Critical Minerals In Focus
24 June 2026 - A Weekly Publication by New North Ventures
Critical minerals have moved from the margins of industrial policy to the center of national strategy, and for good reason. From the lithium powering electric vehicle batteries to the rare earth elements embedded in fighter jet components and semiconductor manufacturing, these materials underpin virtually every sector that defines modern technological and military power. As artificial intelligence, clean energy, and advanced defense systems continue to scale, the demand for minerals like manganese, nickel, cobalt, copper, and rare earths is accelerating and the nations that control their supply are gaining enormous geopolitical leverage. For the United States, the stakes are stark: over reliance on foreign sources, particularly China, which dominates global rare earth processing, has exposed critical vulnerabilities in domestic supply chains that touch everything from consumer electronics to missile guidance systems. Securing a stable, domestic supply of critical minerals is now a matter of national security, technological sovereignty, and the country’s ability to compete and innovate.
Trump Administration Advances Offshore Critical Minerals Development Off Virginia
The U.S. Bureau of Ocean Energy Management (BOEM) is advancing its evaluation of offshore critical mineral development off the coast of Virginia by issuing a Request for Information and Interest (RFI) to gauge industry appetite and gather public input on potential leasing areas. The notice opens a 30 day public comment period and is an early step in BOEM’s planning process.
The initiative is part of the Trump administration’s broader effort to expand domestic production of critical minerals used in manufacturing, defense systems, and emerging technologies, with the goal of reducing dependence on foreign supply chains. BOEM Acting Director Matt Giacona framed it as a way to strengthen America’s strategic position through secure domestic supply chains.
The effort follows BOEM’s December 2025 announcement that it was considering offshore mineral leasing off Virginia after receiving an unsolicited lease sale request from Florida based Odyssey Marine Exploration, which has expressed interest in developing heavy mineral sands and phosphorite deposits on the U.S. Outer Continental Shelf. That announcement was only the third offshore minerals leasing action of its kind in more than three decades, and came after President Trump’s executive order directing federal agencies to accelerate domestic development of strategic mineral resources. Public comments on the RFI will be accepted through July 23 via Regulations.gov.
DOD commits $1.2B in conditional loans to Phoenix Tailings, Energy Fuels
Phoenix Tailings, a Massachusetts based rare earth processing company with an operational facility in Exeter, New Hampshire, received a conditional $500 million loan commitment from the Department of Defense’s Office of Strategic Capital (OSC). The financing, combined with additional private capital, is expected to support an approximately $1 billion effort to expand domestic rare earth processing capacity and build the company’s planned “Freedom Facility.” This will be a large scale separation and metallization plant designed to strengthen the U.S. critical minerals supply chain.
The investment highlights growing federal urgency around re-shoring critical mineral and rare earth processing capabilities that are currently dominated by China. Phoenix Tailings has developed technology to process rare earth materials from mined, recycled, and secondary feedstocks. The expansion is intended to support U.S. defense, energy, advanced manufacturing, and permanent magnet supply chains while reducing dependence on foreign processing infrastructure.
China Targets US Rare Earth Firms in Response to Pentagon
China escalated its rare earth supply chain response to ongoing U.S.-China trade and national security tensions by adding two leading American rare earth companies, MP Materials and USA Rare Earth, to its export control list. The move restricts Chinese companies from exporting dual-use goods to the affected firms and underscores Beijing’s willingness to leverage its dominance in rare earth processing as a geopolitical tool. While the immediate operational impact may be limited, the action highlights the strategic importance of building domestic mine-to-magnet supply chains and reducing U.S. dependence on Chinese rare earth materials and processing capacity.
The inclusion of MP Materials, which operates the only active rare earth mine in the United States, and USA Rare Earth, which is building an integrated domestic rare earth and magnet manufacturing platform, reinforces the growing significance of rare earths as a national security priority.
More links to explore:
University of Utah to launch groundbreaking DARPA-backed critical minerals testbed
G7 Countries Commit to Diversifying Critical Minerals Supply Without Deciding Who Bears the Cost
HawkEye 360 Looks Overseas For Its Next Growth Leg
HawkEye 360 is increasingly looking beyond the U.S. government market for its next phase of growth, expanding sales to allied nations that are seeking sovereign space based intelligence capabilities. The company’s radio frequency (RF) intelligence platform enables customers to detect and geolocate signals from ships, aircraft, GPS jammers, and other emitters worldwide, providing critical situational awareness without relying on traditional intelligence infrastructure. International demand has accelerated amid rising geopolitical tensions and growing defense spending across Europe, the Indo-Pacific, and other allied regions.
The strategy appears to be gaining traction, with HawkEye 360 reporting more than $100 million in new international contract awards this year, including a significant electronic warfare program with a European Ministry of Defense. As governments increasingly prioritize space based ISR, electronic warfare, and spectrum intelligence capabilities, HawkEye 360 is positioning itself as a key provider of commercial signals intelligence to both U.S. and allied defense customers worldwide.
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