Titan Mining Secures EXIM Loan for New York Zinc Expansion

Titan Mining

EXIM Financing to Support Zinc Growth

Titan Mining has secured $15.8mn in financing from the Export-Import Bank of the US (EXIM) to expand its zinc operations in New York. The funds will be used by its subsidiary, Empire State Mines, to upgrade equipment and infrastructure. The loan has a seven-year tenor with a two-year interest-only grace period, offering the company time to ramp up production.

Zinc Production and Resource Outlook

Titan expects to produce 64mn–69mn lbs of payable zinc in 2025. The mine’s measured and indicated resources total 636mn lbs of recoverable zinc and 541mn lbs of payable zinc, supporting long-term output. In January, Titan announced plans to extend the mine’s life to 2033. Additionally, the company aims to expand into graphite development alongside its zinc operations, reflecting a broader strategy in critical minerals.

The Metalnomist Commentary

Titan Mining’s EXIM loan demonstrates how US financial institutions are reinforcing domestic critical mineral projects. While zinc demand is rising, the company’s parallel push into graphite shows a strategic pivot toward battery minerals. This dual focus positions Titan to benefit from both traditional and energy transition markets.

Li-Cycle Weighs Acquisition Offer from Glencore

Glencore

Canadian battery recycler Li-Cycle is considering a takeover offer from Glencore amid financial distress and project delays.

Financial Pressure Mounts on Li-Cycle

Li-Cycle is reviewing a 14 March acquisition proposal from Glencore, a major mining and trading firm. Glencore already holds a strategic stake in Li-Cycle and may move to take full control.

The announcement came as Li-Cycle warned in its 2024 annual report that it may run out of cash within a year. The firm’s liquidity crisis has worsened due to delays in accessing funding and paused construction projects.

In 2023, the company halted its Rochester hub project, critical to its spoke-and-hub recycling model. The stoppage disqualifies it from drawing a $475 million loan from the U.S. Department of Energy.

Projects Paused, Shares Delisted, Outlook Uncertain

Trading of Li-Cycle shares was suspended by the New York Stock Exchange in early 2024.

The de-listing reflects growing concerns about its operational viability.

Li-Cycle’s 2024 net loss reached $137.7 million, with revenues rising modestly to $28 million. Cash reserves fell by nearly $50 million, leaving only $31.9 million in liquidity at year-end.

The company has also paused development at its New York and Norway spoke facilities, limiting its future throughput. Its spoke-and-hub model, once touted as the future of lithium-ion battery recycling, now hangs in the balance.

The Metalnomist Commentary

Glencore’s interest in acquiring Li-Cycle may offer a lifeline—if terms can be agreed quickly. However, the deal also reflects broader challenges in scaling battery recycling under current market economics. If successful, this acquisition could strengthen Glencore’s position in the critical battery materials supply chain.

Wolfspeed's Silicon Carbide Demand Surges with EV Transition to 800V Architecture

The global transition to 800V electric vehicle (EV) charging systems from the traditional 400V architecture is fueling a significant increase in demand for silicon carbide (SiC) power devices, according to US-based semiconductor manufacturer Wolfspeed. This trend has been a key driver behind Wolfspeed's strong quarterly revenue growth, despite a general downturn in the broader automotive semiconductor market.

Wolfspeed reported that its EV-related revenue more than doubled in the quarter ending June 30 compared to the previous year, and it is expected to increase by around 300% year-on-year in the upcoming quarter ending September 30. Electric vehicles accounted for approximately 50% of Wolfspeed's power device revenue in the most recent quarter, a substantial rise from 25% a year earlier. This percentage is projected to climb above 60% by the end of September.

Chief Financial Officer Neill Reynolds emphasized that while short-term EV adoption rates have been revised downward, the demand for SiC in EVs remains robust. The shift to 800V systems, which require higher power capabilities that SiC technology offers over conventional silicon devices, is a major factor driving this demand.

Industry experts predict that by 2027-30, over 90% of new EVs will utilize 800V systems. Reflecting this trend, approximately 70% of Wolfspeed's $2 billion in design-ins from the June quarter were linked to 800V applications. Many of the EV designs Wolfspeed has developed over the past 5-7 years are now moving into production, with around $500 million in new designs receiving approval for use during the last quarter. This backlog supports over 125 EV models across more than 30 original equipment manufacturers (OEMs) in the coming years.

While the automotive sector is leading the adoption of SiC technology, Wolfspeed’s President and CEO, Gregg Lowe, noted that high-voltage applications in energy markets, such as AI data centers, electric mobility, and solar inverters, are also expected to drive further demand in the coming years.

Wolfspeed is accelerating the transition of its power device production to 200mm semiconductors at its new Mohawk Valley facility in New York, where unit costs are lower compared to its 150mm device facility in Durham, North Carolina. The company expects to complete construction of its new JP Siler City materials factory by mid-2025, which will supply wafers to Mohawk Valley, aiming for 30% capacity utilization.

Although the Durham facility has been operating at reduced rates due to weaknesses in the industrial and energy markets, Wolfspeed is assessing the timing of the 150mm device fab's closure as production ramps up at Mohawk Valley. However, this shift does not alter the company’s long-term view that industrial and energy products will continue to be a substantial part of its portfolio, according to Reynolds.

