The United States has broadened its definition of “critical minerals,” a move that could reset trade flows and influence capital allocation in mining for years ahead. The U.S. Geological Survey (USGS) this month recommended expanding its list to 54 elements, placing copper and silver alongside obscure rare earths and semiconductor inputs.
From Rare Earths to Base Metals
The list now includes copper, silver, lead, rhenium, potash, and silicon, while dropping tellurium and arsenic. The shift reflects not only national security concerns but also dynamic changes in supply. Rio Tinto’s ability to recover tellurium from a Utah smelter, for instance, cut U.S. import reliance enough to justify its removal.
Copper’s inclusion is particularly notable. The U.S. exports ore and concentrate but remains import-dependent for refined metal — a vulnerability that could justify tariffs. The Trump administration has delayed immediate duties but left the door open to phased measures beginning in 2027. Silver’s addition stems from concerns over supply concentration in Mexico, the dominant exporter to the U.S.
Market Still Discounting Risk
Despite growing signals, most metals markets are not pricing in tariff risk. U.S. premiums on palladium and silver remain just 2–3% above global benchmarks, unusually low considering the 50% tariffs already applied to aluminum, steel, and copper products. Analysts warn that underpricing leaves investors exposed to policy shocks.
Power Metallic’s Positioning
For junior explorers, the policy shift underscores the value of multi-metal exposure. Power Metallic Mines ($PNPN / $PNPNF) has been building out a polymetallic story that increasingly aligns with U.S. strategic priorities.
-Land Expansion: In June 2025, the company acquired 167 km² from Li-FT Power, tripling its Quebec footprint to more than 212 km² across the Nisk-Lion-Tiger project. The enlarged land package consolidates one of the largest polymetallic exploration positions in the province. -High-Grade Copper: Drilling at the Lion Zone has delivered standout results, including 12.54 meters of 10.99% CuEq. Further east, at Nisk East, the first Lion-like mineralization was intercepted near the Nisk Zone, with 11.25 meters of 1.22% CuEq. -Saudi Arabia Entry: In July, Power Metallic was awarded the Jabal Baudan exploration license in Saudi Arabia’s Jabal Sayid belt — an emerging global copper district. That move diversifies its asset base and links the company to Middle Eastern capital flows. -Metallurgy and PGEs: Early mineralogy work indicates platinum-group elements (PGEs) report to chalcopyrite and cubanite, suggesting favorable recovery potential, a factor that could enhance project economics.CEO Terry Lynch has emphasized that Power Metallic is fully funded through 2026, giving the company time to advance its drill program and technical studies. In parallel, management has openly discussed a New York Stock Exchange listing, calling the NYSE “the center of the universe” for mining equities — a strategic bid to align the company with U.S. capital markets as the federal government redefines supply security.
Takeaway
The U.S. government’s widening critical minerals net signals heightened policy risk — and potential opportunity. Copper and silver’s new designation could reshape trade flows, capital expenditures, and investor focus. For explorers like $PNPN, already expanding land holdings, generating high-grade copper hits, and branching into international copper belts, the policy shift adds another layer of strategic relevance. Projects that once competed solely on grade may soon benefit from the geopolitics of supply security.
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