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 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' 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, 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 

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 

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

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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