Copper and silver officially now are minerals deemed to be critical to the U.S. economy and security. The U.S. Geological Survey (USGS) added the metals to its list for the November 2025 update, published in the Federal Register on Nov. 7 and intended to guide related federal policy decisions.
"The 2025 List of Critical Minerals provides a clear, data-driven roadmap to reduce our dependence on foreign adversaries, expand domestic production and unleash American innovation," U.S. Department of the Interior Secretary Doug Burgum said in a written statement, E&E News by Politico reported on Nov. 6.
Minerals are deemed critical in the U.S. when they meet two major criteria: one, they are important to the nation's industry and defense and, two, the country heavily relies on importing them and/or they have fragile domestic supply chains, the Peterson Institute for International Economics (PIIE) explained in a Sept. 8 article. Import dependence makes the U.S. economy vulnerable to supply disruptions, coercion by suppliers and natural disasters.
Currently, the U.S. imports about 35% of the copper it needs, mostly from Chile, Peru and Canada, reported Discovery Alert on Aug. 26. Silver production at home meets only about 30% of U.S. demand.
For the first time with its November 2025 list, the USGS employed a new way of determining what minerals should be on it, according to PIIE. For this purpose, a critical mineral "is one for which a probability-adjusted, one-year import supply disruption or domestic single point of failure, or SPOF, would result in a gross domestic product loss of at least US$2 million (US$2M)," wrote PIIE. Previously, critical mineral status determination was based on supply concentration, trade reliance and import dependence metrics, and this approach highlighted metals for which the U.S. relied on a small number of suppliers.
Potential Impacts of Designation
There are several ways copper and silver's new label could positively affect the mining industry related to these two metals, experts said. A major possibility is significant additional funds, governmental and private, flowing into the copper and silver segments, Discovery Alert wrote.
Federal Funding: Existing and new copper and/or silver projects could garner funding by way of federal tax credits for domestic production and refining or by way of investment, in part as outlined in the Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act. Also, four new funding initiatives, recently launched by the U.S. government, total about US$1 billion with grants of up to US$250M for new critical metals projects, according to Government Market News on Aug. 18. These programs, aimed at expanding domestic critical minerals production and supply chains, are the Critical Minerals and Materials Accelerator, the Rare Earth Elements Demonstration Facility, Mines & Metals Capacity Expansion and Battery Materials Processing and Manufacturing.
Also regarding funding, Discovery Alert pointed out, the Trump Administration has been making direct equity investments into critical metals projects. These investments to date, reported by the Center on Global Energy Policy in an Oct. 27 article, are a:
- 15% stake in MP Materials Corp. (MP:NYSE), the Nevada-based owner of Mountain Pass, the only operating rare earths mine and processing facility in the U.S.
- 5% stake in Lithium Americas Corp. (LAC:TSX; LAC:NYSE) and a 5% stake in its Thacker Pass lithium joint venture project in Nevada
- 10% stake in Trilogy Metals Inc. (TMQ:TSX; TMQ:NYSEAmerican) to advance development of the polymetallic (copper, zinc, lead, gold, silver and cobalt) Upper Kobuk Mineral Projects (UKMP) in Alaska's Ambler Mining District
Private Investment: Copper and silver exploration and development projects could benefit from private investment as a result of the critical minerals designation, noted Discovery Alert, as it implies crucial information about long-term demand and regulatory support.
Other benefits of the critical mineral designation include:
Streamlined/Faster Permitting: Various federal initiatives, including the IIJA, call for streamlining the permitting process for critical minerals mining projects to establish domestic supply chains and thereby reduce dependencies on foreign suppliers, noted Discovery Alert.
Jobs Creation: Boosting domestic mining, processing and manufacturing of copper and silver through increased federal funding, streamlined permitting and potential tax incentives should create jobs, Recycling Today wrote on Nov. 7.
Metals Stockpiling: The U.S. may opt to start stockpiling silver and copper to establish strategic reserves, reported WRAL News' Market Minute on Nov. 6. This could create a new, sustained base of demand for the metals and in turn, boost their price.
R&D Support: Additional resources may be directed toward research and development efforts, such as developing new metals extraction technologies or innovating advanced recycling methods, according to Discovery Alert.
