Critical Minerals Market Expected to Reach $586 Billion by 2032 as Demand Grows for Supply of Essential Minerals

Executive Summary

• SAGA Metals Corp. received initiation of equity analyst coverage from Alphabridge Group with an Outperform rating, highlighting its Radar Ti‑V‑Fe Project.
• TMC the Metals Company reported Q2 2025 financials showing $115.8 M cash on hand, a $22 M operating loss and a net loss of $74.3 M, alongside a PFS for the NORI‑D project and strategic partnership with Korea Zinc.
• Critical Metals Corp. disclosed new 2024 diamond drill results from the Fjord Deposit (TREO 0.40‑0.42%, HREO ~26%, ZrO₂ 1.57‑1.58%).

Key Details

• SAGA Metals – Analyst Coverage
• Alphabridge Group Inc. initiated coverage on September 8, 2025 with an Outperform rating.
• Report emphasizes the Radar Ti‑V‑Fe Project in Labrador and the company’s broader critical mineral portfolio.

• Research report available via Alphabridge website or upon request (analyst: Vasant Jain, CFA).

• TMC the Metals Company – Q2 2025 Results

• Total cash balance: ≈ $115.8 M as of June 30, 2025.
• Cash used in operations for the quarter: $10.6 M.
• Operating loss: $22 M; Net loss: $74.3 M; Net loss per share: $0.20.
• Publication of a Pre‑Feasibility Study (PFS) for the NORI‑D Project, indicating a capital‑efficient path to first production.
• Combined NPV of NORI and TOML resource areas disclosed at $23.6 B.

• Strategic investment from Korea Zinc and renewed partnerships with Nauru and Tonga.

• Critical Metals Corp. – Drill Results (Fjord Deposit, Greenland)

• Four diamond drill holes intersected TREO grades of 0.40‑0.42%.
• Heavy rare earth oxides (HREO) represent ~26% of total REO.
• Zirconium oxide (ZrO₂) grades of 1.57‑1.58%; Gallium oxide (Ga₂O₃) assays of 93‑99 ppm.
• Mineralisation remains open at depth; drilling confirms grade continuity across the deposit.

• Holes part of the 2024–2025 Fjord Resource Upgrade program (≈ 1900 m drilled to date in 2025).

• Rio Tinto Group – Executive Reorganization

• Simplified product group structure into three businesses: Iron Ore; Aluminum & Lithium; Copper.

• Matthew Holcz appointed Chief Executive, Iron Ore, overseeing Western Australian operations, IC Canada, and the Simandou project.

• Empire Metals Limited – Interim Results (Six‑Month ended 30 Jun 2025)

• Highlighted Pitfield as a world‑significant titanium discovery; drilling averaged ~6% TiO₂ over a 3.6 km strike.
• Metallurgical testwork achieved 99.25% TiO₂ recovery.
• £4.5 M raised in May 2025 to accelerate development; maiden mineral resource estimate pending release.
• Board and technical team strengthened (appointments of Phil Brumit, Alan Rubio, Pocholo Aviso).
• Commenced US OTCQX trading.

Notable Quotes

• Gerard Barron, Chairman & CEO, TMC: “The publication of our PFS for the NORI‑D Project marks a defining moment… combined NPV of $23.6 B.”
• Shaun Bunn, Managing Director, Empire Metals: “Pitfield is fast becoming recognized as a project of global importance… we are exceptionally well positioned for the next phase of growth.”