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 

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 

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 

Critical-materials suppliers offer exposure to a major bottleneck this decade: AI, data centers, defense, robotics and electrification should drive massive demand across copper, graphite, rare earths, nuclear fuel and other inputs.
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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

Almonty's only upside lies in excellent execution, and the tungsten thesis has to play out all the way. EQR, by contrast, could multiply simply by catching up and being discovered by the market. A reply from another investor adds that Almonty is very expensive at this stage. 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 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 

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

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