Copper-Focused Effects
Copper Development Association President and Chief Executive Officer (CEO) Adam Estelle expressed his support of copper's new critical mineral status, calling it "a massive step in the right direction," reported Recycling Today. Estelle said the designation ultimately should bring more supply of the red metal online, an ever-present need given surging demand.
"Copper holds the key to achieving America's top policy objectives, including energy dominance, artificial intelligence supremacy, national security and reindustrialization," Estelle added. "The United States cannot grow in strategic sectors without a strong power grid, which cannot exist without a strong domestic copper industry."
He added that copper's critical mineral status will allow for upstream problems in mining and refining of the metal to be addressed with a different set of governmental policy tools.
Silver-Specific Implications
According to WRAL News' MarketMinute, silver now officially being a critical mineral "reshapes market dynamics."
"Economically and for investment, it signals a strong market endorsement, likely attracting increased investor attention, driving mergers and acquisitions (M&A) and stimulating project financing, especially for domestic production, processing and recycling initiatives," wrote the U.S. stock market news source.
Specifically, silver demand is expected to increase via stockpiling initiatives and heightened industrial recognition, particularly in growing sectors like solar energy, electric vehicles and advanced electronics. Though the goal is to beef up domestic supply, the fact that silver is a byproduct of other metals mining suggests supply will not be able to keep up with the anticipated rise in demand. Ultimately, this likely will result in upward price pressure and greater market volatility.
MarketMinute wrote that silver mining companies, specifically ones with operations in the U.S. or in allied countries, will benefit the most, thanks to financial incentives, production subsidies and streamlined permitting processes.
"This could lead to reduced operating costs, increased profitability and enhanced investor interest, potentially rerating their equities," MarketMinute wrote.
Moreover, silver-focused exchange traded funds (ETFs) like the iShares Silver Trust (SLV:NYSE Arca) and the Sprott Physical Silver Trust (PSLV:NYSE Arca) are likely to see increased inflows attributed to growing investor interest in the metal as a strategic asset, wrote MarketMinute Similarly, ETFs that invest in silver mining stocks, like the Global X Silver Miners ETF (SIL:NYSE Arca) and the Amplify Junior Silver ETF (SILJ:NYSE Arca), are poised to benefit from the improved outlook for miners.
Now that silver is on the critical minerals list, Mining.com pointed out on Nov. 6, the Trump Administration may pursue a Section 232 investigation into potential tariffs and trade restrictions, like it did with copper earlier this year.
As for mining equities, here is a look at three that may benefit from silver and copper's critical status:
Regency Silver Corp. (RSMX:TSX.V; RSMXF:OTCQB)
Based in British Columbia (B.C.), Regency Silver is a Mexico-targeted gold-copper-silver explorer whose flagship project is the past-producing, high-grade Dios Padre in Sonora state. Copper and silver officially are critical minerals in Mexico. Most recently, the mining company kicked off a six- to eight-hole, 4,500-meter (4,500m) drill campaign at Dios Padre to expand the significant, high-sulphidation gold-silver-copper there, Streetwise Reports reported. Several intercepts showed this mineralization, including one from hole REG 22-01: 36m of 6.84 grams per (6.84 g/t) gold, 0.88% copper and 21.8 g/t silver.
John Newell of John Newell & Associates has a Buy rating and a target price on Regency implying 125% upside from the explorer's Nov. 10 closing price. In his report, Newell emphasized Regency's recent positive drill results and savvy leadership team, noting that CEO Bruce Bragagnolo took Timmins Gold Corp. to a US$475M market cap from a CA$7M initial public offering. Newell also highlighted Dios Padre's NI 43-101-compliant Inferred mineral resource covering the historical mine area, which is 1,384,000 tons of 255.64 g/t silver equivalent (Ag eq) for a total of 11,375,000 ounces of Ag eq.
As for ownership and share structure1 of Regency Silver, members of its management team and its board own 5.6% of it. Of this total, Founder, CEO and Director Bragagnolo, the largest shareholder overall, owns 4.05%. One institution, Palos Management Inc., holds 0.44%. Retail investors own the rest.
Regency Silver has 112.56 million (112.56M) shares outstanding. Its market cap is CA$13.95M. Its 52-week range is CA$0.09–0.30 per share.
