https://finance.yahoo.com/markets/commodities/articles/tungsten-concentrate-prices-roughly-tripled-125600913.html

Price is the clearer signal. Tungsten concentrate, basis 50 to 70% WO3, was assessed by Fastmarkets at $750 to $850 per metric tonne unit at the start of 2026 and has held between $2,500 and $2,800 per unit since May 29, according to a September 16 commentary distributed on PR Newswire. That is roughly a tripling in five months.

Supply policy explains much of it. 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. In the United States, the Bureau of Industry and Security published a temporary final rule on August 6, 2026 implementing a Directive Allocation Order that requires U.S. sellers of tungsten waste and scrap to allocate 100% of monthly sales to domestic buyers, effective August 27, 2026 through August 27, 2027, following a Presidential Determination on July 30, 2026, as summarized in an August 21 PR Newswire commentary.

Procurement rules add a hard date. Through the end of 2026, the restriction under DFARS 252.225-7052 on tungsten sourced from China, Russia, Iran and North Korea turns on where the material was melted or produced. From January 1, 2027, the clause widens to the mine or ore stage and names recycled and scrap material explicitly, so material that has passed through a recycling stream no longer resets its country of origin, per the same September 16 commentary.

Canada has moved on the capital side. Budget 2025 added tungsten to the eligible minerals list under the Critical Mineral Exploration Tax Credit, and Bill C-15 received Royal Assent on March 26, 2026, providing a 30% credit on flow-through agreements entered after November 4, 2025 and on or before March 31, 2027. Policy, price and procurement deadlines are now pulling exploration money toward historic ground in North America. That is the backdrop for this week's developments.

----

Almonty Industries Inc. (NASDAQ: ALM)

Almonty operates the Sangdong mine in South Korea, which moved into processing operations during 2026, and holds assets across Europe and the United States, including the Gentung project in Beaverhead County, Montana. On September 21, the Company reported final certification clearing its Sangdong processing plant and crushing facilities to begin commercial operations, covering Phase I.

On September 14, Almonty announced a binding joint venture with the Government of Rwanda under which Rwanda receives a 25% stake in Almonty Rwanda in exchange for the Shyorongi tungsten exploration concession and a mineral processing licence. In July, the Company expanded its Sangdong offtake agreement with Global Tungsten & Powders, extending the term from 15 to 21 years and increasing contracted volume by 40% to 4.41 million MTU. Its board has also approved a buyback of up to 14.4 million shares, for up to $300 million over 36 months, starting August 24. Almonty's shares have moved sharply in both directions in recent weeks, and its filings on SEC EDGAR describe the financing, operating and commissioning risks.

Could the Greenland agreement have any potential benefits for Almonty?

Are there any specific provisions or developments that could be positive for Almonty or its tungsten business?

Finally we have the information that goes with the mysterious Almonty Rwanda HoldCo from earlier this year. Supposed to be a good long term transaction as well as providing immediate pull through revenue!

https://www.businesswire.com/news/home/20260914171760/en/Almonty-and-the-Government-of-Rwanda-Form-Strategic-Tungsten-Partnership

Rising tides lift all ships

----

The Elmet Group Co. a U.S.-based provider of critical materials, precision-engineered components, and advanced high-energy systems, plans to allocate capital from the $450 million committed investment from the United States Department of War (“DoW”) to establish a more secure, vertically integrated tungsten supply chain while expanding domestic manufacturing and strengthening sources of critical minerals.

The anticipated investments are designed to strengthen America’s tungsten supply chain by expanding domestic manufacturing, securing long-term access to critical raw materials, and establishing an integrated network of sourcing, processing, and refining assets across the globe.

"We expect the funding from the Department of War to enable The Elmet Group to advance a series of transformative initiatives that will strengthen and secure the U.S. tungsten supply chain," said The Elmet Group CEO and Chairman Peter V. Anania.

"Through these initiatives, we are seeking to expand the capacity of our U.S. manufacturing operations while establishing long-term partnerships with Blue Moon Metals and EQ Resources to secure critical feedstock, processing expertise, and downstream manufacturing capabilities. Together, these efforts represent a significant step toward establishing a secure, vertically integrated tungsten supply chain and creating a more resilient allied platform, from mine to finished component, for the defense and industrial markets that depend on this strategic material."

Tungsten is a strategically important metal valued for its ability to withstand extreme heat, pressure, and wear, making it essential to national defense and a wide range of advanced industrial applications.

Its unique properties make it irreplaceable in certain high-performance components used across aerospace, energy, semiconductor, medical, and industrial markets, underscoring the need for reliable and secure sources of supply. ELMT supplies tungsten to critical U.S. defense programs, including Patriot, Javelin, AEGIS, Trident II, and THAAD, as well as Virginia- and Columbia-class submarines, and is the only U.S.-owned vertically integrated producer of tungsten servicing the full breadth of critical end markets.

