10 February 2026

Critical mineral stockpiling expands across the US, Australia, Canada and Europe

Key insights from this briefing

What is Project Vault and how does it change critical mineral stockpiling?

The briefing describes Project Vault as a US$12 billion US industrial strategic reserve, backed by a US$10 billion Export-Import Bank loan, designed to give participating manufacturers access to critical materials during supply disruptions. It broadens stockpiling beyond defence-only reserves to civilian industrial users.

Why are governments considering price floors for critical minerals?

Price floors can support allied mining and processing projects when market prices are depressed by oversupply or non-market behaviour. The briefing describes governments exploring stockpiling, offtake and trade mechanisms to improve investment certainty and reduce dependence on highly concentrated supply chains.

Excerpt from this briefing's Industry Insight

Strategic stockpiling is moving from defence inventories into mainstream industrial policy. The briefing compared large reserve initiatives in the United States, Canada, Australia and Europe, including price floors, state-backed financing and coordinated procurement. The common objective is to protect manufacturers from sudden supply shocks and non-market pricing in materials such as antimony, gallium and rare earths. These programmes can change commodity behaviour by creating a standing buyer, supporting new processing projects and shifting supply security from a corporate purchasing issue into national economic policy.

This is an excerpt from the Industry Insight in the full Market Briefing. Log in to access the complete briefing.