for initial results by this October and warning that it will use every tool at its disposal if there is no progress. EU Trade Commissioner Maroš Šefčovič held a phone call with Chinese Commerce Minister Wang Wentao on September 17, covering issues including the management of goods exported to the EU, greater market access in China for European companies, and controls on rare earth exports. European Commission spokesperson Olof Gill said serious negotiations remain important, but the EU wants to see concrete initial results from the meeting in Beijing in October, which will show whether both sides are moving from words to outcomes. The EU currently runs a trade deficit with China of more than 1 billion euros, or 1.1 billion dollars, per day, prompting the European Commission, as well as Germany, to keep up pressure on China. EU leaders are scheduled to discuss and consider countermeasures to China's trade practices in mid-October. European Commission President Ursula von der Leyen warned on September 16 that the trade deficit with China has reached a critical turning point, and that while some see the EU as facing a second China shock, it has already arrived. Šefčovič stressed to reporters that he wants to see a clear signal that negotiations will move toward concrete positive results during next month's visit to China, where discussions will cover ways to increase exports of European goods to China as well as adjustments to customs tariff conditions.
Defense Industrial Base — Strategic Materials & Components
Guggenheim Initiates Applied Aerospace & Defense at Buy With 150% Upside
Guggenheim analyst Michael Ciarmoli initiated coverage of almost two dozen defense stocks on September 15, issuing 13 Buy ratings with an average upside of roughly 50% and naming Applied Aerospace & Defense, Inc. as his top pick. Ciarmoli sees AADX around $30, up about 150% from the share's closing price that day, roughly three times the average upside across his 13 Buy-rated names. He described the company as a merchant supplier of established and proven military subsystems and components, well positioned to benefit from growth in aerospace, defense, and space, and argued that investor fears over a split Congress and spending gridlock are overblown. AADX, which went public on June 2, ended the second quarter with a backlog of $1.1 billion, though it has reported only one quarterly result so far, posting a significant loss, and carries controlled company status with no multi-year trading history. According to Insider Monkey's database, 33 hedge funds held a stake in the company at the end of the second quarter.
Xi-Trump Summit to Put AI Rivalry, Tariffs and Yuan in Focus
Artificial intelligence, a lingering trade war and the yuan will likely dominate the agenda of the upcoming US-China summit between US President Donald Trump and Chinese counterpart Xi Jinping, with analysts focused on whether the two nations can reach concessions or put guardrails around key areas of competition. A Goldman Sachs Group Inc. survey shows 46% of offshore and 38% of onshore investors expect Chinese stocks to rise after the talks, while only a small minority foresees losses, though overseas exchange-traded fund flows and options positioning suggest foreign investors remain wary ahead of the summit, according to Tony Lee, JPMorgan Chase & Co.'s equity-derivatives strategist. AI is widely expected to be a central topic, with access to advanced US chips, safety standards and disputes over the pace of the industry's development among key points of contention, while the fate of a soon-to-expire one-year tariff truce, Beijing's export curbs on rare earths and the value of China's currency may also be in the spotlight. Expectations are high that the summit may result in an extension of the bilateral trade truce that will expire in November, after the two nations have started talks over slashing tariffs on certain goods, including American energy and agricultural shipments, as well as lower duties on Chinese inputs for manufacturers. The yuan may also be discussed, especially after US Treasury Secretary Scott Bessent said in August that many people considered the Chinese currency undervalued; the yuan has strengthened around 4% against the dollar this year, making itself Asia's top performer.
Defense Industrial Base — Strategic Materials & Components▲2impact 4
GM Begins Supplying Patriot Missile Components to Lockheed Martin
General Motors has started supplying missile-housing components for Lockheed Martin's Patriot PAC-3 MSE interceptors, delivering its first batch in August. Lockheed said GM completed work that typically takes months in three weeks. CEO Mary Barra told analysts this summer she expects $700 million of defense revenue this year at double-digit margins. The opportunity comes as Lockheed Martin faces a significant production ramp, with the Pentagon ordering it to more than triple Patriot output to over 2,000 missiles a year by the end of 2030 while constrained suppliers make scaling difficult. The most advanced Patriot costs over $4 million and takes more than two years to reach the customer, with many key parts largely handmade and sourced from single suppliers such as Boeing, which makes the seeker.
Defense Industrial Base — Strategic Materials & Components▲impact 4
Howmet Raises 2026 Guidance as Defense Aerospace Revenue Climbs
Howmet Aerospace raised its 2026 guidance, now expecting revenues of $10.00-$10.10 billion and adjusted EBITDA of $3.21-$3.25 billion, on the back of solid demand in both the defense and commercial aerospace markets. In the first six months of 2026, revenues from the defense aerospace market surged 10.2% year over year, constituting 15.5% of the company's revenues, after rising 21% year over year in 2025. The growth was driven by healthy demand for engine spares, particularly related to the F-35 program, and increased orders for other legacy fighter jet spares, lifting revenues in Howmet's Engine Products segment 30.4% year over year in the first half. The fiscal 2026 Defense Appropriations Act, enacted in February 2026, included substantial funding for defense programs, which could create additional contract opportunities for Howmet. Among peers, RTX posted a record backlog of $289 billion, including $119 billion of defense projects, while GE Aerospace's Defense & Propulsion Technologies segment revenues rose 16% year over year to $3.4 billion in second-quarter 2026.
