7 stocks reshaping America’s critical minerals push

On 7 August 2026, the US government announced $3 billion of new critical-minerals and battery projects, explicitly linking the investment to economic security, defence and reducing reliance on foreign supply chains.

Washington is increasingly treating rare earths, lithium, scandium and other strategic materials as national-security assets, with government funding, supply agreements, price support and even direct equity stakes being used to build non-China supply chains.

For investors, the opportunity now sits across three areas:

• Existing producers that already have scale
• Developers that could benefit from government financing
• Processors and magnet makers needed to replace China further down the supply chain

Here are seven stocks to watch.

1. MP Materials (MP)

One of the clearest US rare-earth plays. Mountain Pass gives MP domestic mining exposure, while its push into processing and magnets makes it strategically important to Washington.

Watch: magnet production, government contracts and downstream expansion.

2. Lynas Rare Earths (LYC)

Arguably the most important non-China rare-earth producer outside the US. Lynas already has operating scale and has deepened its strategic relationship with Washington through Pentagon-backed supply arrangements.

Watch: US contracts, production growth and rare-earth pricing.

3. Energy Fuels (UUUU)

Offers exposure to both uranium and rare earths, two supply chains receiving growing Western policy support.

Watch: rare-earth separation capacity, uranium prices and further government support.

4. Sunrise Energy Metals (SRL)

A higher-risk development story centred on scandium, which is used in aerospace, defence and advanced manufacturing. US financing support has increased the strategic relevance of its Australian project.

Watch: project financing, construction milestones and offtake agreements.

5. Lithium Americas (LAC)

Thacker Pass has become an important part of the US effort to secure domestic lithium supply. Government backing could help support the project through a weak lithium-price cycle.

Watch: construction progress, lithium prices and financing needs.

6. Teck Resources (TECK)

Not a pure critical-minerals play, but its exposure to metals including germanium gives it an increasingly strategic role as defence companies look for alternatives to Chinese supply.

Watch: long-term supply agreements and developments across its broader metals portfolio.

7. USA Rare Earth (USAR)

Interesting because the opportunity goes beyond mining into domestic magnet production. That could matter increasingly as governments focus on replacing China across the full value chain.

Watch: magnet-production ramp-up, funding and customer agreements.

Why the theme could have further to run

This is increasingly about building an entire supply chain, not simply digging more mines.

Government support is expanding across:

• Mining
• Refining and processing
• Permanent magnets
• Defence stockpiles
• Long-term offtake agreements

That creates a potential structural tailwind for companies that can deliver strategically important materials outside China.

But the risk profiles vary sharply. MP Materials and Lynas already produce at scale, while companies such as Sunrise and Lithium Americas still depend much more heavily on project execution and financing.

Prefer a basket? ETFs to watch

For investors looking to diversify company-specific risk:

• Sprott Rare Earths Ex-China ETF (REXC) — one of the cleanest ways to express the non-China rare-earth theme.
• Sprott Critical Materials ETF (SETM) — broader exposure across critical minerals.
• Global X Rare Earth & Critical Materials ETF (EART) — exposure across rare earths and materials linked to defence, energy storage and advanced technologies.
• VanEck Rare Earth and Strategic Metals ETF (REMX) — broader global exposure, including Chinese producers.
• VanEck Rare Earth and Strategic Metals UCITS ETF — an alternative for investors preferring a UCITS structure.

Key risks

Strategic importance does not automatically translate into shareholder returns. Investors still need to watch:

• High development costs
• Financing and dilution risk
• Commodity-price weakness
• Permitting delays
• Continued Chinese dominance in processing
• Share prices running ahead of earnings

The structural case is strengthening, but the key distinction remains between companies already producing strategic materials and those still trying to build the capacity.

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