The Index
400 dossiers · 1 need attention
A research screener for every company we cover. Search a name or ticker, then sort and triage dossiers by coverage freshness, our conviction and trading relevance.
critical-materials34 names· avg TR 8 | ||||||||
| A pre-revenue mine-to-magnet roll-up that the U.S. government has chosen to underwrite — own the policy-protected build-out, not the ~240x-sales price; the bet is execution-by-2027, and the kill-switch is a single slipped milestone meeting a $5.5B valuation with $23M of revenue. | — | 8 | ||||||
| A leveraged, no-reserves bet on the U.S. uranium-independence trade dressed as an operating miner — production is real but trivial, the share count is the business model, and at ~300x sales you are paying for the spot price and the policy narrative, not the P&L. | — | 0 | ||||||
| A ~$1.1B market cap wrapped around a ~$40M-revenue, loss-making smelter — the only US vertically-integrated antimony producer, priced almost entirely on a back-end-loaded $125M federal-ramp promise from a serially-promotional CEO; own the antimony scarcity story, but the equity is a momentum/policy option, not a value asset. | — | 8 | ||||||
| The world's #1 vertically-integrated TiO2 producer is a high-quality asset trapped under an 11.1x-levered balance sheet in the worst pigment down-cycle in a decade — the equity is a leveraged call option on a 2027 cyclical recovery (plus a free rare-earth lottery ticket), not an investment, and the 2029 maturity wall is the clock. | — | 8 | ||||||
| Best-in-class low-cost EAF compounder riding a tariff-fattened spread into a stock that already prices the good news — the edge is the aluminum option and through-cycle discipline, not the current multiple. | — | 8 | ||||||
| The world's lowest-cost, longest-reserve, highest-margin copper pure-play — a generational asset wrapped in a Sell-rated price and 88.9% Grupo Mexico control; you want the orebody, not the multiple, and the market agrees. | — | 8 | ||||||
| A de-risked, debt-light gold royalty toll-bridge that just doubled in size via Sandstorm yet trades at a ~7-9x P/E discount to Franco-Nevada and Wheaton — the discount is the thesis, not the warning. | — | 8 | ||||||
| The tariff-fortified, lowest-cost EAF compounder is mid-upcycle with self-help volume still to land — but the +118% run already prices the recovery, so the edge is the multi-year normalized-earnings step-up, not the next print. | — | 8 | ||||||
| A subsidized option on Western rare-earth independence — the DoD's $110/kg NdPr floor turned a money-losing concentrate miner into a vertically-integrated magnet company with capped downside, but the equity already prices the 2028+ 10X build at ~134x forward earnings, so you're paying full freight for a thesis that depends on execution and elevated NdPr prices. | — | 8 | ||||||
| An irreplaceable U.S. beryllium monopoly wrapped in a low-margin pass-through metals business and now priced like a secular-growth compounder (~34x fwd vs 18-20x historical, above every Street target) — the asset is real, the multiple is the bet. | — | 8 | ||||||
| The record 2026 print is mostly a Section-232 tariff-premium + metal-price-lag windfall on flat real volume — a high-quality fabricator priced for perfection at a 52-week high after a 2.5x run, with consensus already pointing down. | — | 8 | ||||||
| A single-asset US copper developer (Santa Cruz) levered to a structural copper deficit and the "domestic critical-minerals" trade, wrapped in a Friedland promote and a still-unfunded $1.24B build — own the deposit and the EXIM optionality, but underwrite the dilution, not the PFS NPV. | — | 8 | ||||||
| A levered, structurally-loss-making graphite-electrode pure-play whose old take-or-pay earnings are gone, now priced as a distressed call option on a 2026 electrode-price recovery that has to clear a 2029 debt wall — own the bonds' problem, not the equity, until pricing turns or the balance sheet is fixed. | — | 8 | ||||||
| A world-class copper-and-gold orebody wrapped in a structurally leaky holding company — you buy FCX for the copper supercycle and the Grasberg restart, but ~half of every Indonesian dollar exits to the Indonesian state before it reaches your share, and Grasberg execution (not the copper price) is what actually decides the stock through 2027. | — | 8 | ||||||
| A genuinely strategic Western heavy-rare-earth asset wrapped in a serial-promoter, pre-revenue, dilution-machine equity — the deposit is real, the metallurgy and the 2029 cash-flow date are not yet, and the stock already prices a permitting+offtake fairy-tale at ~$1.5B with $0 revenue; WATCHING, would only own on a proven-metallurgy or fully-funded BFS catalyst. | — | 8 | ||||||
| World's #1 cobalt + a top-tier DRC copper grower trading at a deep state-owned/jurisdiction discount (~4-9x P/E vs 12-22x peers) — the value gap is the thesis; the DRC quota regime and Beijing's hand on the till are the reasons it persists. | — | 8 | ||||||
| A leveraged, blast-furnace cyclical printing its worst losses since the acquisition spree — but the tariff-supported price floor is already bending the loss curve up, and the stock has nearly doubled off the low pricing much of that recovery in. Bullish on the operating turn, but the debt + dilution + cash-burn make this a high-beta option, not a compounder. | — | 8 | ||||||
