BMO Metals Brief

Research evidence excerpt

BMO Metals Brief

May 11, 2026

Global Commodities

BMO Metals Brief Global Commodities

Helen Amos Analyst

helen.amos@bmo.com +44 (0)20 7664 8180

 Looking for the next critical minerals finance opportunity: We have published a new critical

minerals report, conducting a full review of US critical minerals policy and identifying weak spots George Heppel Analyst

in the USA’s critical minerals supply chain. We estimate that ~$18.6bn has been committed to george.heppel@bmo.com +44 (0)20 7664 8106

the critical minerals space across ~60 projects by the current US administration, mostly directed

Alona Yunda Senior Associate at rare earths, tungsten, and zinc; however, when considering all policy vehicles at the Trump

administration’s disposal (DFC, EXIM, DPA, CHIPS Act, etc.), we estimate that the amount of alona.yunda@bmo.com +44 (0)20 7664 8122

capital available to fund US critical minerals supply is likely in the hundreds of billions. Our report Abigail Knight Senior Associate

discusses the weak spots in the USA’s critical minerals supply chain that could be next on the list abigail.knight@bmo.com +44 (0)20 7246 5448

for financing, including antimony, nickel, cobalt, tantalum, tungsten, and tin.

Legal Entity: BMO Capital Markets Limited

 Modi calls for lower oil and gold consumption: As India’s trade deficit and currency come under

pressure from higher fuel prices, Modi has asked Indian citizens to curb fuel usage and avoid LME Index (LMEX) buying gold for at least a year. The latter is quite an unusual move, given gold in India is of

5,800

utmost cultural significance, with Modi appealing that “for a year, be it any function, we 5,700

shouldn’t buy gold jewellery”. Gold constitutes the largest share of India’s import bill after oil. 5,600