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Celebrating 23 years in the industry, InvestorNews Inc. is the proud publisher of InvestorNews.com, your premier source for capital market and equity funding news. Known for unbiased reporting by elite analysts and seasoned journalists, InvestorNews presents online and in-person events via InvestorTalk C-presentation Q&A series. Investor.Coffee offers regular interviews and podcasts. They also spearhead the Critical Minerals Institute, promoting critical minerals essential for a decarbonized economy.

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June 5, 20266 min

Christopher Berlet on Stakeholder's Gold and Copper Drill Program in Yukon’s White Gold District

As gold prices continue to attract investor attention to Canada's Yukon Territory, Stakeholder Gold Corp. (TSXV: SRC | OTCQB: SKHRF) is advancing one of the district's more active exploration programs.During a recent interview with InvestorNews, Christopher Berlet, President, CEO and Director of Stakeholder Gold, provided an update on the Company's ongoing drill campaign at its 20,000-hectare Ballarat Gold-Copper Project, where multiple gold targets and a newly identified copper zone are being tested.The Company's maiden diamond drill program began at the Loki Copper Zone. According to Berlet, the first hole intersected visible chalcopyrite, pyrite, and pyrrhotite mineralization, including both semi-massive and massive sulphides, prompting the Company to extend the hole to 488 metres."We identified a new ultramafic intrusive unit associated with the Loki structure," Berlet said. "We're calling it an Alaska-style nickel-copper-PGE type target. The assays will determine the grade potential, but geologically it is an exciting first hole."The Loki target lies along a fault structure extending approximately 35 kilometres across the region. Stakeholder has already expanded its land position along the trend through additional staking and plans further soil sampling to evaluate the broader system.The Company's exploration focus extends well beyond copper.Stakeholder is currently drilling several gold targets across the northern portion of the Ballarat property, including the East Zone, Sky North, Sky South, and the Northwest Target. The targets are associated with large soil anomalies and geochemical signatures that Berlet believes resemble those found at White Gold Corp.'s Golden Saddle deposit."The signatures we're seeing are very similar to Golden Saddle," Berlet noted. "We're looking to establish whether we're seeing evidence of the same type of mineralized system across several of our targets."One of the most important developments for Ballarat may be occurring outside the drill program itself.The planned northern access road to the nearby Coffee Gold Project will pass through Stakeholder claims, providing future road access to portions of the property that have historically required helicopter support. Construction equipment has already been mobilized, with road building expected to begin this summer.For exploration companies operating in the Yukon, improved access can significantly reduce costs and increase operational flexibility."A working road changes the equation significantly," Berlet said.Investors can expect a steady stream of news over the coming months. Assay results from the Loki Copper Zone are expected in July, alongside results from multiple gold targets currently being drilled.Beyond Yukon exploration, Stakeholder continues to advance its quartzite business in Brazil. The Company now has four operating quarry projects, including a newly secured Taj Mahal quartzite quarry, with demand from North American and European buyers supporting continued expansion.Unlike many junior explorers, Stakeholder benefits from a growing operating business that generates cash flow while the Company advances exploration in the Yukon.The coming months will determine whether Ballarat's gold and copper targets develop into larger discovery opportunities. With multiple drill programs underway, infrastructure arriving in the district, and additional revenue from Brazil, 2026 is shaping up to be one of the most active years in Stakeholder Gold's history.

