What just happened?

• Lithium Americas (LAC): Washington is in talks to take up to a 10% stake while renegotiating the $2.3B DOE loan for Thacker Pass (NV). Translation: the U.S. isn’t just financing a key lithium project—it may own a slice to make sure it gets built.
• United States Antimony (UAMY): The Pentagon awarded a sole-source, five-year contract (up to $245M) to deliver antimony metal into the national defense stockpile—putting the only active U.S. smelters to work now.
• Perpetua Resources (PPTA): Our L2 trade closed for a big gain. Stibnite (ID) is one of the largest U.S. antimony resources and already has $59.2M in DoD DPA Title III support. It’s the mine-side complement to UAMY’s smelting-side capacity.

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Why this matters?

• Lithium powers batteries for​ EVs, bases, drones, and the grid.
• Antimony is needed for ammo primers, hard alloys, and electronics fire safety.
• China controls much of the antimony chain. The U.S. is shifting from simple funding to ​taking equity stakes and signing long contracts so supply is guaranteed at home.

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Who could be next?

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Nuclear & Power Backbone

• BWX Technologies (BWXT): Builds the nuclear cores for Navy subs and carriers. Without BWXT, the nuclear fleet doesn’t run.
• Centrus (LEU): The only U.S. source for HALEU enrichment—fuel for advanced/microreactors. Guarantees reactor fuel.
• Constellation (CEG): Largest U.S. nuclear operator; steady, carbon-free base power for bases and data centers.
• Oklo (OKLO): Microreactors for secure/remote sites. A small stake could accelerate pilots on bases.

Critical Minerals & Materials

• Albemarle (ALB): Largest U.S. lithium producer—equity helps expand conversion onshore.
• MP Materials (MP): Rare earths for magnets (missiles, jets). The U.S. already took a 15% stake in the company.
• Freeport-McMoRan (FCX): Copper is the wire in everything—from munitions to the grid.
• Nucor (NUE) / Cleveland-Cliffs (CLF): U.S. steel for armor, ships, transformers; stakes can target defense-grade output.

Defense Primes & Systems

• Huntington Ingalls (HII): Only builder of U.S. nuclear carriers; also subs. A small stake helps keep yard throughput on schedule.
• Northrop (NOC) / RTX / General Dynamics (GD) / Boeing (BA): Bombers, missiles, subs, tankers—equity supports surge capacity in conflict.

Chips & Secure Compute

• Intel --> U.S. already took a stake in it.

Comms & Cyber

• Iridium (IRDM) / Viasat (VSAT): Satellite links that work when ground networks fail—guarantees priority access in crises.

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