Strategic Minerals in 13F: Antimony, Rare Earths, Lithium Reading

US-China trade and strategic-supply-chain tension has produced a category of 13F holdings worth understanding separately from broader mining and natural-resources investing: strategic minerals. These are minerals classified by the US Department of Defense for stockpile purposes or critical to defense, semiconductor, and energy-transition supply chains where China dominates global production. The category includes antimony, rare earths (lanthanides plus scandium and yttrium), lithium, tungsten, cobalt, graphite, and select others. Paulson & Co. holds Perpetua Resources at 24.01% of its $3.26 billion 13F — a pre-production antimony-and-gold mine in Idaho with Defense Production Act contracts. MP Materials, Lynas Rare Earths, Albemarle, SQM, and others appear at concentrated weights in similar specialist 13Fs. Reading them requires understanding the strategic-minerals supply-chain framework rather than treating them as conventional mining names.

What 'strategic minerals' actually means

The US government maintains lists of critical minerals via:

• US Geological Survey Critical Minerals List (50 minerals as of 2025), updated periodically based on supply-chain risk assessment.
• Defense Production Act (DPA) Title III authority, which the Department of Defense uses to procure domestic strategic-minerals supply.
• Inflation Reduction Act (IRA) provisions, which provide tax credits for US-and-allied-source critical minerals in EV batteries and renewable energy.

The combination produces structural demand for non-Chinese mineral supply across antimony, rare earths, lithium, graphite, cobalt, nickel sulfate, and others. Specialist 13F filers concentrate in publicly listed US-or-allied-domiciled producers of these minerals.

The major strategic-minerals categories and US-listed plays

Antimony

Antimony is used in flame retardants, lead-acid batteries, and semiconductor manufacturing. China supplies approximately 50% of global antimony production. The US has limited domestic production capacity.

• Perpetua Resources (PPTA): Pre-production antimony-and-gold mine in Idaho (Stibnite Gold Project). DoD has signed Defense Production Act contracts. Paulson holds at 24.01% portfolio.
• United States Antimony Corp (UAMY): Smaller-cap antimony processor with operations in Mexico.

Rare Earths

Rare earths (17 elements including neodymium, praseodymium, samarium, dysprosium) are critical for permanent magnets used in EVs, wind turbines, and military applications. China supplies approximately 70% of global rare-earth mining and 85% of refining.

• MP Materials (MP): Mountain Pass mine in California, the only US-domiciled rare-earth producer at scale.
• Lynas Rare Earths (LYSCF): Australian rare-earth producer with US partnerships.
• Energy Fuels (UUUU): US uranium producer with rare-earth processing capabilities.

Lithium

Lithium is central to EV batteries. Supply has shifted from Australia and South America to include US Lithium Triangle projects and Chinese processing dominance.

• Albemarle (ALB): Largest US-listed lithium producer.
• Sociedad Quimica y Minera (SQM): Chilean lithium producer.
• Lithium Americas (LAC): Pre-production US lithium developer (Thacker Pass, Nevada).
• Sigma Lithium (SGML): Brazilian producer.

Tungsten, Cobalt, Graphite

Each has smaller US-listed exposure but appears in specialist 13Fs. Tungsten for ammunition and tooling, cobalt for batteries, graphite for battery anodes.

How to identify strategic-minerals 13F positions

Four fingerprints:

1. Sub-$5 billion market cap. Most strategic-minerals plays are mid-cap to small-cap mining developers. Position-size limits affect institutional ownership concentration.
2. DoD or DPA contract disclosures. Companies with Defense Production Act contracts (Perpetua, MP Materials, others) signal direct US government strategic involvement.
3. Geographic non-Chinese positioning. Producers in the US, Canada, Australia, and certain allied jurisdictions are favored over Chinese-domiciled producers.
4. Pre-production or early-production stage. Specialist funds often hold pre-production developers (Perpetua, Lithium Americas, Energy Fuels) where the capital-appreciation upside is largest.

How to read strategic-minerals 13F positions

Three rules:

Rule 1: Position the holding against US-China trade dynamics

Strategic-minerals positions are leveraged to US-China supply-chain tension. Each escalation in tariffs, export controls, or strategic-supply restrictions on Chinese mineral exports increases the structural demand for non-Chinese supply. Holdings rise on policy news.

Rule 2: Track government contract milestones

DoD Defense Production Act contracts, IRA tax-credit qualifications, and Bipartisan Infrastructure Law allocations are explicit positive catalysts for strategic-minerals producers. Watch for specific contract announcements.

Rule 3: Read mining-development timeline carefully

Many strategic-minerals plays are pre-production developers. Mine permitting, feasibility studies, construction milestones, and first-production timelines each move the equity. The capital-appreciation cycle from pre-production to commercial production typically spans 3-7 years.

What to track

1. US-China trade policy. Tariff escalations, export controls on Chinese rare-earth shipments, and strategic-minerals stockpiling decisions are direct catalysts.
2. Major specialist 13F holders. When Paulson, Avoro, and other specialty managers converge on strategic-minerals names, the institutional consensus is structural.
3. Pre-production milestones. Permitting completion, construction starts, and first-production targets at major developers (Perpetua, Lithium Americas, MP Materials Stage 2/3) shape the multi-year capital-appreciation cycle.

For real-time tracking of strategic-minerals 13F activity, see the institutional signals feed. For related reading techniques on concentrated specialist 13Fs, see our specialty biotech reading guide and the broader explainer hub.