TUNGSTEN REFERENCE PRICING UPDATE
Barruecopardo deliveries in May receive pricing in the month of delivery, Mt Carbine shipments receive pricing for the month prior to shipment.
🔹 Where applicable, volumes shipped later may still be priced to the original contracted month.
For May shipments, EQR’s reference pricing, with deliveries against April & May pricing includes prices:
May
⬇️ Low price: US$2,980/mtu WO₃ (Barruecopardo - May shipments)
↔️ Mid price: US$3,120/mtu WO₃ (Mt Carbine - June shipments)
April
⬇️ Low price: US$2,800/mtu WO₃ (Barruecopardo - April shipments)
↔️ Mid price: US$3,035/mtu WO₃ (Mt Carbine - May shipments)
📌 APT 88.5% WO₃, CIF Rotterdam/Baltimore
Source data: Fastmarkets.
#Tungsten #APT #CriticalMinerals #StrategicMetals #Mining #EQR #TungstenPrice
@EhrmantrautCap_ The price of tungsten has risen by more than 10% per week on average this year!! If the price of tungsten rises by 5% every week until the end of the year, it will be over USD 20,000 per mtu by year end. That’s what happens if demand holds up!
Price trend usd/mtu
A #tungsten producer released its 2025 annual report.
RMB191k/t 65% WO3 average sale price
30% net profit margin
All this before price started moving in early 2026.
Huge gap between reporting period and spot price.
@agroasx@Fibonazzo There’s very good reason for that. Just do the research it all becomes very clear. The best risk/reward option in the #Tungsten space is $EQR.ax $EQR.
I have been seeing a lot of talk about $EQR.AX and once you dig into it the excitement makes complete sense.
It is a tungsten mining company. Two operating mines. Mt Carbine in Far North Queensland and a second asset in Spain.
Trading at A$0.30. Market cap A$1.6 billion. Backed by Oaktree Capital.
Here is why tungsten is the most important commodity most investors have never thought about.
China controls 79% of global tungsten production. In early 2025 they imposed export controls. By early 2026 exports dropped to effectively zero.
China is now a net importer of tungsten for the first time ever. The supply backstop that capped the price in every previous cycle is permanently gone.
APT price early 2025: $320.
APT price today: approaching $3,000.
A near 10x move in roughly a year and nobody is talking about it.
The Iran war poured fuel on it. Tungsten is the metal inside armor-piercing tank rounds.
Every round fired is tungsten that does not come back. Rheinmetall targeting 1.1 million shells by 2027. US Army targeting 100,000 rounds per month. None of it gets recycled.
Supply gets permanently consumed.
Then there is the January 2027 DoD procurement ban.
Chinese and Russian tungsten banned from all US defense contracts from that date. Western production becomes legally mandated.
$EQR.AX is one of two meaningful western tungsten producers in the world.
2026 production target: 3,000 to 4,000 tonnes. At current APT prices the revenue math is extraordinary relative to the market cap.
Its closest peer ran 840% last year and trades at 8x the valuation of $EQR.AX on similar production numbers.
A $0.30 stock. Operating mines. Production ramping. DoD mandate incoming.
The tightest commodity market in a generation.
The most asymmetric Iran War trade isn't oil, plastic, or fertilizer.
It's Tungsten.
And the upside is explosive whether the war ends or not.
APT (the key tungsten raw material) was $320 in early 2025. Today it's approaching $3,000. Nearly 10x in 13 months.
It's because China imposed export controls on 41 tungsten product codes. Exports dropped to zero. And for the first time ever, China became a net IMPORTER.
The country controlling 79% of global production can't supply itself...
Meanwhile the US and Israel have burned through unprecedented volumes of munitions across the Middle East, and NATO stockpiles are already depleted from years of supplying Ukraine.
The Iran war is exacerbating an already historic supply crunch.
Tungsten is in every artillery shell, tank penetrator, missile counterweight, gyroscope, and radiation shield NATO builds. When fired at 1,700 m/s, it doesn't come back. Zero recycling. Gone forever. Rheinmetall is scaling to 1.1M shells/year. Russia burned 4.5M rounds in 2024 alone.
Only TWO western producers exist at scale. $ALM trades at $6B MC. $EQR.AX trades at $1B MC.
Yet $EQR.AX produced nearly 3x more tungsten last quarter than $ALM. It sits on 11.27M mtu worth $24.8B against a $1B market cap.
It's the lowest cost western producer. Two operating mines. First positive cashflow already hit.
Me and @KawzInvests just dropped our Tungsten deep dive on Substack. It's the most comprehensive deep dive into the tightest critical mineral market since Lithium in 2021.
S/o @BULLOFBRITAIN for being one of the first to call this insane trade.
It's a lottery ticket but the odds aren't random.
@giginator_ I’ve been in $EQR.ax since early January and have added several times in the last 2 months. Production numbers and grade are looking strong with Mt Carbine coming online.
On Monday I predicted #China#Tungsten concentrates to trade at RMB1mil/t and APT at RMB1.5mil/t by end of week.
Sad to say I've been a disappointment because I'm wrong.
Concentrates smashed that yesterday and started today with 1.05mil/t
APT smashed RMB1.5mil/t target today
Just heard in #China that #Tungsten concentrates are up RMB60k/t and trading just below the RMB1mil/t mark and APT is already at RMB1.45mil/t.
Bit doubtful on RMB60k/t jump in a day but that has happened in the past.
In this episode, we chat with Craig Bradshaw, Managing Director of EQ Resources, a company that has become one of the most talked-about names in the tungsten space.
After nearly two decades working overseas, he’s now back in Australia and back in the mining industry at a time when critical minerals and geopolitics are firmly in the spotlight.
EQ Resources operates across Spain and Australia, is already producing, and has seen its market capitalisation grow from under $100 million to over $600 million in a relatively short period.
Meanwhile, tungsten prices have surged dramatically, and governments globally are paying closer attention to secure supply chains.
We talk about Craig’s return to Australia, EQ’s journey and challenges, their assets, what’s driving the tungsten market, and what the future looks like for EQ Resources.
#tungsten #EQR #criticalminerals #tungstenprices
https://t.co/bo5TDdAjVR