Which Companies Could Benefit From Price Explosion for So-Called 'War Metal'?

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The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

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Global manufacturers are currently facing a severe shortage of tungsten, a metal critical for defense and electronics, due to Chinese export restrictions and heightened military demands, which have driven prices to record highs, according to a report by 101 Finance for Bitget on March 16.

European benchmark reports that the price of tungsten surged 557% since China implemented export controls amid a trade dispute with the U.S. last year. Shanghai Metals Market reported a surge past US$3,200/metric ton unit (mtu) as of April 9.

to US$2,250 per metric ton unit, a surge of  The recent escalation in Middle Eastern conflicts has further exacerbated the demand for military materials, leading to even faster price increases as reserves are depleted.

"In over a decade working with various metals, I've never witnessed a market as constrained as tungsten — except perhaps lithium in 2021," said George Heppel, vice president of commodity research at BMO Capital Markets, according to the report.

Heppel noted the lack of new tungsten projects compared to other metals like lithium.

Since becoming the world's primary tungsten supplier, China's tightening of export regulations has forced manufacturers globally to seek alternative sources. Project Blue, a consultancy specializing in critical minerals, observed a 40% drop in Chinese exports of restricted tungsten products last year, the report said. This reduction has prompted Western governments to attempt to lessen their reliance on Chinese minerals, a leverage point in ongoing trade and technology disputes.

Lewis Black, CEO of Almonty Industries Inc., said his company is reviving production at a dormant mine in South Korea and planning the first U.S. tungsten mine in a decade. Black mentioned that U.S. officials have inquired about immediate supply needs, with nearly half of the South Korean output slated for munitions use in Pennsylvania. He explained that as Chinese subsidies waned and export restrictions were lifted, tungsten prices began to reflect true market dynamics of supply and demand.

Janine Le Roux from Project Blue pointed out that the ongoing Middle Eastern conflict has spurred the latest price spike, with military-related tungsten usage expected to increase by 12% this year. Tungsten's high density makes it ideal for missile parts and aircraft counterweights, as well as in artillery shells, grenades, and armored vehicles.

Despite China's dominance in tungsten production and reserves, the U.S. has not mined tungsten commercially since 2015, increasing reliance on Chinese imports, the Bitget report noted. David Argyle from Arlington Innovation Partners described last year's export restrictions as a geopolitical strategy. He suggested that expanding mining in countries like Spain, Brazil, Australia, and the U.S. could alleviate some pressure, but estimated it would take around two years for new Western production to impact the market.

Metal Irreplaceable In Several Industries

Tungsten holds a distinctive role in the global commodities market, distinguishing itself from more common industrial metals such as copper or aluminum. In 2026, the tungsten market was valued at around US$16 billion, which is only about 5% of the copper market's massive US$320 billion valuation, according to a report by Mulfih Hidayat for Discovery Alert on March 16. However, the strategic significance of tungsten far surpasses its market size, largely due to its unique physical properties that are critical for various high-stakes applications.

Tungsten is renowned for having the highest melting point of any pure element at 3,422°C, along with a density that is crucial for applications that require high penetration capabilities or resistance to extreme temperatures. These characteristics make it irreplaceable in sectors like aerospace, defense, and semiconductor manufacturing, where alternatives cannot match tungsten's performance, leading to a demand that is fundamentally inelastic, Hidayat reported.

The trading dynamics of tungsten also set it apart from other commodities like copper or gold, which are traded on major exchanges with clear price visibility, the report noted. Instead, tungsten transactions are typically conducted through private bilateral negotiations with limited public pricing information, contributing to greater price volatility compared to more transparently traded commodities. The APT (ammonium paratungstate) European benchmark is one of the few public pricing references, though it sees much lower trading volumes than those of exchange-traded metals.

Vital for Weapons Production

A shortage of critical metals like tungsten, antimony, gallium, and germanium (which are vital for weapons production) is a significant challenge facing the United States, according to a recent S&P report, wrote Caroline Kong for NAI500 on March 26.

The Canadian think tank Critical Minerals Institute has warned that the depletion of these metals could halt the production of new weapons in the U.S. Of these, tungsten is often referred to as the "war metal" due to its military importance.

China, which dominates the global tungsten supply by accounting for 79% of production, has exacerbated this shortage by imposing export controls and reducing mining quotas, alongside increasing domestic consumption in sectors like photovoltaics and semiconductor manufacturing, Kong wrote. This has significantly decreased the amount of tungsten available on the global market.

