The Miner's Revenge: US-Made Critical Minerals Take Center Stage
Contributed Opinion

1. Perpetua Resources Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. 
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The current Trump administration means business when it comes to securing America's essential materials supply network, and this week's policy declarations have illustrated just how determined they are.

Initially, we saw the implementation of a 50% tariff on American copper purchases from abroad.

This was followed by the announcement of a substantial funding arrangement by the United States Department of Defense for vertically integrated American rare earths manufacturer MP Materials Corp. 

MP (Daily)

MP Materials Corp. (MP:NYSE). shares surged upward by over 50%, generating US$2.5 billion in additional market value during a single day's trading.

Let's examine the components of the Department of Defense (DoD) investment package:

US$400 million in preferred equity

• The DoD acquired preferred shares convertible into common stock plus warrants, granting it a ~15% stake — making it MP's largest shareholder.

US$150 million loan

• A direct investment via the DoD to expand MP's heavy rare-earth separation capabilities at Mountain Pass.

Guaranteed offtake contracts & price floor

• A 10-year, government-backed purchase agreement ensures 100% of magnets produced at the upcoming "10X Facility" will be purchased by DoD or commercial customers.
• The DoD guarantees purchase of 100% of the magnets produced at the 10X Facility for a decade — ensuring full demand from defense and commercial clients.
• The 10X Facility will be built in Texas, it is the centerpiece of MP Materials' new magnet-manufacturing capacity and part of the DoD-backed expansion to rebuild a full U.S. rare-earth supply chain. Commissioning expected by 2028, with construction fully financed and underway right now.
• Creates a price floor of US$110/kg for NdPr oxides, insulating MP against price volatility and securing profitability.

Financing from investment banks

• JPMorgan Chase and Goldman Sachs committed US$1 billion toward building the 10X magnet plant

The DoD's financial backing of MP lessens America's reliance on Chinese rare-earth supply networks — with approximately 90% of worldwide processing capability situated in China. Perhaps the most crucial aspect is that federal government funding in the American raw materials supply chain will help attract private capital to construct a comprehensive U.S. production line — from extraction through magnet production — for vital military components.

This isn't merely a financial transaction — it signals a strategic pivot. The DoD is implementing a proactive industrial policy to reconstruct critical mineral capabilities domestically. It enhances American self-sufficiency for defense technology manufacturing, directly addressing vulnerabilities in national security supply networks.

After the market had several hours to process the MP/DoD announcement, investors began to enthusiastically drive up the valuations of other American critical mineral producers. Notably, Idaho rare earths explorer (also a junior gold producer) Idaho Strategic Resources Inc. started higher and continued to rise amid heavy trading activity throughout Thursday's session, finishing up 21% for the day:

IDR (Daily)

Three weeks ago, I highlighted Idaho Strategic Resources Inc. (IDR:NYSEAMERICAN) on Goldfinger Capital and stated:

". . . it is IDR's strategic position in the 70-mile-long Idaho Rare Earth Belt in central Idaho that is the real blue-sky opportunity within the company. IDR is the largest rare earth elements landholder in the United States with 3 of the top domestic rare earth elements projects, including the largest concentration of Thorium resources in the United States."

I took my gains during yesterday's surge, but I'm experiencing a slight hint of regret; I'm wondering if we're about to witness a greater rare earths investment frenzy among American investors. While IDR's Idaho rare earths ventures are preliminary, and many years away from any potential production scenario. We understand that such specifics aren't particularly relevant when a tiny sub-sector enters an investment boom.

Another Idaho junior mining operation, Perpetua Resources Corp., experienced a substantial share price increase following the MP Materials news:

Perpetua Resources (Daily)

Perpetua Resources Corp.'s (PPTA:TSX; PPTA:NASDAQ) Stibnite Gold & Antimony Project contains the only identified antimony reserve in the U.S., estimated at around 148 million pounds, enough to supply about 35% of U.S. demand over its first six years of operation.

In addition, Stibnite hosts tungsten and silver. Silver is an integral element in solar panels, and tungsten is a metal with a multitude of military applications.

It makes sense for investors to raise PPTA shares after the DoD investment in MP Materials. Already, the DoD has invested over US$80 million in Perpetua Resources, spanning multiple programs and agreements (DPA/DPA Title III and DOTC). These investments are geared toward securing a fully domestic antimony trisulfide supply chain for U.S. national defense and ammunition needs. However, investors are detecting the possibility of a Perpetua/DoD public-private collaboration similar to the MP Materials investment package.

Another strong contender for additional DoD investment & funding is Minnesota Nickel-Copper-Cobalt-PGE explorer/developer, Talon Metals.

Talon Metals (Daily)

Thus far, the DoD has invested approximately US$23 million in Talon Metals Corp. (TLO:TSX) to strengthen nickel supply chains crucial for defense, aerospace, and clean energy applications.

My friends inform me that the Pentagon is particularly impressed with Talon, partly because of its diverse metal portfolio — which includes cobalt, copper, palladium, nickel, and platinum — and partly because of the company's strong environmental stewardship. This includes a small surface footprint of just 10 acres and no exposed tailings in its planned underground mining operation.