June 5, 202617 min

Tom Drivas: Appia Rare Earths' Brazil Growth, Alces Lake Drilling & Uranium Upside

During a recent InvestorTalk interview hosted by Darren Cudmore, Tom Drivas, CEO and Director of Appia Rare Earths & Uranium Corp. (CSE: API | OTCQB: APAAF), provided an update on the Company’s activities in Brazil, Saskatchewan, and Ontario—three jurisdictions that collectively give Appia exposure to ionic clay rare earths, hard rock rare earths, and uranium.A major focus of the discussion was Appia’s Brazilian rare earths project, which is now being advanced through a partnership with Ultra Rare Earths.Drivas explained that Appia entered Brazil approximately three years ago after identifying the country as one of the world’s most promising regions for ionic clay rare earth exploration. The project initially delivered an NI 43-101 resource based on ionic clay mineralization, while subsequent exploration identified hard rock rare earth mineralization hosted within carbonatites beneath the ionic clay horizons.The project also benefits from excellent infrastructure, including highway access, power, and proximity to a mining community in Goiás State.Late last year, Ultra Rare Earths invested US$10 million into the project and assumed responsibility for advancing it toward pre-feasibility. More recently, Appia and its Brazilian partner converted their direct project interests into equity positions in Ultra, each retaining a 25% ownership stake.Ultra is currently advancing an aggressive drill campaign, with approximately 950 reverse-circulation drill holes planned as it works toward a resource estimate on the ionic clay portion of the project and further development of the underlying hard rock rare earth mineralization.While Brazil represents a significant growth opportunity, Saskatchewan remains Appia’s flagship rare earths jurisdiction.Located approximately 30 kilometres northeast of Uranium City, the Alces Lake project hosts exceptionally high-grade monazite mineralization. Drivas noted that some surface occurrences contain more than 80% monazite and rare earth grades exceeding 50%, making Alces Lake one of the highest-grade rare earth discoveries in North America.The Company’s 2026 drill program is expected to begin shortly. After compiling several years of drilling, geophysical surveys, and gravity data, Appia’s technical team believes mineralization may extend significantly deeper than previously recognized. Upcoming drilling will test targets between 300 and 500 metres below surface, with geological interpretations suggesting the system could continue to depths approaching 1,200 metres.Alces Lake also benefits from its location in Saskatchewan, where the Saskatchewan Research Council has invested more than $200 million in a rare earth processing facility designed to process monazite concentrates. Appia has also received Saskatchewan exploration grants for three consecutive years.Beyond rare earths, Appia continues to advance its uranium portfolio.Drivas highlighted the Company’s Otherside uranium project in Saskatchewan’s Athabasca Basin, where recent geophysical work and magnetotelluric surveys have identified what management believes are highly prospective drill targets. According to Drivas, the project’s geophysical signatures compare favorably with those associated with several major uranium discoveries elsewhere in the basin.In Ontario, Appia continues to hold its Elliott Lake uranium and rare earths project. The property hosts an NI 43-101 resource of approximately 55 million pounds of uranium, along with a substantial rare earth resource. Elliott Lake remains one of Canada’s most historic uranium districts and is also the only region in the country to have produced rare earths commercially.What distinguishes Appia is the diversity of its portfolio. The Company now has exposure to ionic clay and hard rock rare earths in Brazil, high-grade monazite rare earths and uranium exploration in Saskatchewan, and uranium and rare earth resources in Ontario.

June 4, 20269 min

West High Yield's Barry Baim on Bringing Magnesium Production Back to North America

