EQ Resources is still cheap after doubling revenue in a quarter: it trades at 2x next-twelve-month EBITDA and 3x net income. The company reports record Q1 FY27 revenue of A$158.8 million, up 101% quarter on quarter, on production up 81% to 51,233 mtu, with cash up 192% to A$82.3 million. Barruecopardo produced a record 34,088 mtu, up 123%. x.com 

China's tungsten export cutoff hands pricing power to the two meaningful Western producers, and EQ Resources is far cheaper than Almonty Industries. China spent 40 years closing Western mines with below-cost supply, then halted exports; APT prices rose from $320 to $3,000 in 14 months, new mines need 2+ years, and a US defense ban on Chinese and Russian tungsten starts January 2027. Almonty trades at $81,000 EV per annual mtu; EQ Resources produces nearly 3x the volume at $5,600 per mtu. x.com 

EQ Resources should benefit as the tungsten trade catches fire, because unlike rhodium, tungsten has no substitute. Rhodium rose 14 times in 2020-2021 until automakers found substitutes, but chip fabs, defense companies and manufacturers can't stop buying tungsten even after prices quintupled, so demand is almost price insensitive. China has closed the taps and is now importing. EQR is the largest non-Chinese tungsten producer, with two operating mines and insider buying. x.com  x.com 

EQ Resources looks like a no-brainer because the tungsten rally is not yet reflected in its earnings and it is less known than Almonty. China has stopped exporting tungsten and become a net importer amid surging defense demand and the AI buildout; per @KawzInvests, tungsten rose from $320 to $3,000/mtu in 18 months. Almonty's upside needs excellent execution, while EQR could multiply simply by being discovered. x.com  x.com 

EQ Resources is a strong pick as the West secures tungsten and other critical-mineral supply away from China and Russia. A post the author replies to notes Elmet's SEC filings show five-year deals with the Australian supplier rather than Vietnam's Masan; Australia and Spain are a good shout, and Spain is far more Western-aligned than Vietnam. Vietnam, the world's second-largest tungsten producer, remains a major area of interest, though it sits neutral between China and the US. x.com  x.com  x.com  … Show more

Elmet's strategic equity stake in EQ Resources further secures a pathway for tungsten to reach Elmet for processing at stable prices, a positive for Elmet. @mc_khristina expects a muted reaction for Elmet since the stake comes from exercising a deep in-the-money option and the two stay separate stocks. x.com  x.com 

EQ Resources, MP Materials and 5N Plus are top picks in minerals and materials, each tied to defense supply chains. EQ Resources runs the Mt Carbine and Barruecopardo tungsten mines, one of the few investable non-Chinese tungsten supply stories. MP Materials has a Defense Department partnership, a 15% government equity stake and a $110/kg NdPr price floor for 10 years. 5N Plus supplies germanium for precision-guided munitions, with a defense supply-chain re-rating already underway. x.com 

Perpetua Resources' Stibnite project is in the right spot as the US runs short of tungsten as well as antimony. Commerce will block tungsten scrap exports, and the Pentagon needs both metals to replace missiles used in Iran and Ukraine. Perpetua's first drilling in nearly a decade hit high-grade gold, antimony and tungsten, including 21.3 meters at 3.2 g/t gold and 0.9% tungsten at Yellow Pine. Stibnite was the top US tungsten mine in 1941-45, and the project is fully funded. x.com 

Almonty Industries is a structural bottleneck play on a secure Western tungsten supply chain. With Phase 1 of its Sangdong mine commissioned in March 2026, it has moved from developer risk to producer with pricing power. Sangdong is a Tier-1 asset with grades 3x the global average, and at full Phase 2 capacity in 2027 it will control about 40% of non-Chinese supply. x.com 

Rare earths and critical minerals may be the most misunderstood yet important sector of the next decade: no defense, energy or AI boom happens without them. IperionX is reshoring titanium for defense and aerospace from recycled feedstock, with heavy rare earth optionality and deep government backing. Elmet Group, the only American-owned integrated tungsten and molybdenum maker, can fill the gap as the US bans Chinese tungsten in defense from 2027; it is profitable with a record defense backlog. … Show more