The global race for critical minerals has accelerated, reshaping supply chains and intensifying geopolitical competition.
Trigg Minerals (ASX:TMG) (OTCMKTS: TMGLF) has stepped into this landscape with strategic acquisitions in the United States. The company’s recent purchase of the Tennessee Mountain Tungsten Project in Nevada and the Antimony Canyon Project in Utah signals a clear intent. Trigg aims to align with Washington’s push to reduce dependence on China, which controls a clear majority of global tungsten production.
Tungsten is one of the most important critical minerals for both defense and renewable energy. The U.S. military uses it in armour-piercing munitions, hypersonic weapons, and missile systems.
Renewable energy technologies also depend on tungsten for wind turbine components and advanced solar cell manufacturing. These dual applications have turned tungsten into a linchpin in U.S. strategic planning. The Department of the Interior’s 2025 draft list of critical minerals highlights tungsten as a top priority.
Furthermore, the Department of Defense has already directed USD$6.2 million to Golden Metal Resources for tungsten development. That funding reflects a broader policy to revive domestic production and insulate national security from foreign risk.
Trigg’s Tennessee Mountain Project is well positioned to benefit from this momentum.
The deposit is estimated at 780,000 short tons, grading between 0.3 and 0.5 per cent WO₃. Located in a historically mineralized district, the project remains open for additional exploration. Its potential supply of conflict-free tungsten to Western markets could play a central role in diversifying supply chains.
In addition, geopolitical alliances are converging to counterbalance China’s dominance in processing.
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Trigg’s balance sheet supports its ambitions
The United States, India, Japan and Australia compose The Quad. They have recently increased cooperation with the European Union.
Trigg’s expansion in the U.S. complements this global effort and offers a secure alternative supply channel. Furthermore, the company’s advisory board includes U.S. defense executives, a signal of its intent to align closely with procurement frameworks.
Tungsten demand is set to grow steadily in both military and civilian markets. Analysts project a compound annual growth rate of three to four per cent through 2030. Defense applications remain indispensable, but renewable energy provides a major boost. Advanced cutting tools, wear-resistant turbine parts, and specialized solar technology all require tungsten. Additionally, structural supply constraints and efforts to diversify away from China reinforce upward pressure on demand.
Trigg’s balance sheet supports its strategic ambitions. The company holds AU$15.8 million in cash, which strengthens its ability to fund exploration. Government incentives, including co-investment programs and deferred royalty schemes, further enhance its position. In addition, the projects’ Tier 1 jurisdictions in Nevada and Utah reduce political and operational risk compared to less stable regions.
However, Trigg’s financials reveal challenges. The company posted a net loss of AU$7.01 million over the past year. EBITDA also came in with a net loss of AU$4.95 million.
Its Price-to-Book ratio of 12.3x far exceeds the Australian metals and mining industry average of 1.6x. Such valuations reflect high expectations rather than near-term earnings strength. Peers face similar hurdles. Fireweed Metals reported an EBITDA related loss of AU$22.888 million, while Golden Metal’s projected earnings remain below zero. Nevertheless, Trigg’s valuation gains partial justification from its dual exposure to tungsten and high-grade antimony.
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Risks and roadblocks remain in western government supply search
Antimony plays a critical role in both defense and energy security. Trigg’s Wild Cattle Creek deposit in Australia adds depth to its portfolio. This diversification provides a hedge against market volatility in any single mineral. In addition, antimony’s status as a critical mineral supports the company’s long-term narrative. Together, tungsten and antimony position Trigg as a key partner for Western governments seeking stable supply.
Risks remain unavoidable. Exploration results may not meet expectations, and regulatory approvals often face delays. Market volatility in critical minerals can also create sharp swings in valuations. However, government incentives and geopolitical urgency reduce some of these risks. The U.S. Geological Survey has emphasized the importance of securing domestic tungsten sources. Its new economic model for assessing supply chain disruptions highlights the urgency of projects like Tennessee Mountain.
Furthermore, Trigg operates within a policy environment that rewards strategic alignment. The U.S. has prioritized defense supply chain security, and tungsten remains central to that agenda. Washington’s willingness to fund projects, combined with support from allies, increases the likelihood of long-term backing. Trigg’s position in politically stable jurisdictions strengthens that case.
The company’s immediate financial outlook may not impress, but its strategic trajectory carries weight. Investors must weigh the current losses against long-term opportunities tied to defense and clean energy. Tungsten’s rising demand, coupled with geopolitical drivers, suggests the market could reward early positioning. Trigg has captured that opening by anchoring itself in Nevada and Utah.
In addition, Trigg is not alone in trying to help western governments shake Chinese domination.
Read more: NevGold pulls up even more promising antimony grades from Nevada property
Read more: NevGold raises $5.5M for promising gold-antimony prospects in Nevada
United States companies rise to the challenge
Perpetua Resources Corp (TSE: PPTA) (NASDAQ: PPTA) advances the Stibnite Gold Project in Idaho to support U.S. antimony security. The project not only mines gold but also provides the only mined antimony source in the United States.
The company progresses through the National Environmental Policy Act permitting stage. In addition, Perpetua holds a US$1.8 billion letter of interest from the U.S. Export-Import Bank to support development.
Furthermore, the project could supply about 35 per cent of U.S. antimony demand over the first six years of operation. It also promises environmental cleanup of the abandoned site, job creation and habitat restoration.
NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) operates in Canada and the U.S. to tap critical mineral sources, and specifically antimony. The company pursues domestic supply chains for metals vital to Western defense and clean energy. It has positioned itself and its antimony offerings from its Limousine Butte property Nevada as a potential solution to dependency on China.
Meanwhile, Military Metals Corp (CNSX: MILI) (OTCMKTS: MILIF) (FRA: QN90) builds a pure-play antimony portfolio in North America and Europe. The company acquires high-grade assets such as Nova Scotia’s West Gore mine. In addition, it recently agreed to purchase one of Europe’s largest antimony deposits in Slovakia.
Those assets often yield up to 4 per cent antimony per ton—far above most peers. Furthermore, Military Metals positions itself as a rapid responder to the supply shock caused by China’s export restrictions. Its strategy secures antimony for defense, semiconductors and energy use while breaking reliance on Chinese supply chains.
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