For nearly two decades, West High Yield Resources Ltd. (TSXV: WHY) has been advancing a project that, until recently, occupied a relatively obscure corner of the critical minerals conversation.That may be changing.As governments across North America race to secure domestic supplies of strategic materials, magnesium is quietly attracting renewed attention from analysts, manufacturers, and policymakers. The metal’s role in lightweight transportation, battery technology, aerospace applications, and industrial manufacturing has become increasingly difficult to ignore. Yet despite its importance, North America currently has no meaningful primary magnesium production.That supply gap is where West High Yield Resources believes it has an opportunity.In a recent InvestorTalk interview, Director Barry Baim outlined what could become one of the most significant milestones in the Company’s 18-year history: the transition from permitting to production at its Record Ridge project in British Columbia.According to Baim, the Company expects to complete the remaining conditions associated with its Mines Act Permit by mid-June. If those milestones are achieved as anticipated, ground disturbance could begin as early as July, placing the Company on a path toward initial commercial activity later this year.For a junior mining company, moving from permit approval to construction is a rare achievement. For a magnesium developer, it is even more unusual.“We hope to have all conditions that were associated with the Mines Act Permit completed by mid-June,” Baim said. “That’s a trigger point to allow us to start ground disturbance, hopefully as early as July.”The timing is notable.Critical minerals discussions have largely focused on lithium, copper, rare earths, uranium, antimony, and tungsten. Magnesium has received considerably less attention despite being classified as a strategic material in multiple jurisdictions and despite China’s dominant position in global supply.Baim argues that magnesium’s appeal stems from the sheer breadth of its applications.The metal is increasingly used in vehicle lightweighting programs, reducing overall weight and improving energy efficiency in both conventional and electric transportation. Researchers are also examining magnesium’s role in next-generation battery chemistries, where it may contribute to improved safety profiles, lower costs, faster charging times, and longer operating lives.“Magnesium plays a role in so many verticals,” Baim noted during the interview.The Record Ridge project is not solely a magnesium story.The deposit contains magnesium, silica, nickel, and iron-bearing material, providing exposure to several industrial and technology supply chains simultaneously. According to the Company, approximately 94% of the ore can be utilized during processing, with the remaining material suitable for construction applications.That level of resource utilization stands in contrast to many conventional mining operations, where only a small percentage of extracted material ultimately becomes a marketable product.Perhaps equally important is the project’s location.Mining projects often face substantial infrastructure costs before production can begin. New roads, power transmission, workforce accommodations, and transportation corridors can add hundreds of millions of dollars to development budgets.Record Ridge appears to avoid many of those challenges.The project requires only a short 1.8-kilometre access road. Power infrastructure runs through the property, natural gas is available nearby, and multiple communities with mining experience are located within commuting distance.To read the full column, go to: https://bit.ly/4wZ3HcW

June 4, 202613 min

Why DMG Blockchain’s Decade of Digital Infrastructure Experience May Be Its Greatest AI Advantage

Artificial intelligence may be the hottest investment theme in global markets today, but according to Sheldon Bennett, CEO and Director of DMG Blockchain Solutions Inc. (TSXV: DMGI | OTCQB: DMGGF), the companies best positioned to participate may not necessarily be the ones investors expect.During a recent conversation with InvestorNews host Tracy Hughes, Bennett discussed DMG’s newly announced Letter of Intent to develop a 50-megawatt AI data center at the Company’s Christina Lake property in British Columbia. The announcement was met with an enthusiastic response from investors, reflecting growing market interest in AI infrastructure and the enormous demand for computing capacity that continues to emerge worldwide.For Bennett, however, the story is not about abandoning blockchain or digital assets. It is about leveraging infrastructure and expertise that DMG has spent years building.“We’ve been telling the market that this is a direction we want to go into,” Bennett explained. “We’ve been telling the market that we believe our Christina Lake property is suited for this type of use case.”That distinction matters.Unlike many companies now attempting to enter the AI infrastructure space, DMG is not starting from scratch. For nearly a decade as a public company, and for even longer as an operator of large-scale digital infrastructure, DMG has been managing the very assets that AI developers increasingly require: power, cooling, security, networking, and operational expertise.The similarities between modern Bitcoin mining operations and AI data centers are more substantial than many investors realize.Both industries consume enormous amounts of electricity. Both require sophisticated cooling systems. Both depend on highly reliable network infrastructure. Both demand operational uptime and security.As Bennett noted, DMG already possesses significant infrastructure that can be adapted for AI workloads.“We happen to have 12 megawatts of cooling capacity sitting on the ground,” he said. “A lot of infrastructure doesn’t need to change.”That existing infrastructure may allow DMG to move faster than many competing projects.While AI data center developments are often measured in years, Bennett believes DMG could potentially deliver an initial phase before the end of 2026. Discussions are currently underway regarding the size and timing of that first deployment under the proposed agreement.The speed of execution is only part of the story.Equally important is the identity of DMG’s proposed co-location partner and the financial support behind the project.One challenge facing many AI infrastructure developers is financing. The cost of building facilities capable of supporting large-scale AI workloads is substantial. In many cases, companies are forced to raise large amounts of capital before knowing whether customers will ultimately commit to the project.DMG chose a different path.Rather than building first and searching for customers later, Bennett explained that the Company focused on understanding what potential AI operators required, completing the necessary due diligence, and identifying a partner capable of supporting development.“A lot of people say they’re ready for AI,” Bennett observed. “A lot of people say they’re going to do AI. But the cost of this is very expensive.”That practical perspective runs throughout Bennett’s view of the sector.The current excitement surrounding AI has created the impression that any site with power and internet connectivity can become a successful data center. Bennett believes the reality is far more complicated.“People think that because they have power and internet, they have an AI deal,” he said.To read the full column, go to: https://bit.ly/4obgQvA

