Tungsten concentrate prices triple since January

Canada NewsWire

VANCOUVER, BC , Sept. 29, 2026 /CNW/ -- Canada News Group News Commentary - Forecasters differ on how large the tungsten market is, but they agree on the direction. Market Data Forecast values the global market at $5.14 billion in 2025, estimates $5.56 billion for 2026, and projects $10.45 billion by 2034, a compound annual growth rate of 8.2% from 2026 to 2034. Active Companies from around the markets with current developments this week include: GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS) , Almonty Industries Inc. (NASDAQ: ALM) , Guardian Metal Resources plc (NYSE American: GMTL) , Kennametal Inc. (NYSE: KMT) , and The Elmet Group Co. (NASDAQ: ELMT) .

Sizing depends on what is counted. The Business Research Company puts the market at $6.66 billion in 2026 and $9.62 billion by 2030, a 9.6% compound annual growth rate, while Grand View Research measures it differently, at $1.86 billion in 2024 rising to $2.84 billion by 2033, or 4.7% a year. These are third-party projections of market value, not revenue that any one company can capture, and the spread between them is a reminder to read each figure against its own definition.

Price is the clearer signal. Tungsten concentrate, basis 50 to 70% WO3, was assessed by Fastmarkets at $750 to $850 per metric tonne unit at the start of 2026 and has held between $2,500 and $2,800 per unit since May 29, according to a September 16 commentary distributed on PR Newswire. That is roughly a tripling in five months.

Supply policy explains much of it. In December 2025, China said only 15 firms would be authorized to export tungsten in 2026 and 2027, formalized through its dual-use items catalogue. In the United States, the Bureau of Industry and Security published a temporary final rule on August 6, 2026 implementing a Directive Allocation Order that requires U.S. sellers of tungsten waste and scrap to allocate 100% of monthly sales to domestic buyers, effective August 27, 2026 through August 27, 2027, following a Presidential Determination on July 30, 2026, as summarized in an August 21 PR Newswire commentary .

Procurement rules add a hard date. Through the end of 2026, the restriction under DFARS 252.225-7052 on tungsten sourced from China, Russia, Iran and North Korea turns on where the material was melted or produced. From January 1, 2027, the clause widens to the mine or ore stage and names recycled and scrap material explicitly, so material that has passed through a recycling stream no longer resets its country of origin, per the same September 16 commentary .

Canada has moved on the capital side. Budget 2025 added tungsten to the eligible minerals list under the Critical Mineral Exploration Tax Credit, and Bill C-15 received Royal Assent on March 26, 2026, providing a 30% credit on flow-through agreements entered after November 4, 2025 and on or before March 31, 2027. Policy, price and procurement deadlines are now pulling exploration money toward historic ground in North America. That is the backdrop for this week's developments.

GoldHaven Highlights Multi-Target Drill Opportunity Across Permitted Magno Project

93 permitted drill pads across seven work zones give GoldHaven flexibility to test multiple targets across Magno.

2026 drilling is underway at Kuhn , targeting tungsten-bearing skarn mineralization.

D Zone / Magno hosts historical silver-lead-zinc mineralization , including a reported 7.6 metres grading 240 g/t silver, 4.73% lead and 4.74% zinc. The result is historical and has not been verified by a Qualified Person for GoldHaven.

Permitted targets extend beyond Kuhn to include Dead Goat, D Zone / Magno, Lamb Mountain, Contact and Lang Creek.

The Company describes the broader project as hosting tungsten, silver, lead, zinc, copper and critical-mineral potential within a large intrusion-related system.

GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS) said on September 29 that its amended Mines Act Permit gives it significant flexibility to systematically evaluate multiple high-priority exploration areas across the Magno Project, while current drilling stays focused on the Kuhn target. The permit authorizes up to 93 ground-based drill pads across seven work zones, four staging areas, modifications to up to 45 kilometres of existing access, and additional exploration trail construction within the approved work program.

Kuhn and Dead Goat. Kuhn is the focus of the 2026 campaign and the Company's principal tungsten-skarn target. Two principal skarn horizons, the Lower and Upper 3a, have been traced at surface for approximately 640 metres and 206 metres, and geological mapping indicates potential strike extensions of up to approximately 2 kilometres. The skarns are characterized by diopside-garnet assemblages with scheelite, pyrrhotite and locally molybdenum and base-metal mineralization. Similar tungsten-bearing skarn has been mapped at Dead Goat over a surface expression of up to approximately 200 metres.

GoldHaven's own drilling updates show how the program has progressed. A September 15 release reported more than 800 metres drilled from the first pad at Kuhn, with an approximately 20-metre interval of skarn where historical interpretation had mapped two narrower bands. A September 24 release reported a newly identified skarn zone in hole GOH26-04 and said the drill had moved to a second pad at Kuhn. The Company has said it will use both geological observations and analytical results from the initial Kuhn drilling to refine later targeting. Historical drilling at Kuhn returned intercepts including 13.0 metres grading 0.55% WO3 and 11.3 metres grading 0.59% WO3 plus 0.10% MoS2, which the Company treats as historical.

