Tungsten Finances Junior Into Canadian Critical Mineral Reshoring Trade

Issued on behalf of Western Star Resources Inc. A CMETC-eligible flow-through financing, a €200,000 European IR mandate, and a DIBC application land in the same week — under eight months before the U.S. defense procurement cliff for Chinese tungsten. VANCOUVER, British Columbia, May 13, 2026 (GLOBE NEWSWIRE) -- Canada News Group News Commentary — Canada’s critical minerals strategy has spent the last three years building toward a single proposition: the country has the tax framework, the listing venues, and the geological endowment to underwrite Western tungsten supply at a moment when the United States cannot. The tape is now starting to test that proposition.

Rotterdam ammonium paratungstate (APT) is changing hands near US$3,185 per metric tonne unit — up roughly 350% year-to-date and approximately 900% over the trailing 12 months — while a January 1, 2027 federal procurement rule will bar Chinese, Russian, Iranian, and North Korean tungsten from key U.S. defense applications.[1] China still controls roughly 80% of global mine supply and has restricted exports to 15 approved firms through 2027.[1] The U.S. has had no commercial tungsten mine production since 2015.[1] Against that setup, Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) has, over a roughly six-week stretch, executed a sequence that reads less like a junior explorer’s standing news flow and more like a deliberate effort to price into the reshoring trade through the Canadian tax and listing infrastructure: a U.S. Defense Industrial Base Consortium (DIBC) application targeting tungsten, a 12-month European investor relations mandate with Plutus Invest & Consulting GmbH commencing May 1, 2026, and a non-brokered flow-through financing eligible for the Canadian Critical Mineral Exploration Tax Credit (CMETC).[1] The Canadian Tax Architecture, Applied to a U.S. Asset The financing component is structurally interesting. Western Star announced a non-brokered private placement of 833,333 flow-through common shares at $0.60 per FT Share for gross proceeds of $500,000 .[1] The proceeds are earmarked for Canadian exploration expenses (“CEE”) that qualify as flow-through mining expenditures related to the Company’s Western Star Project, with proceeds also expected to qualify for the CMETC.[1] The flow-through shares carry a four-month-and-one-day statutory hold period, with the offering subject to CSE approval.[1] The mechanism matters for two reasons. First, CMETC eligibility broadens the pool of Canadian investors willing to fund critical-mineral exploration by attaching enhanced after-tax economics — a 30% non-refundable tax credit on top of the standard 100% CEE deduction — to the subscription.

The timing of WSR’s financing aligns it with a recent, specific policy change: tungsten was added to the CMETC’s list of eligible critical minerals on November 4, 2025 (Budget Day 25), with the expansion enacted into law when Bill C-15 (the Budget 2025 Implementation Act, No. 1) received Royal Assent on March 26, 2026. The expanded list — which also added bismuth, cesium, chromium, fluorspar, germanium, indium, manganese, molybdenum, niobium, tantalum, and tin — applies to flow-through share agreements entered into after Budget Day 25 and on or before March 31, 2027.[12] WSR’s FT agreement, entered into in the run-up to its May 1, 2026 announcement, sits squarely inside that window. Second, the proceeds are directed to work on the Company’s British Columbia Western Star Property — a nine-claim, 4,740-hectare package in the Revelstoke mining division — even while the flagship Rowland Tungsten Property sits in Elko County, Nevada.[2] The structure aligns Canadian fiscal incentives with the dual-jurisdiction asset base Western Star has assembled, with the Nevada flagship positioned to address the U.S. defense supply gap and the British Columbia ground qualifying for the Canadian tax credit.

A DIBC Submission Ahead of Washington Meetings The DIBC is managed by Advanced Technology International on behalf of the U.S. Department of War (DoW), and issued its critical minerals request for project proposal in February 2026.[1] Western Star’s submission focuses on tungsten (WO3) and is anchored to the past-producing Rowland property in the Jarbidge mining district of Nevada. CEO and President Blake Morgan stated in the May 1, 2026 release: “Western Star Resources is pleased to support DIBC initiatives focusing on strategic critical minerals. Our team will be traveling to Washington in May for meetings to discuss our past-producing tungsten asset.

