Critical Minerals | StableBread's Newsletter

Critical Minerals

NICU

Oct 2, 2026

$454M for Three Canadian Mines

With one copper mine already covering its own costs, the CEO says the next, which he restarted once before, could produce 2-3x as much. Plus, a much richer discovery isn’t in the October restart study yet.

ELMT

Sep 17, 2026

$450M and a Penny Warrant

The DoW committed $450M to Elmet in redeemable preferred stock plus warrants that give it 19.9% of Elmet's shares once exercised, with $200M funded at closing. Elmet also landed a $2B stockpile contract, and its diluted market cap is now $845M.

AWMLF

Aug 13, 2026

Pentagon's Missing Metal

A US$28M company owns the largest known undeveloped indium resource in the US. The US imports 100% of its indium, China controls 70% of supply, and the Pentagon has started soliciting purchases for the stockpile.

ELMT

Jul 2, 2026

Overlooked Tungsten Play

China choked off tungsten, and the miners already ran 10x. The hardest input to secure is high-purity powder, and chipmakers are now switching to molybdenum. One overlooked American name is positioned for both.

UUUU

Jun 23, 2026

$725M Rare Earth Bet

The only U.S. company producing two commercial-purity heavy rare earths from ore, the kind almost no one outside China can make. Both are critical to defense and the AI buildout, and the U.S. government just committed up to $725M to back it.

SLV

Jun 11, 2025

Silver's Structural Deficit Is Getting Worse

Solar demand, supply inelasticity, and China's export restrictions are tightening a market that's been in deficit for five years.