China dominates
tungsten production, with 79% of global production. Tungsten prices have
skyrocketed tenfold in just over a year, and there is considerable scrambling
for new supplies, which will reduce prices. This situation of high prices has
been exacerbated by U.S.-Chinese trade relations and tariffs. Tungsten is
always in high demand for its use in munitions, oil & gas drill bits, solar
panels, semiconductors, EVs, robotics, mining equipment, and potentially for
the walls of nuclear fusion reactors. The U.S., however, does have some
promising tungsten prospects that are being actively explored. The desirable
qualities of tungsten for munitions include heat resistance, density, and the
ability to retain destructive force. The conflict in Iran has affected U.S.
tungsten supplies, assuring that U.S. demand for the metal will rise. A 12%
increase in demand is expected for 2026. The U.S. has not produced tungsten
domestically since 2015, and new mining projects are notoriously slow to
manifest.
Tungsten is typically found
with copper deposits. Usually, copper is the main mineral mined, and tungsten
is more or less a byproduct. One new U.S. tungsten prospect that is being
developed by Idex Metals is a large copper porphyry system in Idaho. Beneath
the Kismet breccia in Triassic-age mineralized rocks at a depth of 300-800
meters, large concentrations of copper and molybdenum were found through
drilling. The drilling results confirm the geophysical indications. Since then,
exploration drilling has been expanded in both areal extent and depth to better
define the prospective area. The presence of this blind porphyry deposit was
first announced by Hercules Metals in 2023. What is unique about Idex Metals’
acreage is that the deposit is much shallower, rather than covered by hundreds
of meters of basalt. That makes exploration drilling faster and easier, as well
as making potential mining cheaper. The drilling on Idex acreage so far
indicates a larger deposit below the current drilling depths. They plan to
explore down to 1200 meters. As the map below shows, several companies are
poised to develop this new copper mining district in Western Idaho.
The U.S. is working to
fast-track domestic development of 13 critical minerals, including tungsten, in
order to reduce dependence on foreign and potentially unstable supplies.
Chinese export controls on tungsten and some other critical minerals have
exacerbated the supply issue and raised market prices considerably. The U.S. is
ready and willing to pay a premium to develop its own secure supply of
tungsten, and it has encouraged its allies to pay a national security premium
for critical minerals. The U.S. is also funding the increase of tungsten
production among its allies, including the EU, Australia, South Korea, Canada,
and some African countries.
Company RMX is exploring for
tungsten far to the east of Western Idaho in Southwestern Montana, recently
acquiring 100% ownership of the Pioneer Tungsten Project, a 209-hectare
tenement package. These deposits are along the eastern margin of the Mount Torrey Batrholith and are
associated with large garnet skarns. According to GeologyScience.com:
“Skarn is coarse-grained metamorphic rocks that forms by
a metasomatism. Also called tactites. Skarn tend to be rich in
calcium-magnesium-iron-manganese-aluminium silicate minerals that also referred
to calc-silicate minerals. Skarn, in geology, metamorphic zone developed in the
contact area around igneous rock intrusions when carbonate sedimentary rocks
are invaded by large amounts of silicon, aluminum, iron, and magnesium. Many
skarns also include ore minerals; several productive deposits of copper or other
base metals have been found in and adjacent to skarns.”
“Tungsten skarns are found in association with
calc-alkaline plutons in major orogenic belts. They are associated with coarse
grained, equigranular batholiths (with pegmatite and aplite dykes), surrounded
by high temperature metamorphic aureoles. This is indicative of a deep
environment.”
A map of the RMX assets in Montana is shown below, followed by highlights of the project.
References:
The
Tungsten Crunch: Surging Munitions Demand Outpaces U.S. Supply. Market Tactic.
April 9, 2026. Idex Metals - Surging Munitions
Demand Outpaces U.S. Supply - Market Tactic
Why
tungsten prices are rising so fast: inside the supply crunch. Anthony Milewski.
The Oregon Group. April 29, 2026. Why tungsten prices are rising so
fast: inside the supply crunch - The Oregon Group - Critical Minerals and
Energy Intelligence
US
invites proposals to boost supply of tungsten and 12 other critical minerals: The
US military is seeking proposals to expand domestic production of 13 critical
minerals used in defense and high‑tech applications. The initiative aims to reduce reliance on foreign
supply chains amid heightened geopolitical tensions and growing risks to global
commodities trade. Sebastian Evelyn. Fastmarkets. March 5, 2026. Tungsten and its role in defense
applications - Fastmarkets
Tungsten
2026: Geopolitics sets global tone: The global tungsten market in 2026 is
marked by extreme volatility driven by geopolitical tensions, trade disputes,
and resource nationalism, especially between China and the US. These dynamics
have caused significant supply disruptions and price surges across tungsten
products. Claire
Patel-Campbell. Fastmarkets. March 18, 2026. Tungsten 2026:
Geopolitics sets global tone - Fastmarkets
How
the US is bankrolling a worldwide tungsten network: For decades, tungsten sat
on the margins of US industrial policy. Despite its essential role in armor
piercing munitions, aerospace alloys and advanced manufacturing, the ultra hard
metal was sourced overwhelmingly from China, while US domestic mining faded
from view. That model is now being dismantled. Shalina Cao. Fastmarkets. April 21,
2026. How the US is bankrolling a worldwide
tungsten network - Fastmarkets
US
says allies should pay national security premium for critical minerals; market
reacts: The US has stepped up calls for its allies to accept higher costs for
sourcing critical minerals outside China, arguing that supply chain security
must take precedence over price efficiency – a stance that is reshaping
expectations across metals markets but has yet to translate into durable
pricing support. Shalina Cao, Shiyue Zhao, Nico Zhang, and Zihao Li. Fastmarkets. April
27, 2026. US says allies should pay national
security premium for critical minerals - Fastmarkets
RMX
Stakes Its Claim in America's Tungsten Revival. Discovery Alert. May 27, 2026.
Skarn.
Mahmut MAT - Modified date: 23/04/2023. Geologyscience.com. Skarn | Types, Composition,
Formation, Uses - Geology Science
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