Core Sample

Stories from the women holding up the mining, critical minerals, oil & gas and defense world.

A podcast for women in mining, natural resources, oil & gas and defense. Pull up a chair. Glad you found us. sturnellahq.substack.com

  1. 1d ago

    The Backlog Is Growing But So Is The Deficit.

    Defense companies are reporting strong earnings, record backlogs, and growing demand for military capability but the United States is also running a federal deficit approaching $2 trillion, with rising debt-servicing costs creating additional pressure on government finances. How sustainable is the expansion of America’s defense industrial base, and what are taxpayers receiving in return? The Core Sample Takeaway A record backlog demonstrates demand but it does not guarantee production, cash flow, or delivery. The government can authorize spending, award contracts, and make long-term procurement commitments. Industry still needs the people, suppliers, materials, infrastructure, and capital required to deliver and those investments are taking place while federal borrowing and debt-servicing costs continue to rise. The backlog is growing but again, so is the US deficit. Reference Links Defense Earnings & Industrial Capacity * Northrop Grumman — Q3 2026 Financial Results * Lockheed Martin — Q3 2026 Earnings Webcast, October 22 * RTX / Raytheon — $24.4 Billion SM-6 Multi-Year Contract Federal Spending & Fiscal Outlook * U.S. Treasury — Monthly Treasury Statements * Congressional Budget Office — Federal Budget Analysis Follow Sturnella For ongoing analysis of capital markets, defense spending, critical minerals, energy infrastructure, cybersecurity, and the geopolitical forces shaping the industrial economy: * Sturnella Signals Newsletter: https://news.sturnellahq.com/ * Sturnella Website: https://sturnellahq.com/ * Core Sample on Apple Podcasts: About Core Sample Core Sample examines the intersection of cybersecurity, capital, critical minerals, industrial capacity, operational resilience, and national security. Pull up a chair. I’m really glad you found us. Disclaimer Everything on Core Sample is provided for informational and educational purposes only. Nothing in this episode constitutes investment advice, financial advice, legal advice, cybersecurity advice for a particular system, or a recommendation to buy or sell any security. Sturnella LLC is a strategic-risk, capital-markets cybersecurity, and governance advisory firm. It is not a registered investment adviser, broker-dealer, financial institution, engineering firm, or safety assessor. Government loans, conditional commitments, tariffs, procurement programs, and industrial-policy initiatives involve substantial financial, political, technical, operational, and execution risks. Always conduct your own research and work with qualified professionals who understand your particular circumstances, operating environment, and security requirements. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit sturnellahq.substack.com

