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Mining has always been a business of scale, but the next phase of "scale" may look less like bigger pits and more like smarter circuits. As governments and industrial buyers push for secure, lower-emissions supply chains, attention is shifting toward technologies that squeeze more value out of every tonne mined, particularly when critical minerals can be recovered from streams that historically went to waste. The result is a subtle but consequential change in project economics: metals once considered too niche, too low-volume, or too complicated to justify on their own are increasingly being evaluated as incremental revenue layered onto conventional copper-gold operations.

That framing is central to the story Doubleview Gold Corp. (TSXV: DBG) (OTC: $DBLVF ) is building around its 100%-owned Hat polymetallic deposit in British Columbia's Golden Triangle. In late 2025, the company published a sequence of updates that collectively point to a thesis: Hat is not simply a large porphyry resource; it may be an example of how critical metals can be monetized through process engineering and byproduct recovery.

The Byproduct Blueprint at Hat

Doubleview's most notable recent development is metallurgical rather than geological. In November, the company reported first-phase results from a two-year scandium-focused test program indicating scandium can be recovered from copper flotation tailings to a high-purity scandium oxide (Sc₂O₃) product, described as a first of its kind for this tailings stream. The company cited 82% primary scandium extraction (leach) and 88% overall recovery to a high-purity product, and outlined a next stage focused on pilot plant work and optimization.

Why this matters: scandium's long-running commercial challenge is not that it lacks applications; it is that the market is small and supply is fragmented, making standalone projects hard to finance. Recovering scandium as a byproduct can change the cost equation by leveraging the same mine, mill, and tailings handling that would exist for copper and gold. In plain terms, the metal becomes an economic "add-on" rather than the reason to build an operation.

Scale, Continuity, and the Case for an Updated Resource

The metallurgy story is landing alongside an expanding drill database. Doubleview's 2025 drill campaign at Hat was its largest to date, totaling 13,290 metres across 19 holes, with the company stating that every hole intersected mineralization. The headline interval came from H099, which returned 438.0 metres of 0.40% CuEq, including 52.0 metres of 1.02% CuEq, while extending mineralization 200–300 metres down-dip and up to 100 metres laterally in areas tied to the Lisle Zone and around the conceptual pit footprint.

Those results matter for the next technical milestones: an updated Mineral Resource Estimate and a Preliminary Economic Assessment that management has said it is advancing, with the expectation that new drilling and metallurgy can be incorporated into those engineering and economic frameworks.

Not Just Scandium: Cobalt as a Second Critical Lever

In early December, Doubleview also highlighted the cobalt component at Hat ahead of the updated MRE/PEA work. Using its July 2024 maiden resource as the baseline, the company reported cobalt content of 28 million pounds (indicated) and 91 million pounds (inferred), noting cobalt's strategic relevance and the desire for secure, transparent supply chains in Western jurisdictions. In a market where battery and aerospace supply chains are increasingly scrutinized, a copper-gold porphyry with cobalt distribution that the company says is consistent and potentially recoverable into a pyrite concentrate creates optionality, particularly if policy support continues to favor domestic and allied production.

Lockheed Martin and the Procurement Reality of "Secure Supply"

The investment case for critical metals increasingly depends on what large buyers do—not just what miners say. In October 2025, Lockheed Martin (NYSE: $LMT ) announced a memorandum of understanding with Germany's Diehl Defence aimed at expanding production capacity for the PAC-3 MSE missile and strengthening European supply chain resilience.

While the release is defense-specific, the implication is broader: supply chain resiliency has become a procurement requirement, not a slogan. That shift tends to favor projects located in stable jurisdictions with clearer line-of-sight to development, permitting, and logistics—exactly the attributes Canadian developers cite when positioning assets for strategic relevance.

General Dynamics and the "Long-Lead" Constraint

A similar point shows up in shipbuilding. In November 2025, General Dynamics (NYSE: $GD ) Electric Boat disclosed a $1.3 billion contract modification associated with long-lead time materials for Virginia-class submarines.

In capital-intensive programs, materials availability and schedule certainty are as valuable as price. That "long-lead" mindset is spreading well beyond defense: grid equipment, data centers, and electrification infrastructure are all wrestling with constrained supply chains. Projects able to offer scale, permitting clarity, and credible processing pathways can become strategically important even before reaching production.

Alcoa and the Next Wave of Strategic Metals Inside Industrial Supply Chains

The "critical minerals" conversation is also moving upstream into industrial metals and processing. In Alcoa's (NYSE: $AA ) October 2025 third-quarter materials, the company highlighted items including a gain on the sale of its interest in a joint venture and referenced government support tied to a gallium project, underscoring how policy and portfolio actions are influencing where industrial producers place capital and how they think about strategic materials exposure.

For developers like Doubleview, that matters because future offtake and financing conversations increasingly involve not just miners, but industrial groups and the policy frameworks around them.

The Investment Question: Can "Waste" Become Margin?

Doubleview's Hat narrative is ultimately about converting complexity into economics. Copper and gold provide the base case for a large porphyry system; cobalt and scandium provide additional levers if recoveries, concentrate pathways, and product specifications prove robust at scale. The company's recent updates (metallurgical recoveries from tailings, large-interval step-outs, and a broader critical-metals inventory) are all steps toward answering one key question: can Hat translate multi-metal geology into a development model that is both conventional enough to finance and differentiated enough to matter strategically?

If the industry's next chapter is defined by efficiency, optionality, and secure supply, projects that treat critical metals as "credits" embedded in a copper-gold operation could be the ones that move fastest from resource stories to strategic assets.

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Disclosure and Cautionary Statements:

Information regarding Doubleview Gold Corp. is derived from public disclosures filed on SEDAR+ in accordance with applicable Canadian securities laws, including National Instrument 43 101 Standards of Disclosure for Mineral Projects.

Metallurgical results discussed represent early-stage laboratory and bench scale testing and are not indicative of commercial scale performance. Further pilot scale testing, engineering, and economic evaluation are required.

Scandium potential discussed is conceptual in nature. Scandium was not included in the July 25, 2024, maiden mineral resource estimate. There has been insufficient exploration to define a scandium mineral resource and there is no assurance further work will result in such a resource being defined.

Cobalt quantities referenced originate from the July 2024 mineral resource estimate and remain subject to revision.

Readers should review Doubleview Gold Corp.'s continuous disclosure filings on SEDAR+ for complete information regarding risks, assumptions, and technical details.