Markets and commodities react

Canadian equity markets surged this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 4.84 percent over the week to close Friday (November 21) at 31,382.78.

Meanwhile, the S&P/TSX Venture Composite Index (INDEXTSI:JX) soared 10.57 percent to 937.34. The CSE Composite Index (CSE:CSECOMP) also improved this week, rising 2.22 percent to close at 149.37.

The gold price rose 3.5 percent to US$4,218.77 by 4:00 p.m. EST Friday. The silver price fared even better, surging 11.39 percent to a new record high of US$56.37.

Meanwhile, in base metals, the COMEX copper price ended the week up 3.74 percent at US$5.27 per pound.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) gained 0.71 percent to end Friday at 555.16.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stocks data for this article was retrieved at 4:00 p.m. EST on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Mountain Province Diamonds (TSX:MPVD)

Weekly gain: 114.29 percent
Market cap: C$19.11 million
Share price: C$0.075

Mountain Province Diamonds is a mining company with a 49 percent ownership stake in the Gahcho Kué diamond mine in the Northwest Territories, Canada.

The mine, a joint venture with Anglo American (LSE:AAL,OTC Pink:NGLOY) subsidiary De Beers, which owns the other 51 percent, consists of five mining leases covering a total area of 5,216 hectares.

According to a September 2024 technical report, the mine hosts a total indicated resource of 36.4 million carats with an average grade of 1.7 carats per metric ton (c/t) from 21.4 million metric tons of ore, with an additional inferred resource of 23.7 million carats with a grade of 1.79 c/t from 13.3 million metric ton.

In the company’s Q3 report released on November 11, Mountain Province stated that it sold 409,081 carats and raised total proceeds of C$29.2 million at an average price of C$71 per carat.

The company noted that production at the mine was 12 percent lower than the same period last year due to lower than expected stockpile grades; however, grades are expected to improve in Q4 as mining operations began in the higher-grade 5034-NEX orebody.

The most recent news from the company came on November 18, when it amended the terms of its working capital facility with Dunebridge Worldwide. Under the new terms, the company will be able to access additional funds, and it extends the period it can make advances to March 31, 2026.

2. SPC Nickel (TSXV:SPC)

Weekly gain: 100 percent
Market cap: C$23.92 million
Share price: C$0.07

SPC Nickel is an exploration company advancing a pair of projects in Nunavut and Ontario, Canada.

Its Muskox property is a copper, nickel and platinum group metals (PGM) exploration project in Nunavut, consisting of 26 mining claims and two prospector permits covering a total land area of 49,600 hectares. Mineralization at the site was first identified in the 1950s.

The company is also working on its advanced-stage Lockerby East project near Sudbury, Ontario.

A March 2024 resource estimate demonstrates an indicated in-pit resource of 179.1 million pounds of nickel from 19.23 million metric tons with an average grade of 0.42 percent nickel and an out-of-pit resource of 45.7 million pounds of nickel from 3.24 million metric tons grading 0.64 percent from the West Graham target. At the LKE deposit, the estimate shows an additional 17.2 million pounds of nickel from 665,000 metric tons grading 1.17 percent at the LKE deposit.

On Monday (November 24), SPC released assay results from its 2025 exploration program at Muskox. The company stated that the site demonstrated high-grade copper, nickel and PGM mineralization across multiple targets at the 125 kilometer Muskox intrusion.

The company collected 77 grab samples, with 39 returning grades greater than 2 percent nickel and copper, including 19 with grades greater than 5 percent nickel and copper. Additionally, 21 returned PGM grades higher than 5 grams per metric ton.

3. AJN Resources (CSE:AJN)

Weekly gain: 80.95 percent
Market cap: C$12 million
Share price: C$0.19

AJN Resources is an exploration company advancing work at the Otoke gold project in Southern Ethiopia. It also holds option agreements for several lithium projects in the Democratic Republic of Congo and Nevada, US.

The company is currently carrying out due diligence work at the 42.8 square kilometer Otoke gold property as part of a May 2025 conditional heads of agreement that could see AJN earn a 70 percent interest from Godu General Trading.

AJN has 90 days from the start of the due diligence period to drill 1,500 meters. After completing its due diligence, AJN is required to commit to several terms, including an initial US$2 million exploration program and the delivery of a mineral reserve estimate to earn the first 60 percent.

AJN can then acquire an additional 10 percent by meeting certain conditions including payments totalling US$10 million and the completion of a definitive feasibility study.