The ongoing war in Iran has further stressed the demand for tungsten, with military consumption expected to rise by 12% in 2026.

"The Iran war is a sharp reminder of how metal-intensive 21st-century warfare is. Tens of thousands of drones and missiles — tungsten plays a pivotal role in them," Heppel from BMO said, according to the NAI500 article.

Editor Fred Turner said the ongoing conflict involving Iran has brought to light a significant vulnerability within the military-industrial complex with its heavy dependence on tungsten, according to a piece he wrote for Military Affairs on April 4.

The metal is crucial for manufacturing specific types of ammunition and vital components of weaponry, he said. A report by Foreign Policy has underscored the absence of any active large-scale tungsten mining operations in the United States, a situation that has become increasingly problematic as military engagements deplete existing weapon stockpiles that rely on this metal, with restocking efforts facing significant delays and challenges.

Pini Althaus, managing partner at Cove Capital, expressed concerns to the magazine about the growing visibility of this shortage, Turner said. He highlighted a noticeable disruption in the supply chain and lamented the lack of a solid strategy to address this issue in the foreseeable future. As the conflict persists, the price of tungsten has skyrocketed by over 500%, according to Foreign Policy. Concurrently, the U.S. continues to rely heavily on tungsten imports and processing from abroad, with China maintaining a dominant position in the global market.

The publication also noted that it has been more than a decade since the last commercial tungsten mines in the United States were operational. In response, Washington is now pushing to expedite the establishment of a domestic supply chain for this and other critical minerals. However, experts warn that starting new mining ventures, expanding processing capabilities, and constructing the necessary infrastructure will require several years to complete.

Establishing Alternate Sources

Efforts to establish alternative tungsten supplies in the West are underway, with projects in Kazakhstan and potential mining sites in Nevada being explored, Kong wrote for NAI500. However, these new sources are not expected to stabilize production quickly, with estimates suggesting a two-year "pain period" before they can significantly impact the market.

For investors, the surge in tungsten prices signals a shift in the valuation of strategic metals, influenced by geopolitical tensions, supply chain adjustments, and military needs.

This situation suggests a new pricing dynamic where tungsten carries a strategic premium, reflecting its critical role in national security and technology. Investors are advised to focus on non-China production capacities and the burgeoning recycling sector, as these areas present new opportunities amidst the revaluation of strategic metals.

According to Junior Mining Network, the following are five tungsten companies by market cap at the time the list was compiled: Almonty Industries, United States Antimony, Fireweed Metals, Allied Critical Metals, and American Tungsten.

Almonty Industries

Almonty Industries Inc. (AII:TSX; ALM:NASDAQ; ALL:ASX; ALI:Frankfurt) has successfully secured a leading role in tungsten production for the Western world, calling it the "The Tungsten Dominator," according to Tarik Dede of News Financial on March 27. The Canadian firm has revitalized the historic Sangdong mine in South Korea, which was one of the world's largest tungsten mines until its closure in the 1990s due to competitive pricing pressures from China.

Sangdong has completed its initial construction phase, resumed production of tungsten concentrates, and is expanding its operations. Lewis Black, CEO of Almonty, anticipates that by 2027, the mine's processing capacity could reach up to 1.2 million tons annually, potentially yielding over 460,000 MTUs (metric ton units) of tungsten concentrate each year. This could satisfy about 40% of the global tungsten demand outside China, Dede wrote.

Almonty's growth extends beyond Asia. The company acquired the Panasqueira mine in Portugal in 2016, a site known for its continuous high-grade tungsten production for nearly 130 years. Although smaller than Sangdong, plans for expansion are underway, promising significant production increases. Additionally, Almonty has expanded into the United States with the acquisition of the Gentung Browns Lake Tungsten project in Montana for US$10 million at the end of 2025, targeting a production start in the latter half of 2026 to directly supply the U.S. defense industry. This project is located in a historic tungsten district that supplied the national reserve during World War II and the Korean War. The Browns Lake Mine, closed in 1966, was among the most productive, and the Gentung project is poised for a swift operational restart due to its brownfield status and existing infrastructure.

Following its Nasdaq listing, Almonty is planning to relocate its headquarters to the United States, underscoring the strategic importance of the American market. This move aligns with the U.S. Department of Defense's mandate to exclude Chinese-sourced raw materials in military applications from 2027, highlighting a critical supply gap that Almonty is positioned to fill.

