Tungsten Has Tripled in 2026 as U.S. Explorers Race to Drill

More than 90% of Almonty's Sangdong Phase I production is contracted for 21 years from first delivery.

Rhea-AI Summary

Almonty Industries (ALM) received final operational certification for its Sangdong processing plant, making Phase I commercially operational in South Korea. Certificates were issued September 17, 2026, following trial operations begun in June. Its GTP offtake totals 4,410,000 metric tonne units.

Western Star Resources (WSR) identified two White Star tungsten-in-soil anomalies, completing 568 samples across two Nevada properties. It plans further sampling and drill targeting; Nevada drilling is not yet permitted or scheduled. Materion (MTRN) reported second-quarter 2026 sales of $613.9 million and raised full-year adjusted earnings-per-share guidance to $6.80–$7.20. Trekor Metals (TGB) outlined planned Aley niobium production backed by proven and probable reserves. Critical Metals (CRML) reported more than 99% dissolution of Tanbreez eudialyte concentrate; its refinery study projects approximately US$1.85 billion in capital costs, plus or minus 25%.

21 points · 2 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointAlmonty's Sangdong Phase I is commercially operational following final processing-plant certification.
• Major point. Forward-looking: it has not happened yet and may not happen.Materion full-year adjusted EPS guidance increased to $6.80 to $7.20.
• Moderate pointAlmonty production commitments cover more than 90% of Phase I output for 21 years from first delivery.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Western Star's Eagle Point plan includes 17 drill holes totalling approximately 1,850 metres.
• Moderate pointMaterion second-quarter 2026 net sales reached $613.9 million versus $431.7 million a year earlier.
• Moderate pointMaterion second-quarter 2026 adjusted EPS rose to $1.90 from $1.37 a year earlier.
• Moderate pointMaterion's record backlog increased approximately 30%.
• Moderate pointTrekor's Aley proven and probable reserves total 84 million tonnes at 0.50% Nb₂O₅.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Trekor's planned Aley plant would process 10,000 tonnes daily and produce about 14,000 tonnes of ferroniobium annually over 24 years.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Critical Metals' refinery study projects approximately US$4.5 billion after-tax net present value at a 10% discount rate.

11 minor points

• Minor pointAlmonty's GTP offtake totals 4,410,000 metric tonne units, minimum 210,000 annually once ramped up.
• Minor pointWestern Star's White Star North Zone contains 15 anomalous samples across approximately 215 by 240 metres.
• Minor pointWestern Star's White Star South Zone contains five anomalous samples across approximately 135 by 95 metres.
• Minor pointWestern Star's White Star peak soil result was 2,230 ppm tungsten, or 0.28% WO₃.
• Minor pointWestern Star's Rowland peak soil result was 4,240 ppm tungsten, or 0.53% WO₃.
• Minor point. Forward-looking: it has not happened yet and may not happen.Western Star plans 25-metre infill sampling, eastward extensions, further horizon sampling and Nevada drill-pad selection.
• Minor pointMaterion second-quarter 2026 adjusted EBITDA reached $71.8 million.
• Minor pointMaterion new commercial-space business totalled approximately $15 million.
• Minor pointCritical Metals' Tanbreez results showed more than 99% dissolution of eudialyte concentrate into 19 rare earth products.
• Minor point. Forward-looking: it has not happened yet and may not happen.Critical Metals' refinery study projects US$1.8 billion to US$2.2 billion annual revenue at 100,000 tonnes annual concentrate capacity.
• Minor point. Forward-looking: it has not happened yet and may not happen.Critical Metals' refinery study projects an internal rate of return of approximately 55%.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Western Star's exploration plans require additional financing, which may dilute shareholders.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Critical Metals' refinery study estimates capital costs of approximately US$1.85 billion, plus or minus 25%. 49% of market cap
• Moderate pointCritical Metals' pending European Lithium merger is subject to a shareholder vote.
• Minor pointWestern Star's Nevada drilling has not yet been permitted or scheduled.
• Minor pointWestern Star's Eagle Point drilling remains subject to finalizing permitting and logistics.

2 minor points

• Minor pointWestern Star's highest soil values are selective samples and not necessarily representative of underlying bedrock.
• Minor point. Forward-looking: it has not happened yet and may not happen.Western Star's investor-awareness agreement carries a US$100,000 fee for two months upon Canadian Securities Exchange acceptance.

