Materion AI Demand Lifts Sales as Defence Orders Strengthen

Materion

Materion AI demand helped drive a sharp rise in first-quarter sales as electronics, defence and semiconductor customers increased orders for advanced materials. The US-based producer reported net sales of $549.8mn, up 30.8% from a year earlier.

Materion AI demand was most visible in the company’s electronic materials segment, where sales rose strongly on higher demand from chipmaking applications. Adjusted Ebitda increased by 8.6% to $52.9mn, showing that revenue growth translated into stronger earnings despite mixed performance across business units.

Materion AI demand also reflects a broader industrial trend. Artificial intelligence is increasing demand for logic chips, memory devices, thin-film materials, high-purity chemicals and precision components used across the semiconductor supply chain.

The company’s order backlog rose by more than 20% year on year at the end of the quarter. Defence orders exceeded $60mn, while open requests for quotations surpassed $300mn, indicating continued momentum in aerospace and defence materials.

AI Chips Lift Electronic Materials Sales

Materion’s electronic materials segment delivered the strongest growth in the quarter. Net sales rose to $363.3mn from $224.8mn a year earlier.

The segment produces tantalum sputtering targets for thin-film vapour deposition. These targets are used in semiconductor manufacturing, especially in logic and memory chip production.

Tantalum is important because it supports thin, reliable and high-performance films inside advanced chips. As AI workloads grow, semiconductor manufacturers need more materials that support higher computing power, better efficiency and tighter device architectures.

Materion also produces advanced chemicals and semiconductor materials. These products place the company deeper inside the AI hardware supply chain, where material purity, consistency and qualification are critical.

The sales increase shows that AI is not only driving demand for finished chips or data centre hardware. It is also increasing demand for upstream specialty materials that enable chip fabrication.

This is significant for minor metals and advanced materials suppliers. AI growth is pulling more value toward high-purity inputs, sputtering targets, deposition materials, precision optics and performance alloys.

Defence Backlog Supports Performance Materials Recovery

Materion’s aerospace and defence order rates increased by 50% over the past 12 months. Energy order rates rose by more than 20%, while semiconductor order rates increased by 10%.

The defence order book is especially important. More than $60mn of defence orders in one quarter, combined with over $300mn in open quotation requests, gives Materion stronger visibility into future demand.

Materion’s performance-materials segment had a weaker first quarter. Net sales fell to $155.7mn from $174mn a year earlier, mainly because of lower precision-clad material sales.

However, the company expects performance-material sales to improve from the second quarter. Aerospace and defence demand should support the recovery.

The segment includes beryllium products and alloys, along with niobium, tantalum and nickel alloys. These materials serve demanding applications where strength, conductivity, thermal stability, corrosion resistance or weight reduction are essential.

Materion had suspended clad-strip production in the fourth quarter of 2025 because of material quality problems. Production resumed as expected in January-March and returned to pre-issue levels.

Precision optics also strengthened. Sales rose by 43% to $30.8mn, with demand improving across life sciences, consumer electronics, automotive, aerospace and defence, and semiconductors.

The result shows that Materion is exposed to several high-value growth channels at once. AI supports electronics materials, defence supports performance alloys, and precision optics benefits from advanced manufacturing and semiconductor demand.

The Metalnomist Commentary

Materion’s quarter shows how AI and defence demand are pulling specialty materials deeper into strategic supply chains. The key signal is not just higher sales, but the growing importance of tantalum, beryllium, niobium, nickel alloys and precision optics in advanced manufacturing.

US Gallium Recovery Projects Target Domestic Supply Chain for Defense and Semiconductors

DOE(The US Department of Energy)

US gallium recovery projects will receive $5.4mn in funding from the Department of Energy as Washington tries to rebuild domestic supply for a metal critical to defense systems, semiconductors and advanced electronics. The funding will support five US-based projects under the Technology for Recovery and Advanced Critical-material Extraction – Gallium initiative.

The TRACE-Ga initiative is designed to prototype technologies that can recover gallium from US metal-processing feedstocks. This is important because the US is fully import-reliant for gallium and has not produced the metal domestically since 1987.

US gallium recovery projects are gaining urgency because gallium is essential for compound semiconductor materials, including gallium nitride. These materials support power electronics, radio-frequency devices, radar systems, satellite communications, fast chargers, LEDs and other high-performance technologies.

The funding is modest in scale, but strategically important. It signals that the US is no longer focusing only on mining new critical minerals. It is also trying to recover strategic metals from industrial by-products, waste streams and existing processing networks.

TRACE-Ga Funding Targets Recovery From Existing Feedstocks

The DOE award will support five companies working on gallium recovery technologies. Participants include PHNX Materials, Atlantic Alumina Company, Found Energy, Kunin Technologies and Indium Corporation.

The selection of companies shows how broad the recovery opportunity could become. Gallium is not usually mined as a primary product. It is commonly recovered as a by-product from other industrial processes, especially alumina and zinc-related supply chains.

This makes gallium recovery different from conventional mining. The key challenge is not only finding deposits, but identifying feedstocks where gallium exists in recoverable concentrations and developing technologies that can extract it economically.

Industrial waste refiner PHNX Materials could support recovery from complex waste streams. Atlantic Alumina Company brings relevance to alumina-linked feedstock. Found Energy adds an aluminum-related industrial angle, while Kunin Technologies focuses on mineral by-product recovery. Indium Corporation brings downstream metals refining and manufacturing expertise.

The TRACE-Ga initiative therefore targets the middle of the supply chain. It seeks to bridge the gap between laboratory recovery methods and scalable domestic production.

That gap matters because gallium supply is highly concentrated. China dominates primary gallium production and has used export controls to increase pressure on global buyers. For US defense and semiconductor supply chains, reliance on foreign gallium has become a clear strategic risk.

Domestic recovery could help reduce that exposure. Even if early projects produce limited volumes, they can prove process routes, identify feedstock partners and create the technical base for larger recovery systems.

The use of US metal-processing feedstocks also fits a wider circular materials strategy. Instead of waiting for new mines, the US can extract critical materials from industrial streams already moving through domestic facilities.

This could make recovery faster than new primary production. However, it still requires technical success, feedstock security, refining capability and customer qualification.

Gallium Nitride Demand Raises Strategic Pressure

Gallium’s strategic value has increased because of its role in gallium nitride and other compound semiconductor materials. Gallium nitride is widely used where high power, high frequency, efficiency and heat performance matter.