  2. 3d ago

    Governments Can Move Fast but Supply Chains Can’t

    Governments can change policies, introduce tariffs, restrict exports, and commit billions of dollars to strategically important industries. Financial markets can respond almost immediately. But rebuilding an industrial supply chain takes years. In this episode of Core Sample, Sydnie examines the growing disconnect between geopolitical priorities, capital markets, and the physical realities of rebuilding America’s critical minerals and defense supply chains. From mining and separation to metal production, magnet manufacturing, and finished defense platforms, each stage requires specialized capabilities, financing, infrastructure, and qualified suppliers. China’s dominance in rare earth processing demonstrates how decades of industrial investment can create strategic dependencies that cannot be reversed through policy alone. We also explore the market enthusiasm surrounding companies such as MP Materials, Lithium Americas, and Trilogy Metals, and why substantial stock-price volatility doesn’t necessarily change the underlying strategic need for domestic production. As the United States expands government financing and attracts private capital into critical minerals and advanced manufacturing, the question becomes: Which investments will translate into actual industrial capacity, and how long will it take? In This Episode * How geopolitics, tariffs, export controls, and government policy reshape global supply chains. * The five stages of the rare earth magnet supply chain, from mine and concentrate to finished defense platforms. * Why China’s concentration of processing and manufacturing capacity creates strategic dependencies. * How the Office of Strategic Capital, federal financing, and sourcing requirements are influencing domestic industrial investment. * What MP Materials, Lithium Americas, and Trilogy Metals illustrate about government support, investor expectations, and market volatility. * Why separation, metal production, and component qualification can become critical supply-chain bottlenecks. * The role of private capital in financing and scaling domestic industrial capacity. * Why strategic importance, commercial viability, and stock-market performance operate on different timelines. The Core Sample Takeaway Markets move in seconds. Government policy can change in months. Mines, processing facilities, and manufacturing capacity take years to develop. A government commitment can improve a project’s financing prospects, and a rising stock price can reflect expectations of future growth. Neither guarantees that a company will successfully reach commercial production. The real measure of industrial policy will be how much financing becomes functioning, economically sustainable capacity. Government can move fast. Markets can move faster but supply chains take time. Reference Links Critical Minerals & Supply Chains * International Energy Agency — Rare Earth Elements: Executive Summary * IEA — Global Critical Minerals Outlook 2025 Government Policy & Financing * White House — Securing America’s Defense Supply Chains and Ensuring Domestic Acquisition of Critical Materials (July 20, 2026) * Department of War — Office of Strategic Capital: Investment Fund Financing Companies & Capital Markets * MP Materials — Public-Private Partnership with the Department of Defense * Lithium Americas — Thacker Pass Project and Financial Updates * Trilogy Metals — U.S. Government Strategic Investment * JPMorganChase — Security and Resiliency Initiative Follow Sturnella Signals For ongoing analysis of capital markets, critical minerals, energy infrastructure, defense supply chains, cybersecurity, and the geopolitical forces shaping the industrial economy, subscribe to Sturnella Signals. Read and Subscribe to Sturnella Signals About Core Sample Core Sample examines the intersection of cybersecurity, capital, critical minerals, industrial capacity, operational resilience, and national security. Produced by Sturnella. sturnellahq.com Pull up a chair. I’m really glad you found us. Disclaimer Everything on Core Sample is provided for informational and educational purposes only. Nothing in this episode constitutes investment advice, financial advice, legal advice, cybersecurity advice for a particular system, or a recommendation to buy or sell any security. Sturnella LLC is a strategic-risk, capital-markets cybersecurity, and governance advisory firm. It is not a registered investment adviser, broker-dealer, financial institution, engineering firm, or safety assessor. Government loans, conditional commitments, tariffs, procurement programs, and industrial-policy initiatives involve substantial financial, political, technical, operational, and execution risks. Always conduct your own research and work with qualified professionals who understand your particular circumstances, operating environment, and security requirements. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit sturnellahq.substack.com

    Governments Can Move Fast but Supply Chains Can’t
  3. Oct 16

    Cybersecurity Shouldn't Be an Afterthought

    After attending Defense TechConnect and meeting entrepreneurs developing technologies for defense and advanced manufacturing, one question stood out: How do we make cybersecurity a natural part of building a business? Many of these companies are working with connected equipment, industrial systems, and operational technology (OT). As their technologies move from prototype to production, cybersecurity becomes increasingly important to protecting equipment, intellectual property, operations, and customer relationships. In this solo episode of Core Sample, we explore why cybersecurity needs to start with senior leadership, how smaller businesses can approach it without becoming overwhelmed, and what recent CISA advisories tell us about vulnerabilities affecting industrial environments. With the CMMC implementation timeline changing, the underlying responsibility to protect systems and information remains. Cybersecurity should grow alongside the business. In This Episode * Reflections from Defense TechConnect and the entrepreneurs building the next generation of defense technologies. * Why cybersecurity matters in operational technology and industrial environments. * What recent CISA advisories reveal about vulnerabilities and threats affecting connected industrial systems. * Why founders and senior leaders need to understand their company’s cybersecurity responsibilities. * How to begin identifying critical systems, equipment, information flows, and external dependencies. * Making cybersecurity part of product development, supplier relationships, and everyday operations. * Why operational resilience matters as small businesses scale. A Practical Takeaway for Founders Set aside 30 minutes with someone who understands your company’s technology and operations and ask five questions: * What systems and equipment are critical to keeping our business running? * What information are we responsible for protecting? * Which systems are connected, and who has access? * What suppliers or service providers do we depend on? * What happens if a critical system becomes unavailable? Understanding these dependencies is a practical first step toward building a more resilient business. Additional Resources * CISA — Industrial Control Systems * CISA — Known Exploited Vulnerabilities Catalog * NIST — Guide to Operational Technology Security (SP 800-82 Rev. 3) * Cybersecurity Maturity Model Certification (CMMC) * Signals - https://news.sturnellahq.com/ DISCLAIMER Everything on Core Sample is provided for informational and educational purposes only. Nothing in this episode constitutes investment advice, financial advice, legal advice, cybersecurity advice for a particular system, or a recommendation to buy or sell any security. Sturnella LLC is a strategic-risk, capital-markets cybersecurity, and governance advisory firm. It is not a registered investment adviser, broker-dealer, financial institution, engineering firm, or safety assessor. Government loans, conditional commitments, tariffs, procurement programs, and industrial-policy initiatives involve substantial financial, political, technical, operational, and execution risks. Always conduct your own research and work with qualified professionals who understand your particular circumstances, operating environment, and security requirements. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit sturnellahq.substack.com

