The US currently has approximately 60 minerals on its critical minerals list, denoting metals and minerals that they deem critical or strategic for domestic supply chains, energy, defense, and more, as the country seeks to break its dependence on foreign sources of supply.
With Project Vault, announced on 2 February 2026, the US is doubling down on securing domestic sources of supply, creating a US Strategic Critical Minerals Reserve that is backed by a US$10 billion loan from the US Export-Import Bank (EXIM).
ASX-listed companies stand to benefit as EXIM-backed financing is deployed, not merely as capital, but as a strategic instrument of US-Australia cooperation.
Australia is elevating its role too, from traditional resource supplier to a strategic collaborator, with Australian companies at the centre of global policy discussions on defense, energy transition, and supply chain resilience.
Against the backdrop of Project Vault and the US government’s push to secure domestic supply chains, several ASX-listed explorers are stepping directly into the North American critical minerals arena.
Their projects highlight how Australian miners are embedding themselves in US resource development as strategic partners in defense, energy transition, and supply chain resilience.
Next Investors have a “US playbook” of key tips for ASX listed companies looking to bring US assets into the market, which includes strategic operational tips such as, most importantly, having a US asset, bringing in experienced advisors or board members who understand the US market and regulation, listing locally, investing in downstream processing, delivering early metallurgical work and bulk sample processing, seeking funding from the US Government and private investors, and demonstrating an overall alignment with US critical minerals policies.
Pioneer Minerals
Pioneer Minerals (ASX:PMM) has rebranded from a lithium explorer into a broader critical minerals company, with its flagship North Pine Project in Idaho focused on tungsten.
This pivot reflects both shareholder demand and US policy priorities, as tungsten has surged in strategic importance following China’s export ban and rising defense demand.
The company’s North Pine Project covers 18.8km2. The Springfield Prospect is the current focus, with historic mining and new geophysical surveys confirming strong mineralisation.
Recent sampling has returned grades up to 2.98% tungsten trioxide and up to 7.75 grams per tonne gold at Springfield, and up to 3.89g/t gold and 34.8g/t silver with minor antimony at the Silver Cliffs Prospect.
CEO Michael Beven notes a significant global supply risk for tungsten, with China controlling around 83% of global supply and having banned exports to the US in 2025.
Tungsten’s unique properties, such as exceptional hardness and heat resistance, make it critical for defense applications such as munitions, aerospace components, and high-temperature alloys, as well as for advanced industrial uses in electronics and energy infrastructure.
For the US, securing domestic tungsten supply is now a matter of national security and projects like North Pine have the potential to feed directly into that.
Felix Gold
Felix Gold (ASX:FXG) has also undergone a critical minerals evolution, shifting from gold explorer to dual-track company with a core focus now on its Treasure Creek Antimony Project in Alaska.
Treasure Creek is an emerging antimony solution for the US markets, with near-surface, ‘high-grade’ mineralisation hosted in stibnite veins.
Executive Director Joseph Webb says that the company’s priority is to build America’s first fully integrated antimony supply chain, from ore to metal, on US soil.
The strategic importance of antimony has grown significantly following China’s banning of exports to the US in 2024.
Antimony is used as a hardener for bullets, it can withstand extreme heat in munitions, and it also plays a key role in semiconductors, aerospace, solar panels, and grid infrastructure.
As is the case with many critical minerals, with China historically being the sole producer, the US faces a significant vulnerability in its supply chains.
Treasury Creek has the potential to directly address this gap, positioning the company not only as a resource developer but a flagship for America’s critical minerals strategy.
OD6 Metals
OD6 Metals (ASX:OD6) has recently made a strategic move into the US with its acquisition of the Quinn Fluorspar Project in Nevada, aligning itself directly with Project Vault and the broader US critical minerals strategy.
Fluorspar is on the US’ critical minerals list, alongside those of Australia, Canada, the EU, and Japan, due to its direct applications in defense, semiconductors, advanced batteries, and nuclear fuel processing.
The market is projected to grow at a compound annual growth rate of 4.2% from 2023 to 2028 due to the rising demand.
OD6 is also focused on its flagship Splinter Rock Rare Earths Project in Western Australia, one of the largest clay-hosted rare earth deposits in Australia.
OD6 most recently announced the appointment of the Hon. Julie Bishop as strategic advisor to the company, helping to drive the critical minerals strategy both in Australia and the US.
With a broad range of minerals on the US’ critical minerals list, there are increasing opportunities for Australian juniors to embed themselves in the US critical minerals landscape.
Their progress highlights Australia’s evolution from resource supplier to strategic collaborator, ensuring that ASX-listed companies are not only part of the global conversation but central to the future of defense, energy transition, and supply chain resilience.
Write to Amy Rotman at Mining.com.au
Images: Unsplash, Pioneer Minerals, Felix Gold, OD6 Metals
