Project Vault has thrown a spotlight on one of the quietest pressure points in markets: the scramble to secure rare earths and critical minerals far from Chinese supply. Policy is now writing the script, from a planned $12b U.S. stockpile to new Pentagon sourcing rules, and some businesses are squarely in the line of fire. This article walks through three stocks exposed to that news and explains why their stories deserve a closer look.
The three stocks below are just a starter pack, and the full screen surfaced 9 more non Chinese rare earth and critical mineral supply chain beneficiaries with equally compelling narratives that are not covered here. To go straight to the source and identify which tickers best fit your own thesis, analyze the Non-Chinese Rare-Earth & Critical-Mineral Supply Chain Beneficiaries screener.
Hexcel (HXL)
Overview: Hexcel develops advanced carbon fiber composites and engineered structures for aerospace, defense and industrial customers that rely on critical mineral intensive materials.
Operations: Hexcel generates about US$1.71b from Composite Materials and US$419.8 million from Engineered Products, partially offset by corporate level losses of US$109.1 million.
Market Cap: US$6.3b
Hexcel matters for this rare earths supply chain theme because its carbon fiber composites are used in aircraft and defense hardware that increasingly must source critical minerals from outside China. As a result, how those end markets evolve now plays an important role in shaping the investment debate.
"Although Hexcel points to roughly US$200 million of additional Defense and Space revenue over time, the recent flat performance in that segment alongside weaker industrial activity signals that slower contract awards or platform adoption could leave segment sales and overall growth trailing expectations."
The outcome of a single assumption about future aerospace build rates and program mix will likely determine how attractive Hexcel appears.
That single build rate swing is exactly what the full narrative for Hexcel unpacks, separating short term noise from the areas where Hexcel’s defense and aerospace demand could realistically accelerate next.
Amaroq (AMRQ.F)
Overview: Amaroq is a Greenland focused explorer and developer working on gold and critical mineral projects that could feed non Chinese supply chains.
Operations: Amaroq reports about CA$79.8 million from acquiring, exploring and developing mineral properties in Greenland, with all revenue tied to that region.
Market Cap: $630 million
Amaroq operates in Greenland, explores for gold and critical metals and functions outside Chinese supply, which fits this screener’s core idea. Investors get a mix of producing gold at Nalunaq and early stage work on rare earths, copper, nickel and other critical elements. A key factor is how quickly one Greenland project cluster converts drilling and studies into de risked, fundable tonnage, which will depend on how one currently unseen pressure evolves.
That unseen pressure is exactly why it helps to step through the analysis report for Amaroq and see how Amaroq’s Greenland projects could reprice if funding accelerates.
Neo Performance Materials (TSX:NEO)
Overview: Neo Performance Materials produces rare earth chemicals, magnetic powders, magnets and rare metal materials that underpin non Chinese critical mineral supply chains for electric vehicles, clean tech and defense.
Operations: Neo generates about $238.9 million from Magnequench, $242.5 million from Rare Metals and $128.7 million from Chemicals & Oxides, after eliminations.
Market Cap: CA$1.14 billion
Neo Performance Materials is where the screener theme becomes concrete, because this business actually converts rare earths into the metals and magnets policymakers keep talking about securing outside China, particularly for EVs and defense hardware.
"A major development in 2026 is the operational status of its new sintered magnet facility in Narva, Estonia. This plant is the first of its kind in Europe designed to supply the EV market, positioning Neo as a critical partner for European automakers striving to meet EU local content requirements under the CRMA."
What matters next is how pressure around long term pricing and feedstock supply shapes the earnings power of those extra tonnes of magnets.
That earnings power question is where the story really starts to open up, and the full narrative for Neo Performance Materials shows how Neo Performance Materials could turn new capacity into accelerating influence.
Seeking Fresh Alternatives Before They Fly
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