News Explained

The article identifies itself as paid advertising: Western Star paid publisher-affiliated U.S. Metal News directly, and discloses a September 11, 2026 agreement with publisher MEL setting a USD $100,000 fee for two months of branding and media services, subject to CSE acceptance.

Key Figures

Net sales: $613.9 million vs. $431.7 million Adjusted EPS: $1.90 vs. $1.37 Adjusted EBITDA: $71.8 million +1 more

Net sales

$613.9 million vs. $431.7 million

Q2 2026 vs. a year earlier

Adjusted EPS

$1.90 vs. $1.37

Q2 2026 vs. a year earlier

Adjusted EBITDA

$71.8 million

Q2 2026

Full-year adjusted EPS guidance

$6.80 to $7.20 per share

2026 guidance, raised

Key Terms

lithium borate fusion, after-tax npv10

2 terms

lithium borate fusion technical

"using lithium borate fusion, a method the Company selected"

A laboratory sample-preparation technique in which a powdered solid (often rock, ore, or ceramic) is heated and melted together with a lithium borate flux to form a homogeneous glass bead; that bead is then dissolved or analyzed directly by methods like X-ray fluorescence or spectrometry. The fusion converts hard, heterogeneous materials into a uniform matrix that reduces chemical and physical interferences during analysis, but it consumes the original sample, requires careful flux-to-sample ratios and temperature control, and can cause loss or alteration of some volatile or light elements.

after-tax npv10 financial

"an after-tax NPV10 of approximately US$4.5 billion"

The present value, calculated using a 10% annual discount rate, of a project's expected future cash flows after accounting for taxes and other tax‑related outflows. It takes projected revenues, operating costs, capital expenditures, royalties and tax payments, and any changes in working capital, converts those net after‑tax cash flows into today’s dollars using a 10% discount factor, and reports the resulting single number. Because it fixes the discount rate at 10% and uses post‑tax cash flows, the metric depends directly on the tax assumptions, timing of receipts and payments, and the project's own financial projections rather than on prevailing market prices.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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VANCOUVER, BC, Oct. 1, 2026 /PRNewswire/ -- U.S. Metal News News Commentary - The global tungsten market is projected to grow from approximately USD 6.66 billion in 2026 to approximately USD 9.62 billion by 2030, a compound annual growth rate of about 9.6%, according to The Business Research Company. That forecast was built on steady industrial demand. What has happened to prices this year has been anything but steady, and it is pulling capital and crews back to tungsten ground in the United States that has not been explored with modern methods in decades. 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), Materion Corporation (NYSE: MTRN), Trekor Metals Limited (NYSE American: TGB), and Critical Metals Corp. (NASDAQ: CRML).

Tungsten concentrate grading 50% to 70% WO₃ was assessed by Fastmarkets at $750 to $850 per metric tonne unit at the start of 2026. Since late May, the same material has been assessed at $2,500 to $2,800 per mtu, more than three times where the year began. The move reflects a market in which one country controls most of the supply. China accounted for roughly 67,000 tonnes of the world's estimated 85,000 tonnes of mine output in 2025, and it has named just 15 companies permitted to export tungsten for 2026 and 2027.

Washington has set its own deadline. Under DFARS 252.225-7052, from January 1, 2027 the U.S. Department of War may not acquire tungsten or tungsten heavy alloys mined, refined or produced in China, Russia, North Korea or Iran, a restriction that reaches from the mine through to finished metal products. That leaves defense suppliers roughly 15 months to line up sources outside those countries, and the United States currently has no operating commercial tungsten mine of its own.

That gap explains why historical tungsten districts in the American West are being revisited. Many were worked in the 1940s and 1950s, when tungsten was a wartime priority, and then abandoned when prices fell. Modern soil geochemistry, drone-borne magnetics and three-dimensional modelling are now being applied to ground that was mapped by hand, and some of the strongest early results are coming from places the old miners never tested.

