American Tungsten Corp. (TSXV: TUNG, OTCQB: DEMRF)
Building America’s Defense Critical Metals Supply
The global tungsten market is valued at roughly $6.66 billion in 2026 and is projected to hit $9.62 billion by 2030, representing a compound annual growth rate of 9.6%, according to The Business Research Company. Tungsten is widely used in cutting tools, wear-resistant components, defence alloys and electronics. However, highly concentrated supply has created a supply-demand imbalance, driving exploration capital back to historic tungsten districts across the West, including multiple sites in British Columbia.
Separately, Mordor Intelligence estimates the downstream tungsten carbide powder market will expand from $16.25 billion in 2025 to $20.89 billion in 2030. While the two research firms track different segments of the value chain, both point to upward growth for the sector.
Supply-side pressures remain acute. Data from the U.S. Geological Survey shows global tungsten mine output totalled approximately 85,000 tonnes in 2025, with China contributing around 67,000 tonnes. The U.S. has recorded no domestic tungsten mine production since 2015. On the pricing front, non-China delivered tungsten concentrate climbed from $750–$850 per metric tonne unit at the start of 2026 to $2,500–$2,800 by late May. Domestic tungsten prices in China eased off spring highs, and the divergent price trend underscores the growing difficulty for Western buyers to secure tungsten supplies.
Policy changes are accelerating the restructuring of the tungsten supply chain. U.S. defence procurement rules restricting tungsten sourced from China, Russia, Iran and North Korea will take effect on January 1, 2027. A U.S. Commerce Department rule effective August 27, 2026 mandates domestic sellers of tungsten waste and scrap prioritise domestic buyers for monthly volumes over a one-year period. Canada has added tungsten to minerals eligible for the Critical Mineral Exploration Tax Credit, improving the economics of local tungsten exploration projects. Supported by policy incentives, explorers are revisiting historic mining areas and deploying modern drilling to reassess geological systems first studied decades ago.
Several mining firms released operational updates this week. GoldHaven Resources (CSE: GOH) reported drilling results from its 100%-owned Magno project in the Cassiar district of northern British Columbia. Extended hole GOH26-04 intersected a new skarn zone at the Kuhn target. The mineralised interval spans 145 metres of drilled length with an interpreted true thickness of 40–45 metres, hosting magnetite-garnet-diopside skarn plus semi-massive to massive sulphide mineralisation. The drill rig has moved to Pad B at Kuhn, where three of four planned holes are completed and the fourth is in progress. The company cautions the findings are based on visual core observations only, with assay results pending. Mineral grades and economic viability remain unconfirmed, and no defined mineral resources exist for the project.
Almonty Industries (NASDAQ: ALM) has obtained inspection certificates for processing and crushing facilities at its Sangdong mine in South Korea, enabling it to turn mined ore into saleable tungsten concentrate. The firm commenced trial operations in June, sealed a long-term tungsten concentrate supply deal with a Sandvik Group subsidiary, and signed a binding agreement with the Rwandan government covering the Shyorongi tungsten exploration concession.
Guardian Metal Resources (NYSE American: GMTL) completed Phase 1 regional drilling with 41 diamond holes at the historic Tempiute tungsten project in Nevada, confirming multiple tungsten-rich zones beyond the old mine footprint. A 46-hole Phase 2 resource drilling campaign is underway, with 28 holes finished. Kennametal (NYSE: KMT) posted fiscal Q4 2026 sales of $737 million, up 43% year over year, alongside record adjusted EPS of $2.96. Full-year revenue reached $2.36 billion, a 20% increase. The manufacturer reported negative operating cash flow for the fiscal year, attributed to inflated inventory values from surging tungsten prices and advance payments to suppliers to lock in raw material supplies. Idaho Strategic Resources (NYSE American: IDR) funds critical mineral exploration using cash flow from an operating gold mine. Its Diamond Creek project has identified heavy rare earth and yttrium mineralisation.
Mineral exploration carries substantial risks. Early mineralisation hits do not equal mineable resources. Exploration programmes require ongoing financing, and shares of junior mining companies are highly volatile. Investors should review corporate continuous disclosure filings and pay close attention to forward-looking statements.