June 3, 202614 min

Scandium's Supply Problem May Finally Be Getting Solved

Scandium has long been described as one of the most promising critical minerals in the world. The challenge has never been its performance. The challenge has been supply. A small addition of scandium can transform aluminum into a significantly stronger, lighter, and more efficient material, making it attractive for aerospace, defense, advanced manufacturing, robotics, and electric vehicles. Yet despite its potential, commercial adoption has remained limited by the lack of reliable primary production. That may be changing. In my recent conversation with Guy Bourassa, CEO and Director of Scandium Canada Ltd. (TSXV: SCD), we discussed why global interest in scandium is accelerating, how advanced manufacturing is creating new demand for scandium-enhanced alloys, and why the company believes it is positioned to become both a future producer and a technology provider in the emerging scandium economy. The reason for the growing interest is straightforward. Adding as little as 0.4% scandium oxide to aluminum can dramatically improve the metal's strength, allowing manufacturers to achieve steel-like performance while maintaining aluminum's significantly lighter weight. The implications are substantial. Lighter electric vehicles can travel farther on the same battery charge. Lighter aircraft consume less fuel. Lighter satellites cost less to launch. Advanced drones can carry greater payloads while consuming less energy. Scandium-enhanced aluminum alloys also offer improvements in conductivity, opening potential opportunities in electric motors and power systems where copper's cost and weight have become growing concerns. In a world increasingly focused on energy efficiency, performance, and emissions reduction, the value proposition becomes increasingly difficult to ignore. But perhaps the most interesting aspect of the scandium story is not the metal itself. It is what Scandium Canada is attempting to become. Most junior mining companies spend years proving a resource, advancing engineering studies, and eventually seeking financing for mine construction.Scandium Canada is pursuing a parallel strategy. Through its Scandium+ division, the company has spent several years working alongside researchers at McMaster University to develop proprietary aluminum-scandium alloys designed for advanced manufacturing applications. The work has already resulted in patent applications and growing industry interest. What began as research into solving micro-cracking challenges in metal 3D printing has expanded into welding wire applications, advanced manufacturing technologies, and direct engagement with industrial end users seeking performance improvements. The company now finds itself in an unusual position for a junior resource issuer. Instead of simply promoting a future mine, it is increasingly being approached by industrial companies seeking solutions to manufacturing problems. One example cited by Bourassa involved a major European metallic powders company that contacted Scandium Canada after reviewing technical results disclosed in a routine news release. According to Bourassa, what started as an unsolicited email quickly evolved into a formal collaboration after the company recognized that Scandium Canada's alloy technology could potentially solve challenges faced by one of its customers. The broader significance is that the commercialization pathway may no longer depend entirely on future scandium production. If Scandium+ succeeds in generating revenue through alloy development, powder sales, licensing opportunities, or advanced manufacturing applications, the company could establish commercial traction before its mining project reaches production. Investors often speak about de-risking.To read the full column, go to: https://bit.ly/4xmCWj0

