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 

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 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 

EQ Resources' best upside is still ahead as higher-grade ore reaches production at Mt Carbine in Queensland. It removed 1.6 million tonnes of waste rock to unlock the Iolanthe vein, which runs 3 to 4 times current grade. More tungsten per tonne with APT near $3,000, up from $320 a year ago, is an extraordinary margin story. Production already rose 33% last quarter, the new CEO ran one of the world's largest tungsten mines, and the US defense ban on Chinese tungsten starts January 2027. 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 

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

Almonty Industries gains from a policy-driven tungsten squeeze outside China. Every advanced chip uses WF6 gas made from tungsten, with no mature substitute. China's tungsten powder exports to Japan were zero, and outside China tungsten sits 3% off its high. From 2027, Pentagon contractors cannot use tungsten from China, Russia, North Korea or Iran, about 84% of supply; 18 months is also what chipmakers need to substitute away. Almonty's Korean Sangdong mine and Portugal pit own that floor. … Show more

Critical-metals miners such as tungsten producer Almonty Industries supply inputs AI cannot do without, and those inputs are barely priced. Almonty CEO Lewis Black says every semiconductor needs tungsten gas in fabrication, with zero substitutes, and the AI trade has run through chips, memory and power but not raw materials. He blames the sector's weak year on hyped junior miners without operating mines; the ones to own have real mines, growing revenue and profits, and invested management. x.com 

Rare earth and critical mineral names MP Materials, Energy Fuels, Critical Metals and United States Antimony have pulled back into a good buying zone after a big run, as attention shifts toward physical AI and robots. The Trump sons just invested in a tungsten company, and SemiAnalysis is flagging how important rare earths will be over the next few years. They remain weak short term. MP is the safest, with a government investment and its role as Apple's largest rare earths supplier. x.com