These applications are highly relevant to defense and advanced electronics. Radar, communications systems, satellite technologies, power conversion equipment and semiconductor devices all rely on materials where gallium can be difficult to substitute.

The DOE’s TRACE-Ga funding also sits alongside a larger notice of funding opportunity of up to $69mn. That programme targets technologies and processes that advance domestic production and refining of critical materials, including gallium and gallium nitride for semiconductor applications.

This shows that Washington is building a layered funding strategy. TRACE-Ga supports recovery prototypes, while broader DOE programmes aim to scale refining, alloying and advanced material production.

For the semiconductor industry, domestic gallium supply is not only a raw material issue. It is connected to wafer production, epitaxy, device manufacturing, packaging and defense procurement. A shortage or export disruption at the gallium stage can move through the entire compound semiconductor chain.

This is why gallium recovery matters even if volumes are small at first. Strategic materials often have low tonnage but high consequence. A reliable domestic supply stream can reduce procurement risk for critical systems.

The challenge will be commercialisation. Recovery from waste and by-products can be technically complex because gallium concentrations may be low and feedstock chemistry can vary. Companies must prove that their processes can recover gallium consistently, meet purity requirements and operate at competitive cost.

The US also needs downstream refining capacity. Recovering gallium-bearing material is not enough if the material cannot be refined into forms suitable for semiconductor and defense applications.

The DOE funding is therefore best understood as an early-stage industrial rebuilding tool. It does not immediately solve US gallium dependence, but it helps create the technologies and partnerships needed to rebuild supply.

The Metalnomist Commentary

US gallium recovery projects show that critical mineral security increasingly depends on recovering by-products from existing industrial systems. The strategic test will be whether TRACE-Ga can move beyond prototypes and create reliable domestic feedstock for gallium nitride, defense electronics and semiconductor manufacturing.

NATO Defense Spending Boost Strengthens Demand Outlook for Critical Minerals

NATO Defense

NATO defense spending rose sharply in 2025 as alliance members invested more than $1.4 trillion in defense capabilities. The increase signals a stronger long-term demand outlook for weapons systems, military infrastructure, aerospace platforms, and the critical minerals used across defense supply chains.

NATO defense spending among non-US members climbed to $574 billion, up from $480 billion in 2024. Luxembourg, Belgium, and Slovenia recorded the largest year-on-year increases in real terms, showing how smaller European members are also accelerating military investment.

NATO defense spending reached a symbolic milestone in 2025, with all member countries meeting the 2% of GDP defense spending guideline for the first time. The target was first agreed at the alliance’s 2014 Wales summit and has become a central measure of burden-sharing inside NATO.

European Defense Investment Moves Into a Higher Spending Cycle

European governments are increasing defense budgets under sustained geopolitical pressure and stronger US demands for burden-sharing. Luxembourg nearly doubled its spending, while Belgium and Slovenia raised expenditure by more than 58% and 53%, respectively.

US defense spending still remained the largest in absolute terms at $838 billion. However, it fell by 1.4% from the previous year, reinforcing the pressure on European allies to take greater responsibility for regional defense capacity.

The alliance also agreed to a new 5% target at its summit in the Netherlands last June. The framework includes 3.5% of GDP for core military spending such as weapons and personnel, and 1.5% for defense-related infrastructure.

Critical Minerals Become More Strategic for Military Supply Chains

Higher NATO defense spending will increase demand for rare earths and other critical minerals used in advanced military systems. Defense applications rely on materials such as germanium, tungsten, titanium, rare earth magnets, nickel alloys, specialty steels, and high-performance electronics materials.

Rare earths support sensors, precision-guided systems, electric motors, radar systems, and advanced defense electronics. Germanium is important for infrared optics and semiconductors, while tungsten is used in high-density and heat-resistant military applications. Titanium remains essential for aerospace structures, engines, armor systems, and high-performance components.

This creates a direct link between defense budgets and mineral security. As NATO members scale weapons production and military infrastructure, governments will need stronger supply chains for mining, refining, recycling, and advanced materials manufacturing.

The Metalnomist Commentary

NATO’s spending surge turns defense procurement into a critical minerals issue. The next strategic bottleneck may not be budget approval, but access to the rare earths, germanium, tungsten, titanium, and specialty materials needed to convert spending into real military capacity.

Honeywell Defense Manufacturing Investment Boosts US Munitions Supply Chain

Honeywell

Honeywell defense manufacturing investment will expand US production capacity for components used in munitions platforms. Honeywell Aerospace Technologies plans to invest $500 million under a multiyear framework supply agreement with the US Department of Defense.

The investment will modernize and expand Honeywell’s manufacturing capabilities for navigation systems and actuators used in missiles. It will also support production of components linked to the company’s electronic warfare technology.

Honeywell defense manufacturing investment reflects a broader push to strengthen the US defense industrial base. The Pentagon is trying to secure faster, more reliable access to critical systems as munitions demand rises across the military supply chain.

Pentagon Supply Strategy Targets Faster Defense Production

The agreement forms part of the Department of Defense’s “Arsenal of Freedom” initiative. The program aims to streamline procurement and accelerate product acquisition by working more closely with private defense equipment and systems suppliers.

This approach matters because defense supply chains depend on specialized components with long qualification cycles. Navigation systems, actuators, missile components, and electronic warfare hardware require precision manufacturing, secure sourcing, and stable production capacity.

Honeywell’s investment therefore supports more than one product category. It strengthens the industrial infrastructure behind missiles, guided systems, and electronic warfare platforms at a time when defense readiness is becoming a manufacturing capacity issue.

Critical Minerals Demand Rises With Munitions Expansion

Honeywell defense manufacturing investment also has direct implications for critical minerals demand. Higher output of missiles, sensors, guidance systems, and electronic warfare components can increase demand for rare earths, germanium, tungsten, and other strategic materials.

Rare earths support high-performance magnets, sensors, and electronic systems. Germanium is important for infrared optics, semiconductors, and defense electronics, while tungsten is used in high-density, heat-resistant, and armor-related applications.

As the US expands munitions production, supply security for these materials will become increasingly important. Defense manufacturing growth will therefore reinforce the link between industrial policy, critical mineral access, and domestic processing capability.

The Metalnomist Commentary

Honeywell’s $500 million investment shows that defense production is becoming a critical minerals story as much as a manufacturing story. The US can accelerate munitions output only if component capacity and strategic material supply move together.

