To The Moon

⚠️Critical Minerals Alert ⚠️

The metal powering every modern munition is almost gone — and the US doesn't mine a single ounce of it.

+500% Tungsten Price Surge

80% Global Supply = China

0% US Commercial Mines

The Supply Shock

The United States does not commercially mine tungsten. Not a single active mine. Yet this dense, heat-resistant metal is the backbone of modern warfare — it's in armour-piercing rounds, aerospace components, and critical defence systems. And right now, those stockpiles are running dry.

Industry analysts and executives caution that U.S. operations are rapidly depleting munitions dependent on tungsten — a material that cannot be immediately replenished or easily replaced. Tungsten prices have surged more than 500 percent since the onset of hostilities.

— Industry Analysis, 2025–2026

China controls approximately 80% of global tungsten supply and has been steadily tightening export controls, creating a structural supply deficit that threatens Western defence and manufacturing for years to come. With ongoing conflicts burning through stockpiles and no domestic alternative, the West is scrambling.

Prices at Historic Highs

Ammonium Paratungstate (APT) — the refined form used by industry — has rocketed from roughly US$900/mtu in early 2025 to US$1,650–$1,900/mtu by February 2026. That's not a spike. That's a structural repricing of a critical material the West forgot it needed.

Demand is being driven by 3 converging forces: a surge in defence procurement (armour-piercing munitions, missile components, armour plating) and the clean energy transition, where tungsten wire is essential for cutting solar wafers. Supply cannot keep pace and AI. 

Why AI Needs Tungsten

​AI workloads generate extreme heat and electrical stress. Tungsten is one of the few materials that can withstand these conditions due to its ultra-high melting point (3,422°C) and mechanical strength.  

​Advanced Semiconductor Interconnects

​Tungsten Vias: In modern 3D chip architectures (like HBM used in GPUs), tungsten is used to create "vias"—vertical microscopic wires that link different layers of the chip.  

​Thermal Stability: Unlike copper, which can migrate or degrade under high-density electrical loads, tungsten maintains its structural integrity. This is critical for AI chips that must operate at 100% intensity for long durations.  

​Manufacturing Gas: The production of these chips requires Tungsten Hexafluoride (WF_6), a specialized gas used for chemical vapor deposition of the metal onto silicon wafers.

Impact on Infrastructure & Power

​Beyond the chip itself, tungsten’s demand is scaling with the physical growth of data centers.

​High-Power Computing: As data centers move toward higher power density, tungsten is increasingly used in electrical contacts and high-performance alloys for the power management systems that keep these centers online.

​Energy Storage: The surge in "always-on" batteries for AI data centers is also driving a secondary need for tungsten in specialized battery electrodes to improve longevity and heat resistance

Where the West Is Turning

Vietnam has emerged as a critical alternative supply hub — the world's second-largest tungsten producer. Australia is another key player. Both governments are actively courting Western investment as NATO allies seek supply chains free from Chinese and Russian dependency.

EQ Resources Ltd · ASX · Basic Materials

$EQ RESOURCES LTD(EQR.AU)$  

One of the few Western-listed pure-play tungsten producers. Operates Mt Carbine (Queensland, AU) and Barruecopardo (Spain). Strategic partner: Masan High-Tech Materials (Vietnam).

Price (2 Apr 2026)

A$0.315

Market Cap

~A$1.59B

YTD Return (2026)

+284%

1-Year Return

+668%

H1 FY26 Revenue

A$44.5M

Rev Growth YoY

+24.7%

EQR processes ore through Masan's Vietnamese refinery — one of the largest tungsten refining facilities outside China. The partnership is endorsed by both the Australian and German governments as a critical alternative supply chain.

The Bottom Line

The tungsten supply shock isn't a future risk — it's happening now. Defence ministries are rationing. Prices are at record highs. And the world's only real response is to fast-track mining and processing outside of China, in countries like Australia, Spain, and Vietnam.

NATO has actively engaged with Australia on a tariff-free tungsten trade deal. Germany has publicly backed the EQR-Masan supply chain. The geopolitical momentum is unmistakable.

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