A Utah company has unearthed a massive deposit of critical minerals, describing it as potentially “one of North America’s most significant” finds to date. According to Ionic Minerals Technology, assays from its Silicon Ridge project in Utah have confirmed the presence of 16 critical minerals, including germanium and gallium, in the halloysite-hosted ion-adsorption clay (IAC) system, a geological system that’s easier to extract minerals from compared to the conventional hard-rock.
Located in Provo, less than 20 miles south of Utah’s Silicon Slopes, the IAC geological formation supplies more than 70% of the world’s heavy rare earth elements and 35-40% of China’s total rare earth production. The deposit also harbors lithium, rubidium, scandium, cesium, tungsten, vanadium and niobium.
Ionic MT CEO and founder Andre Zeitoun says the project already has mining permits in place, which will be supplemented by the company’s 74,000-square-foot processing facility at its headquarters in Provo, enabling rapid development.
“For the first time, we have a domestic, shovel-ready source for a full spectrum of critical minerals, all extractable with a faster, cleaner process than traditional hard rock mining and extraction,” Zeitoun stated in a press release.
According to initial exploratory results by ISO-certified ALS Chemex laboratories, the deposit is a combination of rare earths and critical metals at a concentration of ~ 2,700 parts per million (ppm) or 0.27%. According to Ionic MT, this grade compares favorably to Chinese IAC deposits, which typically range from 500 to 2,000 ppm. However, the critical minerals grade has been confirmed across just 11% of the total resource area at a depth of not more than 100 feet, indicating significant potential for expansion.
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Lately, the United States appears to be hitting the critical minerals jackpot rather frequently. Last year, the United States Geological Survey (USGS), the Arkansas Department of Energy and Environment’s Office of the State Geologist, discovered a huge lithium reserve containing more than nine times the International Energy Agency’s projection of global lithium demand for electric vehicles in 2030. A relic of an ancient sea that left an extensive, porous, and permeable limestone geologic formation, the Smackover Formation extends under parts of Arkansas, Louisiana, Texas, Alabama, Mississippi, and Florida, and could contain between 5 and 19 million tons of lithium reserves. The USGS estimates there is enough lithium brought to the surface in the oil and brine waste streams in southern Arkansas to cover the current estimated U.S. lithium consumption. The U.S. relies on imports for more than 25% of its lithium.
Government Support
Ionic MT aims to fast-track the development and commercialization of its latest REE discovery. And, its timing might be just right, coming at a time when the Trump administration is actively pursuing a strategy of direct government investment, loans, and international agreements to secure a domestic rare earth supply chain and reduce U.S. reliance on China. The U.S. government, under the Trump administration, has made significant investments and taken equity positions in several domestic companies specializing in different parts of the rare earth supply chain.
Back in March, the US Export-Import Bank (EXIM) expressed strong interest in providing a significant loan, up to $553 million, for Rare Element Resources’ Bear Lodge Project in Wyoming, issuing a non-binding Letter of Interest (LOI) in March 2025. However, its most concrete deal on that front Materials came in July 2025 after the Department of Defense announced a major partnership with Nevada-based MP Materials Corp. (NYSE:MP), including a $400 million preferred stock purchase, good for a 15% stake, as well as support for heavy rare earth magnet production. The deal included a major 10-year, $110/kg price floor/offtake agreement for rare earth elements (NdPr), funding the expansion of MP’s magnet production (the 10x Facility) to secure domestic supply chains for defense and commercial needs, marking a new model for U.S. industrial policy.
In October, the U.S. government purchased a 10% equity stake in Canada’s Trilogy Metals (NYSE:TMQ) for $35.6 million and secured warrants to acquire an additional 7.5% stake. Trilogy holds a 50% interest in the Upper Kobuk Mineral Projects in Alaska, which contain deposits of copper and other critical minerals. The government also finalized a deal with Canada’s Lithium Americas Corp. (NYSE:LAC), involving the DOE taking a 5% equity stake in the Thacker Pass mine in exchange for releasing the first $435 million of a $2.23 billion loan (originally from the Biden admin).
In early December, Vulcan Elements, a rare-earth magnet startup, received a $620 million loan from the U.S. Department of Defense (DOD), part of a major deal to boost domestic magnet production. This loan, the largest from the Pentagon’s Office of Strategic Capital, aims to build a 10,000-tonne magnet facility, with the DOD also getting warrants in the company.
By Alex Kimani for Oilprice.com
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