21st Century 'Arms Race' Begins; China Chokes Critical Supply | Scott Eldridge

Summary

Scott Eldridge, CEO of Military Metals Corp., discusses how NATO's planned increase in defense spending to 5% of GDP by 2035 and China's antimony export restrictions are creating a critical minerals supply squeeze. He argues antimony prices have risen sharply because China, Russia, and Tajikistan control most supply and the West has limited substitutes or stockpiles. Governments are increasingly deploying capital and fast-track permitting into domestic critical mineral and rare earth projects, which benefits developers like Military Metals, MP Materials, and other early-stage assets. Scott outlines Military Metals' antimony projects in Nova Scotia, Slovakia, and Nevada and upcoming drilling/permitting milestones.

• NATO members are targeting 5% of GDP for defense spending by 2035, driving rearmament and critical mineral demand.
• China has restricted and then banned antimony exports to the US, creating a bifurcated global market and higher prices.
• Antimony is defense-critical with no substitutes in many munitions, and US stockpiles are reportedly about 30 days.
• Governments are using equity stakes, DPA grants, EXIM financing, and fast-track permitting to support critical mineral projects.
• MP Materials and other projects are cited as examples of government capital entering rare earths and critical minerals.
• Military Metals owns antimony projects in Nova Scotia, Slovakia, and Nevada, with drilling and permitting milestones ahead.
• Scott says construction on Military Metals' projects could begin in 12–24 months under fast-track, fully funded conditions.
• The interview also discusses Western military stockpile depletion and the broader global arms race.