WO3 Price: $3,040.00 - Avg (USD) MTU
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Why Tungsten?

The critical metal powering America's defense, aerospace, and industrial future

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Of global tungsten production controlled by China

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Domestic primary mined tungsten production in the U.S.

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Price increase in tungsten APT over the past year

Why Invest

Tungsten stands at the intersection of national security and industrial necessity. With its unique physical properties, tungsten is nearly irreplaceable in modern defense applications, aerospace manufacturing, and advanced industrial tooling. Given the importance of this key metal, the United States finds itself in a precarious position.

America currently has no active tungsten mines, and no tungsten mining has taken place in the U.S. for over a decade. China currently controls over 80% of the total global production. This global reliance on a single foreign supplier for a metal essential to defense systems, from armor-piercing ammunition to rocket nozzles, poses a significant strategic vulnerability to the U.S.

 

The Defense Production Act

The U.S. government has underscored its commitment to reshoring critical mineral supply chains through the Defense Production Act.

Given tungsten’s designation as a critical mineral and its essential role in defense applications, U.S.-based tungsten projects are well positioned to benefit from potential government support and domestic offtake arrangements.

A Structural Supply Deficit

The tungsten market faces a growing structural deficit. Global demand continues to climb, driven by aerospace expansion, defense modernization, and industrial growth, while new ‘friendly’ mined supply remains constrained.

This supply–demand imbalance has led the price of Ammonium Paratungstate (APT), a commonly traded mid-stream tungsten product, to rise by more than 100% since China’s U.S. tungsten export restrictions were implemented in February 2025.

 

The American Opportunity

Strategic Imperative

U.S.-mined tungsten directly strengthens national and economic security by reducing reliance on foreign adversaries. Bringing a new domestic source online will add critical resilience to both commercial and defense supply chains.

Rising Prices

The structural supply deficit and Chinese export restrictions along with increasing demand have created a favorable pricing environment, providing support for new production coming online.

Limited Competition

At present, the U.S. has no active domestic tungsten mines. Guardian Metal is rapidly advancing it's tungsten assets in parallel with a goal of delivering a domestic mined source of the key defense metal.

Policy Support

Bipartisan recognition of critical mineral vulnerabilities has led to supportive policies, government funding mechanisms, and streamlined permitting for strategic metals projects.

The Rarity of American Production

The last major tungsten mine in the United States closed over a decade ago. While the U.S. historically has mined tungsten from multiple states including California, Nevada, Idaho and Montana, the combination of historical low prices, regulatory challenges, and competition from cheap Chinese production created an environment in which domestic tungsten mining was economically challenging.

Today, that equation has fundamentally changed. Rising prices, government support, and supply chain security concerns have created a favorable environment for American tungsten production. Companies positioned to bring domestic tungsten projects into production stand to benefit from this convergence of favorable factors.

The Investment Case

Tungsten represents a compelling investment opportunity at the intersection of several powerful trends.

Supply Security

Governments and corporations are actively seeking to diversify supply chains away from single-country dependence.

Price Momentum

The structural deficit in the tungsten market has driven sustained price increases since February, 2025. With limited new supply coming online and demand continuing to grow, the pricing environment looks to remain potentially favorable for developers and producers.

Strategic Value

Tungsten's critical role in defense applications means that future domestic miners represent more than just mining investments, they can be seen as strategic domestic assets with national security implications.

Market Position

Since February 4, 2025, the tungsten market has tightened, supporting a sustained rise in prices. With few new mined supply sources expected and demand remaining strong, the market environment looks to favor developers and miners in the near term.

First-Mover Advantage

Companies that achieve domestic tungsten production ahead of others may gain preferential access to government incentives, secure strategic partnerships with defense and industrial customers, and capture market share before new entrants emerge. In a market constrained by limited U.S. supply, early production could offer a distinct competitive advantage.

Position Yourself in America's Tungsten Future

As the United States works to rebuild critical mineral supply chains, tungsten producers represent a strategic investment opportunity backed by national security imperatives, favorable market dynamics, and limited competition.
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