We believe this asset offers significant upside and look forward to demonstrating its potential as we approach our maiden drill program in 2026.”[1] Historical Rowland production, as reported in Western Star’s news releases dated November 5, 2025 and April 9, 2026, consists of 4.5 tons of ore at 3.38% WO₃ shipped in 1943 and approximately 1,000 tons of ore at 0.5–1.0% WO₃ produced from 1954 to 1956.[2] The Company is at an early stage; no current NI 43-101 mineral resource has been established at Rowland, and historical production does not constitute a current mineral resource estimate.[2] The maiden drill program is planned for 2026. The scientific and technical information regarding Rowland has been reviewed and approved by Jasper Mowatt, MAusIMM, a Qualified Person as defined by National Instrument 43-101.[2] The European IR Channel Western Star also entered into a 12-month investor relations and marketing services agreement with Plutus Invest & Consulting GmbH of Bremen, Germany, dated April 28, 2026 and commencing May 1, 2026.[1] The mandate covers advertorial marketing, an advertisement-based investor awareness campaign focused on the European investment market, financial-news portals, investor newsletters, paid digital advertising, and sponsored articles and video interviews.[1] The Company has agreed to pay Plutus a fee of €200,000 payable on commencement of services, with the term ending April 30, 2027. The engagement is subject to certain conditions including submission of all required forms to the Canadian Securities Exchange.[1] The European channel is a deliberate piece of the architecture.

Tungsten reshoring is a U.S. policy story but the metal’s industrial customer base is global, and German automotive, aerospace, and machine-tool manufacturers are themselves dependent on non-China tungsten supply. The Plutus mandate positions the Company for European market awareness during the back half of 2026 and through Q1 2027 — precisely the window during which the January 1, 2027 U.S. federal procurement rule will be taking effect and Western Star’s maiden drill program will be generating its first modern technical results from Rowland. The Rowland 2026 Work Program On March 23, 2026, Western Star disclosed preparations to mobilize for the first modern exploration program at the past-producing Rowland Tungsten Property.[3] The 2026 spring work program is designed to advance the project toward drill targeting and includes: rock sampling of all historically disturbed areas identified through LiDAR analysis to verify historical grades, define mineralized zones, and establish vectors toward higher-grade mineralization; orientation soil sampling to evaluate the effectiveness of soil geochemistry ahead of a potential larger-scale survey; and a high-resolution UAV magnetic survey at 50-metre line spacing — representing the first modern geophysical survey on the property.[3] The LiDAR review has identified over 17 historical open pits, trenches, shafts and adits.[3] The Company has indicated that extensive historical workings are expected to classify the project as previously disturbed, which is expected to streamline the permitting process.[3] The Rowland property is road accessible, located approximately 6 miles southwest of Jarbidge, and tungsten mineralization has been traced over 2 kilometres — the full length of the existing property package.[3] Mineralization is hosted in skarn zones up to 100 feet wide, developed along intrusive contacts, with scheelite as the primary tungsten mineral alongside molybdenite, powellite, chalcopyrite, and pyrite within a garnet-epidote skarn system.[3] In Morgan’s words on March 23: “With the start of the spring field season coinciding with strong tungsten prices, we are ideally positioned to initiate the maiden exploration program at Rowland.”[3] Morgan also noted that since the Company acquired the project, tungsten prices have “experienced a meteoric rise in value moving from $600 range to as high as $2400” per MTU.[3] APT prices have continued higher since.