Investment analysts are optimistic about Almonty's prospects. Bank of America (BofA) has labeled Almonty as the "leading Western vehicle" for tungsten supply, the News Financial report noted. In March 2026, BofA set a price target of US$20 for Almonty's stock and recommended a buy, citing the structural supply deficit and the sustained high prices of tungsten, which have surged by over 250% in the past year due to Chinese export restrictions and declining ore grades.

BofA anticipates that Almonty will maintain a strong position in negotiating long-term supply contracts.

The recent drop in Almonty's stock value, about 25% due to the Persian Gulf war, presents a potential investment opportunity, the author said. The stock had previously quadrupled in value within five months, making it susceptible to a sell-off as investors sought liquidity. This scenario offers a chance for new investors to capitalize on Almonty's promising future in the tungsten market.

ALM reported slightly disappointing results for 2025, primarily due to lower sales volumes at its Panasqueira tungsten mine in Portugal, according to Alliance Global Partners Analyst Jake Sekelsky in a March 20 research note. However, the company is poised for significant growth in 2026, driven by the completion of Phase 1 commissioning of its flagship Sangdong tungsten mine in South Korea, he noted.

Sangdong, recognized as one of the world's largest and highest-grade tungsten mines, is expected to quadruple ALM's production capacity. The company also plans to advance development at the Gunteng Browns tungsten project in Montana, reinforcing its position as a leader in the tungsten market.

Despite the underwhelming 2025 revenue of CA$32.5 million, which fell short of the anticipated CA$41.5 million, ALM's outlook remains positive. The successful commissioning and ramp-up of Sangdong are anticipated to significantly boost the company's cash flow in the second half of 2026. Phase 2 expansion at Sangdong, expected next year, will double the production capacity to 4,600 yearly, accounting for about 40% of global production outside China.

With Sangdong's development progressing, attention is now turning to the Gunteng Browns project in Montana. ALM aims to restart production at this mine by the end of 2026, with an initial capacity of 140,000 tpa. Establishing tungsten production in the U.S. is seen as crucial for securing America's critical minerals supply chain.

In light of these developments, Sekelsky maintained the firm's Buy rating and raised its price target from CA$14 to CA$19.25 per share.

Cantor Fitzgerald's Nicholas Lobo also rated the stock a Buy with a CA$36 per share price target.

"Importantly, the company ended the year with ~CA$268.4 million in cash following equity financings completed during 2025, which we believe provides strong funding visibility to complete commissioning and advance its broader tungsten growth strategy," Lobo wrote.

GBC AG, an Augsburg-based research firm specializing in small and mid-cap companies, has notably increased its target price for Almonty Industries Inc., as detailed in a research report released on March 5, according to a report by the firm's analyst Matthias Greiffenberger on TradingView March 27.

"The tungsten market has undergone a structural shift. Export restrictions, rising demand from defense and high-tech industries, and limited new supply outside China are driving sustainably higher price levels," the analyst noted. "Combined with the production ramp-up at Sangdong, this significantly improves Almonty's earnings outlook."

He continued, "Against this backdrop, GBC now assumes a long-term tungsten price of US$1,500 per MTU (previously US$650 per MTU). Based on an updated discounted cash flow model, GBC raises the target price to CA$28.60 per share from … CA$9.00 and reiterates its BUY rating."

¹About 9% of the company is owned by insiders and management, about 11% by corporations, and about 23% by institutions. The rest is retail.

Top shareholders include Global Tungsten & Powders Corp. with 9.86%, President and Chief Executive Officer Lewis Black with 8.69%, Deutsche Rohstoff AG with 6.7%, Van Eck Associates Corp. with 4.01%, and Almonty Partners LLC with 3.3%.

Almonty's market cap is now CA$5.8 billion with 280.37 million shares outstanding. It trades in a 52-week range of CA$2.78 and CA$30.58.

United States Antimony

In an April 2 release, United States Antimony Corp. (UAMY:NYSEAMERICAN) announced the resumption of mining operations at its Stibnite Hill site in Thompson Falls, Montana. The operations, which had been halted in early November of the previous year due to harsh winter conditions, were able to restart earlier than expected this year thanks to milder weather and minimal snowfall in Montana.