The most recent update from fieldwork at Otoke came on October 14, when AJN announced that mapping and sampling identified several mineralized zones. Additionally, artisanal workings within the project area have bolstered confidence in the property’s shallow, high-grade potential.

The company said that it collected more than 600 samples, which it submitted to a lab in Ireland, and that it was preparing to mobilize a drill rig within the next two to three weeks.

On November 19, the company announced that it had closed a non-brokered private placement for C$3 million, which will be used for due diligence activities.

4. Bear Creek Mining (TSXV:BCM)

Weekly gain: 65.38 percent
Market cap: C$93.5 million
Share price: C$0.43

Bear Creek Mining is a production company that operates the Mercedes gold and silver mine in Sonora, Mexico.

The mine sites comprise 43 mineral concessions covering 69,284 hectares in a region along the US–Mexico border.

The property hosts potential for both brownfield and greenfield exploration, and according to a September 2024 technical report, it hosts proven and probable reserves of 428,000 metric tons of ore containing 54,000 ounces of gold and 312,000 ounces of silver with grades of 3.95 g/t gold and 22.71 g/t silver.

On November 11, Bear Creek released its Q3 financial and operational results, which highlighted production of 6,219 ounces of gold and 18,866 ounces of silver during the quarter.

The company’s share price gains come alongside large increases in gold and silver prices during the week.

5. Karnalyte Resources (TSX:KRN)

Weekly gain: 65.38 percent
Market cap: C$93.5 million
Share price: C$0.43

Karnalyte Resources is an exploration and development company advancing its Wynyard potash project in Central Saskatchewan, Canada.

The property consists of three primary mineral leases covering 367 square kilometers east of Saskatoon.

Shares in Karnalyte climbed this week after the company released an updated feasibility study for the project on Wednesday (November 26). The study demonstrated economic viability, according to Karnalyte, with an after-tax net present value of C$2.04 billion, an internal rate of return of 12.5 percent, a payback period of 8.8 years, and a mine life of 70 years.

The company also stated that development would benefit from a secured offtake agreement under which India-based GFSC would purchase 350,000 metric tons per year during Phase 1, with additional commitments for 250,000 metric tons per year after Phase 2 is complete.

FAQs for Canadian mining stocks

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$91,586.78, up by 1.1 percent over 24 hours. Its lowest price of the day was US$90,485.83, and its highest was US$91,839.31.

Bitcoin price performance, November 28, 2025.

Chart via TradingView

Meanwhile, Ether (ETH) was at US$3,060.34, up by 1.4 percent over 24 hours. Its lowest price on Friday was US$2,986.86 and its highest was US$3,061.67.

Altcoin price update

• XRP (XRP) was priced at US$2.24, up by 0.6 percent over 24 hours.

• Solana (SOL) was trading at US$141.20, down by 0.2 percent over 24 hours.

Fear and Greed Index snapshot

Chart via CoinMarketCap.

CMC’s Crypto Fear & Greed Index continues to climb steadily after plunging into ‘extreme fear territory’ in the last to weeks, currently settling at 20 and inching closer to ‘fear.’

Bitcoin’s rebound from the mid-US$80,000 zone has triggered a swift and notable shift in market sentiment, accelerating far faster than most traders anticipated. After briefly cooling near US$80K, many expected a sluggish recovery phase.

Instead, optimism snapped back, with the sentiment index rising ten points over the week and marking one of its sharpest moves in recent months. The increase corresponds with heavier buying activity and reduced caution among traders who had previously stayed on the sidelines during the pullback.

Today’s crypto news to know

Visa expands stablecoin settlement push with Aquanow partnership

Visa (NYSE:V) has deepened its stablecoin strategy by teaming up with Aquanow to support faster settlement across Central and Eastern Europe, the Middle East, and Africa.

The deal plugs Aquanow’s infrastructure directly into Visa’s payment rails, allowing banks and payment firms in the region to settle transactions in approved stablecoins such as USDC.

Visa says the upgrade is aimed at institutions seeking cheaper and quicker cross-border settlement options as demand for digital-asset rails grows. The company also aims to modernize the “back-end plumbing” of payments by reducing reliance on traditional networks with multiple intermediaries.

Aquanow, which processes billions in crypto transactions each month, will provide liquidity and technical support for the integrations.

The collaboration follows Visa’s recent stablecoin payout pilot, Visa Direct, which lets businesses fund transactions in fiat while recipients opt to receive stablecoins directly in their wallets.