Soaring Renewables Growth Still Falls Short of COP28 Target, Varies Widely by Region

Renewable energy deployment is speeding up at an “unprecedented rate” but still falls short of what it will take to hit the tripling of global capacity that countries committed to at last year’s United Nations climate summit, the International Renewable Energy Agency warns in an assessment published earlier this month.

That’s in spite of renewable energy producers installing 473 gigawatts of new capacity last year, accounting for 85% of the new electricity entering the global system, Canary Media reports.

Renewable energy capacity grew 14% last year, contributing to a 10% compound annual growth rate between 2017 and 2023, IRENA says. But it’ll take annual growth of 16.4% to meet countries’ 2030 deadline to triple the amount of renewable energy available around the world by 2030.

“Renewable energy has been increasingly outperforming fossil fuels, but it is not the time to be complacent,” said IRENA Director-General Francesco La Camera. “Renewables must grow at higher speed and scale” unless countries want to “face failure in reaching the tripling renewables target,” thereby putting the climate goals in the 2015 Paris agreement at risk.

The commitment to triple global renewable energy capacity and double the rate of annual energy efficiency improvements by 2030 was one of the signature results of last year’s COP28 climate summit in Dubai. “But IRENA’s analysis found that even if renewables continue to be deployed at the current rate over the next seven years, the world will fall 13.5% short of the target to triple renewables to 11.2 terawatts,” Climate Home News reports.

“Today’s report is a wake-up call for the entire world: while we are making progress, we are off track to meet the global goal,” said COP28 President and fossil fuel CEO Sultan Al Jaber. “We need to increase the pace and scale of development.”

Decarbonization Divide

La Camera added that the top-line numbers obscure “ongoing patterns of concentration in geography” that “threaten to exacerbate the decarbonization divide and pose a significant barrier to achieving the tripling target.” The numbers show Asia leading the world in renewable power generation followed by North America, and South America recording an “impressive jump”, but Africa lagging at just 3.5% annual growth due to a persistent and dire lack of climate finance.

Global Renewables Alliance CEO Bruce Douglas echoed the concern about the imbalances in deployment between regions. “We shouldn’t be celebrating,” he said. “This growth is nowhere near enough and it’s not in the right places."

Even with the aggregate growth data for Asia, Climate Home says, analysis by the REN21 international policy group shows the continent as a whole—excluding renewables powerhouse China—accounting for less than 18% of new capacity additions in 2023.

“The justice piece is huge and too often overlooked,” Douglas said, with IRENA reporting that Africa has seen less than 2% of global renewables investment over the last two decades. “That’s not acceptable in terms of an equitable transition,” he declared.

In the Financial Times, human geographer Brett Christophers of the University of Uppsala’s Institute for Housing and Urban Research cautions against mistaking China’s big numbers on renewable energy deployment for a global trend.

“The view that the world is finally winning in the energy transition away from fossil fuels is increasingly prominent,” he writes. But “comforting as this take may be, we need to throw cold water over it. We are emphatically not yet winning, and it is time to stop pretending that we are.”

‘Hugely Misleading’

It’s “hugely misleading” to look at the global growth rate for renewables when “there is not one single energy transition but a series of regional transitions of widely varying form, pace and scope,” Christophers adds. That matters because “we need rapid growth in renewable investment everywhere,” in every region of the world.

But at present, “the outsized materiality of one—China’s—means global figures veil more than they reveal. They currently look impressive because, and only because, China’s do.”

Elsewhere, the New York Times reports that the U.S. oil industry is still booming, with high prices and recent growth in demand translating into higher profits, even as renewable energy and electric vehicles surge. “That the price and demand for oil have been so strong suggests that the shift to renewable energy and electric vehicles will take longer and be more bumpy than some climate activists and world leaders once hoped,” the Times writes.

While the industry has gained from high prices brought on by the COVID-19 recovery and Russia’s war in Ukraine, the Times lists other factors that have improved oil companies’ prospects: under pressure from Wall Street to offer better financial returns: they’ve become more hesitant to go into debt to pay for new growth, while laying off workers and automating more of their operations. The result is that oil and gas operators in the lower 48 U.S. states have generated US$485 billion in free cash flow since 2021, compared to $140 billion in the previous decade.

“The environmental consequences of the oil industry’s financial turnaround are mixed,” the Times writes, citing Brookings Institution Director Samantha Gross. “Producing and burning fossil fuels releases greenhouse gases that are warming the planet. But higher oil prices are also making cleaner forms of energy more attractive.”

Stryten to Expand Energy Storage Capacity to 24 GW/yr

Stryten Energy

Stryten Energy expands U.S. battery manufacturing to 24 GW/yr, strengthening grid storage and national defense readiness.

New Capacity Strengthens U.S. Energy Independence

Stryten Energy will expand its domestic battery manufacturing to 24 GW/yr, reinforcing U.S. energy resilience for critical sectors. The company is adding 10 GW/yr of new energy storage production, bringing total capacity across multiple states. These include existing facilities in Pennsylvania, New York, Indiana, Missouri, Wisconsin, and a new lithium battery plant in Georgia.