REalloys HRE Metallization Plant Targets North American Defense Magnet Supply

REalloys

REalloys HRE metallization plant development marks another step in North America’s effort to secure heavy rare earth metals for defense supply chains. The US rare earth company plans to build the facility in partnership with Canada’s Saskatchewan Research Council, with equipment first built alongside SRC and later relocated to Ohio.

The REalloys HRE metallization plant is designed to serve downstream US defense industrial-base customers and support the US Defense Logistics Agency’s strategic rare earth stockpiles. Initial operations are scheduled for early to mid-2027, with full commercial-scale operations expected in mid- to late 2027.

The project directly targets dysprosium and terbium, two heavy rare earth elements used in high-performance permanent magnets. These metals are critical for defense systems, advanced motors, aerospace platforms, precision equipment, and high-temperature magnet applications.

Dysprosium and Terbium Metallization Becomes a Strategic Bottleneck

The most important part of the REalloys HRE metallization plant is not only its oxide supply route, but its metallization capability. Rare earth oxides must be converted into metal before they can move deeper into magnet alloy and magnet manufacturing supply chains.

The facility will produce about 30 tonnes per year of dysprosium metal and 15 tonnes per year of terbium metal. These are small volumes compared with bulk industrial metals, but they are strategically significant because heavy rare earth supply chains remain highly concentrated.

Dysprosium and terbium help permanent magnets maintain performance under high temperatures. This makes them essential for defense magnets, electric motors, guidance systems, and other demanding applications where magnet failure is not acceptable.

SRC Partnership Links Canadian Processing With US Defense Demand

The partnership connects SRC’s rare earth processing capability in Saskatoon with REalloys’ planned Ohio-based metallization facility. SRC’s Rare Earth Processing Facility will produce high-purity neodymium-praseodymium metal and dysprosium and terbium oxide, which will then be further processed and metallized at REalloys’ HREMF.

The structure creates a North American processing chain that moves beyond simple mining or separation. It links oxide production, metal conversion, and downstream defense demand into one regional supply pathway.

SRC also has a tolling agreement with a Vietnamese company that enables production of 400 tonnes per year of rare earth metals. That arrangement may provide additional processing flexibility as North America builds rare earth capacity before fully integrated domestic supply becomes available.

The Metalnomist Commentary

This project shows that rare earth security is moving into the metallization stage, where supply chains often remain weakest. For defense magnets, controlling dysprosium and terbium metal supply could matter as much as controlling rare earth deposits.

BAE Systems Defence Demand Lifts Sales and Strengthens Backlog

BAE Systems

BAE Systems defence demand pushed the company to stronger sales and a larger order book in 2025. The UK defence group reported sales of £30.7bn, up 10pc from the previous year. Orders also reached £36.8bn, lifting backlog to £83.6bn. As a result, BAE Systems defence demand is becoming a clear signal of how geopolitical tension is feeding industrial growth.

This matters because BAE Systems sales growth is tied directly to rising military spending across Europe and beyond. Conflicts in Ukraine and the Middle East have increased urgency around fighter aircraft, defence systems, and military readiness. That is supporting both current production and future programme visibility. Therefore, BAE Systems defence demand now carries wider significance for the aerospace and defence supply chain.

Defence Metals Demand Is Rising Alongside Aircraft and Systems Output

Defence metals demand is also rising as major programmes expand. BAE’s portfolio uses titanium and aluminium in airframes and structures, while high-temperature alloys remain critical for engines. Infra-red emitters, lasers, and imaging systems also rely on minor metals such as gallium and germanium. Consequently, BAE Systems sales growth matters not only for defence primes, but also for metals and advanced materials suppliers.

The Eurofighter Typhoon adds another important layer to that story. Turkey’s planned acquisition of 20 Typhoon aircraft is expected to be worth £4.6bn to BAE. That programme supports a multinational industrial base across the UK, Germany, Spain, and Italy. As a result, BAE Systems defence demand is helping sustain both national and cross-border aerospace manufacturing.

Aerospace Alloy Demand Faces Opportunity and Labour Risk

Aerospace alloy demand should remain firm if BAE meets its 2026 sales growth target of 7-9pc. That outlook suggests the company still sees healthy programme momentum despite an already strong 2025. Suppliers tied to structures, engines, and advanced components may benefit from that continued growth. Therefore, BAE Systems sales growth is likely to keep supporting upstream metals demand.

However, labour disruption remains a near-term risk. Strike action continues at BAE’s Warton and Samlesbury sites in Lancashire, where parts for Typhoon and F-35 jets are produced. More than 1,000 workers are involved in the current dispute. Meanwhile, the gap between strong profits and contested pay talks could create operational pressure if the issue drags on.

The Metalnomist Commentary

BAE’s results show that defence demand is no longer a short-cycle boost. It is becoming a structural driver for aerospace manufacturing and strategic metals consumption. The bigger question now is whether supply chains and labour stability can keep pace with the new defence growth cycle.

US Vanadium Pentoxide Purchase Signals Stronger Defense Support for Aerospace Supply

US Vanadium

The US vanadium pentoxide purchase marks a strategic move to strengthen aerospace materials security. The Defense Logistics Agency plans to buy high-purity V2O5 from US Vanadium and Largo through five-year fixed-price contracts. These materials are intended for aerospace applications. As a result, the US vanadium pentoxide purchase supports both defense readiness and supply chain stability.

This decision matters because vanadium processing capacity remains limited in the United States. US Vanadium is the only at-scale domestic producer of aerospace-qualified V2O5. Largo also plays a major role as a leading supplier of aerospace-grade material to the US market. Therefore, the US vanadium pentoxide purchase reflects a targeted effort to secure trusted suppliers.

The scale of the tender also shows seriousness of intent. The DLA initially sought up to 2,876 metric tonnes of V2O5. That is not a symbolic procurement action. Consequently, the contract structure suggests the government wants predictable supply rather than spot-market exposure.

Aerospace Grade V2O5 Is Becoming a Strategic Material

Aerospace grade V2O5 is now being treated more clearly as a strategic material. High-purity vanadium pentoxide supports aerospace applications that require strict quality standards and reliable sourcing. That makes supplier qualification just as important as simple volume availability. As a result, the government is focusing on producers that already meet aerospace-grade requirements.