    Cybersecurity Shouldn't Be an Afterthought
  4. Sep 18

    Caroline Chapdelaine on Building Defense Hardware at Scale

    Caroline Chapdelaine on Building Defense Hardware at Scale What does it really take to manufacture advanced defense hardware in the United States? In this episode of Core Sample, I sat down with Caroline Chapdelaine, CEO of Northstar Photonics, to talk about what sits behind a finished piece of precision defense technology. We discuss photonics, navigation systems, specialized manufacturing, supplier qualification and the complexity hidden inside advanced hardware. Caroline explains why building the technology is only part of the challenge. The harder question is whether a company can source the right materials, qualify suppliers, maintain demanding manufacturing processes and then produce the same high-performance product reliably at scale. In This Episode * What Northstar Photonics builds and where its technology sits within larger defense and aerospace systems * Why advanced photonic products and manufacturing processes are difficult to replicate * What happens when you trace a finished device backward through materials, components, processes and suppliers * How domestic “domestic manufacturing” really is * Why replacing or qualifying suppliers in aerospace and defense can take significant time * Whether there is a second “Valley of Death” between successful technology development and sustainable production * What changes inside a company when long-developed programs begin moving into larger production runs * Why scaling hardware is fundamentally different from scaling software * What it would actually take for an advanced manufacturer to double production * What the United States needs to build more durable advanced-manufacturing companies We also finish with the Core Sample rapid-fire round: books, films, California versus Utah, prototype versus production, factory floor versus boardroom and the materials you never expected to care quite so much about. The finished product is only the visible layer. The real industrial base sits underneath it: materials, suppliers, manufacturing knowledge, equipment, people and capital. Connect with Caroline Chapdelaine You can learn more about Caroline and Northstar Photonics here: Caroline Chapdelaine on LinkedInhttps://www.linkedin.com/in/carolinechapdelaine/ Northstar Photonicshttps://www.northstarphotonics.com/ Contact Northstar Photonicshttps://www.northstarphotonics.com/contact About Core Sample Core Sample examines the intersection of cybersecurity, capital, critical minerals, industrial capacity, operational resilience and national security. Pull up a chair. Grab a cup of tea or a hot chocolate and keep watching the signals. Disclaimer Everything on Core Sample is provided for informational and educational purposes only. Nothing in this episode constitutes investment advice, financial advice, legal advice, cybersecurity advice for a particular system, or a recommendation to buy or sell any security. Sturnella LLC is a strategic-risk, capital-markets cybersecurity and governance advisory firm. It is not a registered investment adviser, broker-dealer, financial institution, engineering firm or safety assessor. Always conduct your own research and work with qualified professionals who understand your particular circumstances, operating environment and security requirements. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit sturnellahq.substack.com