In the previous year, over a span of two months, USAC successfully transported more than 800 tons of antimony ore from the mountain to its Radersburg Flotation Facility for processing. The resulting antimony concentrate is then sent to the company's operating smelter in Thompson Falls, where it is transformed into finished products for USAC's customer base.

This year, the company is implementing several changes to its mining program. After the removal of larger trees, the company plans to use a chipper to process smaller brush and branches into mulch. This mulch will be utilized in the company’s concurrent reclamation program to accelerate re-vegetation and improve access to existing roads and trails for the 2026 mining activities. Additionally, USAC has engaged professional surveyors to set up base stations on adjacent mountain tops equipped with GPS transmitters. This setup will allow field crews to use portable data collectors for more precise mapping and recording of antimony vein intercepts, aiding in the projection of veins along strike and down dip. The collected data will also be used to delineate disturbed areas, providing parameters for the ongoing reclamation efforts.

The company has been recognized as one of the 11 Most Active Small Cap Stocks to Buy, according to a March 27 piece by Sajjl Nooranne for Insider Monkey published by MSN. Recently, on March 5, the company was granted $27 million under the Defense Production Act for enhancing domestic production and processing of critical minerals, with plans to modernize facilities in Montana and initiate new mining operations in Alaska. This investment is part of a larger government effort to bolster national resource security and position United States Antimony as a key supplier in essential industrial and defense sectors.

Earlier, on February 24, B. Riley increased its price target for United States Antimony to US$11 per share from US$9, maintaining a Buy rating, according to Nooranne. This adjustment was influenced by a new joint venture with Americas Gold and Silver to establish a commercial-scale processing facility in Idaho, aimed at boosting recovery rates and cutting costs. This project is also expected to drive growth through permitting advancements and international expansion efforts.

United States Antimony, operational since 1969, is the only significant antimony smelter in the United States and manages a fully integrated operation encompassing mining, transportation, milling, smelting, and sales. With the backing of government initiatives and strategic partnerships, the company is uniquely positioned to capitalize on the global demand for secure supply chains, presenting a compelling investment opportunity, the firm noted.

According to a March 20 updated research note by Sekelsky with Alliance Global Partners, United States Antimony recently reported its 2025 financial results, which fell slightly short of expectations due to ongoing efforts to ramp up antimony production in the United States and execute expansion strategies.

Notably, UAMY concluded the year with a robust financial position, holding approximately $90 million in cash and securities. This strong financial footing is expected to accelerate the company's growth ambitions, particularly in diversifying its production across various critical minerals. Recently, UAMY acquired the Fostung tungsten project in Canada and swiftly established a current resource estimate to expedite the project's progression towards production.

While UAMY is recognized as a leading domestic producer of antimony, the company is poised to expand its production capabilities in Montana and through a new joint venture with Americas Gold and Silver in Idaho, while also venturing into other critical minerals like cobalt, Sekelsky said. UAMY is shaping up to be a powerhouse in domestic critical minerals production.

In terms of financial performance for 2025, UAMY posted a net loss of US$0.04 per share with revenues of US$39.2 million, slightly below the break-even EPS and revenue forecast of US$41 million. The year-over-year revenue increase of 163% reflects rising antimony production levels. The lower-than-expected results were attributed to higher operating costs typical of ramp-up phases and significant development work completed in 2025 to access new antimony sources ahead of a planned expansion at the Montana antimony processing facility. This expansion, now rescheduled to be completed in late 2Q26 due to contractor delays, is expected to triple the facility's capacity.

Looking ahead, UAMY is not just focusing on antimony but is also setting its sights on becoming a diversified critical minerals producer, Sekelsky said. Following the acquisition of the Fostung tungsten project, UAMY updated its resource estimate, highlighting significant tungsten potential which could be expedited towards production given the proximity to existing processing facilities. This move is part of a broader strategy to reduce reliance on foreign critical mineral supplies, particularly from adversarial nations.

"We are reiterating our Buy rating and US$13.50 per share price target. Our valuation remains based on a NAV analysis of the company's Montana and Mexico antimony operations as well as the BRZ segment utilizing an 8% discount rate and 1.5x NAV multiple," the analyst continued. "We currently ascribe no value to the recently announced hydromet JV with USAS and expect to revisit this assumption over the next quarter as further details are announced, which we believe leaves further upside to our current estimates."

¹About 11% of United States Antimony is owned by insiders and management, and about 48% by institutions. The rest is retail.

