So who might be next in line for a deal with Uncle Sam? Below we identify ten publicly listed companies that could attract the U.S. Department of Defense’s eye – and wallet – in the near future. These firms span the critical minerals spectrum and align with several key criteria:
Strategic Importance: Each company is tied to minerals on the Critical Minerals Institute‘s Top 24 Watchlist for 2025, including multiple of the Institute’s Top Five – rare earth elements, copper, gallium, uranium, and cobalt. In short, they work in materials deemed essential for industrial and national security. Government Engagement: Many have already received DoD or DOE grants, loans, or contracts since 2022 – a strong signal of confidence. Prior funding under the DPA or via state programs suggests these companies are viewed as promising partners in securing supply chains. Allied-Friendly and Domestic Projects: All are based in, or operating in, the U.S. or allied nations (Canada, Australia, Chile). Washington is prioritizing “friend-shoring” – sourcing from partners rather than geopolitical rivals – and is prepared to support projects in friendly jurisdictions. Stage and Scale: These candidates are at an advanced stage of development or expansion. Most have either producing assets or well-defined projects that could deliver new supply within a few years. In many cases, an injection of capital or an offtake guarantee could accelerate a ramp-up critical to U.S. needs. Public Market Presence: All companies are publicly traded, meaning any government partnership could unlock immediate value for investors and demonstrate to Wall Street that critical minerals ventures can be lucrative when aligned with national strategy. In applying these criteria, we cast a global net. The list below includes companies in rare earths, lithium, graphite, uranium, and cobalt – reflecting the top priorities for Western supply-chain security. Notably, we exclude MP Materials itself, since it has already secured its landmark deal. The focus now is on the next wave – the potential “hit list” of critical minerals players poised to become strategic national assets.
#1. Ramaco Resources, Inc. (NASDAQ: METC) – Rare Earths from Coal #2. Lynas Rare Earths Ltd. (ASX: LYC) – Non-China Rare Earth Champion #3. Albemarle Corporation (NYSE: ALB) – Lithium Leader with Domestic Ambitions #4. Neo Performance Materials Inc. (TSX: NEO | OTCQX: NOPMF) – The Only Heavy Rare Earth Magnet Producer & Gallium Powerhouse #5. Ucore Rare Metals Inc. (TSXV: UCU | OTCQX: UURAF) – RapidSX™ #6. Energy Fuels Inc. (NYSE-A: UUUU | TSX: EFR) – America’s Uranium Champion Becomes a One-Stop Critical Minerals Hub #7. Syrah Resources Ltd. (ASX: SYR) – Graphite Supplier Bridging Africa and Louisiana Refinery for a Mine-to-Magnet Revival #8. Graphite One Inc. (TSXV: GPH | OTCQX: GPHOF) – Alaska-to-Gigafactory Graphite Loop #9. Ioneer Ltd. (ASX: INR | Nasdaq: IONR) – Rhyolite Ridge Lithium-Boron #10. Jervois Global Ltd. (ASX: JRV) – Cobalt from Idaho for Defense and EVs
Market Data 
Markets 
