Critical minerals are materials essential to national security but vulnerable to supply disruption. The United States list has grown from 35 minerals in 2018 to 60 in 2025.
Compute
Artificial Intelligence
Data centres, semiconductors, power infrastructure and cooling all depend on critical minerals. The AI build-out is driving demand that existing supply cannot meet.
Copper · Gallium · Germanium · Tin · Rare earths
Security
Defence
Fighter jets, munitions, guidance systems and armour rely on materials the West largely imports. Governments are restocking and rebuilding strategic stockpiles.
Antimony · Tungsten · Titanium · Rare earths
Energy
Electrification
Batteries, electric vehicles, grid modernisation and nuclear power need these metals in volumes far beyond today’s production.
Lithium · Nickel · Cobalt · Copper · Uranium
01Concentrated supply
China controls much of the world’s critical mineral supply and processing, and has restricted exports of antimony, germanium and other key materials. Decoupling is now a top G7 priority.
02Decades of under-investment
Exploration and mining have been structurally underfunded, leaving persistent shortages and undervalued assets ready to be developed.
03Durable government support
United States programmes, including the Defense Production Act, DFC, EXIM and defence stockpiling, provide a bipartisan funding framework built to last decades.
04Mispriced companies
Many high-quality assets listed in London, Toronto and Sydney trade at deep discounts, with limited access to United States investors.