Western Star Resources Defines Two New Tungsten-in-Soil Anomalies at White Star, Completing a 568-Sample Program That Takes Both Nevada Properties Into Drill Planning

• 253 soil samples collected across the White Star Tungsten Project in Elko County, Nevada; the highest value returned was 2,230 ppm tungsten (0.28% WO₃) at sample B206.
• Two discrete tungsten-in-soil anomalies defined: a North Zone of 15 anomalous samples over approximately 215 by 240 metres, and a South Zone of 5 anomalous samples over approximately 135 by 95 metres.
• The results complete a 568-sample soil program across the Rowland and White Star properties that has now defined four tungsten-in-soil anomalies.
• Both Nevada properties will be advanced together into drill target generation, with infill sampling at 25 metre spacing and drill pad selection next.

Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2) has reported results from the first systematic soil sampling program ever completed at its White Star Tungsten Project in Elko County, Nevada. The survey collected 253 samples on a nominal 50 metre station spacing, all analysed by ALS Global using lithium borate fusion, a method the Company selected because partial digestions can under-report tungsten hosted in scheelite and wolframite.

The survey defined two anomalies. The North Zone, the larger and better defined of the two, comprises 15 anomalous samples across approximately 215 metres east-west by 240 metres north-south, peaking at 156 ppm tungsten. It sits across the contact between Cretaceous quartz monzonite and tactite and calc-silicate hornfels, the classic setting for a tungsten skarn, and it contains a rock-chip sample that previously returned 0.126% WO₃. The Company notes there has been no recorded historical activity in the area of the North Zone.

The South Zone, about 700 metres to the south, returned the program's highest value: 2,230 ppm tungsten, or 0.28% WO₃, at sample B206. It is smaller, at five anomalous samples across approximately 135 by 95 metres, but it lies over the same tactite horizon that hosts the past-producing Mission Cross mine just to the north, in a unit that the 1964 U.S. Geological Survey mapping describes as carrying coarse garnet and diopside tactite with local scheelite.

"Deploying the same systematic approach to exploration at White Star as we did at Rowland has defined two excellent anomalous zones," said Blake Morgan, CEO and President of Western Star. "This geochemistry points to tungsten-bearing rock sitting at or very near surface. That is exactly the kind of target our sequential approach is built to find, and it takes both Nevada properties into drill planning together."

White Star is the second half of a district-scale program. In September, the Company reported 315 soil samples from its neighbouring Rowland Tungsten Property, where the peak value of 4,240 ppm tungsten (0.53% WO₃) came from ground roughly 250 metres from the historical workings, and where two anomalies, Rowland Main and Northern Zone B, were defined. Together, the two properties now carry four tungsten-in-soil anomalies from 568 samples.

The soil work sits on top of geophysics. In August, Western Star announced a three-dimensional magnetic inversion across the district that modelled buried and partially exposed intrusive bodies and mapped approximately 25 kilometres of fault structures, which the Company interprets as fluid conduits feeding the tungsten skarn system. At White Star, the North Zone lies near a modelled intrusive body and a magnetic-high lineament, while the South Zone sits outside the modelled intrusive footprint within a magnetic-low lineament.

Next, the Company plans to infill the key target zones at 25 metre spacing, extend sampling to the east where the anomaly remains open, complete additional sampling along the prospective horizon, and select drill pad locations to test all four anomalous zones at depth. Western Star is also advancing a third U.S. tungsten asset, the Eagle Point project in New Mexico, where it has outlined a planned 17-hole drill program of approximately 1,850 metres, subject to finalizing permitting and logistics.

There are several risks associated with the Company's plans. Western Star is an exploration-stage company and has no current mineral resource or reserve on any of its properties. Soil anomalies are exploration targets only and do not establish that mineralization of economic grade or size exists at depth, and the highest values reported are selective samples. Magnetic models are interpretive. Historical production at nearby mines has not been verified by the Company's Qualified Person and is not indicative of the Company's properties. Drilling has not yet been permitted or scheduled at the Nevada properties, and the Company will require additional financing to carry out its plans, which may result in dilution. Readers should review the Company's disclosure documents on SEDAR+ at www.sedarplus.ca.

It's been a rocky week in this sector, and yet some companies still stand out, read more bout them here: U.S. Metal News

In other industry developments and happenings in the market this week include:

Almonty Industries Inc. (NASDAQ: ALM) announced on September 21, 2026 that the processing plant at its Sangdong tungsten mine in South Korea has received its final operational certification, making Phase I commercially operational. Inspection certificates were issued on September 17, following trial operations that began in June 2026.