June 3, 20268 min

American Rare Earths' Mark Wall on Wyoming’s Halleck Creek, America's Largest Rare Earths Deposit

When investors discuss the future of rare earths in North America, the conversation often gravitates toward processing plants, magnet manufacturing, and the geopolitical imperative of reducing Western dependence on China. Yet before any of that can happen, one question must be answered: where will the raw materials come from?According to Mark Wall, President and CEO of American Rare Earths Limited (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY), one answer may lie in Wyoming.During a recent InvestorTalk interview, Wall described the Company’s Halleck Creek project as the largest rare earth deposit in the United States measured by total rare earth oxide (TREO) content — a distinction that has attracted increasing attention from investors, industry participants, and government stakeholders focused on rebuilding domestic supply chains.“Halleck Creek is the largest rare earth deposit in the domestic United States by far,” Wall told InvestorNews. “The first 25 years are on state land, and the next several hundred years are on federal land. It’s a really exciting deposit.”What distinguishes Halleck Creek from many other North American rare earth projects is not simply its size. Approximately one-quarter of the deposit consists of heavy rare earth elements, a category of materials that remains particularly scarce outside China.Heavy rare earths such as dysprosium and terbium play critical roles in advanced defense systems, aerospace applications, and high-performance permanent magnets. These materials are increasingly viewed as strategic assets by governments seeking secure domestic supply chains.“Heavy rare earths are really strategic,” Wall explained. “They’re used a lot in space applications, high altitude applications, and defense. They’re not common in the domestic United States, so it’s great having those.”The project also contains significant quantities of neodymium and praseodymium (NdPr), the magnet rare earths that underpin electric vehicles, robotics, advanced manufacturing, and countless clean-energy technologies.The timing could prove significant.Rare earths have emerged as one of the most important critical mineral sectors in North America as governments attempt to establish mine-to-magnet supply chains independent of Chinese control. While many projects remain years away from development, American Rare Earths is attempting to accelerate its timeline by advancing multiple workstreams simultaneously.Wall confirmed that the Company remains on track to complete its pre-feasibility study during the third quarter of 2026. However, management has already initiated feasibility-level work before publication of the pre-feasibility study in an effort to compress development timelines.“We’ve started the feasibility study before the PFS has been published,” Wall said. “We’re really compressing this work and doing a lot of things at the same time.”The strategy reflects growing urgency within the United States to establish domestic rare earth production capacity.“We need magnet rare earths,” Wall said. “We’re working at full speed.”Another potential catalyst for investors is the Company’s planned NASDAQ listing. Wall indicated that the process continues to advance and suggested a September-to-October timeframe remains a reasonable expectation.A successful NASDAQ listing would significantly increase the Company’s visibility among U.S. institutional investors at a time when critical minerals are becoming an increasingly important investment theme.Perhaps equally important is where the project is located.Wyoming has quietly emerged as one of the most attractive mining jurisdictions in North America, combining abundant infrastructure with a mature regulatory framework and a long history of resource development.To read the full column, go to: https://bit.ly/4vqnBfg

June 3, 202611 min

Resolution Minerals' Craig Lindsay on the Three-Legged Stool of Antimony, Tungsten and Gold

