Trade relations between the U.S. and Canada are heating up as fresh tariffs and export threats ripple through critical minerals and battery supply chains. For investors, that kind of disruption can reshape where capital flows next and which stocks attract or lose attention. This article looks at three stocks from a North American critical minerals screener that appear most exposed to the latest policy moves and explains why the market might care.

The three stocks below are just a sample of this theme. The full screen surfaces 52 more North American critical minerals and battery materials companies with equally compelling stories that are not covered here. To identify and analyze those additional candidates with your own criteria, go straight to the North American Critical Minerals and Battery Materials Producers screener.

American Resources (AREC)

Overview: American Resources focuses on producing rare earth and other critical mineral concentrates in the U.S. for infrastructure and electrification markets, which ties directly into the push to strengthen North American battery and critical minerals supply chains. Through its Electrified Materials segment, the company aggregates and recycles used metals into new steel based products while targeting feedstock that can support domestic EV and energy transition demand.

Market Cap: $287 million

American Resources gives you targeted exposure to U.S. critical minerals reshoring at a time when U.S.-Canada trade friction and talk of export curbs are putting extra attention on domestic supply. The stock is tied to rare earth and critical mineral concentrates plus a recycling platform, backed by a cleaner balance sheet with cash, strategic investments and index inclusions that have raised its profile in 2026. On the flip side, the company has reported minimal current revenue, is loss making with a declining return on equity, and has recently diluted shareholders and changed auditors, so execution and governance need close watching. If American Resources can turn policy tailwinds and its critical minerals footprint into real commercial scale, investors who did the work early may be glad they paid attention.

American Resources appears to be a high-risk reshoring story where policy momentum and recycling potential could be masking some crucial details in the numbers. Before you decide how it fits your portfolio, review the 2 key rewards and 3 important warning signs (1 is major!)

Lithium Americas (TSX:LAC)

Overview: Lithium Americas is a Vancouver based resource company that develops large scale lithium deposits and chemical processing facilities in the U.S. and Canada. Its flagship Thacker Pass project in Nevada is positioned to supply battery grade material into North American supply chains. For investors focused on domestic critical minerals, it is a pure play on lithium that could matter more if cross border flows from Canada face further constraints.

Market Cap: CA$1.6 billion

Lithium Americas provides direct exposure to North American lithium development at a time when tariffs, export threats and supply security are back in focus. The company is still pre revenue and unprofitable with a declining return on equity, so the story turns on execution at Thacker Pass and access to funding rather than current cash flows. Construction is progressing with support from a large U.S. Department of Energy loan and recent convertible debentures, which together help fund a sizeable battery grade lithium carbonate project. Analysts are optimistic on future earnings, yet recent dilution and reliance on external borrowing highlight risk. For investors who can live with early stage volatility, the key consideration is how these factors align over the next few years.

Lithium Americas has construction momentum, government backing and fresh funding. Yet the real story is how these pieces fit together. Before the next phase plays out, review the analyst forecasts for Lithium Americas

Magna Mining (TSX:NICU)

Overview: Magna Mining is a Sudbury based miner that acquires, explores and develops nickel, copper and related critical mineral deposits in Canada, with producing operations at McCreedy West and a pipeline of projects including Levack, Crean Hill and Shakespeare. The focus on nickel rich ore in a key Canadian mining hub ties the company directly to the North American Critical Minerals and Battery Materials Producers theme, as regional supply gains importance under trade and export pressures.

Operations: Magna Mining generates about CA$94 million of revenue from acquiring, exploring and developing mineral properties in Canada.

Market Cap: CA$672 million

Magna Mining provides exposure to the build out of Canadian nickel and copper supply at a time when U.S. tariffs and talk of export curbs are prompting investors to assess more closely where North American battery metals will come from. The company is already moving ore at McCreedy West and has reported record processing volumes, yet remains loss making and is funding growth with external capital, including a planned CA$140 million private placement that would bring in a new cornerstone investor. With Levack, Crean Hill and other Sudbury projects advancing, the potential upside depends on proving these deposits and turning forecast revenue and earnings growth into sustainable cash flow, while managing dilution and execution risks that are significant.

Magna Mining is pushing hard to scale Sudbury nickel and copper. However, fresh capital, project timelines and dilution risk still hang over the story. Get the fuller picture with the analyst forecasts for Magna Mining

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.