Defense Industrial Base — Strategic Materials & Components▲
GoldHaven Highlights US$450 Million U.S. Government Tungsten Investment in Elmet Group
GoldHaven Resources Corp. is highlighting a US$450 million U.S. government investment in The Elmet Group aimed at expanding domestic tungsten capacity and securing America's tungsten supply chain. The company said the landmark commitment signals tungsten's growing strategic importance to national security, defence, aerospace and advanced manufacturing. GoldHaven noted that more than 800 metres have been drilled at its historic Kuhn tungsten system in northern British Columbia, with broad skarn intervals encountered including approximately 20 metres of skarn in the second drill hole, and assays pending. Historical drilling at Kuhn returned 13.0 metres grading 0.55% WO3 and 11.3 metres grading 0.59% WO3 with 0.10% MoS2, along with a historical estimate of approximately 616,500 tonnes grading 0.48% WO3 across four modelled lenses, though the company cautioned these pre-date NI 43-101 and have not been independently verified. President and CEO Rob Birmingham said the message coming out of Washington is increasingly clear that securing reliable and diversified tungsten sources is now a national-security priority. GoldHaven clarified that the US$450 million investment relates specifically to The Elmet Group, that it is not a recipient of the investment, and that it has no relationship with The Elmet Group.
Sovereign Supply — Minerals & Reshoring Industrials
BWX Technologies Expands Nuclear Manufacturing as 2025 Revenue Rises 18.3%
BWX Technologies is expanding its manufacturing and technology capabilities across advanced nuclear, commercial nuclear and government programs. The company has expanded its Cambridge, Ontario, facility to increase heavy commercial nuclear component manufacturing capacity, and is developing capabilities for high-purity depleted uranium along with investments in uranium processing and advanced manufacturing facilities. Its Innovation Campus in Lynchburg, VA, brings together design, research, engineering, testing and fabrication for advanced nuclear technologies, with R&D spanning advanced reactors, nuclear fuel, additive and autonomous manufacturing, medical radioisotopes and radiopharmaceuticals. BWXT's 2025 revenues increased 18.3% to $3.2 billion. The Zacks Consensus Estimate points to 2026 and 2027 earnings per share growth of 18.45% and 10.73%, respectively, while the stock trades at a forward 12-month price-to-sales of 3.31X versus the industry average of 7.14X.
Sovereign Supply — Minerals & Reshoring Industrials▲
US DFC approves $500 million trade facility to boost exports to emerging markets
The U.S. International Development Finance Corp approved a $500 million trade financing facility on Wednesday that will help U.S. companies access emerging markets in South America, Southeast Asia and Africa, chief executive Ben Black said. The facility, approved by the DFC's board, will offer counter-guarantees in partnership with the World Bank's International Finance Corp and its Global Trade Finance Program. Black said the trade facility could unlock up to $20 billion in U.S. exports to new and challenging markets and support up to 10,000 U.S. jobs. Under Black's leadership, DFC has expanded its investment cap to $205 billion and shifted its focus from traditional poverty alleviation toward mining, extractive industries, energy and digital infrastructure, aiming to counter China's global influence and secure vital supply chains for the U.S. The program is expected to support agriculture, primary metals such as iron and steel, and industrial and consumer products including computers, electrical products, light vehicles and industrial machinery, with some of the biggest benefits expected in Iowa, Ohio, Colorado, Kansas, Pennsylvania and Michigan. Black said the IFC's Global Trade Finance Program had funded $141 billion in trade over 20 years with zero losses, and DFC will earn fees on the loan guarantees that could generate tens of millions of dollars over 10 years.
Western Star Resources Acquires 14 Lode Claims and 25-Year Surface Rights at Eagle Point Tungsten Project
Western Star Resources Inc. announced the acquisition of fourteen lode mining claims contiguous with the western boundary of its Eagle Point Tungsten Project in Hidalgo County, New Mexico, together with a Surface Use Agreement granting exclusive surface-use rights for mineral operations for an initial five-year term with renewal options for up to 25 years. Consideration for the claims and the Agreement is a cash payment of C$150,000 and the issuance of 4,000,000 common shares on closing, plus a 1.5% net smelter returns royalty granted to the vendors, of which the Company may repurchase 1.0% for a one-time payment of C$1,000,000. The claims were located by the vendors under the Bureau of Land Management Notice of Intent to Locate process, which applies to split estate lands where the federal mineral estate is administered by the BLM and the surface estate is privately owned. The Agreement permits up to 200 acres of active disturbance at any one time, with Western Star controlling the timing, methods and pace of operations, and it is freely assignable. Historical trenches and excavations documented in 1950s U.S. Government examination reports under the Defense Minerals Exploration Administration programme now sit within the expanded land position, and the Company has expanded its ongoing UAV magnetic survey to cover the enlarged property. Closing remains subject to customary conditions including receipt of all necessary regulatory approvals.