    Caroline Chapdelaine on Building Defense Hardware at Scale
  5. Sep 2

    The Choke Point Is Moving

    The Choke Point Is Moving America is rebuilding its industrial base but rebuilding capacity is only part of the problem. The next challenge is protecting the people, knowledge, capital, technology, suppliers and infrastructure that make that industrial base work. In Episode 16 of Core Sample, I’m looking at a pattern emerging across critical minerals, manufacturing, research, defense and secure technology. Over the past month, the United States has announced new investments in mining and metallurgy education, critical-minerals workforce development, research-security reviews, government-backed financing, gallium production, copper foil, microelectronics testing, industrial efficiency and secure artificial intelligence. These programs are not all part of one initiative, but together, they point toward the same shift: Industrial policy is increasingly becoming industrial-security policy. In This Episode * Why Washington is investing across capability, people, capital and security * Why protecting research and intellectual property is becoming part of supply-chain resilience * How gallium, copper foil and microelectronics testing illustrate different kinds of strategic dependencies * Why secure AI belongs in the industrial-security conversation * How a physical supply-chain choke point can become a cybersecurity attack surface * Why cybersecurity is increasingly becoming part of industrial strategy Don’t just follow the mine. Follow the material, the money, the technology and the choke point. About Core Sample Core Sample examines the intersection of cybersecurity, capital, critical minerals, industrial capacity, operational resilience, and national security. Pull up a chair. Grab a cup of tea or a hot chocolate and keep watching the signals. Disclaimer Everything on Core Sample is provided for informational and educational purposes only. Nothing in this episode constitutes investment advice, financial advice, legal advice, cybersecurity advice for a particular system, or a recommendation to buy or sell any security. Sturnella LLC is a strategic-risk, capital-markets cybersecurity, and governance advisory firm. It is not a registered investment adviser, broker-dealer, financial institution, engineering firm, or safety assessor. Government loans, grants, equity investments, procurement programs, industrial-policy initiatives, and other government-supported programs involve substantial financial, political, technical, operational, and execution risks. Always conduct your own research and work with qualified professionals who understand your particular circumstances, operating environment, and security requirements. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit sturnellahq.substack.com

    The Choke Point Is Moving
  6. Aug 19

    Follow the Choke Point

    Can’t Find a Cybersecurity Job? The Work May Be Moving Somewhere Else. For recent college graduates, the cybersecurity labor market can feel contradictory: employers continue to talk about a skills shortage, yet breaking into the profession has become extraordinarily difficult. In Episode 15 of Core Sample, Sydnie looks at the problem from a different direction. What if cybersecurity jobs aren’t disappearing so much as the map of cybersecurity work is changing? Recent-college-graduate unemployment remains elevated, while it is estimated that more than four in ten recent graduates are underemployed. At the same time, traditional technology companies are restructuring even as the United States pours capital into critical minerals, energy infrastructure, advanced manufacturing and defense supply chains. Those physical industries are also rapidly becoming digital. Mines, factories, water systems, utilities and defense suppliers increasingly depend on connected equipment, industrial-control systems, remote maintenance, cloud platforms, third parties and software. That creates a different kind of cybersecurity opportunity. In This Episode * Why the entry-level cybersecurity market feels so difficult * What recent-college-graduate unemployment and underemployment tell us * Why OT and critical-infrastructure security are becoming increasingly important * How physical infrastructure changes the meaning of the cybersecurity attack surface * Why graduates should search beyond the title “Cybersecurity Analyst” * Why understanding an industry may become as valuable as understanding another cybersecurity tool Don’t just search for cybersecurity jobs. Find the systems America cannot afford to stop and learn how to protect them. About Core Sample Core Sample examines the intersection of cybersecurity, capital, critical minerals, industrial capacity, operational resilience, and national security. Pull up a chair. Grab a cup of tea. Keep watching the signals. Disclaimer Everything on Core Sample is provided for informational and educational purposes only. Nothing in this episode constitutes investment advice, financial advice, legal advice, cybersecurity advice for a particular system, or a recommendation to buy or sell any security. Sturnella LLC is a strategic-risk, capital-markets cybersecurity, and governance advisory firm. It is not a registered investment adviser, broker-dealer, financial institution, engineering firm, or safety assessor. Government loans, conditional commitments, tariffs, procurement programs, and industrial-policy initiatives involve substantial financial, political, technical, operational, and execution risks. Always conduct your own research and work with qualified professionals who understand your particular circumstances, operating environment, and security requirements. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit sturnellahq.substack.com

