Historically, critical materials were mostly linked to the electric vehicle (EV) transition. However, that narrative is evolving. Schoffstall highlighted that global defense spending now exceeds $2.6 trillion. As such, critical minerals are increasingly essential for developing military technology. “Things like rare earths, which are very much used in missile technology, drones, which we’re hearing a lot about, fighter jets, many defense systems and even lithium,” Schoffstall noted. “We’re hearing that some battery makers that were originally setting up operations for EVs are now looking to the defense industry.” ... (full story)