Most junior mining companies spend years trying to align themselves with a major investment theme. Resolution Minerals Ltd. (ASX: RML | OTCQB: RLMLF) appears to have stumbled into three at once.Resolution's Horse Heaven project is unusual in today's critical minerals market. Few projects offer exposure to antimony, tungsten and gold within the same district, let alone historic production of two of those commodities.During a recent InvestorTalk interview, Craig Lindsay, CEO – US Operations for Resolution Minerals, described Horse Heaven as a “three-legged stool” supported by antimony, tungsten and gold. While the market’s attention has largely focused on antimony shortages and tungsten supply security, the gold potential continues to expand alongside the critical minerals story.“We’re really promoting and positioning ourselves as a critical minerals company because of the past antimony production that we’ve got at the Horse Heaven project, as well as the past tungsten production,” Lindsay said. “The gold story has kind of wrapped its arms around us.”That combination is increasingly attracting investor attention.Antimony has become one of the most sought-after critical minerals in North America following tightening Chinese export controls and growing defense-sector demand. Tungsten remains essential for military applications, industrial tooling and advanced manufacturing. Gold, meanwhile, continues to benefit from strong commodity prices and safe-haven investment demand.What makes Horse Heaven particularly interesting is that it hosts historic production from both antimony and tungsten operations.At Antimony Ridge, historic mining exposed exceptionally high-grade mineralization. According to Lindsay, historic dump material averaged approximately 40% antimony, while recent sampling has returned grades ranging from 10% to nearly 50% antimony. In a sector where grade often determines project economics, those numbers stand out.“I think the thing that differentiates us from a lot of the critical metals companies out there is grade,” Lindsay said.The tungsten side of the story is equally compelling.The historic Golden Gate Tungsten Mine reportedly produced material averaging approximately 1.8% to 1.85% tungsten, grades that compare favorably with many operating tungsten mines globally. Resolution recently acquired the historic Johnson Creek tungsten mill along with stockpiles that management believes could contain between 2,000 and 8,000 tonnes of material available for processing.The Company is currently conducting a 45,000-foot drill program consisting of roughly 40 to 45 holes focused on the Golden Gate trend. Two drill rigs are now operating on site, targeting both gold and tungsten mineralization along a three-kilometre strike length associated with the historic mine workings.The scale of the exploration effort suggests investors can expect a steady stream of results throughout the remainder of 2026.Yet the project’s strategic importance extends beyond drilling.Horse Heaven has already secured FAST-41 coverage for its Antimony Ridge target, a designation intended to accelerate federal permitting reviews for projects considered important to U.S. national interests. Resolution is now pursuing similar FAST-41 coverage for Golden Gate, potentially giving the Company two federally recognized critical mineral development projects within the same district.In today’s permitting environment, that may prove nearly as valuable as the mineralization itself.Lindsay described support from local communities, Idaho state officials, congressional representatives and federal agencies as constructive, reflecting a broader shift in U.S. policy toward domestic critical mineral development.To read the full column, go to: https://bit.ly/4uYPRWs

June 2, 202615 min

Voyageur's Brent Willis on the Critical Minerals Behind Modern Healthcare

When investors discuss critical minerals, the conversation usually centers on copper, uranium, rare earths, lithium, tungsten, and antimony. Yet some of the most strategically important minerals rarely enter the discussion despite their direct role in modern healthcare.Barite and iodine are two notable examples.Barite is classified as a critical mineral in the United States, while iodine is increasingly viewed as a strategic material due to its importance in medical imaging. Both are essential inputs for radiology contrast agents used to diagnose a wide range of diseases. Without secure supplies of pharmaceutical-grade barite and iodine, healthcare systems face growing supply chain risks. That reality helps explain the significance of the partnership announced earlier this year between Voyageur Pharmaceuticals Ltd. (TSXV: VM) and Bayer.According to Voyageur, Bayer spent approximately eighteen months evaluating the Company's iodine extraction technology before committing $2.35 million in non-dilutive funding to advance feasibility work and field-scale testing. The agreement also contemplates a future iodine offtake arrangement following successful completion of technical milestones.For investors, the importance of the Bayer relationship extends beyond financing. It represents validation from one of the world's largest radiology companies at a time when global iodine supply chains are under increasing pressure.The second component of the Voyageur story is pharmaceutical-grade barite.The Company's Frances Creek deposit in British Columbia appears to possess a rare geological characteristic: exceptionally low levels of contaminating metals. This is important because most barite deposits contain impurities that limit their suitability for pharmaceutical applications.Voyageur is currently advancing human trials designed to compare radiology products manufactured using Frances Creek barite against existing commercial alternatives. The objective is to demonstrate that naturally occurring pharmaceutical-grade barite can provide equal or improved imaging performance.What makes Voyageur particularly interesting from a critical minerals perspective is its business model.The Company is pursuing a vertically integrated strategy that spans resource development, mineral processing, active pharmaceutical ingredients, and radiology products. Management often describes the vision as "from earth to bottle" — controlling the supply chain from the mineral deposit through to the finished healthcare product.That strategy has already begun to generate results. Voyageur reported product sales in 2025 while continuing to advance feasibility studies for both its barite and iodine businesses.The broader investment thesis is straightforward. Most critical minerals companies create value through extraction. Voyageur is attempting to create value across the entire supply chain by controlling the raw materials, the processing, and ultimately the pharmaceutical products derived from them.As governments and healthcare providers place greater emphasis on supply chain security, domestic manufacturing, and strategic materials, Voyageur is positioning itself at the intersection of critical minerals and healthcare infrastructure. If successful, the Company could become one of the few publicly traded issuers offering investors exposure not only to critical minerals production, but also to the higher-value healthcare products those minerals make possible.