Sovereign Supply — Minerals & Reshoring Industrials▲3impact 4
EU Opens Door to Canada as First Associate Member, Aiming to Deepen Tech, Defense and Energy Cooperation
Ursula von der Leyen, President of the European Commission, announced on September 16 that the European Union is opening the door to welcoming Canada as the bloc's first associate member, a new cooperation framework never before specified in EU treaties. Speaking during her annual policy address to the European Parliament in Strasbourg, France, she said the two sides will cooperate comprehensively across areas ranging from smart manufacturing, critical strategic minerals and energy to AI, and will establish a technology alliance, integrate their defense industrial bases, and push to make the Arctic region a flagship cooperation project. The EC President stressed that this partnership is not aimed against anyone else, while many observers see it as Europe's effort to avoid confrontation with U.S. President Donald Trump. The move marks a major policy shift for the EU, which has in the past generally rejected flexible membership categories, with most EU member states still reserving judgment on Germany's May proposal to grant Ukraine associate member status as a path toward full membership. Canadian Prime Minister Mark Carney said earlier this week that Canada is seeking a unique partnership with the EU but does not want full membership. The EC President has invited Prime Minister Carney to a meeting in Strasbourg, and the Canadian leader is scheduled to deliver a speech on Thursday, September 17, following a historic rupture in Canada-U.S. relations caused by failed trade negotiations last month that led to tit-for-tat tariff measures.
US Lacks Effective Tools to Halt China's AI Catch-Up as Rare Earth Retaliation Looms
The United States is struggling to find effective means to prevent China from becoming an AI superpower. Anthropic CEO Dario Amodei, in a 3,800-word essay, called for banning sales of advanced AI semiconductors to China and tightening crackdowns on smuggling, but President Trump has signaled openness to allowing sales of some chips to China, including Nvidia's H200. The biggest challenge for the US is avoiding provoking further tightening of export controls by the Chinese government on rare earths used in precision-guided missiles and drones. Last year, President Trump and President Xi Jinping agreed to a truce in which China guaranteed rare earth supplies in exchange for tariff reductions, and that agreement is likely to be extended when Xi visits the White House next week. Although China still lags in semiconductor production, AI models developed by companies such as DeepSeek and Moonshot AI are narrowing the capability gap with the most advanced US models, often at a fraction of the cost.
Sovereign Supply — Minerals & Reshoring Industrials▲
BWXT Wins $4 Million NNSA Contract for Lithium Processing Facility Design
BWX Technologies announced on September 3 that it secured a $4 million contract to develop a conceptual design for the first module of a new Lithium Processing Facility for the U.S. National Nuclear Security Administration. The planned facility is meant to modernize and replace aging infrastructure used for lithium reprocessing while supporting purification, component production, and other nuclear security activities. Heatherly Dukes, president of BWXT's Technical Services Group, said the project represents an important investment in modernizing the nation's nuclear security infrastructure. The $4 million award is small relative to BWXT's more than $8.6 billion backlog at the end of the second quarter and is unlikely to significantly affect near-term earnings and cash flows, but it could lead to follow-on work: after the initial four-month first phase, the NNSA plans to select one of two companies for the next design phase and potential construction contract. The win also fits a broader expansion of BWXT's government business, which includes a near-sole-source monopoly supplying nuclear reactors and high-assay enriched fuel for the U.S. Navy's submarine and aircraft carrier fleet, and its BWXT Advanced Nuclear Reactor technology was recently selected by the U.S. Army for its Janus program.
Victory Metals Granted Mining Lease M20/564 at North Stanmore
Victory Metals Limited announced on 14 September that Mining Lease M20/564, covering almost 2,006 hectares near Cue, Western Australia, was granted on 11 September. Cashu Research had named the mining licence in its 19 August report as one of three milestones that would most materially de-risk North Stanmore, placing it in a 2026-27 window, and it arrived early. The Pre-Feasibility Study, released 18 August alongside a maiden Ore Reserve, put the build cost at A$155 million including 30% contingency, down 54% from A$337 million at scoping, with a A$1.21 billion post-tax NPV8, A$1.76 billion pre-tax, a 240% post-tax IRR and roughly 1.5 years payback from first production across 20 years at 2.4Mtpa, about 29,000 wet tonnes a year of concentrate and A$6.5 billion in life-of-mine revenue. A non-binding EXIM letter of interest for up to US$190 million is already on the table, roughly 1.8 times the entire build cost. Victory Metals CEO Brendan Clark described North Stanmore on release of the study as one of the lowest cost heavy rare earth projects in a geopolitically safe region, with its value carried by dysprosium and terbium, both inside China's April 2025 export controls, which were never suspended, while the broader October 2025 package expires from suspension on 10 November 2026.
Sovereign Supply — Minerals & Reshoring Industrialsimpact 4
US Steel and Materials Stocks Swing as US-Canada Trade War Escalates to 50% Tariffs
Steel and materials stocks swung between rallies and pullbacks as the US-Canada trade relationship shifted from near agreement to open dispute, with the US imposing 50% tariffs on a wide variety of Canadian exports on August 22. Nucor Corporation and Cleveland-Cliffs Inc. rose on August 25 after talks between the two countries broke down, a reversal from the prior week when several of the same stocks fell on hopes a deal would lower steel and aluminum tariffs; the VanEck Steel ETF gained 1.6% that day while the State Street Materials Select Sector SPDR hit an intraday high, though by week's end the materials ETF had slipped to negative territory and the steel ETF was about flat, with both still substantially up for 2026. The escalation followed a Bloomberg report on August 19 that the US and Canada had tentatively agreed to cut tariffs on Canadian steel and aluminum to 25% and vehicle charges to 15%, before Canadian Prime Minister Mark Carney declared Canada officially "at war" with the United States and Ottawa announced counter-tariffs of C$27.6 billion on American goods, effective September 8 at rates of 15% to 50%. Moody's chief credit officer Atsi Sheth said, "Expect much more of this uncertainty for some time to come." Nucor, which relies primarily on scrap-based electric arc furnace steelmaking, is up more than 50% year-to-date, while the vertically integrated Cleveland-Cliffs remains negative for 2026 despite similar structural insulation, which analysts attribute to balance sheet stress rather than tariffs.
