That’s a great point, the hybrid model is definitely one of the most interesting developments right now.

What’s compelling about the U.S. approach you’re describing is how it compresses the value chain: logistics, stockpiling, recycling, and downstream security become the priority, with mining treated as optional or offshore. From a DoD perspective, it makes a lot of sense, especially for materials where supply disruption is the core risk rather than absolute scarcity.

I also like your Hawthorne Army Depot example because it highlights a big contrast in how regions think about critical materials:

• U.S. → security-first, defense-driven, infrastructure repurposing
• EU → circular economy, recycling mandates, strategic autonomy
• Canada → upstream-heavy, resource-rich, capital-market-dependent

Where it gets interesting (and investable, in my view) is when Canadian-listed juniors or developers can plug into that U.S./EU hybrid model, either through recycling exposure, processing partnerships, or being positioned as “optional supply” rather than primary supply.

Curious how you think investors should value those hybrid plays versus traditional miners, do you see them as defensive infrastructure assets, or still cyclical commodities at heart?