Energy Transition Minerals (ASX:ETM) Appoints US Advisor for NASDAQ Push After 150% Rally: Time To Buy?

Energy Transition Minerals rallies on NASDAQ plans, but is it priced in?

Energy Transition Minerals (ASX: ETM) has delivered a roughly 150% return over the past 12 months, making it one of the standout performers on the ASX. This week, shares gained fresh momentum after the company formally announced the appointment of New York-based Cohen & Company as its exclusive US financial advisor to explore a potential NASDAQ listing. For investors, the question is straightforward: has the easy money been made, or is there more upside ahead?

What are the Best ASX Mining Stocks to invest in right now?

Check our buy/sell tips

ETM Targets NASDAQ as Critical Minerals Race Heats Up

The appointment of Cohen & Company signals management’s intent to tap deeper US capital markets at a time when Washington is pouring billions into securing non-Chinese rare earth supplies. The Trump administration allocated US$7.5 billion to the National Defence Stockpile and critical mineral supply chains under the H.R. 1 One Big Beautiful Bill Act (OBBBA), signed into law in July 2025. The Pentagon has invested US$540 million to support domestic and allied supply chains.

Energy Transition Minerals has also expanded its advisory board with the appointment of former Danish Foreign Minister Jeppe Kofod and former Danish Ambassador Friis Arne Petersen. This diplomatic firepower suggests management is positioning for high-level engagement with European and US stakeholders.

In our view, this strategic pivot reflects management confidence that the geopolitical narrative around critical minerals has shifted decisively in their favour.

Kvanefjeld- Greenland’s Giant Rare Earth Prize

At the heart of ETM’s investment case sits the Kvanefjeld project in southern Greenland, one of the world’s largest undeveloped rare earth deposits. The project hosts approximately 1.01 billion tonnes of JORC-compliant mineral resources grading 1.1% rare earth oxide, with year-round shipping access.

The deposit contains neodymium and praseodymium, essential for permanent magnets used in electric vehicles, wind turbines, and defence applications. If developed, Kvanefjeld could position ETM as a major Western supplier in an industry dominated by China.

However, progress has stalled since 2021, when Greenland passed legislation banning uranium mining above 100 parts per million. Because Kvanefjeld contains uranium as a by-product, this blocked the project’s path to an exploitation licence.

Energy Transition Minerals initiated arbitration in March 2022, and following an October 28, 2025, ruling, the Arbitral Tribunal referred the exploitation licence dispute to the Greenlandic courts while confirming that claims for breach of contract and damages may still proceed via arbitration. A case management conference is scheduled for January 12, 2026, to set the trial timetable.

The Investor’s Takeaway

Bull case: The 150% rally reflects a genuine re-rating of critical minerals exposure as Western governments scramble to secure supply chains. A NASDAQ listing would open doors to deeper US capital pools, while the Pentagon’s US$7.5 billion budget and recent US-Australia minerals agreements create structural tailwinds. If ETM wins its legal battle, Kvanefjeld could become the “Lynas of the North”.

Bear case: Energy Transition Minerals remains pre-revenue, reporting a net loss of A$5.37 million for the 2025 financial year, with a focus on preserving its cash position for litigation and US listing costs. The legal outcome is uncertain, and the 150% rally may have already priced in much of the good news. At current levels, the stock trades on pure optionality rather than fundamentals.

Our view: This is a high-risk, high-reward speculative play suitable for risk-tolerant investors using small position sizing. Conservative investors should stay on the sidelines until legal clarity emerges. The key catalysts to watch are the Greenland High Court ruling and the NASDAQ listing progress. For those comfortable with binary outcomes, Energy Transition Minerals offers exposure to a strategic asset that Western defence and clean energy industries desperately need.