FMF 2026: What Happens When Mining Becomes National Defense?

This week in Riyadh, the mining industry officially shifted from commercial venture to industrial statecraft. The consensus at the Future Minerals Forum is that the "invisible hand" isn't digging holes fast enough, so governments are taking over.

The new reality emerged from a convergence of American urgency and Saudi capital:

• Mining is now National Defense: The US is slashing its 29-year permitting average by treating mines as defense assets. The strategy? Emergency declarations, direct equity, and a massive $2B stockpiling initiative.

• The Midstream Solution: Saudi Arabia is tackling the processing bottleneck. By offering to finance up to 80% of CAPEX, Riyadh is positioning itself as the industrial engine for Western geology.

The Bottom Line: We are witnessing the birth of a new "Super Region." Efficiency is no longer the goal, speed is the only commodity that matters.

Trump Pushes Emergency Auction to Curb AI Energy Costs

The White House is set to announce an emergency wholesale electricity auction today, designed to force Big Tech companies into long-term contracts that fund new power generation.

The message is clear: AI innovation shouldn't come at the expense of residential ratepayers.

However, the logistics are messy. PJM Interconnection, the operator responsible for the grid covering 65 million Americans, was reportedly not invited to the discussion. This creates a fascinating tension between political will and infrastructure reality.

Can the administration "compel" a market solution without the market maker in the room? Or is this more about political signaling as utility prices rise?

White House Delays Critical Mineral Tariffs for 180-Day Negotiation Window

Can a trade agreement fix a lack of infrastructure?

That is the core question following The White House's decision to delay critical mineral tariffs in favor of a 180-day negotiation window.

Ashley Zumwalt-Forbes highlighted the disconnect this week: governments aren't the customers. Industrial buyers are. And without clear commercial structures or existing processing capacity (the "midstream gap"), diplomatic deals risk becoming bottlenecks rather than solutions.

Gold Eyes $5,000 and Silver Targets $100 as Supply Squeeze Tightens

Historic rally in precious metals, with Gold and Silver targeting $5,000 and $100 respectively. This isn't speculation, it’s a supply shock.

Key insights from the coverage: Ned Naylor-Leyland at Jupiter Asset Management identifies a critical "physical squeeze" as inventory moves to Shanghai. Daniel Casali at Evelyn Partners points to "resource nationalism" and trade tariffs as the structural floor for these prices. Analysts at Citi have upgraded forecasts to match this bullish reality.

With The White House and Federal Reserve navigating internal tensions involving Jerome Powell, the macro environment is perfectly set up for hard assets to outperform.

How are you adjusting your strategy?

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