Defense Industrial Base — Strategic Materials & Components▲impact 4
ATI Shares Climb 64% YTD on Record Defense Sales and Raised 2026 Outlook
ATI Inc. shares have rallied 64% year to date, outpacing both the Zacks Aerospace - Defense Equipment industry's 6% decline and the S&P 500's roughly 11.4% increase over the same period. The company's second-quarter 2026 jet-engine revenue rose 13% year over year, while defense sales climbed 36% to a record $162 million, prompting ATI to raise its full-year defense growth outlook to the high teens. A record $4.4 billion backlog, up 18% year over year and 7% sequentially, underpins future sales visibility. Second-quarter adjusted EBITDA jumped 37% to $284.4 million and the adjusted EBITDA margin expanded 440 basis points to 22.6%, supported by pricing, favorable product mix, higher volumes and productivity initiatives. ATI also raised its 2026 adjusted EBITDA outlook to $1.135-$1.185 billion and adjusted free cash flow guidance to $550-$600 million, and it carries a Zacks Rank #1 (Strong Buy).
Tungsten West has announced plans to restart operations at the Hemerdon mine in Devon, England, with full-scale production targeted for the first quarter of 2027. The company is installing six TOMRA Mining XRT ore sorters equipped with OBTAIN Deep Learning technology as part of a redesigned processing plant at the mine, which was shut down in 2018 and acquired in 2019. The six sorters, split between COM Tertiary XRT and COM XRT 2.0 units to handle material fractions ranging from 10mm to 80mm, are scheduled for installation completion in the fourth quarter of 2026. Approximately 30% of the processed material, containing mineralised tungsten, will be sent for further concentration and tin recovery, while the remaining 70% will be made available as a by-product aggregate for the construction industry. The Hemerdon project is set to provide a substantial source of tungsten for European markets outside China, whose roughly 80% share of global tungsten concentrate production faces export restrictions and reduced domestic output, and Hemerdon's reserves could contribute around 4.1% of global production. Last month, the UK's National Wealth Fund announced an investment of up to $95.74m (£71m) in Tungsten West to support the restart.
Almonty signs binding tungsten partnership with Rwanda Government
Almonty Industries has signed a binding agreement with the Government of Rwanda to form a new tungsten-focused partnership, under which Rwanda will obtain a 25% interest in a new platform, Almonty Rwanda, while Almonty retains the remaining 75% stake. The platform aims to collect and export tungsten ore, pre-concentrate and panning tailings sourced from small-scale licence holders in Rwanda, with Rwanda contributing the Shyorongi exploration concession and a mineral processing licence to the project. A mobile processing unit is planned to upgrade these materials, and the partnership intends to export products until a collection and processing plant is built in the country, with the Government of Rwanda assisting Almonty Rwanda in acquiring material from local mine operators, landowners and licence holders. The initiative follows an introduction by the US Department of State under the 2025 US-Rwanda Framework for Shared Economic Prosperity, and both parties view the transaction as a first stage towards a broader investment framework covering future development and the construction of a centralised processing facility in Rwanda. The block, which encompasses around 32km² at Shyorongi, is designed to access near-term production from the existing output of the sector, and the new partnership comes as forthcoming US defence procurement regulations will require greater traceability of tungsten ore and feedstock from 2027.
China issues new rules giving officials power to bar citizens from leaving the country, aiming to stem the outflow of capital and tech talent
China has stepped up its controls on outbound travel, with new regulations issued by the Chinese cabinet and taking effect on September 15, 2026, giving officials the legal authority to bar Chinese citizens from leaving the country in certain cases, shifting from case-by-case travel bans to a permanent mechanism used to control the outflow of capital and highly skilled personnel. Under the new rules, officials can suspend outbound travel if it is linked to violations of export controls or the transfer of technology deemed a potential threat to national security, with technology personnel likely to face the strictest restrictions, after China had already restricted exports of rare earths, electric vehicle batteries and solar panels. Neo Wang, a China strategist at Evercore ISI, said the goal is to retain capital and personnel, which are crucial to driving China's innovation and raising productivity, while Dan Wang, China director at Eurasia Group, sees the new rules as making the system more permanent and expects stricter enforcement at the local level. On tax measures, in July China imposed a 20% income tax on assets transferred to overseas trusts since 2023, and in early September regulators also set a 20% tax on foreigners receiving dividends from foreign-invested companies, while Clifford Ng, a partner at Zhong Lun Law Firm, said clients with no family or assets left in China are more likely to decide to leave the country permanently.