The move comes as the U.S. government pushes for greater localization of energy storage supply chains for national security and energy transition goals.

Applications Span Defense, Grid Storage, and Industry

Stryten batteries serve military, government, data centers, automotive, material handling, and grid storage sectors. The capacity boost ensures supply for high-priority applications, including mission-critical defense and infrastructure operations. This investment aligns with ongoing public-private energy security initiatives and increases resilience across the U.S. energy ecosystem.

The expansion is supported by the advanced manufacturing production tax credit, helping incentivize capital investments in domestic clean tech.

The Metalnomist Commentary

Stryten’s expansion confirms that U.S. battery capacity growth is no longer driven solely by EV demand. National security, grid stability, and industrial continuity now anchor the battery sector’s relevance — and future growth path.

GM to Invest $888M in NY Engine Plant for Sixth-Generation V-8 Production

General Motors

Tonawanda Facility to Support Internal Combustion and EV Manufacturing

GM to invest $888M in NY engine plant to produce its sixth-generation V-8 engines, reaffirming its commitment to high-performance internal combustion powertrains even amid its EV transition. The investment, directed to the Tonawanda Propulsion Plant in Buffalo, New York, is GM’s largest-ever commitment to an engine facility. Production of the new V-8 engines will begin in 2027, while the plant will continue assembling fifth-generation models in the interim.

This investment will fund the installation of new machinery, tools, and production equipment to support GM’s latest truck and SUV engine architecture. The sixth-generation V-8s are expected to power future full-size pickups and sport utility vehicles, key revenue drivers for the automaker. As GM invests $888M in NY engine plant, it underscores a dual-track strategy to sustain its internal combustion portfolio alongside electrification.

Prior EV Commitment Enhances Tonawanda's Strategic Role

The Tonawanda plant is already part of GM’s EV supply chain strategy. In 2023, GM committed $300 million to produce electric drive units at the facility through a deal with the United Auto Workers (UAW). With the new V-8 investment, Tonawanda becomes a hybrid production site, supporting both traditional and electric powertrain technologies. This dual-capability model reflects GM’s effort to balance market demand during a gradual transition from ICE to EV platforms.

As GM invests $888M in NY engine plant, it signals that the company sees continued demand for gasoline-powered vehicles—particularly in North America—while maintaining flexibility to scale EV output.

The Metalnomist Commentary

GM’s record-setting investment at Tonawanda highlights a pragmatic approach to powertrain diversification. By enhancing its ICE engine capabilities while scaling EV drive unit output, GM is hedging against market volatility and regulatory shifts in the U.S. automotive sector.

Westbrook Energy Group Rebrands as OneWest: A Strategic Move to Strengthen Forging Operations

Westbrook Energy Group

In a significant shift for the forging industry, Westbrook Energy Group has officially rebranded as OneWest. This move consolidates the company’s various acquisitions into a more unified identity, signaling the group’s ambition to strengthen its position in new markets. The rebrand integrates key operations, including Forge USA, Viking Iron Works, and Western of Texas, under a new umbrella, OneWest Manufacturing Partners. However, Westbrook Manufacturing, Federal Flange, and Forged Components will remain separate brands, continuing their individual operations.

Streamlining Operations Under OneWest Manufacturing Partners

OneWest’s rebrand reflects the company’s strategic decision to unify its core operations while retaining individual brands where appropriate. Viking Iron Works, located in Poughkeepsie, New York, manufactures custom open die forgings for aerospace and industrial markets. With a capacity of up to 2,600 pounds, the company also provides heat treating, machining, and testing services. Viking handles a diverse range of materials, including carbon and alloy steels, as well as titanium grades, to produce seamless rings, disks, and bars.

Forge USA, based in Houston, Texas, focuses on producing open die forgings ranging from 1,000 to 55,000 pounds for similar industries. In addition to heat treating, Forge USA specializes in carbon, alloy, and stainless steels. The company plays a vital role in meeting the growing demands of various industrial sectors.

Western of Texas, situated in Kountze, Texas, specializes in flanges for oil and gas, petrochemical, and mining industries. The company’s expertise lies in producing custom forgings, including rings, disks, and blocks, weighing up to 55,000 pounds. Western of Texas works with stainless steel, nickel-based alloys, and low-temperature alloys to serve its diverse clientele.

No Disruption to Operations or Customer Commitments

Despite the integration of these key operations, OneWest emphasized that the restructuring will not disrupt ongoing operations or affect customer commitments. This strategic move aims to enhance the company’s ability to serve its clients more efficiently while solidifying its presence in key markets.

Alcoa Massena aluminum smelter investment anchors long-term US primary capacity

Alcoa Massena aluminum smelter

Alcoa Massena aluminum smelter investment marks a renewed commitment to US primary aluminum production and regional industrial jobs. The company has secured a 10-year, 240MW renewable power contract from the New York Power Authority, with extension options. This long-dated Massena renewable power deal underpins operations and gives Alcoa confidence to reinvest capital in the site. As a result, the plant’s future looks more secure in a market focused on low-carbon metal.