    Follow the Choke Point
  7. Aug 16

    The New Risk Perimeter

    I skipped a week and I feel a bit rusty after Black Hat USA but I hope you enjoy. America is investing heavily in mines, processing facilities, advanced materials, magnets, batteries, semiconductors, drones, and defense manufacturing. But as the industrial base expands, so does the definition of the cybersecurity perimeter. In this episode of Core Sample, Sydnie looks beyond the traditional network perimeter to the wider ecosystem that increasingly determines whether strategic production can continue: factories, suppliers, engineering firms, cloud providers, remote maintenance connections, logistics networks, power infrastructure, and the small companies buried several tiers deep in the supply chain. The central question is no longer simply: What information needs to be protected? For industrial resilience, the more important question may be: What cannot be allowed to stop? In This Episode * Why the traditional network perimeter is no longer enough for the industrial economy * What Black Hat USA 2026 revealed about the convergence of cybersecurity, OT, critical infrastructure, and national security * Why physical consequence increasingly matters alongside data loss * How federal investment in critical minerals and advanced manufacturing creates new cyber and operational dependencies * The August 2026 defense-linked critical minerals investments, including Sila, Sunrise Energy Metals, and Niron Magnetics * Why suppliers several tiers removed from a prime contractor may still represent critical points of failure * How federal financing, M&A, joint ventures, acquisitions, new facilities, and government contracts expand the risk perimeter * Why organizational security capacity can lag behind rapid growth * The board-level question that may matter most: What would have to fail for us to stop delivering? America isn’t simply rebuilding supply chains; it is building a new risk perimeter around the physical economy. About Core Sample Core Sample examines the intersection of cybersecurity, capital, critical minerals, industrial capacity, operational resilience, and national security. Pull up a chair. Grab a cup of tea. Keep watching the signals. Disclaimer Everything on Core Sample is provided for informational and educational purposes only. Nothing in this episode constitutes investment advice, financial advice, legal advice, cybersecurity advice for a particular system, or a recommendation to buy or sell any security. Sturnella LLC is a strategic-risk, capital-markets cybersecurity, and governance advisory firm. It is not a registered investment adviser, broker-dealer, financial institution, engineering firm, or safety assessor. Government loans, conditional commitments, tariffs, procurement programs, and industrial-policy initiatives involve substantial financial, political, technical, operational, and execution risks. Always conduct your own research and work with qualified professionals who understand your particular circumstances, operating environment, and security requirements. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit sturnellahq.substack.com