Top shareholders include BlackRock Institutional Trust Co. with 5.71%, State Street Investment Management with 5.35%, Creative Planning Inc. with 5.19%, The Vanguard Group Inc. with 5.17%, and Patrick W. Dugan with 3.98%.

Its market cap is US$1.25 billion with 143.37 million shares outstanding. It trades in a 52-week range of US$1.69 and US$19.71.

Fireweed Metals

Fireweed Metals Corp. (FWEDF:OTCMKTS; FWZ:TSX.V) said it is dedicated to developing a new critical metals district in Northern Canada. It fully owns the Macpass District, which spans an impressive 985 km² and houses the Macpass zinc-lead-silver project and the Mactung tungsten project. As part of the Lundin Group, Fireweed is well-placed to generate significant value from these ventures.

The company successfully organized a substantial funding initiative, securing CA$61.5 million through a premium-priced private placement spearheaded by JX Advanced Metals and the Lundin Family Trusts, according to a report by Finimize on March 31. This financial boost is designated for advancing the company's tungsten and zinc projects located in northern Canada.

In this strategic financial move, Fireweed Metals is set to offer up to 14.7 million shares priced at CA$4.18 each, which represents a 9% premium over its March 27 closing price on the TSX Venture Exchange, according to MT Newswires. JX Advanced Metals plans to acquire approximately 11.3 million shares, which will result in a 5% ownership stake, providing the company with a strategic entry into Fireweed's projects. Meanwhile, the Lundin Family Trusts, already a significant shareholder, will purchase about 3.4 million shares to maintain its ownership at roughly 22.9%, Finimize noted. The proceeds from this placement, expected to close by April 7, will be used to further develop Fireweed's Macpass, Mactung, and Gayna projects.

From a market perspective, the decision to set the share price above the recent closing level indicates strong investor interest and confidence in Fireweed Metals. This pricing strategy not only reflects robust demand but also consolidates the shareholder base around two influential entities, potentially influencing future financing conditions, partnerships, and discussions around offtake agreements. Moreover, by associating tungsten and other critical minerals with sectors like semiconductor and advanced manufacturing, Fireweed extends its market relevance beyond just EV batteries to a broader industrial resilience initiative.

Looking at the broader investment landscape, the choice of backers highlights a shift towards more strategic capital allocation. Developing mining operations in the remote reaches of northern Canada requires significant time and capital, emphasizing the importance of selecting partners who bring more than just funds, the article noted.

By aligning with JX Advanced Metals and leveraging the Lundin family's extensive network, Fireweed is positioning itself to benefit from downstream expertise, which could enhance processing capabilities, strengthen customer ties, and bolster supply chain integrity. This approach may set a precedent, prompting other exploration firms to seek investors who can provide substantial operational and market-entry support down the line.

"This capital injection is designed to provide the resources needed to progress these projects, a vital step given the lengthy timelines typical in mining development," a piece by 101 Finance published by Bitget on April 2 noted.

"However, the ultimate success of this investment depends on Fireweed's ability to bring these projects into production," the report said. "The company is positioning itself to benefit from tightening global supplies of tungsten and zinc, aiming to capitalize on these market dynamics as its projects move toward construction."

Fireweed Metals recently disclosed the assay results from its first drilling program at the Gayna project in the Northwest Territories, which the company has described as neutral in impact, according to a research note by Analyst Maximillian Myers of Ventum Capital Markets on December 12, 2025.

The initial drilling yielded significant zinc mineralization at the Intrepid target, with notable results including 51.22 meters at 4.4% zinc and a 5.17-meter section at 10.0% zinc, Myers said. Although these results confirm the geological model and are promising for an initial exploration, they did not meet the high-grade expectations set by the Kipushi mine analogy, which represents the project's ultimate potential.

The drilling at Gayna, which is the first on the property since the late 1970s, covered 3,800 meters across several targets. The focus was primarily on exploring steeply dipping zinc/lead/silver sulfide mineralization near reef margins. The best outcomes came from the Intrepid target, where drilling confirmed broad, vein-hosted and replacement-style sphalerite mineralization. However, the actual reef contact was not intersected, and other explored areas like Jaws, Zuviel, and Propitious only showed trace to minor mineralization.

Despite these findings, Fireweed plans to continue refining its geological models and target prioritization, particularly focusing on areas closer to the true reef margin with potential for massive sulfide. The company remains cautious due to the project's remote and early-stage nature but is committed to a disciplined exploration approach.

