Depletion of high-grade deposits, declining ore grades and sustained high commodity prices are pushing miners towards frontier resources in the Arctic, on abyssal plains and eventually in space. Capital is already moving into Arctic projects targeting onshore and offshore deposits in ice-affected conditions, while proposed deep-sea mining of polymetallic nodules on abyssal plains faces an intensifying regulatory battle at the International Seabed Authority. Asteroid mining remains a long-dated, largely conceptual option, but is shaping early research into in-situ resource utilisation, autonomous extraction systems and ultra-remote operations.

Hertha Metals will break ground this summer on a Conroe, Texas plant to produce 10,000 tonnes per year of high-purity iron for neodymium-iron-boron magnets, using its FLEXHERS (Flexible Fuel Hydrogen Electric Reduction Smelting) process that couples an electric arc furnace with natural gas or hydrogen. The startup already runs a one-tonne-per-day pilot using Minnesota ore and plans to scale to roughly 500,000 tonnes per year within four to five years, targeting both magnet and electrical steel markets. With 90% of current high-purity iron output in China and a US DoD ban on Chinese-origin rare earth magnets taking effect on 1 January 2027, the project directly targets a looming supply-chain gap.

Triple Flag Precious Metals is paying $440 million in cash for a gold stream over Queensland’s Ravenswood open-pit mine, giving it rights to 5.5% of payable gold, stepping down to 3.75% after 194,200 oz and 2.5% after 253,000 oz, with deliveries priced at 10–20% of spot. The 8.6 Mtpa operation, owned by EMR Capital and Golden Energy and Resources, produced 134,000 oz in 2025 and is targeted to exceed 200,000 oz by 2028 following upgrades. The stream, covering 1,800 km² of exploration licences including Buck Reef West and Sarsfield-Nolans, lifts Triple Flag’s 2030 outlook to 150,000–160,000 GEOs.