Tungsten Gave Back Most of Its 2026 Rally. The Pentagon’s January Deadline Stayed Put.
Key Highlights
- ➤APT in China fell roughly 69% from its mid-March high to 470,000 yuan per tonne.
- ➤U.S. tungsten sourcing restriction reaches mining stage on January 1, 2027.
- ➤Western Star planned 10 Nevada drill holes totaling approximately 5,000 feet in 2026.
- ➤Almonty’s Sangdong mine produced its first tungsten in 33 years.
- ➤Elmet secured $450 million Department of War investment, including $150 million for Nevada APT conversion.
- ➤Kennametal guided fiscal 2027 sales to $3.33 billion-$3.45 billion after record adjusted EPS.
Expert Statements
Blake Morgan, CEO and President of Western Star Resources
“Following our Rowland announcement, White Star moves into the drill-target stage on the back of the same integrated field season. The Batholith Mine is the only documented historical tungsten producer in the Charleston Mining District, and our maiden program has built a modern dataset around it for the first time. With both Rowland and White Star now ready for drill testing, the consolidated Jarbidge–Charleston tungsten footprint can move into the drill program as a single, district-scale campaign of ten holes and approximately 5,000 feet.”
Lewis Black, Chairman, President and Chief Executive Officer of Almonty Industries
“Sangdong now has the clearance it needs to commercially operate its processing plant and to sell what that plant produces”
Peter V. Anania, CEO and Chairman of The Elmet Group
“This investment represents an important step toward securing a resilient supply of tungsten, a material that is critical to America’s defense, industrial, and economic future”
Sanjay Chowbey, President and CEO of Kennametal
“We achieved record adjusted EPS this quarter through decisive pricing actions in an unprecedented tungsten environment, volume growth and cost improvement efforts”
Jon Cherry, President and CEO of Perpetua Resources
“We continue to make progress on multiple fronts, including construction of Burntlog Route and worker housing, development of transmission line infrastructure, and expanding our drill program”
VANCOUVER, British Columbia, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Market Updates News Commentary - Prices for major tungsten products have dropped by nearly 70% from their historical highs over the past seven months, retreating to levels last seen in late November 2025, according to China Tungsten Online. The rule that turned tungsten into a defense priority has not moved with them. From January 1, 2027, about 73 days away, U.S. defense contractors may not deliver covered tungsten products that were mined, refined, separated, melted or produced in China, Russia, North Korea or Iran. A cheaper metal does nothing to shorten that list, and in Nevada, the drill programs aimed at domestic supply are still being lined up. Companies mentioned in today’s commentary include: Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2), Almonty Industries Inc. (NASDAQ: ALM), The Elmet Group Co. (NASDAQ: ELMT), Kennametal Inc. (NYSE: KMT), Perpetua Resources Corp. (NASDAQ: PPTA).
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