The critical minerals sector was hit with a sudden shock late Wednesday following a Reuters report suggesting the Trump administration is reconsidering its promises to guarantee price floors for domestic mining projects. According to the report, senior officials told industry leaders in a closed-door meeting that future projects will need to prove their “financial independence” without relying on federal price supports.
This marks a sharp pivot from the aggressive, Operation Warp Speed-style rhetoric we saw last year aimed at shielding the US supply chain from Chinese dominance. Unsurprisingly, Wall Street reacted quickly and brutally. By Thursday morning, related stocks had cratered across the board. MP Materials Corp. (NYSE: MP) saw its shares slide over 11%, while Critical Metals Corp (NASDAQ: CRML) plummeted nearly 16%. USA Rare Earth (NASDAQ: USAR) lost 14.1% of its value, and Lithium Americas Corp. (NYSE: LAC) shed 11.6%. Other notable casualties included Trilogy Metals Inc. falling 12%, Energy Fuels dropping 15%, TMC the metals company giving up 12.5%, and United States Antimony Corp. tanking more than 16%.
Industry Heavyweights Push Back
The narrative didn’t go unchallenged for long, however. Backlash over the report’s accuracy was swift, with MP Materials taking to social media to essentially brand the story as fake news. The company was quick to point out that its current government contracts—which explicitly include a $110/kg price floor for light rare earths—are legally binding and entirely intact. U.S. Antimony echoed this sentiment, publicly dismissing the report as inaccurate, misleading, and fundamentally divorced from the facts.
Adding fuel to the fire, industry watchers noticed Reuters quietly updated their article post-publication. While the initial draft heavily implied existing deals were on the chopping block, the revision clarified that the administration’s pivot actually targets future projects and potential new applicants.
The fallout also triggered some executive-level sparring online. MP Materials’ social media account took a swipe at Critical Metals CEO Tony Sage. They contrasted MP’s proven domestic operations with the speculative nature of its rivals, expressing frustration that established producers were taking a beating over what they considered shoddy reporting. Ultimately, while the Trump administration’s broader push to reshore supply chains has previously fueled a massive rally in this space, this week’s sell-off serves as a reminder of the sector’s volatility. Market watchers suggest investors wait for official policy guidance rather than panicking over a single news cycle.
Norsemont Mining Delivers Robust Results in Chile
While policy debates and market jitters dominate the rare earth headlines in North America, the operational side of the broader mining sector continues to hit key milestones on the ground. Down in South America, Canadian-based Norsemont Mining Inc. (CSE: NOM) just released strong precious metal results from phase three of its drilling program at the wholly-owned Choquelimpie high-sulfidation gold-silver-copper project in northern Chile.
The company has completed seven core holes totaling roughly 1,650 meters, specifically targeting the down-dip extensions of high-grade gold mineralization within the site’s hydrothermal breccia zones. The initial data is highly encouraging, showing lengthy intercepts that exceed the current grade of the project’s sulfide resource.
Here are the initial highlights from the first three holes:
-
MV25-DD01: Intersected 109 meters grading 1.09 g/t Au, including a 45-meter stretch at 1.21 g/t Au.
-
MV25-DD02: Intersected 94 meters grading 1.26 g/t Au, featuring 31 meters at 1.79 g/t Au.
-
MV25-DD03: Intersected 33 meters at 0.87 g/t Au.
Expanding the High-Grade Zones
Norsemont’s CEO, Marc Levy, emphasized that these results not only point to the potential for upgrading the existing resource but also deepen the geological team’s understanding of the higher-grade zones. Levy highlighted the presence of anomalous base metal mineralization as an exciting development. He noted that the incoming data bolsters the company’s confidence in discovering substantial high-grade gold targets at depth and along the strike beneath the current open-pit resource.
Operations on the ground are slated to resume in April 2026. In the meantime, the company is waiting on the remaining assay results, which are expected before the end of the quarter. Some intervals that initially returned over-limit values are currently undergoing re-analysis.
Rigorous Laboratory Protocols
To ensure strict quality control, all split core samples were sent to Activation Geological Services (AGS) in Chile, prepped in Antofagasta, and analyzed at their ISO 17025-certified lab in Coquimbo.
Gold values are determined using standard fire assay techniques, with oxidized intervals getting an additional cyanide-soluble gold analysis. Furthermore, samples undergo mass spectrometry testing for 60 different elements. Any base metals or silver triggering over-limit thresholds—specifically 100 ppm for silver, 10,000 ppm for copper and zinc, and 5,000 ppm for lead—are automatically re-tested using atomic absorption methods.
