Drilling Begins at Historic Idaho Tungsten Tailings After 0.25% WO3 Samples

According to a February 23 report by Sunlight Xiang, tungsten prices had “quintupled over the past year,” pushing the market toward what the report described as “a severe shortage cliff shaped by prolonged underinvestment and tightening supply from China.” In the same analysis, BMO Global Commodities Research analysts George Heppel and Helen Amos wrote that the world had “sleepwalked into a tungsten crunch.” The analysts attributed the situation to “persistent ore grade decline, intensifying environmental restrictions, and a dearth of new mining investment,” while noting that “global inventories [were] critically low.”

The February 23 report also described tungsten as a foundational industrial metal with distinctive physical properties. It stated that tungsten had “the highest melting point of any metal at 3,422°C and a density of 19.3 g/cm³,” explaining that tungsten and its carbide form were “virtually irreplaceable in machinery manufacturing, drilling equipment, and defense applications.” The same analysis added that “from hypersonic vehicle components to semiconductor microcircuits, tungsten’s presence is ubiquitous.”

A separate February 23 report published by MINING.com also examined the tightening supply conditions in the tungsten market. BMO Global Commodities Research analysts George Heppel and Helen Amos stated that the industry had “sleepwalked into a tungsten crunch,” which they attributed to “persistent ore grade decline, environmental restrictions and a lack of new mining investment.” The report described tungsten as “a cornerstone of heavy industry,” noting that tungsten carbide was “essential in machine parts, drill bits and hard-facing materials.”

The same February 23 report also discussed global supply concentration, stating that China accounted for “roughly 75% of global supply.” It noted that production had stagnated as ore grades declined and environmental controls tightened, while exports had “plummeted,” with shipments of certain products, including ammonium paratungstate, falling “to zero in late 2025.” The report added that ammonium paratungstate prices had risen sharply, breaking out of their long-term average of about $300 per tonne in 2025 and trading around $1,775 per tonne according to Fastmarkets.

The analysts also addressed broader supply dynamics in the same report, writing that with inventories depleted and supply growth constrained, the market appeared “headed for another deficit.” They added that sustained higher prices would likely be required to incentivize new supply, concluding that “the cure for high prices is high prices.”

A March 12 article from boerse-global.de described similar structural pressures across the tungsten market. The report stated that “a structural supply deficit is defining the tungsten market,” explaining that China controlled “an estimated 75% to 80% of global production.” It reported that the country had “implemented substantially tighter export quotas at the end of 2025,” which contributed to rising prices as tungsten advanced “by over 160% in the past year and maintaining its upward trajectory into early 2026.” The article also cited BMO Capital Markets as reporting that “Chinese tungsten exports temporarily ground to a complete halt,” while Western industrial firms were described as “urgently seeking reliable, non-Chinese sources of supply.”

A ‘Speculative Buy’

¹On May 17, 2026, John Newell of John Newell & Associates rated the stock as a Speculative Buy.

In the article, Newell wrote, “As with all junior mining companies, risks remain. Resource delineation is ongoing, commodity prices can fluctuate, and development timelines are never guaranteed. With that said, based on current fundamentals and improving technical conditions, American Tungsten Corp. I believe the company is a Speculative Buy.”

He gave the next target price as CA$4, with a big picture target of CA$7.