UK backs “no gain, no loss” tax model for DeFi activity

The U.K. government has endorsed a major shift in how decentralized finance transactions are taxed, moving to eliminate capital gains charges when users deposit tokens into lending protocols or liquidity pools.

Under the current rules, deposits can be treated as disposals, often generating tax liabilities even when investors haven’t realized any economic gain. HMRC’s updated guidance supports a “no gain, no loss” approach that would tax users only when they withdraw assets and eventually sell them.

The proposal comes after two years of industry feedback from firms, many of which argued that the existing system distorts reality and burdens ordinary users with excessive record-keeping.

The new model would apply to both simple lending and automated market makers, ensuring that only genuine gains or losses are captured for tax purposes.

Australia introduces digital assets bill

Australia has tabled a new digital assets bill aimed at ending years of regulatory uncertainty and preventing a repeat of past offshore failures such as FTX and Celsius. T

The proposed Corporations Amendment (Digital Assets Framework) Bill 2025, would require platforms holding customer crypto to meet the same licensing and conduct standards applied across the financial sector.

Officials said the legislation is designed to bring crypto businesses fully into the regulated economy, ensuring transparency, custody safeguards, and clear accountability.

The bill includes exemptions for smaller operators that process under US$10 million annually and hold less than US$5,000 per customer, mirroring existing thresholds for low-risk financial products.

The government argues that modernizing the rules could unlock as much as US$24 billion a year in productivity and efficiency gains.

Canada’s productivity dilemma

In a speech at the Association des économistes québécois (ASDEQ) and CFA Québec on November 19, Bank of Canada (BoC) deputy governor Nicolas Vincent declared that Canada is facing a “systemic problem” when it comes to productivity.

“To put it bluntly, we’re stuck in a vicious circle,” Vincent said. “There is no quick or easy way to improve productivity, and no single sector can do it alone.

“If we want to fix this, we’ll need to be thoughtful, systematic and resolute,” he added, suggesting that policymakers should focus on improving the country’s investment climate, increasing competition and developing talent.

Vincent’s comments echoed an earlier opinion shared by BoC Governor Tiff Macklem, who, following the bank’s most recent cut to its benchmark lending rate last month, warned that Canadians could face a lower standard of living unless governments and businesses can find ways to improve productivity.

Macklem added that the recent federal budget could enhance the country’s productivity, “but it’s going to come down to execution.”

Building on these concerns, Polson explained that for Canada to move beyond incremental progress and truly improve productivity and competitiveness, the country must tackle long-standing hurdles. “We’re looking for a reduction in interprovincial trade barriers… It’s becoming increasingly necessary…that we have to act cohesively there.”

Historically low and rapidly declining R&D investment was another factor negatively impacting Canadian productivity, identified in a report from the Council of Canadian Academies. The authors suggest that addressing this requires more than just a single policy or tax incentive.

Polson also highlighted the need to move beyond incremental measures and focus on disciplined, systematic changes that foster efficient capital allocation and strengthen the foundations of business decision-making.

From his vantage point, the modernization and expansion of the SR&ED tax credit program can be a nudge in the right direction. “(This country has) blessings in terms of resources, in terms of outstanding universities…there is all kinds of great knowledge and innovation happening here, but no commercialization. People go elsewhere for it.

“The SR&ED credit is going to do exactly the right thing. It’s going to keep (innovation) here. It’s going to hit one of those other really big issues for our economy, which is we need better-paying blue-collar jobs. It’s (also) going to spur entrepreneurship and help us capture a bigger portion of the innovation that happens here.”

To build on that, Polson described the transformation of Canadian jobs driven by technology. “I would almost call it sky blue collar, a beautiful mix of part white, part blue (collar jobs),” he said to categorize emerging roles that combine the technical skills of traditional blue-collar work with the knowledge and productivity advances typically associated with white-collar jobs.

The budget’s approach to productivity and growth

Hanson, a CPA and 20-year SR&ED expert, explained the changes to the SR&ED tax credit program, which include increasing the enhanced 35 percent credit’s expenditure limit to C$6 million. The budget also raises the phase-out thresholds more broadly, allowing more businesses, especially SMEs, to benefit from the credit.

“They’ve also opened it up to public companies,” he added.“Now this is a really big one. You’re going to see public companies that are not profitable now applying, as well as more companies actually looking to the public market in order to raise funds, because they weren’t previously able to do so without losing the benefits of the program,” he explained.

