Vancouver – October 13, 2026 -- The U.S. Department of War has committed $450 million to The Elmet Group, the largest federal tungsten investment so far, as defense procurement rules barring tungsten from China, Russia, Iran and North Korea take effect on January 1, 2027.
Washington pairs equity investment with a $2 billion stockpile contract
The September 14 package includes a Defense Logistics Agency contract with a ceiling of $2 billion for tungsten supply to the National Defense Stockpile. The contract carries a guaranteed funded commitment of $150 million. The investment is funded through an initial $200 million drawdown at closing, in exchange for redeemable preferred equity and warrants for up to 19.9% of Elmet's common stock.
About $150 million is allocated to restarting and expanding ammonium paratungstate conversion at the Springer Tungsten Complex in Imlay, Nevada, through a majority-owned joint venture.
Export-Import Bank lends $27.4 million to 6K Additive for refractory metal powders
On October 2, the Export-Import Bank of the United States finalized the loan to expand domestic production of refractory metal powders for defense. Federal support is now reaching the powder end of the chain as well as the supply end.
China controls roughly 80% of mined supply and refining
The Business Research Company values the global tungsten market at about $6.66 billion in 2026, rising to roughly $9.62 billion by 2030, a compound annual growth rate of about 9.6%. China's dominance of the mined supply and refining chain has turned past-producing U.S. tungsten districts, particularly in Nevada, into exploration targets again.
Western Star Resources plans six holes totaling 3,050 feet at Rowland
On October 13, Western Star Resources (CSE: WSR) announced a planned six-hole, roughly 3,050-foot (930-metre) program at its 100%-owned Rowland Tungsten Property in Elko County, Nevada. The holes would be drilled from four pads, all on existing disturbance. Locations are preliminary and subject to field verification and permitting.
Rowland Main would get four holes totaling 1,850 feet. Three would sit beside the historical open cut, where rock-chip, float and channel samples returned up to 4.02% WO3. The fourth would test the bedrock source of soil sample R079, which returned 4,240 ppm W (0.53% WO3), the highest value of the Phase 2 soil program.
Northern Zone B would get two holes totaling 1,200 feet beneath historical shafts and an ore chute, where rock-chip samples returned 0.35% to 1.22% WO3. The longest hole, ROW26-05 at 700 feet, is planned to reach the roof of a modelled magnetic body at about 159 metres down-hole. The release reports no new assay results.
KC Harvey Environmental is preparing a Plan of Operations for the U.S. Forest Service, in parallel with a Nevada reclamation permit. The targets draw on Phase 2 soil anomalies, a 3D inversion of a 2026 UAV magnetic survey by East Coast Consulting, historical workings confirmed in Phase 1, and 2026 rock-chip and channel assays.
Western Star has also outlined a 17-hole, roughly 6,070-foot program at its Eagle Point Tungsten Project in New Mexico.
Perpetua finds tungsten mineralization at Idaho's Stibnite project
Perpetua Resources reported on September 28 that exploration drilling at Stibnite passed 10,000 metres in August and will continue into the fall with four rigs. At the Clark Tunnel Fault Zone, five holes totaling 1,900 metres were completed by the end of August, and scheelite continues to appear in core.
United States Antimony stockpiles 400,000 pounds at Radersburg
United States Antimony said on September 30 that it continues delivering military-specification antimony ingots to the Defense Logistics Agency under an existing $245 million sole-source contract. More than 400,000 pounds of antimony material from Stibnite Hill, Montana is stockpiled at Radersburg, where processing has begun.
ioneer raises about $50 million and keeps $996 million DOE loan in good standing
ioneer raised approximately US$50 million during the six months to June 30, 2026 for its Rhyolite Ridge lithium-boron project in Nevada. It also received a conditional U.S. Army award for a land lease at Tooele Army Depot. A federal court upheld the project's permit, and the company expects the plaintiffs' Ninth Circuit appeal not to delay construction.