The supplier mix also highlights how narrow this market remains. US Vanadium provides domestic refining strength through its Arkansas flaking plant. Largo adds supply from its Maracás Menchen operation in Brazil. Therefore, the US vanadium supply chain still depends on a combination of local processing and allied foreign production.

That dependence helps explain the fixed-price structure. Long-term contracts can reduce uncertainty for both buyers and producers. They can also help keep strategic capacity alive in markets where pricing volatility and trade disruption create operating stress. Consequently, the DLA appears to be using procurement as an industrial policy tool.

US Vanadium Supply Chain Still Faces Fragility

The US vanadium supply chain remains fragile despite this support. The DLA noted that Largo faces financial pressure and could be at risk of failure for reasons beyond its control. That warning is important because it shows supply security cannot be assumed even when qualified producers exist. Therefore, the procurement effort is also a stabilization measure.

Trade policy has already added pressure to the market. Largo previously delayed and defaulted on some vanadium shipments to US customers because of tariffs on Brazilian imports and liquidity challenges. That combination of trade friction and financial strain shows how quickly critical mineral supply can weaken. As a result, the US vanadium pentoxide purchase may help prevent a deeper break in supply continuity.

The broader lesson is clear. Defense supply chains need more than access to raw materials. They need qualified processing, financially viable producers, and predictable contract support. Consequently, this V2O5 procurement may become a model for how the US handles other specialty minerals with narrow supplier bases.

The Metalnomist Commentary

This is more than a routine procurement contract. It is a reminder that critical minerals security often depends on keeping a very small number of qualified producers alive. In vanadium, the challenge is not just finding material. It is preserving the industrial capability to deliver aerospace-grade material consistently.

Trump Delays Iran Attacks as Strait of Hormuz Risk Keeps Oil Markets Volatile

Trump

Trump delays Iran attacks, but the energy market still sees high Strait of Hormuz risk. He pushed a threatened strike on Iranian energy plants to 6 April at 8 p.m. ET. Trump said talks were progressing, while Iran continued to dispute that negotiations were happening. As a result, the headline suggested de-escalation, but the market response stayed fragile. 

The immediate oil reaction showed how unstable sentiment remains. WTI briefly fell after Trump’s announcement, then rebounded as traders questioned the durability of any diplomatic pause. Reuters later reported WTI near $99.64 a barrel and Brent at $112.57 as ceasefire doubts persisted. Therefore, oil market volatility still reflects physical risk more than political messaging. 

The larger issue is not only the delay itself. The larger issue is whether Strait of Hormuz flows can normalise. Reuters reported that the waterway carries around 20pc of global oil and gas supplies. That makes any military deadline tied to the strait a direct threat to freight, refining, and industrial input costs worldwide. 

Strait of Hormuz Risk Keeps Energy and Supply Chains Under Pressure

Strait of Hormuz risk remains the core market driver. Even when Trump delays Iran attacks, buyers still face uncertainty over tanker flows and regional infrastructure. That uncertainty affects crude, fuel, petrochemicals, and shipping costs at the same time. Consequently, industrial supply chains cannot treat this as a short-lived political shock. 

Iran’s denial of talks also matters for market confidence. Trump has repeatedly described progress in negotiations, but Iranian officials have publicly rejected that narrative. This gap keeps futures markets vulnerable to sudden reversals. Meanwhile, physical buyers still must plan for disruption, not optimism. 

For metals and mining, the pressure can spread quickly. Higher oil and fuel prices raise mine haulage, smelting, and freight costs. Fertilizer and chemicals can also tighten when Gulf shipping risk rises. Therefore, energy geopolitics can quickly become a raw materials margin problem. 

Trump Delays Iran Attacks, but the Market Still Prices Escalation Risk

Trump delays Iran attacks, yet the delay alone does not remove escalation risk. The new deadline simply extends the period of uncertainty into early April. Traders now have to price both possible diplomacy and possible renewed strikes on Iran energy infrastructure. As a result, the market remains trapped between temporary relief and structural fear. 

This dynamic explains why price moves no longer hold. Initial drops now fade when the physical market doubts a real settlement. Reuters noted that skepticism over ceasefire prospects quickly pulled oil higher again. That pattern suggests risk premiums will stay elevated while the strait remains under pressure. 

The key question is no longer whether rhetoric can move prices. The key question is whether shipping conditions and infrastructure security actually improve. Until that happens, every delay will look more like a trading event than a durable solution. 

The Metalnomist Commentary

This story is bigger than one delayed strike. It shows how energy chokepoints can dominate industrial pricing even before physical damage expands. If Strait of Hormuz risk stays high into April, metals, chemicals, and freight markets will all keep pricing instability. 

IperionX titanium track pins order signals US defense shift to recycled titanium

Rheinmetall

IperionX titanium track pins are moving from lab validation to real military prototyping. IperionX received a $300,000 purchase order from American Rheinmetall for titanium track pins used in US Army heavy ground vehicles. IperionX titanium track pins will be delivered as 700 prototype units within 8–9 months.

IperionX titanium track pins will be produced from recycled titanium feedstock. The company will use its Hydrogen Assisted Metallothermic Reduction and Hydrogen Sintering and Phase Transformation routes. As a result, the order tests both production repeatability and mechanical performance for rugged tracked platforms.

Why titanium track pins matter for weight and readiness

Titanium substitution can cut component weight by roughly 40–45% versus steel. Therefore, IperionX titanium track pins could reduce total vehicle weight by several hundred kilograms. Lighter vehicles can improve mobility, extend component life, and reduce fuel burn in high-duty cycles.

American Rheinmetall supports major US ground platforms, including the M1 Abrams and M2 Bradley. Meanwhile, the US defense supply chain is pushing for resilient domestic sourcing. A proven titanium track pin pathway would strengthen US manufacturing optionality for wear parts.

DoD support accelerates recycled titanium scale-up

IperionX recently received the final $4.6mn of a previously announced $47.1mn Department of Defense award. The US government also transferred about 290t of high-quality 6Al-4V scrap to the company at no cost. This material equals about 1.5 years of feedstock at IperionX’s current 200 t/yr operating capacity.

This structure reduces two common bottlenecks at once. However, prototypes still need qualification discipline, stable properties, and cost visibility at scale. If IperionX titanium track pins meet wear and toughness targets, follow-on orders could expand into broader tracked-vehicle components.

The Metalnomist Commentary

This order is small, but it is strategically loud. It forces recycled titanium to compete on repeatability, not marketing. If qualification succeeds, titanium could enter a wider set of armored wear parts.