Defense Industrial Base — Strategic Materials & Components▲
GEVORKYAN H1 2026 Revenue Rises 18% to EUR 49.8 Million, Net Profit Up 34%
GEVORKYAN, a.s., a European leader in powder metallurgy, reported revenue of EUR 49.8 million for the first half of 2026, an increase of 18.18% year over year. EBITDA rose 9.19% to EUR 15.04 million, with an EBITDA margin of 30.19%, while operating EBIT grew 29.06% to EUR 6.68 million and net profit climbed 34.50% to EUR 3.97 million. The company said the completion of two years of development, together with its acquisition in Italy, brought new projects in the aerospace industry, particularly in the aircraft and unmanned systems segments. GEVORKYAN also completed certification under the EN 9100 standard for the space and defence industries, leading to its inclusion in the global OASIS database. Following the acquisition, the Italian plant Gevorkyan Sinteris Italia is already supplying the Rheinmetall Group with components designed for military equipment, though not directly for weapons.
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EQ Resources Takes 10% Stake in U.S. Tungsten Processing Joint Venture
EQ Resources has agreed to take a 10% interest in a new U.S. joint venture that aims to restart the Springer ammonium paratungstate processing plant in Nevada. Under the binding framework agreement, The Elmet Group would own 70% of the venture and serve as operator, while Blue Moon Metals would hold 20% and EQ Resources the remaining 10%. The existing Springer facility is designed for roughly 4,000 tonnes per year of APT processing capacity in its first phase, and Elmet will provide the first $75 million of restart funding, which EQ Resources said is supported by financing from the U.S. Department of War. EQ Resources' direct funding exposure is limited in the initial stages: if restart costs rise above $75 million but remain below $100 million, it would fund 12.5% of the additional spending, capped at $3.125 million, while costs above $100 million would be shared by the partners according to their ownership stakes. The venture plans to enter into an eight-year, spot-priced agreement to buy an aggregate 4,000 tonnes of contained WO3 in concentrate from EQ Resources, equivalent to a nominal 500 tonnes per year after the plant is commissioned, and for the first five years EQ Resources would have access to as much as 1,000 tonnes per year of processing capacity at Springer, equivalent to 25% of the planned first-phase capacity. The agreement is not yet the final joint venture contract, with the parties targeting completion of the main agreements within 90 days and a site master plan within six months.
Defense Industrial Base — Strategic Materials & Components▲
Titomic Wins US$5.0 Million U.S. Air Force Cold Spray Contract
Titomic Limited's wholly owned U.S. subsidiary, Titomic USA, Inc., has been awarded a US$5.0 million (AU$6.9 million) contract by the U.S. Air Force to supply, integrate and commission a Next Generation Titomic Kinetic Fusion High Pressure Cold Spray System at Tinker Air Force Base in Oklahoma City, Oklahoma. Built around Titomic's TKF 1000 high-pressure cold spray platform, the turnkey system will integrate industrial robotic automation, powder and gas management, process monitoring, safety systems and real-time quality verification. The capability is designed to support depot-level manufacturing and sustainment applications including component repair, dimensional restoration, corrosion and wear protection, additive manufacturing, hybrid manufacturing and multi-material deposition. The program will be supported by Titomic USA from its Huntsville, Alabama operations, and Managing Director and CEO Jim Simpson said the award marks an important milestone in the company's growth within the U.S. additive manufacturing market. Delivery is scheduled for the third quarter of 2027, with installation subject to customer site coordination and approvals, and revenue will be recognized in accordance with applicable accounting standards and contractual performance obligations.
USA Rare Earth Completes $2.8 Billion Serra Verde Acquisition
USA Rare Earth has completed its $2.8 billion acquisition of Serra Verde, a Brazil-based mining company that is the only scaled producer of the core four rare-earth elements in the Western Hemisphere. The company projects that the newly integrated Serra Verde business will achieve an annualized run rate for EBITDA between $550 million and $650 million by the end of next year, and that its combined businesses will reach approximately $1.8 billion in adjusted EBITDA in 2030, up from just $5.8 million in second-quarter revenue and a $46.3 million operating loss. The U.S. government holds a roughly 10% equity position in USA Rare Earth that could rise to as much as 16% through stock warrants, and the Department of Defense provided $750 million in direct investment in a special-purpose vehicle that also included a $500 million credit facility from a Tier-1 institutional bank and a five-year purchase agreement for rare earth valued at least $300 million. Serra Verde had already announced a 15-year offtake agreement with multiple U.S. government agencies and private companies, securing access to 100% of its Phase I production of magnetic rare earth and guaranteed pricing floors for dysprosium and terbium. By contrast, TMC The Metals Company, which extracts polymetallic nodules from the seabed, has seen its expected NOAA certification pushed out to October and no longer expects to have its permit by the first quarter of 2027, though it still aims to begin commercial vessel commissioning in next year's fourth quarter.
Defense Industrial Base — Strategic Materials & Components▼2impact 4
GE to Acquire Consolidated Precision Products for $11.75 Billion, Pressuring Howmet Aerospace
GE Aerospace has agreed to acquire Consolidated Precision Products for about $11.75 billion, a deal that initially sent Howmet Aerospace shares down roughly 10% as investors weighed the prospect of GE relying less on outside suppliers. Howmet CEO John Plant said he is comfortable with the deal and remains confident in the company's ability to grow, pointing instead to the challenge of expanding capacity fast enough to meet soaring demand from commercial aircraft production, defense activity, the aftermarket and turbine components used in data centers. GE expects airfoil demand to rise by more than 30% through 2030, and Plant has said the scale of the required capital expansion is itself testing the company. The main risk for Howmet is GE's increasing vertical integration, which could shift high-margin engine business toward CPP and intensify competition, while customer-concentration exposure to GE remains a longer-term headwind. Howmet has also indicated it intends to revisit longer-term revenue targets after previously saying revenue could potentially double from 2025 levels within three to five years.