| The world's largest rare-earth producer is a state policy instrument, not a shareholder vehicle — at P/E ~66 / ~$25B cap on ~7% ROE you are paying a growth multiple for a margin that its own parent (Baogang) taxes away one concentrate hike at a time. Own the NdPr theme through a price-taker, not this price-maker-that-isn't. | — | 8 | ||||||
| The single most tariff- and operationally-levered way to own a structurally walled-off US aluminum price — a high-beta, low-EV/EBITDA call levered to a record Midwest premium, gated by a Glencore-controlled cap table, a Jamalco material weakness, and a hedge book bleeding against its own thesis. | — | 8 | ||||||
| The only U.S.-owned enrichment platform with an NRC HALEU license and a $900M DOE expansion award — but it is still a sub-scale fuel broker living on a Russian supply contract that dies in 2028, priced at 50–60x earnings for a build-out that is contingent on money it does not yet have. | — | 8 | ||||||
| A leveraged, pure-play Americas copper call trading at a mid-tier P/NAV discount — own it for the deficit and the MV-Optimized/Santo Domingo growth stack, but the entry price is now a bet that record copper holds, not that the assets are cheap. | — | 8 | ||||||
| World's #2 nickel reserve at first-quartile cost with state backing — but a US$2.5bn funding gap on a ~C$400m shell means the entire bet is binary on the 2026 financing close, not the geology. | — | 8 | ||||||
| The best-in-class Western uranium franchise with a free option on a nuclear-construction renaissance — but the market already owns it at ~35x forward EV/EBITDA and ~50x earnings, pricing the Westinghouse $80B build-out and a structural uranium deficit as near-certainties when the asset is operationally fragile (chronic mine shortfalls) and Westinghouse still loses money at the net line. Great company, demanding price; WATCHING for a multiple reset or an operational/contracting catalyst. | — | 8 | ||||||
| A best-in-class integrated Nordic miner-smelter whose precious-metal-rich, e-scrap-fed smelter chain is the rare structural winner of the negative-TC era — but at ~21x P/E and a price above the average analyst target, the stock already prices the gold-silver windfall, not the smelter-margin reset risk and post-fire/post-acquisition execution debt. | — | 8 | ||||||
| A copper compounder still priced as an iron-ore proxy — the re-rate is real but gated on iron ore not breaking before copper volumes arrive (2028+), and Jansen's serial cost blowouts are the tell that BHP's build muscle has atrophied. | — | 8 | ||||||
| A self-help margin re-rating priced as a doomed smelter — the $0 TC/RC tape masks that Aurubis already earns more from downstream premiums, recycling and a finished $1.7B capex cycle than from the concentrate spread the bears fixate on; watching, not yet a buy, because the metal-price tailwind that lifted FY25/26 guidance twice is the same lever that breaks on a copper pullback. | — | 8 | ||||||
| A 38-year, $1.7B-NPV NdPr asset that the equity market is pricing as a serial dilution machine — the call is on financing-close + China's price floor, not the ore body. WATCHING into FID-completion; the project is fundable, the share count is the bear case. | — | 8 | ||||||
| A best-in-class, Luksic-controlled Chilean copper pure-play priced for the 30% volume ramp it has not yet delivered — own the asset, not this multiple; the entry is a copper-price dip or a Centinela-2 commissioning wobble, not 14x EV/EBITDA on a name that just missed guidance again. | — | 8 | ||||||
| A copper pure-play being born inside an iron-ore company — own the re-rate that completes when Anglo Teck closes, not the diversified miner that's disappearing. | — | 8 | ||||||
| A three-engine critical-materials conglomerate whose 2025–26 earnings are flattered by a transient antimony windfall while its real long-duration call options (European LiOH at Bitterfeld, spent-catalyst vanadium recycling, the Saudi Supercenter) are still pre-cash-flow — own the structural story, but underwrite the cycle, not the print. | — | 8 | ||||||
| The highest-grade tin mine on earth, throwing off >$600M annualised EBITDA at a 6.7x P/E — and it sits 180km from an active M23 front line in the eastern DRC, now 56%-owned by Abu Dhabi. The discount is the country, not the company; you are paid ~6.5% to wait, but a single security headline can halve it overnight. | — | 8 | ||||||
| A binary supply-shock proxy — the only Western-aligned tungsten scale producer ramping into a 550%-China-driven price spike, but priced at ~150x trailing sales on a single-mine ramp; own the commodity thesis, not this multiple — a quarter of Sangdong slippage or one China de-escalation re-rates it 40%+. | — | 8 | ||||||
| A genuinely deleveraged, vertically-integrated aluminum pure-play whose 2025-26 earnings recovery is being borrowed from a tariff — ~60% of US aluminum volume rides a Section-232-inflated Midwest premium that is a policy decision away from evaporating; own the cycle, not the multiple. | — | 8 | ||||||
| The only Western "mine-to-magnet" pure-play levered specifically to HEAVY rare earths (Dy/Tb) — whose ex-China prices have ~doubled in 2026 (Dy ~US$930/kg, Tb ~US$4,028/kg) — via China's own low-cost ionic-clay geology; but it is a pre-revenue developer that has already re-rated ~5x to a ~CA$1.1B cap, owns a Chilean asset 99% of the local community voted against, faces MP Materials commissioning its own US HREE separation by mid-2026, and must fund a >US$1.5B integrated build off a ~US$40M cash balance with no binding offtake. Asymmetric optionality, not yet a position. | — | |||||||