Alcoa will pair the new power deal with a $60mn modernization of the smelter’s anode baking furnace. The project, partially supported by a $6mn grant from Empire State Development, will run through 2028. Modern anode technology should improve energy efficiency and process stability, supporting lower emissions per tonne of primary aluminum. Therefore, the Alcoa Massena aluminum smelter investment aligns commercial resilience with decarbonisation goals.

Renewable power underpins Massena smelter competitiveness

The Massena renewable power deal is central to Alcoa’s cost and carbon strategy at the smelter. The 240MW allocation of renewable energy, starting 1 April, lowers exposure to volatile market power prices. It also strengthens Alcoa’s ability to market lower-carbon primary aluminum to automotive and packaging customers. Over time, options for two additional five-year terms could extend that visibility well beyond 2035.

Access to dedicated hydropower and other low-carbon sources is increasingly a competitive advantage in smelting. Many global smelters face pressure from higher fossil-based electricity prices and tightening climate policies. By contrast, Massena’s power structure gives Alcoa a stable platform for long-term contracts with downstream buyers. Consequently, the Massena renewable power deal reinforces the strategic value of US smelting capacity.

Modern anode baking furnace supports capacity and ESG goals

Upgrading the anode baking furnace is a critical part of the Alcoa Massena aluminum smelter investment. Carbon anodes are consumed in the electrolytic process, combining with oxygen from alumina and leaving molten aluminum. Furnace design and performance directly affect energy use, cell stability and overall emissions. New equipment should lift reliability, extend anode life and improve current efficiency in the pots.

It remains unclear whether nameplate capacity of 130,000 t/yr will change after the project. However, better anode performance often translates into higher effective output and lower unit costs. That, in turn, can support longer-term employment and justify further incremental improvements at the site. In a market where buyers increasingly demand traceable low-carbon aluminum, the Alcoa Massena aluminum smelter investment positions the plant as a more attractive supplier.

The Metalnomist Commentary

This package of renewable power and furnace modernisation shows how policy support can unlock private capital for hard-to-abate industries. If Massena’s upgraded profile leads to greener, more competitive primary aluminum, it could become a blueprint for other legacy smelters in North America. For downstream OEMs, a more secure and cleaner US supply base reduces dependence on higher-carbon imports.

ATI and USW Finalize Six-Year Labor Agreement for Specialty Alloys Division

ATI

ATI has finalized a six-year labor agreement with the United Steelworkers (USW), securing workforce stability across its specialty rolled products division. The deal, covering nearly 1,000 union employees, applies to six ATI facilities in Pennsylvania and one in New York. This development strengthens labor continuity at a time of increased demand for high-performance alloys used in aerospace, defense, and energy sectors.

The new ATI labor agreement ensures uninterrupted production of stainless steel, nickel alloys, cobalt alloys, and titanium-based products. ATI produces these materials in various forms, including sheet, strip, and plate, all critical for supply chains that depend on corrosion resistance, high-temperature strength, and specialty metallurgical performance. The agreement also reflects mutual confidence between ATI and the USW after past labor disputes.

Labor Stability Strengthens ATI’s Specialty Metals Output

The ATI labor agreement stabilizes operations across key manufacturing sites that serve aerospace, medical, and energy customers. These sectors require reliable supply of specialty alloys like nickel superalloys and titanium plate, which are often constrained by both technical complexity and production scale. Labor stability allows ATI to continue executing its strategy of focusing on high-margin, differentiated materials.

ATI’s recent capacity investments in its specialty rolled products segment suggest growing customer demand for advanced materials. The secured labor contract now reduces the risk of production disruptions and supports ATI’s long-term service commitments to strategic customers.

Titanium and Nickel Alloy Markets Benefit from Secure Supply Chain

By locking in a long-term labor agreement, ATI improves predictability in the nickel alloy and titanium product markets, where delays or shortages can significantly impact OEMs. As supply chain risk remains a top concern for defense and aerospace contractors, ATI's ability to maintain a stable, union-backed workforce adds resilience to its role in the specialty metals ecosystem.

This move also enhances ATI’s positioning in government contracts and specialty component supply, where operational reliability and labor compliance are prerequisites.

The Metalnomist Commentary

The new ATI labor agreement marks a strategic win for North American specialty metals stability. At a time of geopolitical supply risk and defense material bottlenecks, labor certainty helps ATI meet growing downstream demand for high-performance alloys.

Chipmakers Face Slower Automotive Demand in Q1 2025

Wolfspeed

Semiconductor Firms Anticipate Declining Auto Sales, With EV Growth Concentrated in China

Semiconductor companies like STMicroelectronics, Wolfspeed, and NXP are bracing for slower demand growth from the automotive sector in the first quarter of 2025. This reflects a broader decline in vehicle production outside of China, where the electric vehicle (EV) market continues to outpace the rest of the world.

Declining Automotive Demand and Growing EV Shift in China

NXP, based in the Netherlands, reported a 4% drop in its automotive revenue for 2024. This decline was attributed to "inventory digestion at western tier 1 customers" amid an uncertain automotive demand environment. The company expects further declines in automotive revenue for the first quarter of 2025. However, NXP’s revenue from China grew by 4%, highlighting an increase in semiconductor content in vehicles as Chinese automakers embrace electrification and software-defined architectures.

