Rare earths and
critical minerals continue to dominate geopolitical headlines, but the market
conversation is rapidly shifting from where
these minerals are in the ground to how they actually reach commercial viability.
Moving a project from an exploration-stage discovery to a producing asset
requires clearing metallurgical, capital, and geopolitical hurdles.
During B. Riley Securities' 26th Annual Institutional Investor Conference,
industry leaders gathered for our Rare Earths & Critical Minerals: State of
the Union. Moderated by Nick Giles (Senior Equity Research Analyst at B. Riley
Securities), the discussion featured Mark A. Smith (Executive Chairman,
President & CEO at NioCorp) and Trevor Anderson (Head of Business
Development at Brazilian Rare Earths). The panel outlined what it truly takes
to build a viable alternative to the dominant Chinese supply chain.
Key
Takeaways:
The
supply chain imperative
Building a meaningful alternative to Chinese supply requires a complete
domestic supply chain from extraction all the way through to magnet production.
The panel was clear: without that full infrastructure in place, reducing
dependence on China in any tangible way remains out of reach.
What separates viable
projects from the rest
The panel emphasized that rigorous asset evaluation is critical. NioCorp's Elk
Creek Critical Minerals Project in Nebraska is the only development-stage U.S.
project containing niobium, scandium, titanium, and rare earth elements.
Brazilian Rare Earths' Monte Alto project is advancing toward a scoping study
release, with a French engineering consultancy engaged to assist in designing
and developing its separation facility in Brazil.
The role of
government
Government support is playing a significant role in improving project viability
and attracting institutional capital. The panel highlighted the Department of
Defense's $110/kg floor price for neodymium-praseodymium oxide, established
through the MP Materials agreement, as a meaningful signal of government
commitment to domestic supply chain development. Additionally, loan
authorizations and USDFC project finance involvement are helping
development-stage projects advance.
Looking ahead
The panel's near-term outlook was constructive. U.S. rare earth magnet
production is steadily advancing, with domestic facilities now coming online in
2026. Key financing authorizations and scoping study milestones are expected
across several development-stage projects.
Follow us on LinkedIn for additional insights and learn more about our
upcoming events at brileysecurities.com/events.