In terms of investment perspective, Fireweed's focus remains on de-risking the Mactung project, which, along with the Macpass district, forms the core of the company's value proposition. According to the company, Mactung and Macpass represent 48% and 41% of their net asset value estimate, respectively, with Gayna contributing only 2%. Thus, the recent drilling results from Gayna do not alter the company's overall valuation.

Fireweed remains a BUY rating with a target price of CA$4, viewing the ongoing developments at Mactung as central to unlocking value across the broader Macpass district, Myers wrote.

¹About 3% of the company is owned by insiders and management and 34% by strategic investors like JX and the Lundin Group. The rest is retail.

Its market cap is $CA960.99 million and its 52-week trading range is CA$1.30-CA$4.75.

Allied Critical Metals

Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) is strategically advancing its tungsten development projects in Europe, particularly focusing on the Borralha Tungsten Project in Portugal, which was once the largest tungsten producer in Europe. This initiative aligns with global efforts to diversify tungsten production away from Chinese dominance.

The company announced on April 7 that significant progress at Borralha, where drilling has uncovered over 200 meters of breccia-hosted tungsten mineralization at the newly identified Venise Breccia target. This discovery includes zones of hydrothermal alteration and quartz-sulphide veining, visibly containing wolframite, molybdenite, and chalcopyrite.

Chief Executive Officer Roy Bonnell expressed optimism about these findings, stating, "These initial results bode very well for our fully funded drilling campaign at the Borralha Project. At the Venise target, we have identified significant mineralization at a second Breccia complex to add to the previously discovered Santa Helena Breccia." He added, "We are encouraged by these early results and continue to believe the Borralha Project is a world-class tungsten deposit with the possibility of being a meaningful new supply of tungsten in a world where pricing is above US$3,000 per mtu (metric tonne unit)."

The Venise Breccia, located about 400 meters from the Santa Helena Breccia, which underpins the company's recent Preliminary Economic Assessment (PEA), represents a significant step in exploring previously underexplored breccia-hosted mineralization systems within the project. The visible tungsten mineralization bolsters Allied's strategy to expand its resource base and highlights the potential for additional breccia-hosted mineralization across the broader project area.

While these initial observations are promising, further drilling and analysis are necessary to confirm the extent and continuity of the mineralization. The ongoing drilling efforts are moving towards the central portion of the breccia body, aiming to further delineate the mineralization.

It's important to note that the Venise Breccia is not currently included in the company's mineral resource estimate (MRE) or the PEA mine plan, the company said. The PEA, which is preliminary in nature, includes inferred mineral resources that are too speculative geologically for economic considerations to be applied in a way that would classify them as mineral reserves, and there is no certainty that the PEA will be realized.

The PEA showed an after-tax net present value (NPV) of CA$473.4 million and an internal rate of return (IRR) of 48.8% at a tungsten price of CA$1,365 per metric ton unit WO₃, with a payback period of about 2.2 years from the start of commercial production. The project plans include developing an underground mine, a processing plant, and necessary infrastructure, with total life-of-mine capital expenditures estimated at US$178 million.

The project has successfully passed significant regulatory milestones, including receiving an Environmental Impact Declaration in January 2026, paving the way for detailed engineering and development with an aim to start construction and production around 2027. Additionally, a 20,000-meter drilling program is in progress to potentially extend the initial 11-year production plan.

Beyond Borralha, Allied is also developing the Vila Verde Tungsten-Tin Project, anticipating the construction of a pilot plant in 2026 to process about 150,000 tonnes per year, yielding approximately 250 tonnes of WO₃ annually. The company has also signed a letter of intent with Global Tungsten and Powders in Pennsylvania for the sale of tungsten concentrate and is in discussions with other refineries.

Thibaut Lepouttre of Caesar's Report told Streetwise Reports: "While the project has been around for a while, but never gained momentum when the tungsten price was US$300-375 per mtu, the current renewed interest and sky-high tungsten price make Borralha's economics very attractive. The company used CA$1000/mtu in its base case scenario (which is 1/3rd of the current spot price), and this yielded an after-tax NPV8% of CA$475M, increasing to almost CA$1B at $1500/mtu. And thanks to the low initial capex, Borralha is establishing itself as one of Europe's best options to increase domestic tungsten production within the EU."