Gallium and scandium extraction facility wins $29.9mn US defence-linked funding

Critical Minerals

US defence-linked funding will back a gallium and scandium extraction facility at Element USA. The $29.9mn award targets a demonstration site in Gramercy. As a result, the gallium and scandium extraction facility aims to strengthen supply for strategic industries.

Meanwhile, the project also supports early development work at a Critical Resource Accelerator in Cedar Park. The funding uses Defence Production Act funding to scale extraction from industrial waste. Therefore, US onshoring efforts gain another pathway beyond conventional mining.

Turning bauxite residue into strategic metals

Element USA plans to extract gallium and scandium from industrial bauxite residue. The approach targets stockpiled waste that often carries untapped critical minerals. However, commercial success depends on consistent feed quality and reliable separation performance.

The project positions industrial waste as a domestic supply option. It also links alumina by-products to higher-value metals markets. As a result, refiners and waste handlers may see new incentives to collaborate.

Defence demand reshapes critical minerals strategy

Defence platforms rely on gallium and scandium for high-performance applications. Gallium supports advanced GaAs and GaN semiconductors used in radar and secure communications. Meanwhile, scandium strengthens lightweight alloys used in aircraft and missile structures.

The funding also signals sharper competition for specialised grades. Battery supply chains focus on scale and cost. However, defence supply chains prioritise traceability, performance, and resilience. Therefore, projects like this often target strategic availability before mass-market volumes.

The Metalnomist Commentary

This investment treats waste streams as a strategic resource, not a disposal problem. If the plant proves repeatable yields, it can shorten lead times for defence-grade inputs. However, sustained economics will still hinge on offtake confidence and stable residue supply.

Defence funding in Europe risks squeezing battery materials investment at EU Raw Materials Week

EU Defence

Defence funding in Europe risks squeezing battery materials investment, participants warned in Brussels. The debate surfaced at EU Raw Materials Week during investor and industry discussions. Defence funding in Europe risks squeezing battery materials investment as capital shifts toward security priorities. Therefore, the energy transition may face a tighter financing environment.

The European Commission is pushing defence spending through the ReArm Europe Plan. The plan aims to mobilise up to €800bn for defence investment. Meanwhile, the United States is backing military metals through funding and policy tools. As a result, critical raw materials markets are linking defence and clean energy strategy.

Investors follow defence narratives while battery projects face funding gaps

Investors are showing stronger interest in defence-linked opportunities. Demeter partner Antoni Troeich said money is flowing into defence. However, he also framed batteries and the energy transition as sovereignty issues. Defence funding in Europe risks squeezing battery materials investment if capital ignores EV supply chain scale.

Some investors react when they hear materials overlap both sectors. Troeich said investors became more interested after learning raw materials matter for defence. Meanwhile, battery projects still need long-duration capital and stable offtake. Therefore, developers must sharpen investment cases around scale and resilience.

Lithium demand scale still depends on EVs, not defence volumes

Lithium producers see potential for cross-sector partnerships. However, they warn defence demand cannot justify new plants alone. One producer said the EV market drives demand at scale. As a result, defence funding in Europe risks squeezing battery materials investment without replacing EV-led volume growth.

Co-operation also faces structural limits. Defence procurement is often secretive and specification-driven. Meanwhile, defence may require high-purity lithium or lithium metal grades. These grades do not always match mainstream battery industry needs. Therefore, collaboration will likely focus on niche refining and qualification pathways.

The Metalnomist Commentary

Europe should avoid framing defence and batteries as competing priorities. Meanwhile, dual-use refining and secure sourcing can serve both markets. Therefore, policymakers should align finance tools to unlock EV-scale projects with defence-grade options.

Brazil Russia Latin America stability takes centre stage after Maduro arrest

Brazil Russia Latin America

Brazil Russia Latin America stability has moved to the forefront after the dramatic US arrest of Venezuelan president Nicolas Maduro. Brazil’s president Luiz Inacio Lula da Silva and Russia’s president Vladimir Putin used a bilateral call to align positions on Venezuela and to push for a coordinated diplomatic response. Both leaders framed the situation as a test of sovereignty and non-intervention principles that will shape broader Brazil Russia Latin America stability in the coming months.

Brazil Russia Latin America stability and the Venezuela shock

Brazil Russia Latin America stability is now directly linked to how the region manages the fallout from the US raid in Caracas. Lula and Putin agreed to champion Venezuela’s sovereignty and national interests at the UN Security Council and within the expanded Brics grouping, signalling a more assertive counterweight to Washington’s approach. As a result, Brazil is positioning itself not only as a neighbour seeking regional calm but also as a bridge between Western powers and a Russia-aligned camp. Meanwhile, Russia is using the crisis to reinforce its narrative that regime-change style operations undermine global order and must face diplomatic pushback.

Brics diplomacy and the risks for regional supply chains

Brazil Russia Latin America stability also depends on how Brics diplomacy evolves around Venezuela’s crisis. The two countries plan to deepen coordination with fellow Brics members such as China, India and new entrants including Saudi Arabia and the UAE, creating a wider political platform for contesting US actions. This alignment could spill over into trade, defence and energy ties, reshaping investment flows and potentially complicating Western access to key Latin American supply chains. However, heightened geopolitical rivalry around Venezuela also raises the risk of sanctions, financial volatility and policy uncertainty that could weigh on regional growth and cross-border projects.

What Brazil Russia Latin America stability means for business

For companies, Brazil Russia Latin America stability will be measured less by rhetoric and more by how institutions manage the crisis. Investors will watch whether Brazil can maintain a balanced stance that protects its US and European ties while expanding strategic cooperation with Russia. At the same time, renewed tension around Venezuela could disrupt trade corridors, alter perceptions of political risk and influence capital allocation across sectors such as agriculture, mining, logistics and energy services. As a result, risk management, scenario planning and closer monitoring of diplomatic signals will become essential for firms exposed to Latin American markets.

The Metalnomist Commentary

The emerging Brazil Russia Latin America stability axis highlights how Venezuela’s crisis has become a global test case for sovereignty, great-power competition and energy geopolitics. For market participants, the key question is whether this diplomatic alignment produces a managed de-escalation or ushers in a more fragmented regional order that complicates long-term investment decisions.