    The New Risk Perimeter
  8. Aug 4

    Security Is Physical: From Mine Sites to Farm Fields

    Cybersecurity does not stop at the server room. When technology controls a conveyor, ventilation system, irrigation pump, grain elevator, drone production line, or manufacturing cell, a cyber incident can stop physical work, damage equipment, interrupt food production, and potentially affect human safety. In this episode of Core Sample, Sydnie explores why understanding operational environments is essential to protecting them and why cybersecurity professionals must understand not only the technology, but also the machines, operators, safety requirements, production pressures, suppliers, and physical consequences of system failure. Ahead of Black Hat USA, Sydnie completed MSHA new miner training to deepen her understanding of the environments behind the cybersecurity headlines. She explains why operational-technology security begins with understanding what equipment actually does, where it sits in the production process, who maintains it, how it communicates, and what happens when it stops working. The episode then connects three major developments: The Expanding Drone Industrial Base The Department of War’s Office of Strategic Capital announced a conditional loan commitment of up to $820 million to Performance Drone Works. The proposed financing is intended to expand domestic manufacturing capacity for critical components used across Group 1 and Group 2 unmanned aircraft platforms. But capital and manufacturing capacity alone do not create a secure drone supply chain. As domestic drone production expands, so does the digital and operational attack surface. Agricultural Security Is Cybersecurity USDA has also launched an expanded SkillBridge partnership and a “100 Hires in 100 Days” initiative focused on mission-critical areas such as cybersecurity, artificial intelligence, application development, contracting, geospatial analysis, and wildfire management. The underlying message is clear: Agricultural security is national security. Modern farms and food systems depend on GPS, sensors, robotics, automated feeding and irrigation systems, digital mapping, temperature controls, commodity platforms, transportation systems, and connected equipment. A ransomware incident during harvest is therefore not simply an IT problem. It can prevent a grain cooperative from accepting crops, delay seed or fertilizer deliveries, interrupt food processing, and create broader supply disruptions. Farmers Are Caught Between Global Systems American farmers are already exposed to forces they cannot control. During 2025, China reduced or paused purchases of several U.S. agricultural products, including soybeans, while increasing purchases from Brazil. At the same time, tariffs on Brazilian beef offered potential protection for domestic cattle producers but placed additional pressure on U.S. beef prices during a period of historically tight cattle supply. The result illustrates the complexity of agricultural and industrial policy: A decision that benefits one group of producers can create costs elsewhere in the system. Fertilizer and the Strait of Hormuz Fertilizer markets provide another example of how distant geopolitical events can quickly reach an American farm. Disruption in the Strait of Hormuz affected the movement of urea and sulfur, both of which are important to the global fertilizer system. During the disruption: * Urea prices briefly more than doubled * Diammonium phosphate prices increased from approximately $580 to around $770 per metric ton Shipments eventually resumed, but the episode demonstrated how maritime chokepoints, international trade, and geopolitical instability can directly influence farm expenses and food prices. The System Is the Story A drone factory, mine site, fertilizer plant, grain cooperative, manufacturing line, and farm may appear to be separate environments. They are not. Each is a physical system supported by technology, operators, suppliers, transportation networks, communications systems, and geopolitical dependencies. Their resilience depends on answering practical operating questions: * Which devices are connected? * Who has remote access? * Which supplier could stop production? * Can operators continue safely if a digital system becomes unavailable? * Is there a manual fallback? * Does the incident-response plan include the people who operate the equipment? These are not merely cybersecurity questions. They are operating questions, capital questions, and national-security questions. Because cybersecurity is no longer confined to the server room. It is in the mine, on the manufacturing floor, inside the drone supply chain, at the grain elevator, and increasingly on the American farm. Security is physical. In This Episode * Why cybersecurity professionals need to understand physical operating environments * What MSHA new miner training can teach cybersecurity practitioners * The operational risks behind domestic drone manufacturing * Why secure manufacturing is essential to drone dominance * USDA’s agricultural-security hiring initiative * How connected agricultural equipment creates cyber exposure * China’s changing purchases of U.S. agricultural products * The trade-offs created by beef tariffs * How the Strait of Hormuz affected fertilizer prices * Why operational resilience depends on people, processes, suppliers, and manual fallbacks * What Sydnie will be looking for at Black Hat USA Key Takeaway You cannot properly protect an operating environment you do not understand. Effective cybersecurity requires understanding the equipment, the operators, the production process, the safety consequences, and the dependencies beneath the technology. About Core Sample Core Sample examines the intersection of cybersecurity, capital, critical minerals, industrial capacity, operational resilience, and national security. Pull up a chair. Grab a cup of tea. Keep watching the signals. Disclaimer Everything on Core Sample is provided for informational and educational purposes only. Nothing in this episode constitutes investment advice, financial advice, legal advice, cybersecurity advice for a particular system, or a recommendation to buy or sell any security. Sturnella LLC is a strategic-risk, capital-markets cybersecurity, and governance advisory firm. It is not a registered investment adviser, broker-dealer, financial institution, engineering firm, or safety assessor. Government loans, conditional commitments, tariffs, procurement programs, and industrial-policy initiatives involve substantial financial, political, technical, operational, and execution risks. Always conduct your own research and work with qualified professionals who understand your particular circumstances, operating environment, and security requirements. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit sturnellahq.substack.com

    Security Is Physical: From Mine Sites to Farm Fields

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A podcast for women in mining, natural resources, oil & gas and defense. Pull up a chair. Glad you found us. sturnellahq.substack.com