Dolly Varden Silver Corp. (DV:TSX.V; DVS:NYSEA; DVQ:FSE)
This Canadian junior mining company is advancing its flagship Kitsault Valley silver project, one of the largest high-grade undeveloped precious metals assets in B.C.'s mineral-rich Golden Triangle. Kitsault Valley encompasses the Dolly 100% silver project, the Homestake Ridge high-grade gold-silver project and the Big Bulk copper-gold porphyry. In Canada, copper is considered a critical mineral but silver is not.
Just yesterday, Nov. 10, the company announced in a news release some drill results from its recently completed 84-hole, 56,131m diamond drill program. These new assays expanded the high-grade gold zone within its Homestake Silver deposit at Homestake Ridge. Intercepts included 26.74 g/t gold over 14.75m, including 122 g/t gold over 2.85m within a broader mineralized zone of 12.13 g/t gold over 33.8m.
Peter Krauth of Silver Stock Investor, reported on Oct. 22 that this very drill program of Dolly Varden, a company in his silver portfolio, delivered. It expanded resources at the Wolf and Homestake Silver deposits through stepout and infill drilling, and it discovered new mineralization at Kitsault Valley and Big Bulk.
"Watch for plenty of results to be released over the next weeks and months," Krauth wrote. "[DV] continues to be a core junior to hold for the secular silver bull."
Two days earlier, Jeff Valks, senior analyst at The Gold Advisor, reported that Dolly Varden Silver retained Orbiton Capital for a two-year digital marketing program for US$100,000, a move that "should help bring greater exposure to the stock."
Valks wrote that DV remains a Buy "given the size of the program, confirmed resource expansion language at Wolf and Homestake Silver, the efficiency gains from directional drilling and assays pending."
Haywood Securities Analyst Marcus Giannini raised his target price on Dolly Varden by 17% in mid-October, highlighting that Hecla Mining Co.'s (HL:NYSE) regional footprint enhances the strategic value of Kitsault Valley and thereby positions DV for potential M&A activity. Giannini's new target on the company suggests a potential return of 92%.
Regarding ownership and share structure,2 11 strategic entities own 35.19% of Dolly Varden Silver. These include the explorer's Top 3 shareholders overall: Hecla Mining Co. with 13.42%, Fury Gold Mines Ltd. with 12.64% and Eric Sprott's company 2176423 Ontario Ltd. with 8.55%. Many institutions hold a total of 12.54%. Retail investors own the rest.
Dolly Varden has 89.14M shares outstanding, a market cap of CA$340.36M and a 52-week range of CA$3.21–7.46 per share.
Silver North Resources Ltd. (SNAG:TSX.V; TARSF:OTCQB)
This is a B.C.-based minerals explorer focused on silver discoveries in Yukon's Keno Hill Silver District, whose primary assets are the 100%-owned Haldane silver project and the Tim silver-lead-zinc project, under option to Coeur Mining Inc. (CDE:NYSE). Silver North has additional properties, including Ashby, GDR/Victoria, White River, Goz Creek, MOR and Pucarana, as well as Mexican royalties.
In recent news, Silver North made a silver discovery, as a result of its 2025 field program, at the Betty target of its Veronica property, part of GDR, about 12 kilometers north of Coeur's Silvertip mine, reported Streetwise Reports on Oct. 29. A float cobble sample returned 2,860 g/t silver, the first recorded silver mineralization found at Veronica. Silver North expanded the previously identified, 450m x 450m multielement soil anomaly at Betty to 1,000m x 1,000m, and it remains open to the east and possibly to the south.
Richard Mills of Ahead of the Herd highlighted Silver North in an Oct. 18 article as a junior mining company offering "excellent leverage to rising commodity prices." He pointed out that in eight of the 16 holes previously drilled at Haldane, the company made three discoveries, "a phenomenal success rate for an early-stage junior." Mills also reported the company more recently launched a 10-hole, 2,500m drill campaign at the same project a month earlier to delineate the downdip and strike potential of the 2024 Main Fault discovery. In that discovery, three stacked, high-grade silver-bearing veins had been intersected within a structural zone that returned 28.36m (true width) of 130 g/t silver, 0.09 g/t gold, 0.55% lead and 0.52% zinc.
With respect to Silver North's ownership and share structure,3 eight strategic entities, including members of management and the board, own 14.6% of the company. Retail investors hold the rest.
The Canadian explorer has 74.82M shares outstanding. It has a market cap of CA$12.99M and a 52-week range of CA$0.065–0.43 per share.
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1Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
2Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
3Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
