Investment thesis
    Chips & fabs · Servers & hardware · Construction & facilities

    Strategic & defense metals

    Tungsten, antimony and tin: small markets where export controls have reshaped prices.

    These are small markets with outsized policy attention. Tungsten and antimony sit under Chinese export controls and matter for defense, chipmaking tools and flame retardants. Tin is the solder on every circuit board.

    Listed exposure is a handful of small and mid-cap companies, several with US government financing. Expect concentrated, volatile positions.

    Context: Reuters, Jun 17 2026

    Bull case

    • Ex-China prices have repriced sharply under export controls.
    • Government loans and offtakes de-risk select Western projects.
    • Very few non-Chinese producers means scarcity value.

    Bear case

    • Single-asset companies are exposed to one mine, one country and one permit.
    • If China lifts controls, prices outside China can fall.
    • Thin trading and small market caps mean high volatility.
    The basket

    7 stocks and funds in this bucket

    Grouped from diversified majors to developers and funds. Market data as of October 6, 2026.

    ALMProducer

    Almonty Industries

    HQ: United States

    US-domiciled tungsten miner whose Sangdong mine in South Korea began producing in 2026. Almonty says it could supply about 40% of Western tungsten demand at full capacity.

    Price
    $13.04
    Mkt cap
    $3.7B
    1 yr
    +107%
    YTD
    +37.7%
    AFM.VUS: AFMJFProducer

    Alphamin Resources

    HQ: Mauritius

    Owner of the Bisie mine in eastern DRC, the world's highest-grade tin mine and about 7% of global mined supply. Tin is the solder on every circuit board.

    Price
    C$1.45
    Mkt cap
    $1.3B
    1 yr
    +25.0%
    YTD
    +21.8%
    UAMYRefiner / processor

    United States Antimony

    HQ: United States

    Small US antimony smelter and zeolite producer. One of the few non-Chinese antimony processors.

    Price
    $3.99
    Mkt cap
    $591M
    1 yr
    -48.5%
    YTD
    -36.1%
    REMXETF

    VanEck Rare Earth & Strategic Metals ETF

    HQ: United States

    ETF holding rare-earth and strategic-metal miners across lithium, rare earths, uranium and other niche metals, with significant China exposure.

    Price
    $63.79
    Fund size
    $829M
    1 yr
    -13.0%
    YTD
    -16.9%
    SETMETF

    Sprott Critical Materials ETF

    HQ: United States

    Sprott ETF spanning miners of energy-transition critical materials (lithium, uranium, copper, rare earths, nickel and more).

    Price
    $29.76
    Fund size
    $80M
    1 yr
    +13.9%
    YTD
    -1.2%
    Compare

    Side-by-side

    Company / fundMineralsTypeHQ12 mo
    ALM
    Almonty Industries
    WProducerUS$3.7B+107%+37.7%
    PPTA
    Perpetua Resources
    SbAuDeveloperUS$2.6B-5.6%-20.5%
    USAR
    USA Rare Earth
    NdDeveloperUS$1.8B-47.1%+1.7%
    AFM.V
    AFMJF
    Alphamin Resources
    SnProducerMU$1.3B+25.0%+21.8%
    REMX
    VanEck Rare Earth & Strategic Metals ETF
    NdLiWETFUS$829M-13.0%-16.9%
    UAMY
    United States Antimony
    SbRefiner / processorUS$591M-48.5%-36.1%
    SETM
    Sprott Critical Materials ETF
    LiUCuNdETFUS$80M+13.9%-1.2%
    7 of 7 shown. Size is market cap for companies and net assets for funds, in USD.

    Not investment advice. Critical-Minerals.si is an independent research site. Baskets and model allocations are illustrative frameworks for exploring exposure, not recommendations to buy or sell any security. Mining and commodity equities are volatile, and many names listed here are small, foreign-listed or pre-revenue. Do your own research and consider a licensed adviser. Market data as of the date shown; prices change constantly.