By expanding the eligibility and scale of the credit, Hanson sees the government intending to incentivize greater R&D spending. “I think that being able to raise these limits is very significant, and I think that the government kind of knows this.”

In addition to SR&ED reforms, the budget introduces accelerated Capital Cost Allowances (CCA) for technology asset investment. This enhanced CCA allows faster deduction of eligible capital costs, targeting sectors like clean energy, advanced manufacturing and digital infrastructure to boost productivity.

“A big part of manufacturing was the capital assets being able to claim those … now that that’s actually back in the program, we’re actually going to see a huge bump in manufacturing companies,” he said.

Fiscal challenges and transparency concerns

Despite comprehensive measures, the budget has gaps. The Parliamentary Budget Officer (PBO) flagged concerns about fiscal transparency and the government’s optimistic capital investment classifications.

The PBO estimates that actual productive capital investments from 2024-25 to 2029-30 total approximately C$217 billion, about C$94 billion less than the budget’s reported figures.

This discrepancy arises because the government’s broadened definition of capital investments includes expenditures that, under international standards such as the System of National Accounts, would typically be classified as operating spending rather than capital formation.

The report advised the government to establish an independent expert body to define federal capital investments, in order to improve transparency and fiscal discipline.

Researchers for the PBO forecast the government will likely miss its Budget 2025 fiscal anchors: balancing operating spending by 2028-29 and maintaining a declining deficit-to-GDP ratio. Stress testing showed only a 7.5 percent chance that the deficit-to-GDP ratio will fall annually between 2026-27 and 2029-30.

New spending and higher program costs mean the operating balance is projected to remain in deficit through 2029-30. The PBO warned the government now has limited fiscal room for tax cuts or increased spending if it aims to stabilize the long-term debt-to-GDP ratio.

The office added that a lack of clarity on how incentives will spur business activity, as well as heavy reliance on complex tax credit compliance, may hinder smaller innovators.

Ensuring delivery

The budget’s success ultimately rests on ensuring its incentives are not undermined by complex compliance or slow processing.

“Because of the changes, we are going to see a lot more filers as a result. The time to process these claims (is) simply going to take longer,” said Hanson, adding that companies will need to factor wait times into their budgeting.

Additionally, Hanson described a current government consultation aimed at introducing “upfront technical approval” for certain classes of companies seeking SR&ED claims. “I would like to see them move forward with that. I think that is a great idea, and I think that will provide a lot more certainty for larger (and) smaller companies.”

For Canadian businesses, the 2025 Budget is a promise; its value now depends entirely on delivery.

Investor Insight

LAURION Mineral Exploration offers a rare combination of district-scale, dual-mineralization advantage (gold and base metals), strong insider alignment, potential for near-term cash-flow optionality and a rapidly advancing, de-risked brownfield project in a top-tier jurisdiction. With expanding high-grade results, robust technical momentum and clear strategic appeal, the company is positioned for meaningful value growth as Ishkōday progresses toward resource definition and development milestones.

Overview

LAURION Mineral Exploration (TSXV:LME,OTCPINK:LMEFF, FSE:5YD) is a Canadian mid-stage exploration and development company focused on unlocking the value of its 100-percent-owned Ishkōday project in Ontario’s Greenstone Belt. Ishkōday spans 57 sq km and hosts both gold and base metal (zinc-copper-silver) mineralization, a rare combination offering multiple value streams and strong leverage to both precious and base metals markets. The project hosts two past-producing mines, and historical stockpiles of approximately 280,000 tonnes grading 1.14 grams per ton gold.

Through ongoing drilling, surface mapping and 3D geological modeling, and partnerships with leading technical, engineering and permitting specialists, LAURION is steadily defining a large mineralized system across a 6 km by 2.5 km corridor, a clear indication of the project’s district-scale potential. LAURION is also progressing its advanced exploration permit (AEP), which will enable underground access and potential processing of surface stockpiles, with an historic estimate containing approximately 10,000 ounces of near-term gold production. This could present near-term cash-flow opportunities that can potentially fund future exploration.

LAURION’s strong insider ownership, approximately 73.6 percent, underscores long-term alignment and confidence in the company’s strategic direction.

TITAN MT and DCIP geophysical surveys completed over the Brenbar and Sturgeon River areas identified deep-rooted structural features, confirmed strong correlations with known mineralized zones and validated Laurion’s 3D geological model. The surveys also outlined several new priority drill targets within the 6-kilometre corridor.