Largo Restructures Debt With Caixa, Starts Copper-PGM Concentrate Sales
Largo Inc. announced a debt-restructuring agreement with Caixa Econômica Federal and its first sales of copper-platinum group metals concentrate. The definitive agreement with Caixa Econômica Federal was signed on September 11, 2026, following the binding term sheet announced on August 20, and Largo expects to enter similar agreements with its remaining Brazilian bank lenders. Separately, Largo extended the maturity of a $6.0 million promissory note with ARG International AG to February 2028 from February 2027, subject to a fee equal to 1% of the principal amount. The initial copper-PGM concentrate sales, made through agreements with two trading companies and a European smelter, are expected to generate approximately $4.7 million in cash proceeds during September 2026, while the first shipment under Largo's contract with the US Defense Logistics Agency is expected to arrive at a US port in late September. Largo also said its 2026 vanadium production is now expected to be at the lower end of its previously announced guidance range as it temporarily reduces mining activity and processes existing stockpiles, and it announced that Jim Bannantine will lead its commercial department while Francesco D'Alessio leaves to take a chief executive position elsewhere.
Sovereign Supply — Minerals & Reshoring Industrials▲impact 4
Elmet Group Secures $450 Million US Government Investment to Expand Tungsten Supply Chain
The Elmet Group Co. said on September 14, 2026, that the US Department of War has committed to invest $450 million in the company to expand domestic tungsten manufacturing and international mining capacity. The investment will begin with an initial $200 million drawdown at closing, followed by additional drawdowns, and in return the department will receive redeemable preferred equity and warrants representing up to 19.9% of Elmet's common stock, plus the right to appoint one independent director and one non-voting observer to Elmet's board. More than $165 million of the investment is allocated to Elmet's existing US facilities in Lewiston, Maine; Coldwater, Michigan; and Euclid, Ohio, while approximately $150 million is expected to fund development of the Blue Moon Springer Tungsten Complex in Imlay, Nevada, a project being developed through a majority-owned joint venture involving Elmet, Blue Moon Metals and Australia's EQ Resources. The company also plans to establish a new division called Elmet Refining & Trading to coordinate sourcing, processing and delivery of materials across its supply network in the US, Australia and Spain. Separately, Elmet subsidiary Elmet Technologies has received an indefinite delivery/indefinite quantity contract from the Defense Logistics Agency to supply tungsten ores, concentrates and sodium tungstate to the US National Defense Stockpile, with a ceiling value of up to $2 billion and a guaranteed funded commitment of $150 million, running through August 2031 with an option to extend through August 2033.
Defense Industrial Base — Strategic Materials & Components▲
TD launches $150B five-year plan to accelerate Canadian investment
Toronto-Dominion Bank launched a five-year, $150B commitment to accelerate investment, growth, and innovation across sectors critical to Canada's economy. The commitment will support new lending, underwriting, advisory, and other financing activities across five key areas: energy, critical minerals and resources, defence and aerospace, digital and AI, and infrastructure. TD will also focus on supporting small and mid-sized businesses, Indigenous economic participation, sustainable growth, workforce readiness and AI enablement.
Defense Industrial Base — Strategic Materials & Components▲10impact 4
GE Aerospace to Acquire Consolidated Precision Products for $12 Billion
GE Aerospace has agreed to acquire Consolidated Precision Products, one of the world's largest precision castings providers and a major GE supplier, for around $12 billion, its largest acquisition since becoming a standalone publicly traded company. The deal would give GE greater control over a critical part of its engine supply chain, where precision castings are a major pressure point, and could help it meet demand already sitting in its backlog of more than $210 billion, including over $170 billion in commercial services. About 70% of CPP's revenue comes from commercial and defense engines, and GE expects CPP to generate around $2 billion in revenue in 2027. GE values CPP at about 26 times expected 2027 EBITDA before net synergies, and will fund the purchase with a mix of cash on hand and debt, expecting it to be accretive to adjusted earnings and free cash flow in the first year excluding certain items. The investment case hinges on whether CPP can raise factory yields and production efficiency enough to justify the premium, since integration problems, additional capital requirements, and slower productivity gains could leave GE carrying more debt without sufficient cash flow.
Defense Industrial Base — Strategic Materials & Componentsimpact 4
GE Aerospace to Buy Consolidated Precision Products for $11.75 Billion
GE Aerospace said Tuesday it agreed to acquire Consolidated Precision Products for $11.75 billion, expanding its control over the supply of specialized castings used in commercial aircraft engines, military equipment and industrial gas turbines. The deal headlines a busy week of M&A across sectors. Copart agreed to acquire ACV Auctions for $10.50 a share in cash, an implied equity value of about $1.9 billion, while Analog Devices will acquire Alif Semiconductor in an all-cash transaction for $1.35 billion. Bending Spoons agreed to acquire collaborative-workspace company Miro at an enterprise value of $1.355 billion in an all-cash deal expected to close in the fourth quarter of 2026. Tamarack Valley Energy agreed to acquire Headwater Exploration in an all-stock deal valued at C$10B, about US$7.25B, creating the largest publicly traded oil producer focused on Alberta's Clearwater formation, and EverBank Financial agreed to acquire Pacific Northwest bank WaFd in a $3.9B reverse merger creating a regional bank with about $75B in assets. Meta Platforms purchased Swedish AI startup Stilla.ai, Apple acquired Sonera Magnetics in a deal disclosed by the European Commission, Grab Holdings is said to be in talks for a majority stake in Atome Financial, and ARC Group Acquisition I agreed to acquire Malaysian licensed financing company Firstborn Top Capital.