"Sangdong now has the clearance it needs to commercially operate its processing plant and to sell what that plant produces," said Lewis Black, President and CEO of Almonty.

According to the Company, more than 90% of Phase I production is contracted for 21 years from first delivery. Its offtake with GTP, part of the Plansee Group, totals 4,410,000 metric tonne units, with a minimum of 210,000 mtu per year once the operation has ramped up. Sangdong is one of the few large-scale tungsten operations outside China.

Materion Corporation (NYSE: MTRN), an advanced materials supplier whose products serve aerospace, defense, semiconductor and space markets, reported record second quarter 2026 results, with net sales of $613.9 million, up from $431.7 million a year earlier, and adjusted earnings per share of $1.90, up from $1.37. Adjusted EBITDA reached $71.8 million.

"It is an exciting time at Materion, as our advanced material solutions are powering the critical technologies that are moving the world forward," said Jugal Vijayvargiya, President and CEO of Materion.

The Company reported a record backlog, up approximately 30%, and raised its full-year adjusted earnings per share guidance to $6.80 to $7.20. It also cited approximately $15 million of new commercial-space business.

Trekor Metals Limited (NYSE American: TGB), the company formerly known as Taseko Mines, which changed its name in June 2026 while keeping its trading symbols, provided an update on August 19, 2026 on its Aley niobium project in northeastern British Columbia. Niobium, like tungsten, is a critical metal used to strengthen steel and superalloys, and one where global supply is heavily concentrated.

"We believe Aley has the potential to be a major new source of niobium," said Stuart McDonald, President and CEO of Trekor.

According to the Company, Aley carries 84 million tonnes of proven and probable reserves at 0.50% Nb₂O₅, supporting a planned 10,000 tonne-per-day plant that would produce about 14,000 tonnes of ferroniobium a year over a 24-year mine life. The Company also appointed Steve Sparkowich as Director, Aley Niobium, to strengthen the project team.

Critical Metals Corp. (NASDAQ: CRML) announced on September 16, 2026 heavy rare earth results from its Tanbreez project in Greenland, reporting more than 99% dissolution of eudialyte concentrate into 19 ultra-high-purity rare earth products.

"This represents a significant evolution in the Tanbreez value proposition and reinforces our commitment to a true mine-to-metals strategy," said Tony Sage, Executive Chairman and CEO of Critical Metals.

A refinery study cited by the Company projects annual revenue of US$1.8 billion to US$2.2 billion on capacity of 100,000 tonnes per year of concentrate, with capital costs of approximately US$1.85 billion (plus or minus 25%), an after-tax NPV10 of approximately US$4.5 billion and an IRR of approximately 55%. The Company has separately disclosed a pending merger with European Lithium that is subject to a shareholder vote.

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Contact Information: U.S. Metal News

