Project Vault, an Export-Import Bank of the U.S. (EXIM)-backed initiative to establish a commercial critical minerals stockpile with the private sector, has drawn significant attention since its February launch. EXIM Chairman John Jovanovic said it responds to supply chains that are no longer “free, fair, and functioning,” and is a demand-oriented reserve built around manufacturers’ needs.
On September 23, Glencore and Mercuria each announced $500 million commitments to VaultCo, the independently governed company implementing Project Vault. We’re beginning to see how private sector partners will use Vault to scale mineral production and processing, make supply lines more reliable, and contribute additional capital beyond the initial financing structure.
With these developments in mind, how is Vault’s supply, demand, and financing model progressing? What’s next, and what key questions remain?
Project Vault in brief
Project Vault will build a U.S. Strategic Critical Minerals Reserve that functions as a commercial stockpile of critical minerals built around manufacturers’ needs. Participating manufacturers will identify the materials they need, VaultCo will procure and store those materials in facilities across the country, and manufacturers can access them during supply disruptions. At scale, the demand signal from manufacturers can also support expanded critical mineral production and processing in the U.S.
Thus far, the stockpile is financed primarily through a direct loan of up to $10 billion from EXIM, alongside nearly $2 billion in private-sector investment. Vault’s model is built around three groups of private stakeholders: commodity firms that supply the reserve, manufacturers that use it, and private investors that help finance it.
Commodity firms: Supply
Commodity trading firms supply the reserve, sourcing materials and managing their logistics and storage. EXIM initially named Hartree Partners, Mercuria, and Traxys, as suppliers, but later clarified that the reserve would be open to all trading companies.
In September, Glencore and Mercuria announced partnerships with EXIM illustrating two distinct supply models. Glencore will leverage $500 million in EXIM financing to source, procure, and deliver critical minerals into the reserve. Mercuria also announced a $500 million commitment to support trading, logistics, and risk management, but has not said whether it is drawing on its own capital or EXIM financing.
What to watch: Whether future suppliers rely on EXIM financing or bring their own capital, and whether VaultCo restricts where materials can be sourced. Where alternatives exist, sourcing requirements could steer demand toward diversified supply chains.
Manufacturers: Demand
Domestic manufacturers are the reserve’s intended users. As reported shortly after the launch, participating manufacturers identify the materials they need, commit to purchasing them at a set price, and pay upfront fees. VaultCo then buys and stores those materials. Manufacturers can draw on the stockpile in the case of supply disruptions, volatile market prices, or for normal operations, provided they replace what they use.
These commitments are central to Vault’s financing model: membership fees and other reserve revenues are expected to repay EXIM’s loan, which the bank says will generate a net benefit for taxpayers. Clarios, GE Vernova, Western Digital, and Boeing are among the initial manufacturers identified as interested in participating, with more expected to follow. The terms and scale of their participation have not been disclosed.
What to Watch: Whether manufacturers make large, long-term purchase commitments through VaultCo. Because participation carries costs, uptake will signal whether Vault offers manufacturers better value than holding their own inventories. Sustained demand aggregated through VaultCo could give producers the revenue certainty they need to finance new mining and processing projects and bring them to commercial scale.
Private investors: Capital
Private investors can expand Project Vault’s impact by supplementing capital on top of EXIM’s $10 billion loan. At launch, administration officials said the structure also included up to $1.67 billion in private preferred equity. In April, Chairman Jovanovic said Vault would soon close its first funding tranche, suggesting private capital is being raised in stages. Additional investors have not yet been publicly identified.
At nearly $12 billion, the initial investment is significant, but modest relative to the scale of U.S. mineral import dependence. In 2025, the U.S. recorded $185 billion in net imports of processed metals and mineral materials. Against that backdrop, Project Vault will need significant private investment to meaningfully support U.S. manufacturers.
What to Watch: How much private capital is raised, who provides it, and whether further funding rounds follow. Strong private investment would signal that investors view Vault as commercially viable on its own terms, not only as a vehicle for public financing.