SAFE Maps G7 Mineral Stockpiles-But Rare-Earth Readiness Remains Unmeasured

Highlights

• SAFE's framework correctly separates emergency stockpiles from strategic reserves but lacks material-by-material stress tests and target coverage periods.
• REEx proposes a Usable-Days Test: discount stored tons by conversion yield, processing capacity, release time, and downstream demand to reveal true production resilience.
• Neodymium-praseodymium oxide stockpiles offer little immediate value if no qualified ex-China pathway exists to convert oxide into customer-approved magnets.
• Project Vault's $10 billion Ex-Im Bank loan establishes financial scale but does not confirm operational readiness for U.S. production lines.
• Mixing stockpile and long-term offtake goals without separate performance measures risks building neither a reliable buffer nor a bankable ex-China supply chain.