Summary
The U.S. government signaled a major shift in its resource strategy by publishing the final 2025 List of Critical Minerals, expanding the list from 50 to 60 minerals and adding commodities like Copper, Uranium, and Metallurgical Coal. This inclusion unlocks federal support and financing for these new materials. Meanwhile, Canada is intensifying its strategic build-out, designating NMG's Matawinie graphite mine as a "Major Project of National Interest" to accelerate the domestic EV supply chain. The addition of copper to the U.S. list confirms rising geopolitical concern over supply security for the world’s most essential metal.
Key Points
U.S. Finalizes 2025 Critical Minerals List, Adds Copper and Uranium
The Department of the Interior, through the U.S. Geological Survey (USGS), published the final 2025 List of Critical Minerals on November 6th. The list, which now totals 60 minerals, includes 10 new additions, most notably Copper, Uranium, Phosphate, and Potash. The designation is critical because it makes these minerals—especially copper, which takes an average of $\mathbf{24 \text{ years}}$ to develop in the U.S.—eligible for a range of federal incentives, tax credits, and expedited permitting processes.
Canada Designates NMG Graphite Mine as "Major Project of National Interest"
The Canadian government referred Nouveau Monde Graphite Inc.'s (NMG) Matawinie Mine to the Major Projects Office for acceleration. This designation recognizes the mine and its linked Bécancour Battery Materials Plant as "nation-building projects essential for our defence and economic security." The move is designed to fast-track financing and regulatory steps to build one of the largest integrated natural graphite supply chains in the G7.
Budget 2025 Unveils New Canadian Critical Minerals Sovereign Fund
Canada's Budget 2025 commits over $\mathbf{\$2 \text{ billion}}$ in new investments over five years to accelerate critical mineral production. A key initiative is the new Critical Minerals Sovereign Fund, alongside a First and Last Mile Fund, aimed at boosting the financial viability and infrastructure access for Canadian projects. This strategic capital, along with expanded eligibility for the Critical Mineral Exploration Tax Credit, is designed to strengthen Canada's position in global supply chains.
Gold Refiners Show Interest in U.S. Relocation Following Trade Deal
A senior Swiss economic affairs official indicated that Swiss gold refiners are interested in establishing operations in the U.S., following a new bilateral trade agreement that includes a Swiss pledge to invest $\mathbf{\$200 \text{ billion}}$ in the U.S. by the end of 2028. While gold is not a critical mineral, this news signals a broader trend of European capital and industrial processing capacity relocating to the U.S. to take advantage of favorable trade and investment frameworks.
Why It Matters
Copper's Strategic Elevation
The inclusion of Copper on the USGS Critical Minerals List is a monumental shift. It confirms that the U.S. government views the anticipated $\mathbf{Copper \text{ deficit}}$ and its reliance on foreign supply as a national security threat, not just an economic one. This unlocks the powerful tool of $\mathbf{expedited \text{ permitting}$ to address the decades-long development timelines plaguing U.S. copper mines.
Canada Targets End-to-End Supply
The "Major Project" designation for NMG's integrated graphite project (mine to battery plant) shows that Canada is prioritizing vertical integration. By accelerating both mining (Matawinie) and processing (Bécancour), Canada is securing its role as a stable, sovereign supplier of finished anode material for the North American EV battery market.
Financing Becomes Sovereign Policy
Canada's $\mathbf{Sovereign \text{ Fund}$ is a direct government mechanism designed to de-risk projects financially. Coupled with the U.S. $\mathbf{IRA \text{ credits}$ and $\mathbf{EXIM \text{ loans}}$, this trend confirms that the primary challenge for Western critical mineral development is no longer finding the resource, but securing the $\mathbf{patient, \text{ strategic} \text{ capital}$ required to build non-Chinese supply chains.
Watchlist Companies
Company / Entity | Context | Homepage / Link |
Nouveau Monde Graphite (NMG) | Integrated Canadian graphite producer whose project was designated a "Major Project of National Interest." | |
Hudbay Minerals (HBM) | Major copper and gold producer; its Copper World project in Arizona is a prime candidate to benefit from copper's critical designation. | |
Foran Mining (FOM) | Developing the $\mathbf{McIlvenna \text{ Bay}}$ $\mathbf{Copper \text{ Project}$ in Canada, now aligned with new Canadian sovereign funding initiatives. | |
Uranium Energy Corp (UEC) | Leading U.S. uranium producer; direct beneficiary of uranium's addition to the Critical Minerals List. | |
Trilogy Metals (TMQ) | Partner in the Ambler Mining District (Alaska); benefits from the critical designation of co-produced $\mathbf{Copper}$ and $\mathbf{Cobalt}$. | |
Orion Resource Partners | Private equity group managing the DFC-backed consortium, now seeking targets in the newly defined critical sectors. |
Critical Minerals Spotlight
Copper — Strategic Status: The addition to the U.S. Critical Minerals List unlocks expedited permitting to accelerate the supply of the most essential metal for the energy transition.
Graphite — Vertical Integration: Canada is streamlining the supply chain from mine (Matawinie) to anode material (Bécancour) to secure North American EV manufacturing.
Uranium — Energy Security: Its re-inclusion reflects growing defense and energy policy concerns over reliance on foreign sources for nuclear fuel.
Action Points
Re-evaluate Copper Project Timelines: U.S. copper developers should immediately re-assess project timelines and financing strategies based on the new eligibility for federal incentives and expedited permitting.
Monitor Canadian Sovereign Fund Terms: Track the first investment criteria and targets for the new $\mathbf{Critical \text{ Minerals \text{ Sovereign \text{ Fund}}$, as this will signal Canada's most immediate resource priorities (likely nickel/lithium/graphite).
Audit Defense Sector Exposure: Manufacturers in the defense and aerospace sectors should check if newly critical metals like boron and rhenium are key inputs and prioritize non-Chinese supply development.
This briefing is for informational purposes only and is not legal, investment, or policy advice. Information is believed accurate at time of publication. Sources are publicly available.
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