Terrence Lynch

He describes a Fortress America critical-minerals policy push in which the US secures domestic supply chains instead of depending on China, which dominates processing; Canada and Mexico are expected to be pillars of that fortress and the US also needs African supply. He argues America moves fast once focused, using executive orders and DOD and DOE support, and that the government will support miners through off-take agreements at above-market prices - which he calls much more constructive than direct equity stakes - making him very bullish on critical-minerals miners.

Platinum and palladium have run demand deficits for the past three years, with prices held down mainly by Russia flooding the market to finance the war; with Russian supply dwindling and South African mines shutting, prices have started to respond (palladium jumped about 50% at one point this year). He notes PGMs were historically priced at or around gold, calls them the most undervalued commodity out there, cites analysts calling them a coming breakout performer, sees catalytic converter demand persisting plus hydrogen and cheaper-than-gold precious metal buying, and says his company gets the second-best PGE discovery on the planet as a freebie inside its copper deposit.

Platinum and palladium have run demand deficits for the past three years, with prices held down mainly by Russia flooding the market to finance the war; with Russian supply dwindling and South African mines shutting, prices have started to respond (palladium jumped about 50% at one point this year). He notes PGMs were historically priced at or around gold, calls them the most undervalued commodity out there, cites analysts calling them a coming breakout performer, sees catalytic converter demand persisting plus hydrogen and cheaper-than-gold precious metal buying, and says his company gets the second-best PGE discovery on the planet as a freebie inside its copper deposit.