Media Contact: info@usmetalnews.com 

DISCLAIMER: Nothing in this publication should be considered personalized financial advice. We are not licensed under securities laws to address your particular financial situation, and no communication from us should be deemed personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor a recommendation to buy or sell any security. We hold no investment licenses and are neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed by U.S. Metal News, which is wholly owned and operated by Market Equities Limited ("MEL"), a company incorporated under the laws of Ireland. MEL has been paid a fee directly by Western Star Resources Inc. for Western Star Resources advertising and digital media services. As disclosed by the Company in its news release dated September 11, 2026, Western Star Resources Inc. and MEL entered into an Investor Awareness Agreement dated September 11, 2026 under which MEL provides branding services, communications, advisory and general consulting services, including search engine optimization, digital media campaigns for branding, media consulting, general business development, multimedia services and project management, and under which MEL writes and distributes weekly ticker tag articles highlighting the Company in sector based analysis as well as news based tags, for a fee of $100,000 USD for a term of two months upon acceptance by the Canadian Securities Exchange. The agreement is renewable at the end of its initial term, and MEL expects to receive further compensation as part of an ongoing digital media effort to increase visibility for the Company. No further notice will be given, but let this disclaimer serve as notice that all material, including this article, has been reviewed and approved by Western Star Resources Inc.. This compensation and the expectation of future compensation constitute a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged not to use this publication as the basis for any investment decision. As stated by the Company in its September 11, 2026 news release, MEL and the Company are not related parties and operate at arm's length, and neither MEL nor its principals have any interest in the Company's securities, directly or indirectly, or any right or intent to acquire such an interest. There may be third parties who hold shares of Western Star Resources Inc. and may liquidate their shares, which could have a negative effect on the price of the stock. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in this publication is not trustworthy unless verified by their own independent research. Because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may lose some or all of your investment. The scientific and technical information relating to Western Star Resources Inc. referenced in this article is drawn from the Company's news releases, in which it was reviewed and approved by Jasper Mowatt, MIMMM, MAusIMM, a consultant to the Company and a Qualified Person as defined by National Instrument 43-101. Mr. Mowatt is not independent of the Company. Cautionary Note Regarding Mineral Exploration: Western Star is an exploration-stage company, and none of its properties has a current mineral resource or mineral reserve. Soil geochemical anomalies are exploration targets only; elevated tungsten in soil does not establish that economic mineralization exists at depth, and soil values are selective and not necessarily representative of the underlying bedrock. Results from magnetic surveys and three-dimensional magnetic inversion are interpretive models; a modelled intrusive body, magnetic anomaly or lineament is a conceptual exploration target and is not evidence of mineralization. References to historical mining at or near the Company's properties, including the Mission Cross mine, are for context only, have not been independently verified by the Company's Qualified Person, and are not indicative of the mineralization on the Company's properties. Drill programs referenced in this article are planned, remain subject to permitting, funding and logistics, and may not proceed as described. The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this article and accepts no responsibility for its adequacy or accuracy. Readers should review the Company's continuous disclosure documents on SEDAR+ at www.sedarplus.ca. References to Almonty Industries Inc., Materion Corporation, Trekor Metals Limited and Critical Metals Corp. are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of Western Star Resources Inc., they operate at materially different stages and scales, their results are not indicative of Western Star Resources Inc.'s prospects, none of them is involved in or has reviewed this article, and no partnership, affiliation, or endorsement is implied. Market-size and commodity-price figures cited in this article are third-party estimates or projections that may not be realized and do not represent revenue or addressable market expectations for Western Star Resources Inc.. Eagle Eye Disclosure: Eagle Eye is an investor signal-intelligence platform affiliated with the publisher of this article, and this reference constitutes promotion of an affiliated product. Eagle Eye is not a broker-dealer, and nothing in the platform or in this article is financial, investment, tax, or legal advice. Data provided in the platform is for informational purposes only and may be delayed. Always do your own research before making any investment decision. Forward-Looking Statements: This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward-looking statements in this publication include, without limitation, statements regarding infill and extension soil sampling, drill target generation and drill pad selection at the Rowland and White Star properties, the planned drill program at Eagle Point, the timing of any drilling, tungsten market conditions and prices, and U.S. procurement policy. These statements are based on the Company's public disclosures and the publisher's interpretation of them, and are subject to risks including the results of exploration, the availability of financing, permitting and access, equipment and contractor availability, commodity price volatility, changes in government policy, dilution, share price volatility, and the other risks described in Western Star Resources Inc.'s continuous disclosure filings. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this publication. Forward-looking statements in this publication are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. The publisher undertakes no obligation to update any forward-looking statement, except as required by law.

 

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SOURCE U.S. Metal News

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does Almonty's Sangdong operational certification allow?

The certification allows Almonty's Sangdong processing plant to operate commercially and sell its output. Phase I is commercially operational following inspection certificates issued September 17, 2026. Trial operations began in June 2026.

What did Western Star's White Star tungsten sampling find?

Western Star identified two tungsten-in-soil anomalies at White Star from 253 samples. The highest result was 2,230 ppm tungsten, or 0.28% WO₃. Combined with Rowland, the completed 568-sample program defined four anomalies across the two Nevada properties.

Does Western Star have a mineral resource at its tungsten properties?

None of Western Star's properties has a current mineral resource or reserve. Soil anomalies are exploration targets, not evidence of economically viable mineralization at depth. Magnetic models are interpretive, and nearby historical production has not been verified by the company's qualified technical reviewer.

Was Western Star's tungsten coverage paid advertising?

Western Star paid Market Equities for advertising and digital media services. Their September 11, 2026 investor-awareness agreement specifies a US$100,000 fee for two months upon Canadian Securities Exchange acceptance. Market Equities owns U.S. Metal News, and the coverage was reviewed and approved by Western Star.