Allied Critical Metals underwent a significant transformation, refocusing its business on the exploration and development of tungsten assets following a reverse takeover of Deeprock Minerals in April 2025, according to a report by Ad Hoc News on April 4. Now operating as a dedicated tungsten entity, the company has its primary operations in Portugal, with additional interests in Canada.

Since this strategic overhaul in April 2025, Allied's shares have been actively trading on the Canadian Securities Exchange under its existing ticker symbol. This move has allowed the company to fully dedicate its capital and efforts towards its tungsten ventures.

In Portugal, Allied Critical Metals is pushing forward with its Borralha tungsten project. A key development occurred in January 2026 when the company received the necessary environmental permit, promptly kicking off an ambitious 20,000-meter drilling program. This initiative aims to enhance the geological understanding of the site and confirm the resource potential of the deposit.

Following the release of its financial results for the latter half of 2025 in February 2026, market watchers are keenly awaiting further updates from the company. The results of the ongoing drilling efforts at Borralha, along with additional permitting processes, are expected to shape Allied Critical Metals' operational direction in the upcoming months.

¹Insiders own approximately 31% of Allied. About 16% is held by institutions and institutional investors, and the rest is held by retail shareholders.

The company has 170.41 million common shares issued and outstanding. Its market cap is CA$306.7 million. Its 52-week range is CA$0.20–CA$1.88 per share.

American Tungsten

American Tungsten Corp. (TUNG:CSE; TUNGF:OTCQB; RK9:FSE) is actively engaged in tungsten exploration and development in the United States, particularly through its IMA Mine Project, as part of a national effort to boost domestic supplies of this critical metal.

The company announced initial drilling results from the second drill station on the D-Level of the IMA Mine, located in Lemhi County, Idaho, in a release on March 25. The results have revealed significant tungsten-silver intercepts across all drill holes, confirming the continuity of the polymetallic vein system both northwest along strike and up-dip from previously mined areas.

Recently, American Tungsten also completed a minority investment in Viking Mines Ltd., acquiring 150,000,000 ordinary shares for AU$750,000 following approval from Viking Mines shareholders. This investment was part of a larger financing initiative by Viking Mines, as noted in a March 17 news release.

Additionally, American Tungsten successfully closed a bought deal private placement, raising CA$40,002,060. Stifel Canada led this financing as the lead underwriter and sole bookrunner, supported by a syndicate including Integrity Capital Group Inc. and Canaccord Genuity Corp. The placement priced each of the 14,286,450 units at CA$2.80, which included one Class A common share and half of one warrant, with each full warrant exercisable at CA$3.75 until March 18, 2029. The underwriters earned a commission of approximately CA$2,400,123, or 6.0% of the gross proceeds, and received 857,187 broker warrants exercisable until March 18, 2028.

The net proceeds from this financing are earmarked for further exploration and development of the IMA Mine Project, alongside working capital and general corporate purposes. The securities issued were distributed through private placement exemptions in Canada, the United States, and other agreed jurisdictions, subject to a four-month hold period as per applicable securities laws.

On the operational front, American Tungsten is conducting a 15,000-foot drill program at the IMA Mine, targeting multiple zones to validate historical drilling results. This program is designed to support a future mineral resource estimate and metallurgical testing, essential for economic studies like a preliminary economic assessment. The company is also evaluating on-surface tailings for potential processing and considering expanding its land holdings through the acquisition of the Mazda claims, pending due diligence, financing, and regulatory approvals.

Future development milestones include continued drilling, metallurgical testing, an updated mineral resource estimate, followed by a preliminary economic assessment, and eventually, pre-feasibility and feasibility studies. Additionally, the company has outlined a non-binding letter of intent for US$25.5 million in potential debt financing and a non-binding agreement with a U.S.-based offtake partner.

¹John Newell of John Newell & Associates rated American Tungsten as a "Speculative Buy" on March 17, citing the inherent risks typical of junior mining companies but recognizing the company's strong fundamentals and improving technical conditions. He set a near-term target price of CA$4 and a broader target of CA$7, reflecting optimism about the company's prospects.

About 1.1% of the company is held by insiders and management, about 14.7% is held by institutions. The rest is retail.

The company has approximately 49.03 million shares outstanding and a market capitalization of roughly CA$104.82 million. Over the past 52 weeks, the shares have traded in a range of CA$0.03 to CA$0.23.