CONTINUED… Read the full article and stay updated on Western Star’s developments here In other news circulating across the tungsten and critical minerals supply-chain reshoring trade: American Tungsten Corp. (CSE: TUNG) (OTCQB: TUNGF) (FSE: RK90) on May 5, 2026 reported the first results from drilling on the Zero Level of the IMA Mine in Lemhi County, Idaho — a past-producing underground tungsten mine on 22 patented claims that produced approximately 199,449 MTUs of WO3 between 1945 and 1957.[4] CEO Ali Haji stated the initial Zero Level results “are highly encouraging and validate our approach to revitalizing the Ima Mine,” noting that intersecting multiple high-grade tungsten-bearing veins, including both historical and newly identified structures, “underscores the significant untapped potential of the property.”[4] On March 25, 2026, American Tungsten had reported initial drilling results from the second drill station on the D-Level of the IMA Mine, with highlights including 28.3 ft @ 0.39% WO3, 26.2 ft @ 0.33% WO3, and 10 ft @ 0.80% WO3, and Phase 1 drilling completing 23 holes (~7,800 ft) across D- and Zero levels.[5] On March 3, 2026, the Company had also reported positive results of initial metallurgical test work conducted by Sepro Laboratories with head grade averaging 1.1% WO3.[6] Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) on May 8, 2026 announced first quarter 2026 financial results and highlighted continued progress at the Stibnite Gold Project, a gold-antimony-silver redevelopment in central Idaho that the Company describes as the only identified domestic reserve of antimony.[7] The Company reported that the U.S. Export-Import Bank advanced a proposed approximately US$2.7 billion senior secured loan to a final board vote — capital that, if approved, would combine with US$669.5 million of cash to cover the project’s US$2,576 million direct capital costs.[7] Perpetua also confirmed the final Stream Alteration Permit and final IPDES permit for wastewater discharges were received in early 2026, and that EPCM duties have transitioned to Hatch Ltd.[7] NioCorp Developments Ltd. (Nasdaq: NB) on April 9, 2026 entered into a non-binding agreement with Traxys North America outlining a long-term marketing and offtake arrangement for the remaining planned critical minerals products from the Elk Creek Critical Minerals Project in southeast Nebraska.[8] The agreement, if finalized, would make Traxys the exclusive offtake and marketing partner for all planned production from Elk Creek during the first 10 years of operation, with the exception of the ferroniobium tranche allocated to ThyssenKrupp. NioCorp had earlier in Q1 2026 priced a U.S. public offering for gross proceeds of approximately $100 million and begun excavation of its $44.6 million Mine Portal Project, with the company indicating that a formal groundbreaking will follow completion of overall project financing. The Company’s U.S. Export-Import Bank application for up to $780 million in project financing remains under active consideration.[8] Critical Metals Corp. (Nasdaq: CRML) on April 30, 2026 closed the transfer of the remaining 50.5% interest in Tanbreez Mining Greenland A/S, bringing total ownership to 92.5% in what the Company describes as one of the world’s largest known deposits of heavy rare earth elements.[9] On May 5, 2026, Critical Metals received Greenland Government approval for its 70% acquisition of 60° North ApS, a Greenland-based provider of construction, logistics, drilling, and project development services.[10] On May 12, 2026, the Company highlighted that the proposed joint-venture refinery in Romania, which is expected to process approximately 50% of Tanbreez concentrate output, is anticipated to become a strategic supplier of hafnium to the European Union, NATO member states, and the United States.[11] The pattern across these names is consistent.

Western capital — Canadian flow-through structures, EXIM debt, U.S. preferred equity, EU-aligned offtake — is being marshaled to anchor non-China supply across tungsten, antimony, niobium, scandium, heavy rare earths, and the rest of the critical-minerals stack. The market, in turn, is repricing the operators positioned to deliver inside the window before procurement bans take force. With a DIBC submission filed, an EU investor campaign launched, and a maiden drill program at a past-producing U.S. tungsten asset on the 2026 schedule, Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) is positioned to keep building news flow into the back half of 2026.

CONTINUED… For more information about Western Star Resources Inc., visit their website here CONTACT: Canada News Group info@canadanewsgroup.com (604) 265-2873 SOURCES Western Star Resources Inc. — “Western Star Resources Submits Application in Response to Solicitation from the U.S. Defense Industrial Base Consortium; Engages Plutus Invest & Consulting GMBH for Investor Relations Services,” company news release, May 1, 2026; and “Western Star Files Application With U.S. Defense Industrial Base Consortium as Tungsten Prices Rip and the West Scrambles for Non-China Supply,” GlobeNewswire, May 4, 2026, https://www.globenewswire.com/news-release/2026/05/04/3286787/0/en/Western-Star-Files-Application-With-U-S-Defense-Industrial-Base-Consortium-as-Tungsten-Prices-Rip-and-the-West-Scrambles-for-Non-China-Supply.html Western Star Resources Inc. news releases dated November 5, 2025 and April 9, 2026. Western Star Resources Inc. — “Western Star Resources Announce the First Modern Exploration Program at the Past Producing Rowland Tungsten Property, in Elko, Nevada, USA,” March 23, 2026. American Tungsten Corp. — “American Tungsten Confirms High-Grade Tungsten Mineralization from Initial Zero Level Underground Drilling at Ima Mine,” May 5, 2026.

American Tungsten Corp. — “American Tungsten Extends Strike Length of Tungsten Mineralization at IMA Mine, Idaho, U.S.,” March 25, 2026, https://americantungstencorp.com/news/american-tungsten-extends-strike-length-of-tungsten-mineralization-at-ima-mine-idaho-u-s/ American Tungsten Corp. — initial metallurgical test work results from Sepro Laboratories, March 3, 2026. Perpetua Resources Corp. — “Perpetua Resources Announces First Quarter 2026 Financial Results,” May 8, 2026. NioCorp Developments Ltd. — Traxys North America offtake agreement announcement, April 9, 2026; U.S. public offering priced February 24, 2026 and closed February 25, 2026; Mine Portal Project excavation commenced March 4, 2026.