May 7, 202615 min

USA Rare Earth’s Dr. Alex Moyes on Serra Verde and the Race for Heavy Rare Earth Control

In the rare earth sector, scale matters — but composition matters more. In an InvestorNews interview, Dr. Alex Moyes, SVP of Mining and Processing at USA Rare Earth, Inc. (NASDAQ: USAR), focused on one point repeatedly: control of heavy rare earth supply is the defining constraint in the market today.At the center of that strategy is Serra Verde in Brazil.“Serra Verde… is really a strategic asset, not just for USA Rare Earth, but certainly for the Western world,” Moyes said, emphasizing that it is “the only mine outside of Asia right now that is actively producing… NdPr, Dy, and Tb.”That distinction is critical. While many projects globally target rare earths, very few produce dysprosium (Dy) and terbium (Tb) at scale — the elements required for high-performance permanent magnets used in electric vehicles, defense systems, and advanced electronics.Serra Verde is expected to reach “6,400 tons of TREO in their phase one by the end of 2027,” positioning it as one of the most significant non-China sources of heavy rare earths in the near term. As Moyes noted, the asset has been developed quietly but deliberately: “They have such a valuable asset… they’ve put together an amazing team, an amazing operation.”For USA Rare Earth, the acquisition is not just about adding production — it is about securing exposure to the part of the periodic table that remains structurally undersupplied.That same focus is shaping the company’s approach to Round Top in Texas.“Our exclusive focus is… to be the best heavy rare earth element producer in the United States,” Moyes said.Round Top has historically been viewed as a complex polymetallic deposit. Moyes acknowledged that challenge directly, noting that prior approaches attempted to extract multiple elementssimultaneously. The current strategy is more disciplined: concentrate on heavy rare earths.The project’s grade — “averaging 650 parts per million” — is often cited as a concern, but Moyes argued that grade alone is misleading. Instead, he pointed to a “72% average heavies distribution” and “approximately 70%” recovery through heap leaching.“When you put all of this together… we’re two to three, in some cases, four times higher the effective recovery of heavy rare earth elements,” he said.That comparison is made against ionic clay deposits in Southeast Asia, which typically carry higher grades but lower heavy rare earth distribution and recovery rates.Beyond upstream supply, Moyes was explicit about where the real bottleneck lies: processing.“How do you take these concentrates… and separate them into the individual rare earths that we need… that is a huge focus,” he said.USA Rare Earth is building that capability internally and externally. At Round Top, separation will be integrated into the project. At the same time, the company is developing third-party processing capacity and advancing recycling of magnet manufacturing waste — or “SWARF” — back into separated oxides.“We are full steam ahead on three fronts,” Moyes said, citing “third-party separation of MREC, SWARF recycling, and… our heavy separations facility.”The company’s investment in Carester SAS, a French rare earth separation specialist, adds another layer.“Carester… [is] one of the world leaders in separations,” Moyes said, noting that the partnership allows USA Rare Earth to “start separating products sooner than if we weren’t involved.” He also pointed to France’s growing role as a processing hub for non-China supply chains.Government support, particularly in the United States, is accelerating that buildout.“I think it has been the catalyst that has been sorely needed,” Moyes said, referring to federal programs backing critical mineral supply chains. He emphasized that funding is milestone-based and structured, adding: “Unless we… are hitting those milestones, those fundings don’t become unlocked.”

