In traditional perception, mining stocks are typically not viewed as growth stocks but are more commonly categorized as cyclical investments. Their growth tends to be discontinuous and unstable, heavily influenced by fluctuations in commodity prices. However, the global economy is currently undergoing profound transformations, with a steadily rising demand for metal resources. Many high-tech companies, including the tech giants known as the “Magnificent Seven,” heavily rely on these materials to drive the development of smarter and more efficient technologies. Against this backdrop, mining companies have become cornerstones supporting the growth of future industries, with their strategic importance increasingly evident. Within the current U.S. mining sector, two companies are particularly noteworthy: MP Materials (MP) and The Metals Company (TMC).
MP Materials operates the only large-scale rare earth mining and processing facility currently in production in the United States. This mine plays a critical role in building a domestic rare earth supply chain in the U.S., making its strategic significance particularly prominent. The rare earth elements it is rich in, such as neodymium and praseodymium (NdPr), are core raw materials for manufacturing high-performance magnets essential for electric vehicle motors, wind turbines, electronic devices, and defense systems. In recent years, MP Materials has continuously expanded its industrial chain, gradually evolving from pure mining to refining and magnet manufacturing.
More notably, MP Materials has made significant progress in policy and business collaborations. In mid-2025, the company announced a long-term $500 million supply agreement with Apple and received a $400 million preferred equity investment from the U.S. Department of Defense. The stock has surged over 340% year-to-date and approximately 460% year-over-year, demonstrating rare high-growth characteristics.
Another company worth noting is The Metals Company (TMC), whose business model is more cutting-edge and experimental: it focuses on mining polymetallic nodules from the deep sea, which are rich in key metals for electric vehicle batteries such as nickel, cobalt, manganese, and copper. Compared to traditional land-based mining, deep-sea mining offers potential advantages such as higher metal grades and less surface impact from extraction activities. However, TMC is still in its early stages, has not yet achieved profitability, and faces significant regulatory and funding challenges.
Financially, TMC held approximately $116 million in cash as of the end of the second quarter. With a current quarterly cash burn rate of about $20 million, its funds are expected to last five to six quarters. If the company fails to slow its spending or secure strategic partnerships, it may need to pursue another round of financing, which could lead to dilution of existing equity. Although the company’s current market capitalization remains close to $2 billion—a relatively high valuation for a mining company that is not yet profitable—if it can successfully advance its mining plans and unlock the value of its resource reserves, the current stock price might still be seen as an early-stage opportunity. Particularly if the company achieves breakthroughs in regulatory approvals, its stock price could experience rapid appreciation.