NXP's strategy for China, which it calls "China for China," involves producing devices at its Tianjin plant for sale to the Chinese market. According to NXP president and CEO Kurt Sievers, the growth is natural and structurally ongoing, especially in China where 50% of cars sold in the second half of 2024 were electric or hybrid. This rapid transition to EVs in China is fueling an above-average increase in the semiconductor content of vehicles.

STMicroelectronics, based in Switzerland, faces similar challenges and is prioritizing the transition from 150mm wafers to 200mm wafers, driven by demand for silicon carbide (SiC) semiconductors. SiC devices are crucial for the automotive sector, particularly for EVs. The company plans to start 200mm SiC semiconductor wafer production at its Shenzhen plant in the first half of 2026. STMicro reported that 2024 was one of the worst years in decades, with weaker demand in both the automotive and industrial sectors and a higher level of inventories.

In response to growing demand, STMicro is building a new facility in Catania, Italy, to supply western markets. Silicon carbide manufacturers are making the transition to 200mm to produce more devices per wafer, a move driven by increasing demand from the automotive sector. However, the industrial and energy (I&E) sector continues to show low semiconductor demand, forcing companies like STMicro to focus more on automotive sales.

Wolfspeed's Shift to Automotive and Growing Market Opportunities

Wolfspeed, a US-based company that has pivoted to focus on SiC wafers and devices, has seen its product mix shift from industrial and energy (I&E) applications to automotive. Wolfspeed is shifting production from its 150mm plant in Durham, North Carolina, to its new 200mm plant in Mohawk Valley, New York. The company expects its revenue split to shift to 70% automotive and 30% I&E as the transition progresses. Despite the shift, Wolfspeed acknowledges the slower-than-expected adoption of EVs, which has contributed to a weaker market environment for EV semiconductors.

Despite these challenges, Wolfspeed is well-positioned as a first mover in the 200mm transition and expects its automotive revenues to grow through a broad customer base. SiC demand from I&E applications is beginning to show signs of recovery, but visibility into the coming quarters remains uncertain.

The automotive sector continues to be a primary focus for semiconductor firms as demand from the industrial and energy sectors remains weak. With the increasing push for electrification, semiconductor companies are recalibrating their strategies, focusing on innovations like SiC wafer production and ramping up investments in manufacturing capacity to meet growing automotive demand.

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.

Largo’s Vanadium Pentoxide Output Hits Two-Year High Despite Slower Sales

Largo Inc

Largo Inc. posted a strong 42% increase in vanadium pentoxide (V2O5) production in Q3 2024, driven by operational improvements at its Maracás Menchen mine in Brazil. However, sales volumes slipped by 18% amid weak demand from key steel markets in China and Europe.

Vanadium Pentoxide Production and Operational Gains

In Q3 2024, Largo produced 3,072 metric tonnes (t) of V2O5, its highest quarterly output in nearly two years, up from 2,163t during the same period in 2023. The growth was attributed to:

• Enhanced operational efficiencies.
• Higher vanadium recovery rates from processed ore.
• Completion of kiln refractory replacement and new equipment installations earlier this year.

Quarterly concentrate production also surged by 42%, reaching 124,408t.

Lagging Sales and Spot Market Challenges

Despite the production gains, Largo's V2O5 sales volumes fell to 1,961t in Q3, down from 2,385t in the prior-year quarter. The decline stemmed from lower spot market demand, which the company linked to adverse conditions in the Chinese and European steel industries.

Liquidity Boost Through Asset Manager Deal

To enhance capital liquidity and reduce inventories, Largo signed a deal to supply 2,100t of standard-grade V2O5 to an unnamed New York-based asset manager for $23.5 million. Key terms include:

• Staggered shipments between 17 October 2024 and 31 March 2025.
• Payment upon delivery.
• A repurchase option allowing Largo to buy back up to 2,100t at a fixed price (≤ $7/lb), with the final volume determined by September 2027.

By-Product Growth: Ilmenite

Largo also reported strong growth in ilmenite production, a by-product of its vanadium operations. Key figures include:

• A 90% sequential increase in production to 16,383t.
• A 60% rise in sales volumes to 19,572t.

Ilmenite figures were first reported in Q4 2023, making year-over-year comparisons unavailable.

Wolfspeed Secures $2.5B Funding to Expand Silicon Carbide Production in the US

Wolfspeed

Wolfspeed, a prominent US-based semiconductor manufacturer, is poised for significant expansion, targeting a $2.5 billion funding pool to boost its silicon carbide (SiC) production. This strategic move is aimed at addressing the surging demand from electric vehicle (EV) manufacturers and other industries reliant on SiC technology.

Key Funding Milestones

Wolfspeed has entered into a preliminary memorandum of terms (PMT) with the US Commerce Department, securing up to $750 million in direct funding under the Chips and Science Act. To meet the conditions for full funding, the company has also obtained $750 million in financing from a consortium of investment funds.

An additional $1 billion is expected in cash rebates through the advanced manufacturing tax credit provided by the Chips and Science Act. This credit allows companies to claim up to 25% of qualified capital expenditures, further bolstering Wolfspeed’s financial framework.

The funds will enable Wolfspeed to achieve two critical objectives:

Construction of a new SiC wafer manufacturing facility in Siler City, North Carolina.