US Niobium Defense Stockpile Strengthened by $50mn GAM Contract

Global Advanced Metals

The US niobium defense stockpile is set for a major expansion under a new $50mn supply contract awarded to Global Advanced Metals (GAM). The five-year, fixed-price agreement with the Defense Logistics Agency (DLA) covers up to 380,360lbs of niobium ingots for delivery to the Scotia Depot in New York. This move reinforces the US niobium defense stockpile at a time when Washington is accelerating efforts to secure critical minerals for advanced defense systems, aerospace components and high-performance alloys.

US niobium defense stockpile anchored by domestic production

The contract will see GAM produce niobium ingots at its Boyertown, Pennsylvania facility, anchoring the US niobium defense stockpile in domestic processing capability. This onshore production reduces exposure to geopolitical risk and supply disruptions from foreign sources. It also supports traceable, defense-grade quality standards important for superalloys, jet engines and advanced electronics.

In parallel, GAM has deepened its relationship with the US government through multiple awards. The company previously secured a $26.4mn award to produce niobium oxide and a separate five-year, fixed-price tantalum ingot contract worth up to $100mn. Together, these awards embed GAM at the core of US supply chains for niobium and tantalum, both on the US critical minerals list. As a result, the US niobium defense stockpile is increasingly backed by integrated tantalum and niobium capabilities within a single strategic supplier.

Critical minerals stockpile strategy widens beyond niobium

The DLA’s latest award fits into a broader push to expand US strategic reserves across a basket of critical minerals. Recent tenders and information requests have targeted antimony, cobalt, bismuth, high purity aluminum and scandium flake. This diversified approach recognises that modern defense platforms rely on complex material systems, not single metals. It also signals that niobium will sit alongside other critical inputs in a coordinated national stockpile strategy.

However, building a resilient US niobium defense stockpile will require long-term policy consistency and sustained funding beyond the current contract horizon. Fixed-price deals can stabilise budgeting but may compress margins if raw material costs rise. At the same time, capacity must scale in line with future demand from hypersonics, next-generation aircraft and power electronics. The latest GAM contract therefore looks like an important step, but not the final word, in US niobium security planning.

The Metalnomist Commentary

The GAM award underscores how quickly niobium has moved from a niche alloying element to a strategic pillar in US defense planning. By pairing niobium and tantalum contracts with broader stockpile tenders, Washington is quietly constructing a multi-metal buffer against future supply shocks. The next test will be whether parallel investments in mining, recycling and alloy R&D can keep pace with the Pentagon’s rising appetite for advanced materials.

US Defense Stake in Trilogy Metals Signals Strategic Copper Push

Trilogy Metals

US defense stake in Trilogy Metals marks a new phase in American critical minerals policy. The US Department of Defense will acquire a 10pc equity position in Trilogy Metals through a $35.6mn investment, directly supporting the Upper Kobuk Minerals Projects in Alaska. This US defense stake in Trilogy Metals aligns with Washington’s broader effort to secure domestic supplies of copper, zinc, lead and cobalt for energy transition and defense applications. The funding targets early-stage exploration and development, giving the government a financial foothold in a key North American resource district.

US defense stake in Trilogy Metals reshapes project governance

The share deal will significantly reshape the ownership and governance structure around the Ambler district assets. Trilogy, South32 and their joint venture vehicle Ambler Metals have agreed that the DOD will purchase 16.4mn Trilogy shares, split evenly between new issuance and stock sold by South32. As a result, the US defense stake in Trilogy Metals will include a 10pc holding in the company plus a transferred 10-year call option over an additional 6.2mn shares. In parallel, the DOD gains the right to appoint an independent director to Trilogy’s board for three years, embedding strategic oversight at the governance level. This board presence reinforces how the US defense stake in Trilogy Metals goes beyond financing and moves into influence over long-term project direction.

Ambler Access road and permitting move to the forefront

The investment also targets the bottlenecks that have slowed development of the Ambler district. The partners and the US government plan to collaborate on permitting, financing and construction of the Ambler Access road, linking the remote Upper Kobuk Minerals Projects to the Dalton Highway. As a result, the package couples capital with political support for a key piece of Arctic infrastructure. The parties also intend to pursue expedited mine permitting, although environmental and community scrutiny in Alaska remains intense. If successful, the integrated approach could shave years off the path to first production and turn the Ambler district into a meaningful copper and zinc supplier for North American smelters.

The Metalnomist Commentary

This transaction shows how security concerns are pulling US government capital directly into junior mining equity, not just downstream refining. For Trilogy and South32, the partnership de-risks infrastructure and permitting, but it will likely raise expectations on ESG performance and project transparency. The Ambler district could become a test case for whether state-backed critical minerals strategies can overcome the permitting gridlock that has stalled many US copper projects.

US antimony supply chain strengthened by $43mn Nova funding

Alaska Range Resources

The US antimony supply chain is taking a strategic step forward with new defense-backed funding for production in Alaska. The US antimony supply chain has long depended on imports, but Nova Minerals’ subsidiary Alaska Range Resources (ARR) now plans domestic mining and refining at the Estelle project. The US Department of Defense has awarded $43.4mn to ARR, targeting military-grade antimony trisulfide and reinforcing the US antimony supply chain for critical applications.

DoD-backed investment targets military-grade antimony trisulfide

The new funding will help ARR develop antimony trisulfide production from stibnite ore at Estelle, creating an integrated mine-to-product operation. This integrated flow from ore to antimony trisulfide is designed to meet stringent military specifications for ammunition, pyrotechnics, and specialized defense systems. As a result, the project moves the US beyond basic concentrate supply and into value-added processing.

Antimony trisulfide is essential for ammunition, flame retardants and certain semiconductor applications, linking this project directly to both defence and advanced manufacturing demand. Meanwhile, the initiative aligns with broader US efforts to rebuild critical minerals capacity onshore, especially for materials that have faced supply disruptions and geopolitical risks. By backing a specific site with targeted capital, the DoD is signalling that antimony security is now a strategic priority alongside other defence-linked minerals.

From zero output to a domestic antimony production base

The US produced no antimony at commercial scale in 2024, underscoring how exposed domestic industries are to foreign supply. This new project therefore acts as a potential anchor asset for a future US production base. If Estelle reaches commercial scale, it could support downstream processors and catalyst, alloy and chemicals producers that currently depend on imported antimony feedstock.

At the same time, integrated mine and refining capacity in Alaska could stimulate associated infrastructure, from logistics to environmental technologies, creating a broader critical minerals hub. However, project execution, permitting, and ESG performance will determine whether the investment translates into reliable long-term volumes. Market participants will watch closely how quickly ARR can move from funding to sustained output, and how its costs compare with established suppliers.

