Focus: Defence-driven demand powers surge in US listings by mining firms

• Guardian Metal Resources received $6.2 million from the Pentagon and has contracts worth at least $100 million; United States Antimony secured a $245 million Defense Logistics Agency contract for the defence stockpile
• China imposed export controls on antimony in August 2024 and tungsten in 2025, prompting the U.S. military to fund small-scale refineries and President Trump to announce a $12 billion 'Project Vault' strategic minerals stockpile initiative
• Companies raised modest sums initially (Guardian: $68.3 million, Rare Earth Americas: $63.3 million), but are accessing Pentagon-linked programs and government equity stakes that provide defence contracts, subsidies, and protection from price cyclicality

US Mining Listings Surge on Defence-Driven Demand for Critical Minerals

At least 18 mining companies have completed or are pursuing U.S. dual listings in 2026, a dramatic increase from just three in 2025, according to Reuters analysis of exchange filings. The surge is driven by Pentagon-linked demand for strategic minerals amid China's export restrictions.

Key Developments

The listings span valuations from $25 million to $7.5 billion and include primarily Canadian and Australian firms alongside U.S. startups. Companies are targeting minerals designated strategic by the Pentagon—antimony, rare earths, tungsten, and uranium—used in fighter jets, missiles, and radar systems.

Notable Companies and Contracts

Guardian Metal Resources received $6.2 million from the Pentagon and secured contracts potentially worth over $100 million to supply tungsten for armour-piercing ammunition. The company estimates annual U.S. military tungsten demand at 2,000-3,000 metric tons.

United States Antimony secured a $245 million Defense Logistics Agency contract for antimony used in munitions.

Capital raised has been modest: Guardian ($68.3 million), Rare Earth Americas ($63.3 million), and Atlas Critical Minerals ($11 million).

Strategic Context

The trend follows China's August 2024 antimony export controls and subsequent tungsten export bans, which exposed Western supply chain vulnerabilities. By December 2025, the U.S. military began funding small-scale refineries. In November 2025, China issued a one-year suspension of certain export bans but maintained military-user restrictions.

President Trump announced "Project Vault" in February—a $12 billion strategic minerals stockpile initiative. JPMorgan indicated potential investments up to $10 billion in national economic security sectors.

Analysts note government equity stakes provide companies access to defence contracts and protection from price volatility, though warn significant speculation remains in the sector.