30% expansion of its SiC power device production plant in Marcy, New York.

These projects are set to create the world’s largest 200mm SiC production footprint, serving key sectors such as automotive, industrial, and energy.

Supporting the EV Revolution

Silicon carbide is a pivotal material for the EV industry due to its superior efficiency in power conversion and thermal management. Wolfspeed’s expanded production capacity aims to solidify its leadership in the SiC market, addressing the rapidly increasing demand driven by global EV adoption.

Driving US Semiconductor Leadership

Wolfspeed’s ambitious initiatives align with the US government’s objectives under the Chips and Science Act, which seeks to strengthen domestic semiconductor manufacturing capabilities. These projects also underscore the growing importance of public-private partnerships in ensuring the US maintains its competitive edge in the global semiconductor industry.

With this funding in place, Wolfspeed is well-positioned to lead the SiC revolution, supporting advancements in clean energy, EV technology, and industrial applications.

Metal Craft US Expansion Shows How Steel and Aluminum Tariffs Are Reshaping Manufacturing

Metal Craft Spinning and Stamping

Metal Craft US expansion shows how US metal tariffs are changing cross-border manufacturing decisions. The Ontario-based fabricator plans to invest $1.3mn in a new plant in Niagara Falls, New York. The move is meant to reduce the cost pressure created by US steel and aluminum tariffs. As a result, Metal Craft US expansion reflects a wider industrial response to rising trade barriers.

The project includes renovations, machining equipment, and installation at a 25,000ft² industrial site. It is also expected to create 17 jobs. That makes the investment modest in size but important in meaning. Therefore, Metal Craft US expansion is less about scale and more about strategic positioning inside the US market.

The business logic is straightforward. Nearly three-quarters of Metal Craft’s customer base is in the United States. Serving those customers from inside the US can reduce tariff exposure and improve commercial flexibility. Consequently, US metal tariffs are influencing plant location decisions as much as product pricing.

US Metal Tariffs Are Pushing Manufacturers Toward Local Production

US metal tariffs are pushing foreign manufacturers to rethink how they serve the American market. President Donald Trump’s 50pc tariffs on steel and aluminum have raised the cost of cross-border supply for many producers. That pressure is especially strong for firms with heavy US sales exposure. As a result, some companies now see US production as a defensive necessity.

This shift matters because it changes investment patterns, not just trade flows. Instead of paying higher tariff costs, manufacturers may move part of their operations into the United States. That can protect customer relationships and preserve margins. Therefore, steel and aluminum tariffs are starting to reshape manufacturing geography in North America.

Cross-Border Manufacturing Now Faces a Higher Strategic Cost

Cross-border manufacturing has become harder to justify when tariff pressure stays high. Metal Craft fabricates products for roofing, construction equipment, furniture, and other industrial uses. These are practical end markets where cost competitiveness and delivery reliability matter. Meanwhile, tariff friction can quickly weaken both.

The broader implication is clear. Companies that rely heavily on US customers may now favor US-based processing, fabrication, or finishing capacity. That does not mean cross-border trade will disappear. However, it does mean the cost of staying outside the US has increased materially. Consequently, Metal Craft US expansion may become part of a wider trend among foreign metal fabricators.

The Metalnomist Commentary

This investment matters because it shows tariffs are doing more than raising prices. They are influencing where companies place real industrial assets. If tariff policy stays firm, more fabricators may choose local US production over cross-border exposure.

Lithium Argentina Relocates Corporate Headquarters to Switzerland

Lithium Argentina

Strategic Move Enhances Global Positioning and Operational Efficiency

Lithium Argentina AG, formerly known as Lithium Americas (Argentina) Corp., has successfully transitioned its corporate domicile from Canada to Switzerland. This strategic relocation, completed on January 23, 2025, aims to bolster the company's global positioning and operational efficiency.

Shareholder Approval and Strategic Benefits

The decision to move headquarters received overwhelming support, with 99.23% of voting shareholders in favor during the special meeting held on January 17, 2025. The relocation to Switzerland is expected to provide expanded financial flexibility, proximity to European markets, and an attractive framework for current and future investors.

Continued Operations and Market Presence

Despite the change in corporate domicile, Lithium Argentina's operational headquarters will remain in Buenos Aires, Argentina. The company continues to trade on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) under the new ticker symbol "LAR," effective January 27, 2025.

Ongoing Projects and Partnerships

In collaboration with Ganfeng Lithium Co., Ltd., Lithium Argentina operates the Caucharí-Olaroz lithium brine project in Jujuy Province, Argentina. This project is recognized as the largest greenfield lithium brine asset to commence operations in over two decades, with an annual production capacity of 40,000 tonnes of lithium carbonate.

Enhanced Production and Future Outlook

In 2023, the Caucharí-Olaroz project produced approximately 6,000 tonnes of lithium carbonate, surpassing initial guidance. The company anticipates releasing its fourth quarter and full-year 2024 financial results on March 21, 2025, providing further insights into production guidance for 2025.

