The decision shows the administration is increasingly comfortable prioritizing domestic conservation efforts, even as demand for minerals used to build electric vehicles rises amid efforts to combat climate change.

“Gold is simply becoming a Fed policy mistake hedge,” one analyst said.

Its an attempt to reverse a 2017 land transfer that gave PolyMet more than 6,600 acres needed to build an open pit copper and gold mine.

It has signed a letter of intent with Koch Minerals & Trading for the purchase of lithium chemical offtake and the procurement of key raw materials.

The recent discovery of an ultra-high grade structure positions Trixie as one of the highest grade gold mines in the world, Osisko says.

“The most likely outcome is an environment where commodity prices can settle from the extraordinary highs of 2021. But there are plenty of risks to this outlook," says Wood Mackenzie.