Tungsten Outside China Has Tripled in 2026. The U.S. Still Mines None.

Tungsten concentrate traded outside China was assessed by Fastmarkets at $750 to $850 per metric tonne unit at the start of 2026 and has held at $2,500 to $2,800 per unit since May 29. uncertain

Inside China, concentrate prices have fallen by roughly half from their March peak. asserted

That split is the story of the year: the metal did not get scarce everywhere, it got scarce for everyone who cannot buy from China. asserted

The Business Research Company projects the global tungsten market to grow from about $6.66 billion in 2026 to about $9.62 billion by 2030, a compound annual growth rate of roughly 9.6%. asserted

Active Companies from around the markets with current developments this week include: Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2), Almonty Industries Inc. (NASDAQ: ALM), Guardian Metal Resources plc (NYSE American: GMTL), Kennametal Inc. (NYSE: KMT), Perpetua Resources Corp. (NASDAQ: PPTA). asserted

The supply picture explains the gap. asserted

The U.S. Geological Survey put Chinese mine output at 67,000 of the world’s roughly 85,000 tonnes of tungsten in 2025, and the United States has mined none since 2015. asserted

In December 2025, China said only 15 firms would be authorized to export tungsten in 2026 and 2027, formalized through its dual-use items catalogue. asserted

Washington is responding with procurement rules rather than subsidies alone. asserted

A Bureau of Industry and Security temporary final rule, effective August 27, 2026 through August 27, 2027, requires U.S. sellers of tungsten waste and scrap to allocate 100% of monthly sales to domestic buyers. asserted

From January 1, 2027, DFARS 252.225-7052 restricts U.S. defense procurement of tungsten from China, Russia, Iran and North Korea, a restriction that reaches back to the mining stage. asserted

The downstream strain is already showing in earnings. asserted

One major U.S. tungsten carbide toolmaker described fiscal 2026 as an “unprecedented tungsten environment,” with inventory values and advance payments to secure raw material supply pushing its operating cash flow negative for the year. asserted

For a buyer, a domestic, compliant pound of tungsten is now worth more than a cheaper one that may not clear the 2027 rules, which is why dormant U.S. tungsten districts are being drilled again. uncertain

Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2) Completes 2026 Mapping and Sampling Program at Eagle Point Tungsten Project, Plans 17-Hole Drill Program Scheelite-bearing skarn mapped along the contact between Horquilla Limestone and intrusive granite 23 samples, including four one-metre channel intervals, submitted to ALS Geochemistry in Tucson, Arizona, with results pending Planned 17-hole, approximately 6,000-foot (about 1,850-metre) drill program designed from an updated 3D Leapfrog Geo model Drilling intended to generate the data that could move Eagle Point toward a maiden Mineral Resource Estimate, if supported by results Tungsten recognized at Eagle Point since the early 1940s, with limited historical production that the Company has not verified Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2) has completed its 2026 geological mapping and sampling program at the 100%-owned Eagle Point Tungsten Project in Hidalgo County, New Mexico. uncertain

The August 2026 program identified scheelite-bearing skarn along the favorable granite-limestone contact and supported development of a planned 17-hole, approximately 6,000-foot drill program designed to test the geometry and continuity of the skarn at depth. asserted

“The August 2026 field program has given Western Star a clear next step at Eagle Point. asserted

We have moved from a project defined largely by historical work and surface showings to a modern three-dimensional geological model and a planned 17-hole drill program. asserted

The work identified scheelite-bearing skarn along the granite-limestone contact and identified areas where drilling can directly test the system beneath limited surface exposure. asserted

With analytical results pending and drill targets identified, Eagle Point is advancing into the next stage of technical evaluation,” said Blake Morgan, CEO and President of Western Star. asserted

Mapping focused on the southern portion of the Property, where the skarn is exposed at surface and is characterized by scheelite associated with garnet, epidote and lesser quartz. asserted

Shortwave ultraviolet light was used as a field screening aid to confirm fluorescent scheelite in collected material, though the Company is clear that no tungsten grade or concentration is inferred from visual or UV observations alone. asserted

The exposed skarn dips steeply, at roughly 80 degrees, and extensive talus cover obscures parts of the contact, which is why its full geometry cannot be established from surface work and why the Company is moving to drilling. asserted

Field observations, historical geological maps, magnetic information and structural data were built into an updated three-dimensional Leapfrog Geo model. asserted

From it, the Company designed 17 holes totaling approximately 1,850 metres, planned mainly as shallow, closely spaced tests of the steeply dipping contact. asserted

The program is intended to evaluate continuity beneath surface exposures, true thickness and geometry, the relationship between skarn and intrusive rocks, the influence of mapped structures, and ground concealed by talus. asserted

Multiple holes may be drilled from individual pads at different azimuths and dips. uncertain

Twenty-three samples collected between August 23 and August 26, 2026 were hand-delivered to ALS Geochemistry in Tucson for multi-element analysis, and results will be reported after receipt, review and verification. asserted

Next steps include integrating those results into the geological model, refining drill targets, and finalizing drilling logistics and applicable permitting. asserted

Eagle Point sits alongside the Company’s past-producing tungsten assets in Nevada and its additional exploration exposure through the Western Star property in British Columbia. asserted

Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2) is a mineral exploration company focused on the acquisition, exploration and advancement of mineral properties, with a growing strategic emphasis on tungsten and critical minerals in the United States. asserted

The Company is advancing a portfolio of past-producing tungsten assets in Nevada and New Mexico while maintaining additional exploration exposure through its Western Star property in British Columbia. asserted

Eagle Point is an early-stage exploration property, no Mineral Resource or Mineral Reserve has been established there, and there is no certainty that further exploration will result in one. asserted

No assay results from the 2026 program have been reported, and no independent field standards, blanks or duplicates were inserted into the sample stream given the reconnaissance-scale nature of the work. asserted

Historical production information has not been independently verified. asserted

The planned drill program remains subject to permitting, logistics and financing, and shares of junior exploration companies can be highly volatile. asserted

Readers should review the Company’s continuous disclosure documents on SEDAR+ at www.sedarplus.ca and the forward-looking information in the Company’s news release. asserted

Almonty Industries Inc. (NASDAQ: ALM) announced on September 21 that its Sangdong Mine processing plant and crushing facilities in South Korea received mining facility inspection certificates on September 17, 2026, the final administrative requirement before commercially processing and selling tungsten concentrate for the South Korean market and export. asserted

Almonty has been running ore through the plant since June 2026 and can now convert it into concentrate that can be invoiced and shipped. asserted

That output is already largely spoken for. asserted