With a robust treasury, favourable technical fundamentals and excellent infrastructure, including highway access, power, water and a skilled local workforce, LAURION is well-positioned to advance Ishkōday toward future resource definition and development milestones. The company’s focus on consistent exploration results, derisking through permitting, and cultivating strategic partnerships contributes to a clear pathway for value creation.

Company Highlights

• Dual-mineralization, district-scale opportunity: The Ishkōday project features an uncommon pairing of two mineral systems in a single district: 1) a gold dominant orogenic system and gold with silver-zinc-copper epithermal system.
• Brownfield advantage: Anchored by two historic past-producing mines within a 57 sq km land package in Ontario’s prolific Greenstone Belt.
• Exceptional insider alignment: Approximately 73.6 percent insider, friends-and-family ownership demonstrates long-term confidence in the project.
• Robust technical foundation: Nearly 100,000 metres of drilling, advanced 3D geological modeling, and partnerships with leading engineering, geoscience and ESG firms.
• Near-term cash-flow potential: Surface stockpile and tailings with an historic estimation, containing roughly 10,000 ounces (280kt @ 1.14 g/t Au) of gold pending advanced exploration permit approval.
• Strategic rerating and M&A appeal: Ongoing derisking, resource growth and permitting progress position Ishkōday as a future development or acquisition candidate in a Tier-1 jurisdiction.

Key Project

Ishkōday Gold and Base Metal Project

LAURION’s 100-percent-owned Ishkōday project is a 57 sq km brownfield exploration asset located 220 km northeast of Thunder Bay in Ontario’s prolific Greenstone Belt. The project hosts an extensive 6 km by 2.5 km mineralized corridor with both gold-dominant orogenic systems and gold with silver-zinc-copper epithermal-style mineralization. The project presents an uncommon dual-mineralization environment that materially expands discovery and development potential. Anchored by the historic Sturgeon River and Brenbar mines, Ishkōday offers a proven high-grade foundation alongside significant upside across multiple zones.

Ishkōday geology overview

Project Highlights

• Large, continuously mineralized system with 22 defined mineralized structures modeled in 3D through modern drilling, geophysics, mapping and historical data integration.
• Nearly 100,000 metres drilled to date, confirming strike continuity and depth potential across both gold and base metal zones.
• High-grade gold legacy with historic production of 78,600 oz at grades exceeding 1 oz/ton from the Sturgeon River and Brenbar mines.
• Recent high-grade drill results, including 12.89 grams per ton (g/t) gold over 2.00 m and 17.73 g/t gold over 1.40 m – LME23-034 near the Brenbar Shaft, expanding known mineralized envelopes.
• Multiple target areas, including Sturgeon River Mine corridor, Brenbar corridor, A-Zone and McLeod Zone, each yielding strong gold and/or gold-base metal intercepts.
• 63.93 m @ 0.58 g/t gold, 6.10 g/t silver, 1.92 percent zinc, 0.11percent copper (LBX20-003) Including 16.16 m @ 1.12 g/t gold, 16.61 g/t silver, 5.00 percent zinc.
• Strong infrastructure advantages, with highway access, proximal power and water, and year-round accessibility, reducing exploration and future development costs.
• Near-term monetization potential via ~280,000 tonnes of surface stockpiles/tailings historically grading ~1.14 g/t gold, representing ~10,000 ounces pending AEP approval and further technical studies.

For investors, Ishkōday offers a strategic combination of scale, grade potential, infrastructure and near-term optionality. The district-scale mineralized corridor provides multiple avenues for resource growth, while the brownfield nature materially reduces geological and permitting risk.

A total of 22 mineralized structures are currently defined in 3D (model)

Dual mineralization provides exposure to both gold and key base metals. Combined with potential early cash flow from surface stockpiles and strong momentum toward the AEP, Ishkōday positions LAURION for significant value creation as it advances toward resource definition and future development milestones.

ESG and Partnerships

LAURION integrates ESG principles into its project development strategy through long-standing partnerships and transparent engagement practices. The company has established strong working relationships with the AZA, BNA and BZA First Nations. The company recognizes that First Nations engagement is essential not only for permitting, but also for building the community capacity required to support future mining operations, ensuring local employment, skills development and long-term project sustainability.

LAURION also maintains a network of specialized technical and ESG partners, including Blue Heron Environmental for permitting and baseline studies, Onyen for ESG reporting, Ronacher McKenzie Geoscience for project management, and Nordmin for engineering support. The company’s relationship with Metals House provides future optionality for dore sourcing and bullion sales. These partnerships allow LAURION to operate efficiently while leveraging best-in-class expertise across exploration, engineering and environmental management.

