Screen by Ticker and You Find the Sector. Screen by Asset and You Find the Supply.

$125 million of vanadium pentoxide, awarded sole-source, no competition run.

The Defense Logistics Agency signed it on 22 June and split it across two suppliers for the National Defense Stockpile. US Vanadium LLC, in Hot Springs, Arkansas. Largo Inc. Resources USA, supplying from Maracás Menchen in Bahia, Brazil. Largo has already drawn a $60.1 million delivery order against the ceiling, running through January 2030.

U.S. Geological Survey puts US production from primary ore and concentrate at zero. In each of 2021, 2022, 2023, 2024 and 2025. All 7,500 tonnes of domestic output last year came from ash, residues and spent catalysts, against apparent consumption of 13,000 tonnes.

The same February 2026 sheet records the government vanadium stockpile as: None. Four months later, $125 million.

The asset data says the same thing from the other direction. Ten active vanadium-primary assets in the United States. Five carry a production tag, and all five are alloy or catalyst recycling plants in Pennsylvania, Ohio and Texas. One project sits at feasibility: Gibellini, Nevada. Everything else is exploration.

So the stockpile bought a waste stream and a Brazilian mine, and the sole-source justification quietly admits why.

Now the interesting part. The next domestic tonne almost certainly does not come from a vanadium company.

Primary output stopped in early 2020 when Colorado Plateau uranium mining stopped. Screen the uranium-vanadium assets and two are in construction today: Anfield's Velvet-Wood in Utah, last mined in 1984, targeting production by year end at a vanadium to uranium ratio of 1.4 to 1, feeding a Shootaring Canyon mill where the vanadium circuit is being built right now. And Energy Fuels' Whirlwind in Colorado.

Neither shows up on a list of vanadium companies.

Which is the point. Screen by ticker and you find the sector. Screen by asset and you find the supply.

Less searching. More strategising.™