The DoD may be engaged in making multiple strategic investments across key critical minerals to help safeguard the U.S. critical minerals supply chain. Talon and Perpetua would certainly rank highly on any list of candidates.

Now, for the U.S. copper miners. After all, the copper price is trading at an all-time high above US$5.50/lb, and the 50% Trump tariff on copper imports stands to strongly incentivize domestic copper cathode production:

Arizona Sonoran Copper (Daily)

Copper cathode is a high-purity form of copper (typically 99.99% pure) that is produced through the process of electrolytic refining or electrowinning. It is the primary raw material used in the production of copper products such as wires, rods, sheets, and pipes.

Once operational (first copper cathode production anticipated by 2029), Arizona Sonoran Copper Co. Inc. (ASCU:TSX; ASCUF:OTC) plans to produce copper cathode at its Cactus Project near Casa Grande, Arizona, through heap leaching and solvent extraction-electrowinning (SX-EW) processing.

This method is well-suited for oxide and low-grade sulfide ores commonly found at Cactus.

Another Arizona copper developer poised to create American-made copper cathode is Gunnison Copper.

Gunnison Copper (Daily)

The first copper cathode production at Gunnison Copper's (GCU:TSX; GCUMF:OTC) Johnson Camp Mine is expected in Q3 2025, with initial processing already underway — mining began in January 2025, and leach pad development is well advanced. The processing flowsheet utilizes heap leaching and SX-EW to produce up to 25 million pounds of finished copper cathode annually, funded by Rio Tinto Plc.'s (RIO:NYSE; RIO:ASX; RIO:LSE; RTNTF:OTCMKTS) Nuton technology venture.

Arizona Sonoran currently maintains over US$60 million in cash reserves, helping ASCU shares to benefit (climbing 4.3% in Thursday's trading) from improving investor sentiment towards U.S. copper developers. Meanwhile, GCU arguably provides investors greater leverage to U.S. copper production due to its smaller market valuation and near-term production timeline. However, GCU has an open financing priced at CA$0.30 that has acted as a ceiling on the share price.

Without making this article excessively lengthy, I'll conclude with a half dozen U.S. copper explorers/developers likely to continue benefiting from Trump 2.0's commitment to revitalizing and incentivizing U.S. critical minerals production.

Intrepid Metals (Daily)

Intrepid Metals Corp. (INTR:TSXV; IMTCF:OTCQB) shares jumped 20.43% after delivering an impressive drill intercept grading 0.71% copper over 216.50 meters at the Ringo Zone at its Corral Copper Project in southern Arizona.

Ivanhoe Electric Founder & Chairman Robert Friedland spoke with the Financial Times about Trump's 50% tariff on U.S. copper imports:

"I commend the Trump administration for doing what's obvious and intelligent — America needs to produce the metal . . . There's a new list of critical raw materials and without it, you can't do anything about global warming or greening the world economy and you have a critical vulnerability in national security,"

On Thursday, shares of Arizona copper developer Ivanhoe Electric Inc. (IE:TSX; IE:NYSE) finished at a new 2025 high:

Ivanhoe Electric (Daily)

Hercules Metals (Weekly)

Idaho copper & silver explorer Hercules Metals Corp. (BADEF:OTCMKTS; BIG:TSXV) is up 8.1% for the week as it continues to fluctuate within what I have dubbed "The Big Beautiful Base."

Earlier in the week, Hercules announced the successful completion of a large-scale (>100 square kilometers) MT-NSIP geophysical survey over its Hercules Property in western Idaho, including its flagship Leviathan porphyry copper discovery and newly-added claims. Meanwhile, investors are eagerly awaiting the first drill results of Hercules' 2025 drilling program.

Another Arizona porphyry copper developer/explorer, Faraday Copper, is a standout performer this week. Faraday shares have increased ~50% over the last three weeks, partly due to receiving approval of the Exploration Plan of Operations by the Bureau of Land Management for Faraday's flagship Copper Creek Project.

Faraday Copper (Daily)

Faraday Copper Corp. (FDY:TSX; CPPKF:OTC) is another Arizona copper developer that will eventually be able to produce domestic copper cathode from its near-surface oxide mineralization, via a heap leach + solvent-extraction/electrowinning (SX EW) process.

Finally, shares of Alaska mega-copper project developers Northern Dynasty Minerals Ltd. (NDM:TSX; NAK:NYSE.MKT) and Trilogy Metals Inc. (TMQ:NYSE.MKT; TMQ:TSX) are benefiting from increased investor interest in U.S. copper amid an improving federal permitting environment:

Northern Dynasty Minerals (Daily)

Trilogy Metals (Daily)

A few years ago, billionaire investor Robert Friedland coined the term "The Revenge of the Miners."

As with many things, he was a few years early. However, there is little doubt that  the miners' revenge is very real — and it is just beginning.

To read more from Robert Sinn at Goldfinger Capital, you can follow him on his Substack.