Management Team

Cynthia Le Sueur-Aquin – President & CEO

Cynthia Le Sueur-Aquin brings more than 45 years of mine management and international experience in the precious metals sector, with a background spanning global exploration and production operations.

Tyler Dilney – Chief Financial Officer

Tyler Dilney is a chartered professional accountant with over a decade of experience across the mining, technology, and oil and gas industries.

Michael Burmi – Director

Michael Burmi is an entrepreneur with 25 years of experience leading high-end technology manufacturing organizations. He has extensive expertise in scaling high-revenue, high-growth engineering and manufacturing operations, contributing strategic and operational insight to LAURION’s board.

Jonathan Covello – Director

Jonathan Covello is CEO and president of Covello Financial Group and has deep experience in raising strategic capital across global markets, including within the mining industry.

Vikram Jayaraman – Director

Vikram Jayaraman holds a Masters in Metallurgy from McGill University and an MBA from the University of Toronto. Formerly the vice-president of Solutions Sales at Outotec, he brings global experience in process solutions and mining-sector commercialization to LAURION s board.

UK Critical Minerals Strategy

“This new, targeted Critical Minerals Strategy sets the UK’s long-term ambition for securing critical minerals and harnessing our competitive advantage in recycling and innovative midstream processing—the transformation of mined or recycled materials into refined or upgraded forms suitable for manufacturing,” the new Critical Minerals Strategy read, published on November 22.

Called Vision 2035, the strategy aims that no single country provides more than 60 percent of the UK’s supply of any one critical mineral.

It also targets that the UK meets 10 percent of its critical mineral needs from its own mines and 20 percent from recycling.

Key policy objectives of the strategy include optimising domestic production and building resilient UK and global supply networks.

‘Part of the strategy is our (Ministry of Defence) procurement plan as well, which includes stockpiling of critical minerals,’ McDonald told Reuters.

The UK laid out in its new Critical Minerals Strategy that measures could include stockpiling, including through procurement mechanisms, to align with the Ministry of Defence’s commitments to build resilience in critical mineral supplies for UK defence.

Under UK’s Defence Industrial Strategy 2025 sector plan, priority outcomes include, but are not limited to, making defence an engine for growth, backing US-based businesses and developing a resilient UK industrial base.

This is also where the partnership with Australia under the AUKUS defence pact lines up.

Why Australia?

Besides the AUKUS defence pact, Australia has become a significant topic in bilateral partnerships among nations following its rare earths deal with the US.

The US$8.5 billion deal, signed in mid-October, includes a US$1 billion investment from both the US and Australia over the next six months for initial projects.

Among the projects aiming to take advantage of the recent Australia–US deal is the Yangibana rare earths project owned by Wyloo Metals and Hastings Technology Metals Limited (ASX:HAS,OTC:HSRMF).

Following the US, Australia also signed a joint declaration of intent on critical minerals with Canada in early November.

The new agreement builds on the Australia-US rare earths deal and is between Australia’s Department of Industry, Science and Resources and the Department of Natural Resources of Canada.

It covers the establishment of a ministerial for critical minerals, project financing, policy alignment and regulation and information sharing.

In 2023, Australia also signed a statement of intent with the UK to strengthen cooperation on critical minerals.

“(The statement) further strengthens Australia’s resolve to develop our critical minerals sector to be a global supplier of the resources needed for clean-energy technology, such as batteries, electric vehicles, solar panels and wind turbines,” Minister for Resources and Northern Australia, Madeleine King said.

“We will work closely with the UK to build resilient, sustainable, and transparent supply chains for critical minerals, which help both the UK and Australia to lower emissions and achieve net zero commitments.”

King also travelled to the UK in the same year, calling it a “chance to outline” how Australia is partnering with industry and other countries to broaden global supply chains and boost investment in mining and processing key critical minerals.

Rare earths have been heavily spotlighted in October in Australia following China’s expansion of control over rare earth exports, a sector crucial to global tech and defense industries.

The October 10 announcement from the Ministry of Commerce adds five new elements —holmium, erbium, thulium, europium and ytterbium—along with key refining technologies to its export control list.

The new rules carry a global reach: any foreign company producing rare earth materials or magnets using Chinese-origin equipment or technology must now obtain an export license from Beijing.