Here are 6 underrated critical minerals and the ASX stocks with the greatest exposure to them!

What are some of the most underrated critical minerals? It is easy to say popular critical minerals like lithium that have been in the doldrums for two and a half years now, but we’re talking about critical minerals you probably haven’t heard of.

But certain companies have heard of these minerals, are prospecting for them and are attracting investors by virtue of having a focus on those commodities. In this article, we take a look at 6 such underrated critical minerals and companies exposed to them.

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6 underrated critical minerals and the ASX stocks with the greatest exposure to them!

Titanium

Titanium is a metallic element known for its exceptional properties, making it vital across multiple industries like aerospace, defence, medical, renewable energy, electric vehicles and industrial processes involving certain chemicals. Most metals are either lightweight or strong, but not both. Titanium is both. Moreover, it is corrosion and heat-resistant, and it is biocompatible (i.e. not toxic or reactive with other common elements).

One of the most prominent stocks is IperionX (ASX:IPX), which is a $1.5bn+ company. It makes high-performance titanium alloys, from raw minerals or scrap metals and does so with lower energy use, costs and carbon emissions. It claims its Titan critical minerals project is the largest JORC-compliant mineral resource of titanium in the USA.

IPX is unique because metallic titanium is energy-intensive and technically-challanging, but has found a way to make it happen. Most other stocks in this space offer exposure via mineral sands which have titanium minerals like ilmenite and rutile. Such companies include Iluka (ASX:ILU), Sheffield (ASX:SFX), Astron (ASX:ATR) and Base Resources (ASX:BSE).

Antimony

Antimony is a critical metal that is silvery-gray and a metalloid element. It has atomic number 51. Unlike copper, it is actually a bad conductor of heat and electricity. But it is good as an alloy (i.e. a hardener and strengthener of other metals) as well as a flame retardant. And so flame retardants are its largest end use, but it is also used in semiconductors, military and defence applications, bullets and certain batteries (i.e. lead-acid which are used in industrial applications, particularly backup power systems).

Companies with exposure include Trigg Mining (ASX:TMG) with its Antimony Canyon project in Utah and Zeus Resources (ASX:ZEU) which bought the Casablanca project in Morocco. The irony is that the only producing mine in Australia (the Costerfield Mine in Victoria) isn’t owned by an ASX-company, but by the TSX-listed Mandalay Resources.

Germanium

Germanium is a rare, strategically important metalloid used in high-tech, defence, and green energy applications. Despite its obscurity in the mainstream, it’s one of the most geopolitically sensitive critical minerals today—especially due to China’s control over global supply (by ‘control’ we mean 70-80% of supply).

Germanium has historically been vital for: Fiber optics, Infrared optics, Semiconductors, Photovoltaics and Quantum computing. It is unique because of its high conductivity and its ability to perform at high frequencies and low operating voltages when in its pure metallic form. But it does not exist as a native metal, typically only recoverable as a byproduct from concentrates from other commodities, particularly zinc-ore.

One company exposed is Battery Age Minerals (ASX:BM8) which has the Bleiberg project in Austria, a historic lead-zinc germanium mine – the world’s sixth-largest supplier as a matter of fact.

Scandium

Scandium is a rare, lightweight metal with exceptional properties—but it’s one of the least produced and most strategically significant critical minerals globally. Not because it is not common in the earth’s crust (it is relatively speaking), but it is almost never found in concentrated, mineable deposits.

Scandium is particularly important for next-generation aerospace alloys, clean energy tech, and fuel cell systems. But again, global supply remains tiny and unreliable. It is used in aerospace applications, EVs, 3D printing of metal parts and in solid oxide fuel cells. Stocks include Sunrise Energy Metals (ASX:SRL), Australian Strategic Materials (ASX:ASM) and Platina Resources (ASX:PGM).

Manganese

Manganese (Mn) is a chemical element with the atomic number 25. It is a transition metal that is not found as a free element in nature; rather, it is often combined with iron and other minerals. It is commonly used in batteries and compared to many other metals used in batteries, it is more cost-effective, has better thermal stability, better longevity and durability.

Companies include Element 25 (ASX:E25), the owner of the Butcherbird Project in WA, South32 (ASX:A32), Black Canyon (ASX:BCA), Euro Manganese (ASX:EMN) and Jupiter Mines (ASX:JMS).

Vanadium

Vanadium is used as a steel alloy and in energy storage batteries. It is very strong in that it can withstand extreme temperatures and corrosion, so is used in many applications where endurance is a non-negotiable. As with other critical metals on this list, China and Russia have control on the world’s supply and the West wants to change that. What’s more is that mining and processing vanadium requires special techniques since it is not a typical metal.

This critical mineral probably has more companies focused on it than any other on this list. Examples include Australian Vanadium (with its namesake WA project that has a total Resource of 239Mt @ 0.73% vanadium and an Ore Reserve of 30.9Mt @ 1.09%. It has a Pre-Tax NPV of $833m), Technology Metals Australia (ASX:TMT) and Richmond Vanadium Technology (ASX:RVT).