Energy Fuels Uranium Guidance Could Be Met by Midyear as White Mesa Output Accelerates

Energy Fuels

Energy Fuels uranium guidance could be reached by the end of June as the US producer completes its current ore-processing campaign at the White Mesa Mill in Utah. The company expects uranium oxide production to reach 1.6mn lb by midyear, within its full-year guidance range of 1.5mn-2.5mn lb.

Energy Fuels uranium guidance is significant because White Mesa is currently the only fully licensed and operating conventional uranium mill in the US. That gives the company a strategic position in domestic uranium supply at a time when western governments are trying to rebuild nuclear fuel and critical mineral capacity.

Energy Fuels uranium guidance also reflects stronger mine-to-mill performance from its conventional assets. The company is processing ore from the Pinyon Plain mine in Arizona and the La Sal Complex in Utah, with output expected to average more than 265,000 lb/month of finished uranium during the current campaign.

The company’s shares rose after the operational update, lifting its New York market capitalisation to about $3.6bn. But the stock remains lower year to date, showing that investors still want proof that production strength can translate into durable cash flow and diversified critical materials growth.

White Mesa Mill Strengthens US Uranium Supply Position

White Mesa’s performance is central to Energy Fuels’ role in the US uranium market. The company expects the current processing campaign to finish by the end of June, after which it plans to rebuild ore stockpiles before resuming processing in the fourth quarter.

The timing matters because uranium supply security has become more important for nuclear power, energy security and US strategic fuel planning. Conventional uranium mills are scarce in the US, so steady White Mesa operation gives Energy Fuels a domestic processing advantage that many developers do not have.

Energy Fuels also expects mining performance to improve in the second half of the year. Ore grades and contained uranium are projected to rise, while first-half contained U3O8 production in ore is expected at 750,000-850,000 lb.

The company expects White Mesa ore processing costs of $9-12/lb, near historic lows. Lower processing costs could strengthen margins if uranium prices remain supportive and mine output continues to improve.

This cost performance is especially important because the US uranium sector is still rebuilding after years of underinvestment. Higher grades, reliable ore feed and low processing costs can separate operating producers from companies that only hold development-stage resources.

Energy Fuels said its cost of sales should continue to decline in 2026. If that trend holds, the company could strengthen its position as the leading conventional US uranium producer while maintaining operational flexibility for later processing campaigns.

The midyear guidance achievement would not necessarily mean full-year production stops there. Instead, it would give the company more optionality for the second half, depending on ore availability, mine performance, market conditions and inventory strategy.

Rare Earth Upgrades Add Heavy Rare Earth Growth Path

Energy Fuels is also using White Mesa to build a rare earth separation platform alongside uranium. The mill processes natural monazite sand sourced globally and began commercial separation of rare earth elements two years ago, starting with neodymium-praseodymium.

The company has since added capability for heavy rare earths, including samarium, europium, gadolinium, terbium and dysprosium. These materials are important for permanent magnets, defence systems, electronics, high-performance motors and clean-energy technologies.

Energy Fuels plans to begin further modifications to its existing Phase 1 rare earth circuits in July. The upgrades are designed to allow commercial production of heavy rare earths in addition to existing commercial quantities of NdPr.

This is strategically important because heavy rare earth supply remains highly concentrated. Dysprosium and terbium are especially critical for high-performance magnets used in electric vehicles, wind turbines, robotics and defence applications.

The planned modifications will also add a circuit to process uranium-bearing mixed rare earth carbonates from global mines, including material from ionic adsorption clay sources. Because these mixed rare earth carbonates can feed directly into solvent extraction separation, the new circuit could allow White Mesa to process uranium and separated rare earths simultaneously.

That dual-processing model is important. It could turn White Mesa from a uranium mill with rare earth exposure into a more integrated critical minerals facility. The ability to process multiple feedstocks could improve utilisation, diversify revenue and strengthen domestic supply-chain resilience.

Energy Fuels expects the modifications to become operational in late 2027 to early 2028. The company is also planning a Phase 2 expansion that could raise total rare earth capacity at White Mesa to nearly 6,300 t/yr.

Permitting for both the circuit modifications and Phase 2 expansion is proceeding on schedule, according to the company. If delivered, White Mesa could become one of the most important US platforms linking uranium recovery, monazite processing, NdPr separation and heavy rare earth production.

The broader implication is that Energy Fuels is positioning itself across two strategic supply chains at once. Uranium supports nuclear energy security, while rare earth separation supports magnets, defence, electrification and advanced manufacturing.

The Metalnomist Commentary

Energy Fuels’ update shows why existing processing infrastructure is becoming strategically valuable in the US. White Mesa is not only a uranium asset; it could become a rare domestic bridge between nuclear fuel security and heavy rare earth separation.

US Antimony DLA contract strengthens US strategic antimony supply

US Antimony

US Antimony DLA contract marks a major step in rebuilding North America’s antimony supply chain and defense resilience. The five-year, fixed-price US Antimony DLA contract is worth up to $245mn and targets nearly 6.7mn lbs of metal. As a result, the US Antimony DLA contract positions the company as the core domestic supplier for this critical mineral.

DLA moves to secure domestic antimony for the stockpile

The US Defense Logistics Agency awarded US Antimony a contract to supply ingots for the National Defense Stockpile. Deliveries will go to the Scotia Depot in New York, with first shipments expected this week under the multi-year framework. The tender directly cited US Antimony as the only source of qualifying domestic-grade material, underscoring its unique position.