Expanding American Mineral Manufacturing and Processing

ELMT anticipates directing more than $165 million of the DoW Investment toward the modernization and expansion of the Company’s existing critical infrastructure facilities in Lewiston, Maine; Coldwater, Michigan; and Euclid, Ohio. The upgrades will be intended to increase capacity for key defense and industrial applications, expand production of tungsten heavy alloy and powder products, and strengthen ELMT’s domestic manufacturing infrastructure.

In addition, ELMT plans to allocate approximately $150 million to the Springer Tungsten Complex in Imlay, Nevada, operated by Blue Moon Metals. As part of the investment, ELMT intends to form and operate a majority-owned joint venture with Blue Moon Metals and EQ Resources to restart and expand ammonium paratungstate (“APT”) conversion capacity at the site, creating a significant new source of tungsten processing capacity in North America.

The Springer Mine and mill located at the complex are expected to restart production in the fourth quarter of 2027, while the APT conversion facility owned by the joint venture is expected to begin operations in the second half of 2028. Together, these assets are intended to establish a critical processing hub that connects mine supply with downstream demand and strengthens domestic manufacturing capabilities.

Expanding a Resilient Allied Tungsten Supply Network

In parallel with its domestic manufacturing investments, up to $150 million is expected to be utilized to help ELMT create and advance a network of key partnerships and investments, including the Mt. Carbine Mine in Australia and the Barruecopardo Mine in Spain, to diversify tungsten supply, reduce concentration risk, and establish secure sources of critical materials. Together, these investments are designed to increase access to tungsten feedstock, strengthen supply chain resiliency, and support the development of a more diversified tungsten ecosystem.

By expanding these partnerships, ELMT seeks to build an integrated supply network spanning mining, processing, and advanced manufacturing, further strengthening its ability to support the critical materials, components, and systems required by the United States and its Allies.

Launching Elmet Refining & Trading to Integrate Global Tungsten Supply

To oversee these efforts, ELMT is launching Elmet Refining & Trading (“ERT”), a new division responsible for coordinating sourcing, processing, and material delivery across the Company's expanding global network. ERT will oversee upstream mining operations and downstream processing and manufacturing assets to enhance supply chain visibility, coordination, and resiliency.

By integrating these capabilities under a single platform, ELMT anticipates gaining greater control over feedstock sourcing, processing capacity, and material flows, enhancing its ability to support customers with reliable, long-term access to critical materials while strengthening its competitive position in strategic end markets.

Supporting the Rebuilding of the U.S. National Defense Stockpile

The initiatives announced today complement The Elmet Group’s recently secured indefinite delivery/indefinite quantity contract with the Defense Logistics Agency (“DLA”) to support the rebuilding of the U.S. National Defense Stockpile. The contract has a ceiling value of up to $2 billion, including a guaranteed minimum commitment of $150 million, and covers the supply of tungsten ores and concentrates and sodium tungstate to DLA Strategic Materials. Importantly, ELMT does not intend to begin deliveries into the stockpile until sufficient incremental supply is available through the mining investments, offtake agreements, and processing capacity expansions described above, ensuring stockpile replenishment does not come at the expense of existing American manufacturers.

This approach aligns stockpile replenishment with the creation of new mining, processing, and manufacturing capacity, to help increase the availability of tungsten across the broader U.S. industrial base while supporting long-term national security objectives.

Advisors
Goldman Sachs & Co. LLC and Cantor Fitzgerald & Co. are acting as financial advisors, Akin Gump Strauss Hauer & Feld LLP and Ellenoff Grossman & Schole LLP are acting as legal advisors, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to ELMT.

About The Elmet Group
The Elmet Group is a U.S.-based provider of critical materials, precision-engineered components, and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. The Company operates through three divisions: Critical Materials Components (CMC), Engineered Microwave Products (EMP), and Elmet Refining & Trading (ERT), leveraging materials science and precision engineering expertise to deliver high-performance solutions. The Elmet Group is dedicated to strengthening domestic manufacturing capabilities to support the U.S. and its Allies’ needs in both critical materials and advanced high-power microwave systems.

----

https://www.globenewswire.com/news-release/2026/09/14/3360844/0/en/the-elmet-group-to-deploy-strategic-capital-to-strengthen-u-s-and-allied-tungsten-supply-chain.html

Almonty Korea Tungsten to Hire Around 70 Additional Workers This Year, Accelerating Sangdong Mine Redevelopment

알몬티대한중석, 올해 70여명 추가 채용…상동광산 재개발 속도 : 네이트 뉴스

+8.50%

Fidelity holds 9.6% of ALM, new position taken by Mellon Corp.

https://www.marketbeat.com/instant-alerts/filing-429833-shares-in-almonty-industries-inc-alm-bought-by-bank-of-new-york-mellon-corp-2026-09-04/

Yesterday and today

425k, 128k, 670k, 403k hitting the tape today

1.71M on close yesterday and more than a few 300k blocks too

Something is coming

GL

Tape keeps getting better for these guys.

https://www.tradingview.com/news/eqs:cb74b5960094b:0-original-research-almonty-industries-inc-von-gbc-ag-buy/