Sovereign Supply — Minerals & Reshoring Industrials▲
BMO to Mobilize Up to $70 Billion for Critical Canadian Sectors Over 10 Years
BMO announced it plans to mobilize up to $70 billion in new capital over 10 years for sectors critical to Canada's economic security and resilience. The commitment, described by the bank as Canada's first, targets electricity infrastructure including generation, transmission and distribution, energy infrastructure such as pipelines, transportation infrastructure including roads, airports and terminals, mining and critical minerals, AI computing, defence and security, and oil and gas. Chief Executive Officer Darryl White said the initiative builds on more than 200 years of financing Canadian growth, dating to 1817, and that the opportunities in these sectors represent the latest chapter in that story. The capital is expected to take the form of bank financing, debt capital markets activity and the raising of public equity, and reflects expected demand from initiatives proposed to Canada's Major Projects Office, projects supporting Canada's National Electricity Strategy, the Trilateral MOU among the Federal Government, the Province of Alberta and the Oil Sands Alliance, Canadian Sovereign AI initiatives, and proprietary BMO analysis for the defence and oil and gas sectors. BMO said it authorized nearly $300 billion in lending to over 270,000 Canadian businesses and organizations in 2025, invested approximately $3.4 billion in Canadian companies and innovation ecosystems, and has more than 30,000 employees across Canada.
Sovereign Supply — Minerals & Reshoring Industrialsimpact 4
Pentagon in talks to lend $5 billion to AI cloud startup Fluidstack
The US Department of Defense is negotiating a loan of about $5 billion to Fluidstack, an AI cloud startup, to strengthen the US data center supply chain, according to a report by The Wall Street Journal citing people familiar with the matter on Thursday, September 10. The loan comes from the Office of Strategic Capital, or OSC, under the US Department of Defense. Fluidstack plans to use the loan to support the supply chain and boost production capacity for certain specialized components related to data centers in the United States, rather than to build entirely new AI centers. The talks follow President Donald Trump's signing of an executive order last month declaring a national emergency and ordering a ban on certain foreign-made equipment in the US power grid that supplies electricity to data centers. The Pentagon's OSC has previously reached funding agreements with several companies in the rare earth industry, and has also struck funding deals with several drone manufacturers.
Guardian Metal Signs Tungsten Origin Verification Deal With Oritain
Guardian Metal Resources plc has signed a collaboration agreement with Oritain Global Limited to develop a database of origin fingerprints for tungsten, supporting provenance verification for governments, industry and end consumers. The inaugural database will include tungsten from Guardian Metal's co-flagship Tempiute and Pilot Mountain projects in Nevada, with the company delivering initial samples from both sites to Oritain. The agreement is particularly timely ahead of January 1, 2027, when U.S. defense procurement restrictions under Section 854 of the FY2024 National Defense Authorization Act, implemented through DFARS 252.225-7052, are expected to drive tighter traceability requirements across the tungsten supply chain. Those requirements were further reinforced by Executive Order 14415, signed on July 20, 2026, which restricts sourcing waivers for covered-country materials and directs comprehensive supply chain mapping and traceability across U.S. defense procurement. Oritain CEO Alyn Franklin said forensic origin verification is becoming a necessary ingredient for durable critical minerals supply chains, while Guardian Metal CEO Oliver Friesen called the agreement a meaningful step toward building a fully transparent and verifiable tungsten supply chain entirely on U.S. soil.
Defense Industrial Base — Strategic Materials & Components2
GE Drops 2.8% After $11.75B CPP Acquisition
GE Aerospace fell about 2.8% to $325.52 on Wednesday after announcing its $11.75 billion takeover of Consolidated Precision Products, a maker of specialized castings that have become a production bottleneck in the jet-engine industry. The deal will be funded with roughly $7 billion in cash and the assumption of remaining debt. CPP is projected to generate about $2 billion in 2027 revenue, with engine components representing about 70% of sales. GE expects demand for airfoils to climb 30% by 2030, and the acquisition could help it address a backlog exceeding $210 billion. However, the purchase price is nearly four times GE's second-quarter free cash flow of $3.03 billion, and the stock trades 20.03% above its GF Value estimate of $271.19, leaving little margin for integration risks.
Defense Industrial Base — Strategic Materials & Components▲
GE Aerospace's $12 Billion Acquisition to Boost Stock, Cramer Says
Jim Cramer said GE Aerospace's nearly $12 billion acquisition of Consolidated Precision Products, a specialty castings supplier, will send the stock up because it strengthens the company's defense business. The deal, reported by CNBC, involves buying the supplier from private equity firms Warburg and Berkshire Partners. GE's Defense & Propulsion Technologies segment grew revenue 16% to $3.443 billion in Q2 2026, and the company raised its full-year operating profit outlook for that segment to $1.6 billion to $1.7 billion. GE Aerospace closed at $334.91, up 21.94% over the past year but down 9.5% over the past month, offering a better entry point for new investors. The company's backlog exceeds $210 billion, with about $170 billion in commercial services, and the acquisition aims to address supply chain bottlenecks in jet engine castings.