US Antimony operates the only two antimony smelters in North America, in Montana and at Madero in Mexico. The Madero smelter reopened in April, restoring additional regional capacity for processed antimony products. Together, these assets give the company integrated upstream and midstream control from ore to ingot.

Antimony’s role in defense and critical minerals strategy

Antimony is a core ingredient in many strategic and military applications, especially for alloys and flame retardants. It is used in batteries, cables and specialized defense components, making secure supply a national priority. Therefore, the contract fits into Washington’s broader push to rebuild domestic and allied capacity for critical minerals.

The DLA has expanded its National Defense Stockpile purchases across several critical minerals this year. Recent tenders and RFIs have targeted cobalt, bismuth, high-purity aluminum, scandium flake, niobium and ferro-niobium. This portfolio approach aims to reduce dependence on unstable or adversarial foreign sources.

Market implications for antimony and strategic metals

The US Antimony DLA contract sends a strong demand signal to antimony markets and potential investors. Long-term, fixed-price offtake can support capital spending, operational stability and potential future expansions. Meanwhile, the contract highlights the value of having permitted, operating smelter capacity in politically stable jurisdictions.

Global antimony supply remains concentrated, with China still dominating mine output and processing. As a result, Western buyers increasingly seek diversified supply chains, including North American and allied producers. US Antimony’s position as the only North American smelter operator makes it a central part of this shift.

The Metalnomist Commentary

This deal effectively transforms US Antimony from a niche smelter into a strategic asset for US defense planners. For the broader critical minerals sector, it signals that long-dated government offtake contracts may become a key financing tool for non-Chinese supply.

Titan Mining Extends Empire State Zinc Mine Life to 2033

Titan Mining

Titan Mining has announced an increase in zinc resources and an extension of the life of mine for its Empire State zinc mine near Gouverneur, New York. Measured and indicated contained pounds of zinc have increased by 22% compared to Titan's 2020 assessment, totaling 636 million lbs of recoverable zinc and 541 million lbs of payable zinc. This increase has extended the mine's operational life to 2033.

Exploration and Drilling Plans

Titan is planning extensive drilling programs for 2025, including 40,000 feet of near-mine underground drilling within existing mining areas.  Additionally, the company has allocated 31,000 feet for exploration drilling, comprising 13,000 feet of near-mine drilling and 18,000 feet of regional surface drilling.  

These efforts aim to add incremental production in the near term.  The exploration program targets fifteen drill-ready areas.  Collectively, these near-mine exploration targets are estimated to contain between 4.8 and 5.3 million metric tonnes of mineralized material, with an average zinc grade of 10-14%, translating to between 935,000 and 1.47 million tonnes of contained zinc.

Pure Lithium’s Acquisition Advances LVO Battery Technology

Pure Lithium

Pure Lithium, a Massachusetts-based battery manufacturer, has acquired the assets of New York-based vanadium cathode producer Dimien. This acquisition is a strategic move to further commercialize Pure Lithium's lithium metal-vanadium oxide (LVO) battery, which the company claims is safer, more cost-effective, and more efficient than traditional electric vehicle (EV) batteries.

A Safer, More Efficient Battery Technology

As part of the deal, Pure Lithium will gain access to Dimien's intellectual property, manufacturing equipment, and some personnel. Dimien is known for its zeta vanadium oxide (ZVO) cathode material, which Pure Lithium plans to pair with the lithium metal anode it is developing in collaboration with Canada-based E3 Lithium. This combination promises higher energy density and reduced fire risks compared to conventional nickel-manganese-cobalt (NMC) and nickel-manganese-aluminum (NMA) batteries.

Pure Lithium aims to streamline its production process, producing lithium metal-vanadium batteries in just 48 hours. The company is also exploring the possibility of constructing a commercial battery facility in Alberta, Canada, near E3 Lithium’s brine deposits. Financial terms and the acquisition's closing date were not disclosed.

Barrick Mining Corporation Copper Growth Drives Name Change Strategy

Barrick Mining Corporation

Barrick Gold has proposed rebranding to Barrick Mining Corporation, reflecting its rising focus on copper growth. The move signals a strategic shift away from a gold-centric identity toward broader mining diversification. In 2024, Barrick’s copper output increased by 2% year-over-year, reaching 195,000 tonnes.

Copper Expansion Across Strategic Global Assets

Barrick is expanding copper operations in key regions including Zambia, Saudi Arabia, Chile, and Pakistan. These assets align with global trends of increasing demand for energy transition metals. The name change supports Barrick’s narrative as a diversified miner, not limited to precious metals.

Shareholder Vote to Determine Future Branding

The rebranding to Barrick Mining Corporation remains contingent on shareholder approval at the annual meeting scheduled for 6 May. If approved, the company will also change its New York Stock Exchange ticker from "GOLD" to "B", further reinforcing the pivot away from its legacy gold identity.

The Metalnomist Commentary

Barrick’s rebranding toward Barrick Mining Corporation reflects the broader industry shift toward critical minerals. As copper demand accelerates, the company’s expanded global footprint positions it well for long-term growth beyond gold.