If memory serves me correctly, the highest price paid for tungsten was about $420 per mtu maybe 6 or so years ago
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Since then, there have been numerous new or increased uses found for tungsten – EV battery anodes, fusion reactor chamber coatings, powder coating and electronic wiring to name just a few.
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We are now seeing a consistent pattern of price rises in both China and Europe – the latest being about $360 – and all this being played out with a completely different backdrop ranging from international tensions resulting in sanctions (USA Jan 2026) all the way through to the heavy and rapid use of tungsten resulting from armed conflict
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This rising price will have many consumers getting very concerned about supply commitments which will undoubtedly have that doubling up effect as they all start to scramble to secure that supply by either immediately cash paid stockpiling or by locking in to more costly forward supply contracts ie a compounding effect on the rising price. FOMO will start to kick in.
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Much has already been written in these posts as to the contributing factors going on in China, the USA sanctions starting in Jan 2026, increased demand, western mines struggling to get their mines up and running to fill that supply gap.
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Suffice to say that this time around it is not unreasonable to think that the tungsten APT price will sail right past that previous high of $420 – there is quite simply too much going on in the tungsten space and supply will be challenged as it has never been before.
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And remember, tungsten is not a mineral that can be substituted just because the price has run high – it is very unique in that regard.
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I am expecting over the coming months, we will see continuing and perhaps even, lumpy, price rises as this becomes apparent to consumers.
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Governments have already started to selectively inject funds into promising mines with capable management.
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The investment community, seeing the commodity price rise, will sniff out opportunities to profit from these price rises as they are well trained to do.
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So where will they turn to ? The simple answer is, if the tungsten price does climb to record highs, they will look to virtually anyone who has tungsten in the ground as their returns will be looking so much more attractive.
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But their priority should and likely would be to look at companies with solid management, great overall resources and plenty of life of mine.
EQR already has two producing mines plus Wolfram Camp with about 49Mt @ 0.11% (?) and, according to Ollie, is currently in discussion with another “European operation”.
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By the time that deal is announced/finalised you can guarantee that the spotlight will be on EQR as the world looks for someone somewhere to fill that supply gap.
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So my message to anyone who has been moaning and groaning about cash, profitability and capital raising because they don’t have confidence in management is to just get out, get lost and go find something else.
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With the new machinery being installed in both producing mines, they will be doubling throughput and probably more than double profitability (particularly on the back of rising prices) and in doing so, once it is in and up and running they will have answered your concerns about profitability.
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That’s all there is to it – we are now breaking out towards the underground, going for the rich thick stuff – get over it !
