en.Wedoany.com Reported - The number of mining companies seeking listings on US exchanges has increased significantly this year, with these firms explicitly targeting demand for critical minerals and metals linked to the defense industry.
According to exchange filings and company reports studied by Reuters, at least 18 companies—primarily Canadian and Australian firms, along with some US startups—have completed or plan dual listings on US exchanges this year, compared to just three in the same period of 2025. The valuations of these transactions range from approximately $25 million to $7.5 billion, marking a shift in the approach of critical mineral producers to accessing capital markets, with a clear emphasis on the use of metals in defense applications in their stock offerings.
This year, companies producing antimony, rare earth elements, tungsten, and uranium have listed on the New York Stock Exchange and Nasdaq. These minerals are all designated as strategic materials by the Pentagon and are used in fighter jets, missiles, and radar systems. Public filings show that these companies position themselves as suppliers of ammunition, armor-piercing materials, and components for US weapons systems, departing from traditional mining IPOs that focus on fundamental supply and demand factors and long-term price cycles.
Oliver Friesen, CEO of Guardian Metal Resources, told Reuters that the company aims to meet the direct demand for tungsten from the defense sector. He estimates the US military's annual tungsten demand at 2,000 to 3,000 metric tons. Guardian is committed to helping the US rebuild its domestic tungsten supply chain, citing its use in armor-piercing ammunition. According to a Reuters report in March, the company has received $6.2 million from the Pentagon and has applied for at least $100 million in additional US military funding.
United States Antimony has secured a $245 million contract from the Defense Logistics Agency to supply antimony to the defense sector. Rare earth metal developers are also emphasizing the defense applications of rare earths. REalloy Inc. states that its products contain dysprosium and terbium, used in magnets for modern weapons systems. Rare Earth Americas, backed by Australian Gina Rinehart, according to its statements, focuses its IPO partly on "defense applications."
Most companies are currently raising modest amounts of capital. Filings show that Guardian raised $68.3 million, Rare Earth Americas raised $63.3 million, and Atlas Critical Minerals raised approximately $11 million.
Some Canadian mining companies listed on exchanges, including Lithium Americas and Trilogy Metals, are attracting funding related to the US defense sector through equity and project financing. This is part of Washington's efforts to secure access to critical mineral resources. These efforts come after a series of crises that forced the US and other Western nations to urgently rebuild domestic mineral supply chains and reduce reliance on Chinese production and processing, which dominates certain metals and minerals.
In August 2024, China imposed export controls on antimony, reducing the global supply of this metal used in military equipment and raising concerns about US defense supply chains. By December 2025, the US military had begun commissioning tests on small-scale critical mineral processing plants, shifting from funding third-party projects to expanding its own processing capacity. Friesen said that China's tungsten export ban in 2025 restricted the supply of raw materials to US refineries. These refineries, built in the 1950s to produce incandescent light bulbs, have a capacity of about 18,000 metric tons, but actual output is far lower.
In November 2025, China suspended its one-year ban on exporting antimony, gallium, germanium, and superhard materials to the US, but retained restrictions on military users, facilitating commercial supply while leaving the Pentagon still reliant on domestic sources. Beyond China's export restrictions, Washington also faces risks such as cobalt export restrictions from the Democratic Republic of Congo. Private capital has also responded to this situation. For example, JPMorgan Chase said in October it could invest up to $10 billion in areas related to national economic security, including critical minerals.
In February, US President Donald Trump launched the "Warehouse Project," a $12 billion mineral strategic reserve plan primarily supported by the Export-Import Bank of the United States. The government has also acquired equity stakes in several mining companies, including MP Materials, USA Rare Earth, and Korea Zinc. Investors note that US government equity investments not only provide capital but also offer companies defense-related contracts, subsidies, and government support, helping shield them from price volatility.
However, observers remain cautious. Rick Werner, co-chair of the capital markets and securities practice at Haynes Boone law firm, said that while significant funds are flowing into defense intelligence, most of these investments are currently speculative. As long as mines and resource access exist, he sees no reason for investment.
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