Ashley Zumwalt-Forbes formerly served as the US’ Deputy Director for Batteries and Critical Materials, overseeing the deployment of ~$6B in non-dilutive equity and ~$10B in tax credits into the US battery supply chain. Ms. Zumwalt-Forbes is an engineer with 13 years of experience in acquiring, financing, and developing natural resource projects worldwide. She has served as founder and president to a variety of junior mining companies, including co-founder and president of Black Mountain Metals (nickel mining) and Black Mountain Exploration (natural gas, later IPO’d). She serves on advisory boards at TCU’s Energy Institute and OU’s School of Petroleum Engineering.

A Forbes 30 Under 30 (Energy) honoree in 2020, she was also named to Oil & Gas Investor’s Forty Under 40 (2021) and Dallas Business Journal’s Top 25 Women in Business. She lives in Austin, TX, with her husband, daughter, and two cats.

Why Junior miners around the world can’t wait on government — and don’t need to

After a year in government as Deputy Director for Batteries and Critical Materials — where I helped deploy over $6 billion in grants and more than US$10 billion in tax credits into the U.S. battery supply chain — I came away with a front-row view into what it actually takes to scale industrial ecosystems.

Not just in the US, but globally.

And here’s one thing that stuck with me: no matter where you sit in the world — Australia, Canada, Europe, Africa, or the US — junior mining companies are facing the same headwinds. Rising demand. Complex geopolitics. Investor pressure. Community expectations. Policy signals that are promising, but sometimes unclear or slow to materialize.

The opportunity is enormous. But the path forward can feel uncertain.

And in that space, it’s tempting to look to government for answers. For capital. For coordination. For momentum.

But here’s what I believe: junior miners have more power than they think. And if we want to build a competitive, resilient, and future-ready critical mineral supply chain, we can’t afford to wait. We need to act — and act together.

Government has a role — but it’s not the whole picture

Government support can be a powerful enabler. In the US, it’s coming in the form of tax credits, grants, permitting reform, and diplomatic efforts to build secure trade partnerships. Other countries are moving too — Australia with its Critical Minerals Strategy, Canada with its Clean Economy Plan, the EU with the Critical Raw Materials Act.

But public sector timelines are rarely fast. Funding criteria can be complex. And even when money is available, it often doesn’t come with the commercial expertise needed to scale a project from feasibility to production.

That’s not a knock on government — it’s just not its job to build and operate industrial supply chains. That’s our job.

What governments can do well is set the stage: create stability, send clear signals, reduce barriers, and help de-risk early-stage investment. What they can’t do is build a mine, run a refinery, or bring a team together to get it done.

And that’s where the private sector — especially junior companies — has a critical role to play.

The mindset shift: from advocacy to action

I’ve spoken to hundreds of companies — upstream, midstream, recycling, tech. The ones that stand out are the ones that are moving forward, even amid uncertainty. They’re forming partnerships. They’re adjusting to fit the evolving funding landscape. They’re refining their technical plans. They’re investing in community relationships and showing up early in policy conversations.

They’re not just pitching ideas — they’re building businesses.

What sets these companies apart isn’t necessarily size or access to capital. It’s mindset.

Here’s what that looks like in practice:

• Execution-first. Solid technical plans, real timelines, and a clear path to production. Not just aspiration, but action
• Community-centered. A license to operate isn’t a checkbox—it’s a relationship. Local partnerships, environmental responsibility, and long-term benefit-sharing matter
• Collaboration-oriented. No one company can build a supply chain alone. Shared infrastructure, consortia, and joint ventures are often the fastest path to scale
• Technology-forward. Rather than duplicating dominant models, we should aim to out-innovate—with more efficient, lower-impact processing and extraction methods
• Engaged, not reliant. Yes, work with policymakers. Yes, apply for support where it makes sense. But don’t wait. The companies that thrive will be the ones who lead, not follow

This isn’t about going it alone — it’s about being proactive, strategic, and open to new models of working together.

Global leadership from the ground up

One of the most valuable things I saw in government was how much public decision-makers rely on industry to shape policy. They need our feedback, our insights, our ideas. But they also need to see that we’re willing to meet them halfway.

Around the world, countries are waking up to the strategic importance of critical minerals. That creates a window for junior miners to have influence — not just as recipients of funding, but as leaders in designing what the next generation of mining should look like.

Not just low-emissions-but low-hype, high-execution. Not just “strategic” — but truly scalable.

And if we get this right, we don’t just create competitive companies. We create national and regional ecosystems that can thrive independently and interdependently—with shared values and shared gains.

Bridging the gap: my work today

After stepping out of government, I’ve focused my energy on helping companies do exactly this: thread the needle between public priorities and private ambition. Through advisory work, I partner with companies across the supply chain — many of them junior miners — on how to access the right programs, structure credible partnerships, engage stakeholders, and build real momentum toward production.

Because this moment requires more than policy. It requires builders.

And I believe junior mining companies — especially those willing to act, partner, and lead — are going to be some of the most important players in this next phase.

A shared call to action

This is not a US-only moment. It’s not a government-led moment. This is a global, industry-defining moment — and junior mining companies are at the center of it.

So wherever you’re operating — whether it’s lithium in Argentina, graphite in Mozambique, nickel in Canada, or rare earths in Australia — ask yourself:

• Are we moving from advocacy to action?
• Are we building partnerships that unlock scale?
• Are we showing up in communities and in policy rooms?
• Are we ready to lead—not later, but now?

The Americans are coming. But so are the Australians, the Canadians, the Europeans, and the next generation of global mining leaders.

Let’s meet this moment together.