The US continues to set aside billions of dollars for investment as it scrambles to shore up its critical minerals supply and attempt to dethrone China as the world’s resources powerhouse.
In Q3 2025, the US International Development Finance was reportedly in talks to funnel US$5 billion ($7.6 billion) into strategic mining investments to aid in boosting the country’s critical mineral supplies.
Bloomberg reported in mid-September that the proposed new joint fund with New York-based investment firm Orion Resource would be a completely new avenue of funding enabling the US Government to invest directly into large-scale deals.
The Export-Import (EXIM) Bank of the US also continues to ramp up its funding support for critical minerals projects.
In July, EXIM handed a letter of interest to NexMetals Mining (TSX-V:NEXM) indicating the potential for up to US$150 million in financing.
The funding would support the re-development of NexMetals’ Selebi and Selkirk nickel-copper-cobalt-platinum group metal mines in Botswana.
EXIM also advised that the procurement of US goods and services for the Selebi and Selkirk mines may be eligible for special consideration under its China and Transformational Exports Program.
In the same quarter, EXIM expressed interest in providing up to US$67 million to support the development of Sunrise Energy Metals’ (ASX:SRL) Syerston Scandium Project in central-west New South Wales.
The company is investigating the potential to produce a high-purity scandium oxide product in Australia.
On the same day the EXIM news was announced, successful global investment strategist Kiril Sokoloff increased his stake in Sunrise Energy to 8.95%, from 5.21%, at a cost of $2 million through the exercise of options.
Sokoloff is the Chairman and founder of 13D Research & Strategy and has been an advisor to many of the largest pools of global capital for over three decades.
His company’s client base includes large-scale money managers, pension funds, sovereign wealth funds, large private and public corporations, family offices, private equity and distressed funds, high-net-worth individuals and hedge funds.
Billionaire investor Robert Friedland bets on scandium
Also backing Sunrise Energy is American-Canadian billionaire mining financier Robert Friedland, who serves as the company’s co-Chair.
Sunrise Energy CEO Sam Riggall tells Mining.com.au that while it is still early days, the company is seeing rising interest from potential customers, particularly out of North America.
“We can see not only existing customers for scandium, but a whole range of new customers who are emerging, looking to qualify scandium as a key part of their production platform, whether it’s in the defence or civilian sectors,” he says.
“So that’s really encouraging, and those volumes are potentially very large.
“We expect that you’re looking probably within a decade at a market that needs maybe 100 to 150 tonnes of scandium oxide annually, but there’s a lot of potential upside on that if adoption is fast.”
The third quarter of 2025 was also defined by battery technology advancements that could potentially open up new markets for scandium.
Researchers from the Tokyo University of Science worked out that by adding scandium to sodium-ion battery cathodes it could improve the structural stability and life cycle.
Scandium enabled the battery to retain 60% capacity after 300 cycles.
Victory Metals (ASX:VTM) says this advancement underscores scandium’s potential to become a cornerstone of future energy storage technologies.
This is in addition to already established applications using scandium in aerospace, defence and advanced alloys.
Victory’s North Stanmore Project in Western Australia hosts a rare earths resource that also comprises 7.7 million kilograms of scandium.
CEO Brendan Clark says Victory is emerging as one of the very few Australian companies positioned to deliver scandium oxide as a byproduct from a clay-hosted heavy rare earth project.
“With scandium oxide priced at US$630 per kilogram and Victory targeting scandium oxide in the first 10 years of operations under a low-throughput solution, we see this as an incredible revenue stream alongside the heavy rare earths,” he says.
In July, Victory received approval under the US Government’s System for Award Management to engage with US agencies including the Department of Defense and EXIM.
EXIM expressed interest earlier in the year in providing up to US$190 million in financing for the North Stanmore Project.
Antimony contract highlights defence stockpile importance
Antimony also dominated headlines in the third quarter, with one of the most recent developments being United States Antimony Corporation (NYSE American:UAMY) winning a US$245 million contract with the US Defense Logistics Agency.
United States Antimony Corporation operates North America’s only two antimony smelters, while the US Defense Logistics Agency oversees the National Defense Stockpile (NDS).
The company has been contracted to supply antimony metal ingots to the NDS.
At the end of September, antimony ingots were selling for around US$22,151 per tonne, while refined high-purity antimony traded at around US$68,000 per tonne, according to the Shanghai Metals Market.
Vancouver-headquartered Arizona Gold & Silver (TSX-V:AZS) is now re-assessing the antimony occurrences within its Silverton Gold-Antimony Project in Nevada given the current high price and government support.
The Silverton property database contains multi-element geochemistry from over 2,000 rock samples collected by previous explorers, including Newcrest Resources, between 2002 and 2004.
The database has over 25 surface samples that contain greater than 1% antimony.
Newcrest Resources also drilled 15 reverse circulation (RC) percussion holes that all contained anomalous antimony values.
One hole intersected 20 feet at over 1% antimony at a depth of between 100 and 120 feet.
Arizona Gold & Silver has now submitted a notice of intent to the US Bureau of Land Management to drill 27 RC holes.
The company says the potential is high for a near-surface deposit of antimony, comprising high-grade veins similar to the historical intersection reported by Newcrest Resources.
Arizona Gold & Silver plans to investigate a possible joint venture to test the antimony-gold mineralisation and targets identified in an earlier helicopter magnetotelluric survey over the Silverton property.
Junior Western Australia-based explorer Trigg Minerals (ASX:TMG), meanwhile, is planning to rebrand following its expansion in antimony in the US.
The company is rebadging itself as American Antimony and Tungsten after striking a binding deal with Wyoming Mines to acquire the Central Idaho Antimony Project in the US.
More advanced down the path towards antimony production, Locksley Resources (ASX:LKY) is expediting its US mine to market strategy with two recent leadership appointments.
The company named Kerrie Matthews as CEO and Danny George as COO.
Locksley’s ambition is to position itself as the US beachhead for mining, sourcing and processing of antimony.
The company has a portfolio of antimony and rare earths projects in California located around 1.4km from MP Materials’ (NYSE:MP) Mountain Pass mine – one of the highest grade rare earths mines globally and the only producing facility in the US.
Head of Critical Minerals Allister Caird tells Mining.com.au Locksley has been proactive in building out a team of Australian and US advisors to strengthen market positioning.
“Recent partnerships like Greenmet and Rice University out of the US, directly connect us to funding pathways and policy makers in the US,” he notes.
“Simultaneously, we are laying the foundations from our offices in Perth. The team is in regular communication with our advisors network in a bid to accelerate our US initiatives and further align ourselves with the push to onshore critical minerals.”
In the final quarter of the year, the first samples of ore from Locksley’s Mojave Antimony and Rare Earths Project, as well as the recently contracted ore from EV Resources (ASX:EVR), are expected to arrive at the Rice University lab.
“These will be used to develop our DeepSolv™ antimony processing capability,” Caird tells this news service
“In parallel to both our upstream and downstream activity, with the help of our in-country partners, we will continue to pursue additional funding opportunities within the US.”
Write to Angela East at Mining.com.au
Images: Mining.com.au, iStock
