Critical minerals are having a moment. Prime Minister Anthony Albanese is at the White House to talk up Australia's rich deposits with President Donald Trump. China, which has a global stranglehold on rare earth elements,

Goldman Sachs flagged mounting risks to global supply chains of rare earths and other critical minerals, emphasising China's dominance in mining and refining, and outlining challenges for nations seeking to build independent supply chains.

“USA Rare Earth and other stocks in this sector are highly speculative,” Ponsi said. “Investors in this sector are seeking outsized gains, but the risks are also high. As always, traders should make risk management their top priority.”

The implications for investors are far-reaching, as countries led by the US scramble to shore up access to the raw materials, often by funneling investments to miners outside of China.