The Metalnomist Commentary

This funding marks a meaningful, though early-stage, pivot from import dependence toward strategic domestic capacity in antimony. If Estelle delivers on its integrated vision, it could become a template for how defence funding accelerates critical mineral projects in North America. Yet the project must still prove it can compete on costs and sustainability in a market historically dominated by overseas producers.

Lithium Americas Thacker Pass project reshaped by US equity move

Lithium Americas

The Lithium Americas Thacker Pass project has entered a new phase as the US government links financing to direct equity. The Department of Energy (DOE) will take a 5pc stake in Lithium Americas and another 5pc in its joint venture with General Motors. This move reshapes risk sharing on the Lithium Americas Thacker Pass project and signals stronger US commitment to domestic lithium supply. As a result, the Lithium Americas Thacker Pass project now sits at the intersection of industrial policy, EV demand and capital markets.

US equity stake deepens support for Lithium Americas Thacker Pass project

The DOE has restructured its $2.26bn loan by adding equity warrants in Lithium Americas and its GM joint venture. This makes the US government not only a lender but also a partial owner of the Lithium Americas Thacker Pass project. LAC will draw an initial $435mn before the end of 2025, which will fund early construction and infrastructure. The joint venture structure remains intact, with Lithium Americas holding 62pc and operatorship and GM holding 38pc. This equity-linked design aligns incentives across government, miner and automaker, while anchoring long-term US battery material security.

The Thacker Pass development targets 160,000 t/yr of lithium carbonate across five phases. Each phase is planned at 40,000 t/yr, providing staged capacity that can track market demand. This phased approach reduces execution risk and gives lenders more confidence in the project ramp-up. It also lets the partners adjust capex timing if pricing or EV demand changes. For the DOE, the structure supports a scalable North American supply chain that can feed US gigafactories and reduce reliance on foreign lithium.

GM will also amend its offtake agreement to allow additional buyers into the portfolio. Under the existing terms, GM can take up to 100pc of Phase 1 and 38pc of total production for 20 years. The updated agreement will free some Phase 1 volumes for third-party offtake contracts. That shift reflects slower US EV adoption than previously expected and uncertainty after the expiry of key tax credits at the end of September. It also allows Lithium Americas to diversify its customer base and reduce single-buyer exposure.

Lithium Americas Thacker Pass project balances market risk and supply security

The Lithium Americas Thacker Pass project is now a test case for how policy-backed critical mineral projects manage demand cycles. On one hand, government equity and cheap debt lower financing costs and signal strong policy support. On the other, the partners must adapt to a softer EV sales trajectory and evolving battery chemistries. Allowing third-party offtake from early phases helps ensure plant utilisation and broader market participation. It also widens the strategic impact of Thacker Pass beyond a single OEM.

At the same time, the project remains central to US ambitions for a resilient battery supply chain. Domestic lithium carbonate output can reduce exposure to price spikes, export controls and shipping disruptions. The phased build-out allows careful monitoring of market conditions while keeping long-term capacity targets intact. If EV adoption reaccelerates later in the decade, Thacker Pass will already have a built foundation for further expansion.

The Metalnomist Commentary

The DOE’s equity stake turns Thacker Pass into a flagship example of industrial policy meeting market reality. The Lithium Americas Thacker Pass project gains financial strength and strategic backing, but must now prove it can thrive in a slower, more competitive EV landscape. For battery and automaker supply chains, the real story is optionality: diversified offtake and phased growth give this project room to adjust without losing strategic relevance.

NioCorp Elk Creek project secures fresh funding for critical minerals push

NioCorp

The NioCorp Elk Creek project is moving closer to construction after the company outlined plans to raise an additional $60mn. The NioCorp Elk Creek project, located in Nebraska, targets production of scandium, niobium, titanium and other critical minerals needed for advanced manufacturing. This latest funding move comes just a week after NioCorp closed a $50mn share offering, underscoring growing investor confidence in the NioCorp Elk Creek project and its strategic role in North America’s supply chain.

Equity raise underpins NioCorp Elk Creek project construction

NioCorp will issue about 9.8mn new shares at $6.15 per share through a placement arranged by US investment bank Maxim Group. The proceeds will help launch construction of the NioCorp Elk Creek project and support its transition toward commercial-scale production. In addition, the funding will cover general working capital needs as the company advances engineering, procurement and early site works. By leaning on equity rather than pure debt, NioCorp reduces balance sheet pressure at an early stage of the NioCorp Elk Creek project, which can be important in volatile critical minerals markets.

Strategic backing highlights importance of critical minerals

Beyond equity markets, the NioCorp Elk Creek project has attracted support from government-backed financiers. The project has secured up to $10mn in funding from the US Department of Defense, reflecting the strategic importance of scandium, niobium and titanium for aerospace, defense and high-performance alloys. It has also lined up $200mn from UK Export Finance, signalling international interest in diversifying critical mineral supply chains. As a result, the NioCorp Elk Creek project is emerging as a potential pillar in efforts to reduce dependence on overseas sources for high-spec material used in lightweight alloys, clean energy technologies and advanced infrastructure.

The Metalnomist Commentary

The funding pipeline around Elk Creek shows how quickly capital can mobilise when critical minerals, defense needs and supply chain security align. The next test will be NioCorp’s ability to execute on time and on budget in a sector where cost inflation and project delays remain common. If delivered, Elk Creek could become a benchmark for integrated scandium, niobium and titanium supply in North America.

Boeing defense strike replacement workers plan tests US jet program resilience

Boeing defense strike

Boeing defense strike replacement workers are now central to the company’s response to a protracted machinist walkout. The aerospace group plans to hire permanent staff at key defense facilities where union members have been on strike since early August. As a result, Boeing defense strike replacement workers could shape production stability across several US fighter and tanker programs.

Union standoff drives Boeing defense strike replacement workers strategy

Boeing’s decision to recruit Boeing defense strike replacement workers follows weeks of deadlock with the IAMAW union. More than 3,200 machinists rejected Boeing’s latest four year contract offer and walked out on 4 August. The company insists the proposal is the best local deal it has ever presented to the union.