April 22, 202611 min

Defense Metals’ Mark Tory on Why the Rare Earths Grade and Processing Technology Matters

In a market increasingly crowded with companies invoking the language of “rare earths” without necessarily understanding the science—or the economics—behind it, the conversation with Mark Tory offers a rare moment of clarity.Appearing on InvestorNews with Tracy Hughes, Tory, President, CEO, and Director of Defense Metals Corp. (TSXV: DEFN | OTCQB: DFMTF), did not lean on market enthusiasm or geopolitical urgency alone. Instead, he returned repeatedly to a principle often overlooked in speculative cycles: in rare earths, grade in the ground is not what matters most—it’s what you can turn it into.That distinction, while technical, is everything.The recent inclusion of Defense Metals in a Sprott-managed ETF underscores a broader shift. Capital—still cautious, still selective—is beginning to differentiate between narrative and viability. As Tory put it, the company itself learned of its inclusion only after the fact, a quiet validation rather than a promotional milestone.Yet the real story lies beneath the surface.Rare earth economics are dictated not by discovery, but by processing. The cost bottleneck sits firmly in the hydrometallurgical stage, where separation and refinement determine whether a project lives or dies. Projects that can upgrade low in-situ grades into high-quality concentrates reduce both capital intensity and operational complexity. Those that cannot are unlikely to survive beyond the feasibility stage.Defense Metals’ Wicheeda project, located in British Columbia, appears to pass that test. A 2.4% total rare earth oxide (TREO) grade in the ground may not initially stand out, but the ability to upgrade that material to a ~50% concentrate places it in the same technical conversation as industry benchmarks like Lynas and MP Materials. That is not a trivial achievement—it is the difference between geological interest and economic relevance.It also explains why Jack Lifton has described Tory as building “North America’s rare earth breakout project.” The phrase is not about scale alone; it is about positioning within the most constrained segment of the supply chain: processing.Location, often treated as a secondary factor in early-stage mining narratives, becomes critical at this stage. Wicheeda’s proximity to Prince George, with access to infrastructure, hydroelectric power, rail, and port connectivity, significantly lowers logistical friction. In a sector where permitting delays and infrastructure gaps routinely derail timelines, such advantages compound quickly.Still, the path forward is not without friction.Despite the surge in attention around rare earths—driven by energy transition narratives, defense considerations, and supply chain realignments—Tory remains measured on capital flows. Interest is rising, but conviction capital remains limited. Governments are more engaged, private investors more curious, but the sector has yet to see the scale of coordinated financing required to build out a full Western supply chain.That gap is precisely where Defense Metals is now focused.The next phase is less about geology and more about partnerships: strategic investors for separation expertise, offtake agreements that can anchor financing, and government support to de-risk infrastructure. The company is effectively building multiple pathways to the same outcome—bankability.In parallel, operational milestones continue. A 30-tonne pilot plant run through SGS will test the full beneficiation and hydromet process, while preparations for a full feasibility study advance. These are not headline-grabbing developments, but they are the milestones that ultimately determine whether a project transitions from concept to construction.What emerges from the conversation is not a story of hype, but of discipline.In a sector increasingly shaped by macro narratives—China dependency, defense supply chains, electrification—the temptation is to treat all rare earth projects as interchangeable. They are not...