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' 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 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 

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 

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