One of the sharpest flashpoints is a $5,000 ratification bonus that Boeing withdrew after the original offer expired. Striking workers compare this figure with the $12,000 bonus paid to commercial segment staff in 2023. Therefore they see the gap as evidence that defense workers receive weaker recognition despite supporting critical national programs.

Boeing has already posted job openings and scheduled a job fair to attract new recruits. However, the pace of training and certification remains uncertain in a highly specialised aerospace environment. Any delay in qualifying Boeing defense strike replacement workers could prolong disruption rather than resolve it.

Fighter jet programs face execution and supply chain risks

The strike directly affects Boeing’s defense facilities in Missouri and Illinois, which support multiple fighter and unmanned platforms. These sites build and sustain the F 15, F/A 18 and T 7A Red Hawk, as well as the MQ 25 Stingray. Consequently, extended labour unrest and reliance on Boeing defense strike replacement workers could ripple through US and allied air forces.

To keep lines running, Boeing has already redeployed non union staff from other locations into the affected plants. This move preserves minimal operations but may not match the productivity and institutional knowledge of long serving machinists. Meanwhile, program partners and defense customers will watch for schedule slippage, cost increases and quality concerns.

The company now faces a complex trade off between preserving bargaining leverage and protecting critical delivery milestones. If talks remain frozen, the longer term cost of higher turnover and training may outweigh any near term wage savings. Therefore, management and union leaders both carry responsibility for avoiding damage to high profile defense exports and readiness.

The Metalnomist Commentary

Boeing’s labour standoff shows how concentrated skills and tight defense timelines amplify industrial relations risk. For governments and suppliers, this episode underscores the need to diversify production, deepen talent pipelines and strengthen crisis playbooks. If Boeing resolves the dispute while protecting quality, the outcome could redefine labour strategy across the wider aerospace sector.

Metallium gallium recovery wins US DoD backing to scale critical metals

Metallium

Metallium gallium recovery secured initial US Defense Logistics Agency funding, positioning Metallium gallium recovery to commercialize waste-to-metal extraction in Texas and strengthen US critical materials security. The Phase I award of nearly $66,000 arrives within six months, while Phase II could provide up to $1mn and Phase III more than $10mn to launch full commercial operations. Metallium gallium recovery also benefits from a recent $33mn equity raise to accelerate scale-up toward a 2026 start of production.

Funding pathway and commercialization timeline

The staged DoD funding de-risks pilot development and accelerates technology validation for gallium recovery from waste streams at Metallium’s Texas site. Phase I supports early program work and reporting; Phase II would advance pilot-scale operations; Phase III targets commercial deployment exceeding $10mn. The company plans first commercial output in 2026, aligning public funding with private capital to bridge the valley between lab and market.

Technology scope and strategic metals impact

Metallium will apply proprietary flash joule heating to recover gallium and other strategic metals from complex waste feeds. The process targets antimony, indium, and germanium alongside gallium, offering multi-metal revenue and improved circularity. As a result, the Texas hub could diversify US supply chains for semiconductor, defense, and power electronics markets while reducing reliance on imported critical minerals.

The Metalnomist Commentary

Targeted DoD support signals urgency to localize gallium and allied metals amid geopolitical risk. Watch pilot yields, metal purity, and unit costs as key milestones; multi-metal recovery will define bankability and downstream offtake interest.

Defense & Security 2025 turns Bangkok into Asia’s defense crossroads

Defense & Security 2025

Defense & Security 2025 opens in Bangkok with record scale and deep strategic signaling. Defense & Security 2025 hosts 580 companies, 28 national pavilions, and 26,000 visitors. Defense & Security 2025 runs 10–13 November at IMPACT under Thailand’s defense ministry.

China’s strategic push shapes the exhibition’s competitive landscape. Thailand has fielded Chinese VT-4 tanks, VN-1 IFVs, drones, and QBZ-195T rifles. Thailand has in recent years purchased more Chinese arms by value than US systems. Therefore, the halls highlight Chinese offerings across air, land, and maritime domains. Meanwhile, invited delegations exceed 350 senior officials from 35 countries.

Scale and content reinforce the show’s Asia-Pacific weight. Exhibits span missiles, tanks, UAVs, ships, satellites, and secure comms. Exhibitors also show electronic warfare, cyber, and counter-terror systems. As a result, the event functions as a tri-service marketplace with policy dialogue. Twenty seminars and conferences convene industry and government experts.

Defense & Security 2025, China Sector

China’s export expansion meets Thailand’s modernization

China’s export pattern concentrates on Asia and Oceania buyers. Asia-Oceania take 77% of Chinese arms exports, with Africa at 14%. Pakistan accounts for 63% of Chinese exports, followed by Bangladesh and Thailand. Consequently, regional procurement pipelines increasingly feature Chinese platforms and components.

Thailand’s modernization plan advances across multiple suppliers. The cabinet approved a phased purchase of 12 Gripen E/F jets over a decade. The estimated cost is 60 billion baht for the Gripen program. Thailand’s 2024 defense budget totals 198.3 billion baht, up 2% year on year. Therefore, procurement mixes US Strykers, Chinese VN-1s, and Israeli UAVs.

ASEAN’s rearmament cycle accelerates in parallel. Indonesia’s defense budget reached $13.2 billion in 2023. Singapore’s spending reached $13.4 billion in 2023 after a 10% rise. Singapore is acquiring eight F-35B fighters to expand airpower. Vietnam is upgrading naval capabilities to protect maritime claims.

Defense & Security 2025

Global spending pledges and exporter dynamics reframe supply chains

NATO members set a higher ambition at the June 2025 summit. Members committed to invest 5% of GDP in defense. This marks a major uplift from the earlier 2% benchmark. As a result, delivery slots, components, and workforce will tighten globally.

Exporter shares define competitive pressures through 2020–24. The United States held 43% of global arms exports. France and Russia followed in second and third positions. China accounted for 5.9% and ranked fourth. Therefore, Chinese vendors face strong US and European competition in premium segments.

Defense & Security 2025 serves more than a sales floor. Organizers prioritize invited government buyers and curated agendas. Discussions focus on autonomy, AI ISR, resilient logistics, and cyber. Exhibitors pitch lifecycle packages with training and local sustainment. Co-production, MRO, and data rights feature in many deal rooms.

The Metalnomist Commentary 

Bangkok’s show captures a decisive shift toward diversified sourcing and localization. Expect tougher offset terms, co-development, and data-centric sustainment as ASEAN hedges suppliers. Financing creativity will separate winners from followers in the next procurement wave.