Summary
Today’s 444Critical spans defense stockpiles, corporate strategy, recycling, and exploration. The U.S. awards a major antimony contract; Lithium Americas sees equity discussions with the U.S. government; Aurubis expands recycling; Québec’s QREE advances REE exploration; and NDOC presents at Munich. These moves reflect how strategic importance, sustainability, and regional development converge in the critical minerals space.
Key Points
U.S. Antimony Contract Awarded to United States Antimony Corp (UAMY / USAC)
The Defense Logistics Agency has contracted USAC for US$245 million over five years to supply antimony metal ingots to bolster the U.S. strategic stockpile.
https://www.reuters.com/markets/commodities/us-antimony-corp-wins-245-million-pentagon-contract-build-defense-stockpile-2025-09-23/Lithium Americas / Thacker Pass Equity Talks Drive Stock Surge
Lithium Americas shares doubled following reports that the U.S. government is negotiating a 5‑10% equity stake as part of new financing terms for its Thacker Pass lithium project.
https://www.ft.com/content/dcc53d5f-be19-4c34-a2ca-cbde9b5126ddAurubis Opens U.S. Copper Recycling Facility
Aurubis launched a U.S. plant (Richmond, Georgia) expected to process ~180,000 tonnes/year of copper-containing waste—demonstrating the strategic shift toward circular sourcing.
https://www.reuters.com/sustainability/land-use-biodiversity/aurubis-starts-production-us-copper-recycling-plant-2025-09-24/QREE (Québec Rare Earth Elements) Pushes Quebec REE Exploration
QREE continues to advance its REE projects in Québec (Saguenay, Lynx, Carcajou), reinforcing Québec’s role in North American rare earth supply strategies.
https://qree.ca/NioCorp to Present Elk Creek Updates at Munich Mining Conference
NioCorp plans to present new technical progress and project updates at the October 3–4 Munich Mining Conference. The Elk Creek project includes niobium, scandium, titanium, and potential rare earth elements.
https://www.niocorp.com/niocorp-to-present-at-the-munich-mining-conference-on-october-3-4-2025/
Why It Matters
Strategic Minerals & Defense — The antimony contract highlights how “minor” metals are increasingly central to national security strategy.
State‑Backed Investment Models — The government’s equity interest in lithium projects signals a new paradigm in public‑private resource partnerships.
Circular Supply Gains Credibility — Recycling is becoming more than adjunct; it’s a strategic component of supply resilience.
Regional Value Capture — Québec’s REE projects may provide North American downstream leverage in a globally competitive field.
Investor & Market Signals — Corporate moves announced at major conferences influence capital flows, offtake interest, and competitive positioning.
Watchlist Companies & Entities
United States Antimony Corp (USAC / UAMY)
Holds the U.S. antimony contract; central to new defense stockpile builds.
Homepage: https://perpetuaresources.com [Note: Perpetua’s site shown; verify USAC official site separately]Lithium Americas / Thacker Pass
Key lithium project at the center of state equity negotiations.
Homepage: https://www.lithiumamericas.comAurubis AG
European metals company expanding into U.S. recycling processing.
Homepage: https://www.aurubis.comQREE – Québec Rare Earth Elements
Québec-based REE exploration and project development.
Homepage: https://qree.caNioCorp International
Developer of Elk Creek multi‑metal project; presenting at Munich.
Homepage: https://www.niocorp.com
Critical Minerals Spotlight
Antimony — Used in flame retardants, batteries, defense alloys. Strategic supply constraints are now front and center.
Lithium — The heart of battery supply chains; government interest underscores its strategic role.
Copper (Recycled) — Reclaimed copper is becoming a buffer in tight concentrate markets.
Rare Earth Elements — Québec’s efforts and NioCorp’s REE potential highlight rising focus on upstream and midstream capacity.
Action Points
Monitor how the U.S. antimony contract is supplied—who participates, production scale, purity, geography.
Watch Terms of U.S. equity offer in Thacker Pass—control, governance, dilution, investor reception.
Track Aurubis’ recycling throughput, capital expansion, and supply chain sourcing.
Follow QREE’s exploration updates: drill results, resource estimates, regulatory filings, offtake interest.
Observe NioCorp’s Munich presentation and investor reactions post-event.
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.