Sovereign Supply — Minerals & Reshoring Industrials2impact 4
Iran unlocks Bitcoin and USDT for cross-border trade
Iran is easing its strict foreign exchange regulations, allowing businesses to use Bitcoin, Tether, and other digital assets for cross-border trade amid US sanctions that have made normal international payments more difficult. This move comes as the US and other countries have frozen or seized about $1 billion to $1.47 billion in crypto assets linked to Iran, and the Iranian rial has fallen to over 2 million rials per US dollar on the free market. Around $10 billion in cryptocurrency has circulated through Iran in 2025, and Iran accounts for about 4.5% of global Bitcoin mining activity, according to Elliptic. The Central Bank of Iran has relaxed controls, enabling exporters to bring revenues back into the country through local crypto exchanges and use the proceeds directly to pay for imports. Tether's USDT may play a key role as it is pegged to the US dollar. Meanwhile, US Treasury Secretary Scott Bessent has warned that digital assets could be targeted under Operation Economic Outcast, and the Treasury has already sanctioned Nobitex, Iran's largest crypto exchange.
Sovereign Supply — Minerals & Reshoring Industrials4impact 4
US Government Criticizes Ford for Partnering with China, Citing Security Concerns
The US government has criticized Ford Motor Company for its business partnership with a Chinese company, stating that such an alliance poses risks to national security and urging Ford to sever ties with a major Chinese firm. US Transportation Secretary Sean Duffy sent a letter to Ford CEO Jim Farley expressing concerns over Ford's reliance on technology licensing from CATL, which the US Department of Defense has blacklisted for its ties to the Chinese military. Duffy also criticized Ford for not moving production of its Lincoln Nautilus model from China back to the US until 2030. Ford responded with a statement calling the letter baseless accusations and reiterating that Ford is investing in its own battery plant in the US and maintains full control over its operations. This comes as President Trump prepares to meet with President Xi Jinping and as Congress pushes for measures to ban Chinese cars. The American Automotive Trade Association has filed a petition calling for a permanent ban on imports of smart vehicles and related software from China.
EU invests €530 million in Greenland to counter US influence
The European Union (EU) has announced a significant increase in investment in Greenland, signaling clear geopolitical competition in the Arctic region. The EU is preparing investments of around €200 million for 2026-2027 and has proposed expanding its long-term budget to as much as €530 million for 2028-2034, a dramatic increase. The focus of investment is shifting from fisheries and education to strategic industries such as critical minerals, renewable energy, digital infrastructure, and satellites. This move comes after Donald Trump pushed for the US to take control of Greenland, citing security reasons, which was firmly rejected by both Greenland and Denmark. The visit of the European Commission President to Greenland is therefore a political message that Europe stands ready to support Greenland in maintaining the balance of power in the region. This investment helps reduce dependence on minerals from China and strengthens Europe's technology supply chain security. Meanwhile, global warming is causing ice to melt, opening new shipping routes and access to rare earths beneath the ice sheet, which are essential for producing EV batteries, wind turbines, and computer chips. Greenland's Prime Minister has welcomed cooperation with the EU to bring in funds for infrastructure development, improving quality of life, and strengthening the economy.
Defense Industrial Base — Strategic Materials & Components8impact 4
Bombardier shares fall 6.4% after Trump threatens US sales ban
Bombardier shares fell 6.4% after President Donald Trump threatened to ban the Canadian planemaker from selling aircraft in the United States unless it builds planes there. In a Truth Social post, Trump wrote "NO MORE SELLING BOMBARDIER IN THE UNITED STATES!" and criticized the Montreal-based company's products. Bombardier relies on the US for more than half of its revenue, and the threat follows similar White House pressure in January over the Global Express lineup. The move coincides with Ottawa's new counter-tariffs on US goods, escalating trade tensions. Analysts warn that a ban could disrupt Bombardier's US service networks and suppliers, hurting the broader aerospace sector.
Sovereign Supply — Minerals & Reshoring Industrials▼impact 4
UN warns Hormuz disruptions could push small firms out of supply chains
The United Nations Conference on Trade and Development warned on Tuesday that disruptions in the Strait of Hormuz could push small and medium-sized businesses out of global supply chains, increasing economic concentration and weakening the resilience of international trade. Rising energy bills, freight rates, insurance premiums, and financing constraints sparked by the U.S.-Iran war place heavier burdens on SMEs than on large firms, leaving them more vulnerable than large corporations that can diversify suppliers, markets, and funding sources. SMEs account for around 90% of global businesses, 70% of employment, and 50% of world GDP, so the disruptions risk ripple effects far beyond the shipping lanes. After a month of calm in August, fighting in the Gulf resumed, with Iran and the U.S. exchanging fire, sending Brent crude prices up more than 2% on Tuesday to above $99 a barrel. UNCTAD warned of an "SME exclusion effect," where smaller companies could be forced to scale back production, delay investments, or exit value chains altogether, even if overall trade volumes eventually improve.