06/01/2026
Why do many critical minerals remain difficult to scale even as demand climbs? More than half of the minerals on the U.S. critical minerals list are recovered as byproducts of other mining operations, meaning their supply depends on someone else’s business case. In a new working paper, Ashley Zumwalt-Forbes examines how byproduct economics shape supply, investment incentives, and capital formation, and why financing structures and federal policy often fail to align with how these minerals are produced.
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Why do many critical minerals remain difficult to scale? In a new working paper, Ashley Zumwalt-Forbes examines how byproduct mineral recovery creates financing and policy challenges that constrain critical minerals supply.