Which metal a company is chasing shapes the entire investment case: who buys it, whether a price is publicly quoted, and how exposed the supply chain is to a single country. Rare earths and battery metals in particular trade very differently from gold, because much of the value sits in downstream separation and refining rather than in the rock.
The terms below cover the individual metals — neodymium, praseodymium, dysprosium, antimony, tungsten, vanadium, indium, molybdenum — and the umbrella categories they get grouped under, which are used loosely and often inconsistently. Knowing the difference between a magnet rare earth and total rare earth oxide is the difference between reading a deposit correctly and not.
21 terms in this section.
A critical mineral (Sb, atomic number 51) used in flame retardants, batteries, semiconductors, and ammunition. China dominates global antimony supply (>80%), raising supply chain security concerns. Antimony is often recovered as a by-product of gold mining.
Industrial metals that are relatively abundant and oxidize or corrode easily, including copper, zinc, lead, nickel, and aluminum. Base metals are essential for construction, manufacturing, and infrastructure, distinguished from precious metals like gold and silver.
A group of critical minerals essential for lithium-ion battery production, including lithium, cobalt, nickel, graphite, and manganese. Demand for battery metals is rapidly growing due to electric vehicle adoption and energy storage requirements.
The positive electrode material in lithium-ion batteries that determines energy density and performance characteristics. CAM typically contains lithium combined with transition metals (nickel, manganese, cobalt) or phosphates, making up 30-40% of battery cost.
A heavy rare earth element (atomic number 66) added to neodymium magnets to improve temperature stability and resistance to demagnetization. Dysprosium is one of the most critical and valuable rare earths due to limited supply and growing demand for EV motors.
Metals and minerals essential for electric vehicle manufacturing, including lithium, cobalt, nickel, graphite, copper, rare earths, and aluminum. An average EV contains 10x more critical minerals than a conventional vehicle, driving rapid demand growth.
Metals required for decarbonization and clean energy technologies, including battery metals (lithium, nickel, cobalt), rare earths for magnets, copper for electrification, and silver for solar panels. Demand projected to grow 400-500% by 2040.
A large-scale manufacturing facility for lithium-ion battery production, originally coined by Tesla. Gigafactories require enormous quantities of battery metals (lithium, nickel, cobalt, graphite) and represent a key driver of demand for critical minerals.
A crystalline form of carbon used in lithium-ion battery anodes, with two production sources: natural graphite mined from deposits (flake, vein, amorphous) and synthetic graphite produced from petroleum coke. Natural graphite requires purification to battery-grade (>99.95% carbon).
A rare metallic element (In, atomic number 49) used in flat-panel displays, touchscreens, solar cells, and semiconductors. Indium is recovered primarily as a by-product of zinc refining, making supply dependent on zinc production levels.
A lithium-ion battery cathode chemistry (LiFePO4) that uses iron phosphate instead of nickel and cobalt. LFP batteries offer lower cost, longer cycle life, and improved safety compared to NMC batteries, but with lower energy density. Increasingly used in EVs and stationary storage.
Rare earth elements used in permanent magnet production, primarily neodymium, praseodymium, dysprosium, and terbium. These elements are critical for electric vehicle motors, wind turbine generators, and various high-tech applications.
A refractory metal (Mo, atomic number 42) used primarily as a steel alloying element to improve strength and corrosion resistance. Molybdenum is typically recovered as a by-product of porphyry copper mining and commands premium pricing during economic expansions.
A rare earth element (atomic number 60) essential for manufacturing high-strength permanent magnets used in electric vehicle motors, wind turbines, and electronics. Neodymium-iron-boron (NdFeB) magnets are the strongest permanent magnets commercially available.
Nickel-Manganese-Cobalt lithium-ion battery chemistry, one of the most common types used in electric vehicles. NMC batteries offer a balance of energy density, safety, and cost, with varying ratios (e.g., NMC 811 has 80% nickel, 10% manganese, 10% cobalt).
A rare earth element (atomic number 59) used in combination with neodymium for permanent magnet production. Praseodymium improves magnet temperature resistance and is typically marketed together with neodymium as 'NdPr' oxide.
A group of 17 metallic elements including the 15 lanthanides plus scandium and yttrium. Despite the name, rare earths are relatively abundant but difficult to extract economically. Used in magnets, electronics, catalysts, and defense applications.
Metals essential for high-tech applications including electronics, semiconductors, renewable energy, and advanced manufacturing. Technology metals overlap significantly with critical minerals and include indium, gallium, germanium, rare earths, and tellurium.
A dense, high-melting-point metal (W, atomic number 74) with critical applications in cutting tools, drill bits, defense applications, and high-temperature components. China produces >80% of global tungsten, making it a strategic critical mineral.
Triuranium octoxide, the concentrated form of uranium ore (yellowcake) produced at uranium mills. U3O8 is the standard commodity traded for nuclear fuel production. Uranium prices are denominated in dollars per pound U3O8 and fluctuate based on nuclear energy demand.
A metallic element (V, atomic number 23) used in steel alloys for strengthening and in vanadium redox flow batteries for grid-scale energy storage. Vanadium's energy storage applications are growing due to renewable energy integration requirements.