Critical Metals Corp. — “Critical Metals Corp. Closes Acquisition of Final 50.5% Interest in Tanbreez, Bringing Current Ownership to 92.5%,” GlobeNewswire, April 30, 2026, https://www.globenewswire.com/news-release/2026/04/30/3284849/0/en/Critical-Metals-Corp-Closes-Acquisition-of-Final-50-5-Interest-in-Tanbreez-Bringing-Current-Ownership-to-92-5.html Critical Metals Corp. — “Critical Metals Corp. (NASDAQ: CRML) Secures Greenland Government Approval for 70% Acquisition of 60° North ApS, Accelerating Development of World-Class Tanbreez Project,” GlobeNewswire, May 5, 2026, https://www.globenewswire.com/news-release/2026/05/05/3287919/0/en/Critical-Metals-Corp-NASDAQ-CRML-Secures-Greenland-Government-Approval-for-70-Acquisition-of-60-North-ApS-Accelerating-Development-of-World-Class-Tanbreez-Project.html Critical Metals Corp. — “CRML Set to Become the Market Leader for Hafnium Production and Supply Security Taking Away China’s Current 75% Market Share,” GlobeNewswire, May 12, 2026, https://www.globenewswire.com/news-release/2026/05/12/3292835/0/en/CRML-Set-to-Become-the-Market-Leader-for-Hafnium-Production-and-Supply-Security-Taking-Away-China-s-Current-75-Market-Share.html Government of Canada — Budget 2025: Canada Strong (November 4, 2025) proposed the expansion of the Critical Mineral Exploration Tax Credit (CMETC) eligible critical minerals list to include tungsten (along with bismuth, cesium, chromium, fluorspar, germanium, indium, manganese, molybdenum, niobium, tantalum, and tin). The expansion was enacted by Bill C-15 (Budget 2025 Implementation Act, No. 1), which received Royal Assent on March 26, 2026. Applies to flow-through share agreements entered into after Budget Day 25 (November 4, 2025) and on or before March 31, 2027.

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Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. FORWARD-LOOKING, CAUTIONARY & CHART NOTES: This communication contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include statements regarding the future exploration plans of Western Star Resources Inc., the potential of the Rowland Tungsten Project and the Company’s British Columbia Western Star Property, anticipated drilling and exploration programs, anticipated catalysts, and the regulatory and macro-economic environment for tungsten and other critical minerals.

Such statements involve known and unknown risks, including market, legal, listing, volatility, and commodity-related risks. Western Star is at an early stage of exploration; the Company has not yet established a current NI 43-101 mineral resource at the Rowland property, and historical production from the property does not constitute a current mineral resource estimate. Comparable companies referenced are at different stages of development and are shown for context only. ¹Historical reported grade and production figures are sourced from Western Star Resources Inc. news releases dated November 5, 2025 and April 9, 2026; historical production at Rowland is reported as 4.5 tons of ore at 3.38% WO₃ shipped in 1943 and approximately 1,000 tons of ore at 0.5–1.0% WO₃ produced from 1954–1956. ²Western Star Property description sourced from Western Star Resources Inc. corporate disclosures and news releases.

The scientific and technical information related to the Rowland Project has been reviewed and approved by Jasper Mowatt, MAusIMM, a Qualified Person as defined by National Instrument 43-101. ³The APT Tungsten “Thesis View” chart on this page reflects an approximate 12-month trajectory of Rotterdam ammonium paratungstate spot prices anchored to the latest reported reference of approximately US$3,185/MTU (Western Star Resources news release, May 4, 2026) and the publicly cited +900% trailing-12-month / +350% year-to-date moves; intermediate monthly values are illustrative interpolations. The “Weekly Detail” chart approximates the FastMarkets weekly Low/Average/High band as published by Almonty Industries, with a referenced latest weekly average of US$3,044.50/MTU; weekly granular values are illustrative interpolations between cited reference points. For authoritative tungsten price data, consult FastMarkets or Argus Media.

The TradingView chart and macro-symbol widgets on this page provide third-party market data for informational purposes only. Map locations shown are approximate and for illustrative purposes only.