Moonshot displays the global metal stampede

Artemis 2 is set to launch tomorrow, shedding light on the geopolitical race for minerals behind modern spaceflight.

The flight around the moon, without landing, will carry astronauts aboard the Orion spacecraft, marking the first human flight outside low-Earth orbit since 1972. The mission is built on a global industrial base led by contractors including Lockheed Martin (NYSE: LMT) and Boeing (NYSE: BA).

Even smaller suppliers, such as the London-based Smiths Group (LSE:SMIN), which makes critical parts for the world’s most powerful rocket, reflect a supply chain increasingly shaped by geopolitical competition.

“These components are highly engineered, rigid tubes used for the safe transfer of fuel and gas, as well as the safe transfer of hot air,” Smiths said in a statement Monday. “They are made of superior alloy metals – high-performance alloys that have excellent mechanical strength and can maintain their integrity at incredibly high temperatures.”

Orion materials include aluminum and lithium alloys that reduce weight in the crew module, titanium provides structural strength, and nickel-based superalloys allow the engines to operate under extreme heat. Copper runs through the electrical and thermal systems, while rare earth elements support the avionics and guidance, and platinum group metals are used in the aircraft’s fuel cells. These materials are increasingly linked to strategic supply chains.

Metal processing

The importance lies as much in size as in handling and display control. The space sector will not materially change demand for bulk commodities, but its impact is at the upper end of the value chain, where prices, margins and strategic considerations differ from those seen in higher volume markets. The materials reflect a convergence of important minerals and advanced metallurgy and processing capacity.

Western governments are pushing to build up domestic smelting and refining capacity, as much of the processing of vital minerals remains concentrated in China. The gap between mining and processing has become a strategic concern, with policymakers arguing that securing supply chains now depends as much on where minerals are refined as on where they are extracted.

For mining companies, the opportunity is not just to provide raw inputs, but to move further along the value chain towards refined and engineered materials that meet challenging aerospace specifications.

Industry opportunities

Companies are positioning themselves accordingly, with the list of materials extending beyond copper and nickel. Aluminium, the backbone of most spacecraft structures, is widely produced by companies such as Rio Tinto (LSE: RIO, ASX: RIO, NYSE: RIO) and Alcoa (NYSE: AA), with aluminum and lithium alloys used to reduce weight while maintaining strength.

Titanium feedstock from Rio Tinto’s Lac Tio mine in Quebec and projects operated by Tronox (NYSE:TROX) and Iluka Resources (ASX:ILU) support aerospace alloys used in structural and high-temperature applications.

The rare earths supply chains are led by MP Materials (NYSE:MP) at Mountain Pass in California, and Lynas Rare Earths (ASX: LYC) at Mt Weld in Western Australia. Both are in a position to supply magnetic materials used in avionics and guidance systems.

Developers, including Defense Metals (TSXV: DEFN) of Wicheeda in British Columbia and Vital Metals (ASX: VML) of Nechalacho in the Northwest Territories, are also targeting downstream processing as governments seek to build out domestic supply chains.

canada nickel

The nickel and cobalt used in superalloys and power systems rely on operations run by Glencore (LSE: GLEN) and Vale (NYSE: VALE), including Voisey’s Bay in Labrador and Raglan in northern Quebec, which feed the high-temperature alloys needed for propulsion systems.

Canada Nickel (TSXV: CNC) is developing its Crawford nickel-cobalt sulphide project near Timmins, Ontario, one of the world’s largest nickel sulphide deposits, capable of providing high-quality, low-carbon nickel used in refractory alloys and advanced industrial applications, the company says.

Tungsten, used in radiation protection and high-temperature environments, is sourced from projects such as Almonty Industries (TSX: AII; ASX: AII) in Sangdong in South Korea, reflecting extensive supply in Asia.

Northcliff Resources (TSX: NCF) is developing the Sisson Tungsten-Molybdenum Project in central New Brunswick, one of the largest undeveloped tungsten deposits outside of China, capable of providing high-strength, heat-resistant metals used in defense and high-temperature applications.

Silver and gold also play specialized but crucial roles, as silver is used in solar panels and electrical systems, and gold is valued for conduction and radiation protection. Producers like Pan American Silver (TSX: PAAS, NYSE: PAAS) and Newmont (NYSE: NEM, TSX: NGT) supply metals that ultimately fuel high-tech applications. Gold is used in coatings and spacecraft electronics, where durability and conductivity are critical under vacuum and radiation.

Wider picture

The renewed focus on space exploration also carries a broader narrative, echoing the optimism of the 1960s when leaders like John F. Kennedy framed lunar missions as engines of technological progress and economic growth. This backdrop contrasts with current geopolitical tensions, including conflicts in Iran and Ukraine, which are impacting global stability and supply chains.

To Canada’s pride, the country’s role in the program extends beyond raw materials to include one of the astronauts. London, Ontario Colonel Jeremy Hansen, a former fighter pilot, will fly out as a mission specialist. Hansen, who will be the first Canadian to fly around the Moon, has participated in numerous field geological training missions, including in the High Arctic of Canada.

MDA Space (TSX: MDA), based in Brampton, Ontario, is developing Canadarm3 in partnership with the Canadian Space Agency, a next-generation robotic system designed for use on the Lunar Gateway, a planned space station orbiting the Moon that will now be linked to later-stage Artemis missions. The Canadarm3 system is based on lightweight alloys, advanced composite materials and electronics based on copper, rare earths and specialty metals, strengthening Canada’s position in high-value supply chains.

Smiths of London sees similar opportunities for its components such as filter screens that separate liquid and gas inside fuel tanks; and high-speed cable assemblies that support mission-critical communications. They must withstand intense vibrations and extreme temperature changes during spaceflight.

“Artemis II represents an important moment,” Smith CEO Roland Carter said in the statement. “We have a long and proud history of supporting space missions.”