D Zone / Magno: The D Zone is a polymetallic target with silver-lead-zinc mineralization hosted in carbonate rocks of the Lower Cambrian Atan Group. Historical and recent work has identified structurally controlled skarn and carbonate-replacement-style mineralization, occurring as bedding-parallel 'manto' bodies and crosscutting 'chimney'-style zones, with galena, sphalerite, magnetite and locally massive sulphides. The Company calls it a distinctly different target style from Kuhn. Historical drilling reported 7.6 metres grading 240 g/t silver, 4.73% lead and 4.74% zinc, a result that predates NI 43-101. More recent exploration has returned silver values exceeding 2,000 ppm in structurally controlled skarn mineralization.

Lamb Mountain, Contact and Lang Creek: Lamb Mountain sits north of the central Magno target area, and geochemical work south of it has identified anomalous bismuth, which the Company uses to trace structural fluid pathways toward potential intrusive sources. The Contact Area lies along the interface between Cretaceous-aged intrusive rocks and carbonate-rich sedimentary rocks of the Cassiar Terrane, a relationship the Company interprets as controlling much of the property's skarn and carbonate-replacement mineralization. Lang Creek, in the southern part of the project near Highway 37, offers nearby road access, and the Company intends to integrate mapping, historical information, geochemistry and geophysical data when prioritizing drilling there and at other permitted targets.

Property-scale framework: GoldHaven says integrated mapping, sampling and geochemistry indicate an intrusion-related system, with copper-gold-silver mineralization in more proximal settings, silver-lead-zinc in intermediate zones, and tungsten skarn and additional replacement-style mineralization elsewhere. Recent work identified copper values of up to 6,660 ppm at Magno, along with bismuth and tellurium anomalies interpreted as high-temperature pathfinders, and the Company says elevated indium associated with zinc mineralization reinforces the project's critical-mineral potential.

Rob Birmingham, President and CEO of GoldHaven, commented: "Kuhn remains a key focus of our 2026 drill program, but it is also one part of a much broader mineralized system. With 93 permitted drill pads across seven work zones, we have the flexibility to evaluate multiple targets across a large project footprint. As drilling advances at Kuhn, our technical team is also evaluating D Zone and other priority areas across Magno to determine how best to allocate the remainder of our 2026 drill program."

The Company said it is evaluating the sequencing and prioritization of additional targets as drilling progresses at Kuhn, integrating geological observations, historical data, surface geochemistry and geophysics to decide where additional drill metres can generate the greatest exploration value, and expects to provide further updates as the 2026 program progresses.

There are several risks associated with the Company's plans and with the information in this commentary. GoldHaven is an exploration company and has not defined a mineral resource or mineral reserve at Magno. A permit authorizing up to 93 drill pads is an authorization, not a drill plan, and the Company has said it is still deciding how to sequence targets and allocate the remainder of its 2026 program. Historical results, including the D Zone interval and the Kuhn intercepts, were completed before NI 43-101, have not been verified by a Qualified Person for GoldHaven, and should not be relied upon as current resources or reserves. Reported intervals are core lengths that may not represent true widths. Surface geochemical values, including silver above 2,000 ppm and copper up to 6,660 ppm, are selective and do not indicate grade or continuity at depth, and skarn observed in core is not an analytical result. Geophysical and geochemical anomalies are conceptual exploration targets only. Tungsten and metal prices, permitting, financing, weather and access could all change the timing or scope of the work. The technical information in the Company's release was reviewed and approved by Raymond Wladichuk, P.Geo., a non-independent Qualified Person and a consultant of the Company. Investors should review GoldHaven's filings at www.sedarplus.ca .

Read this and more news from around the sector at: canadanewsgroup.com

In other industry developments and happenings in the market this week include:

Almonty Industries Inc. (NASDAQ: ALM)

Almonty operates the Sangdong mine in South Korea, which moved into processing operations during 2026, and holds assets across Europe and the United States, including the Gentung project in Beaverhead County, Montana. On September 21, the Company reported final certification clearing its Sangdong processing plant and crushing facilities to begin commercial operations, covering Phase I.

On September 14, Almonty announced a binding joint venture with the Government of Rwanda under which Rwanda receives a 25% stake in Almonty Rwanda in exchange for the Shyorongi tungsten exploration concession and a mineral processing licence. In July, the Company expanded its Sangdong offtake agreement with Global Tungsten & Powders, extending the term from 15 to 21 years and increasing contracted volume by 40% to 4.41 million MTU. Its board has also approved a buyback of up to 14.4 million shares, for up to $300 million over 36 months, starting August 24. Almonty's shares have moved sharply in both directions in recent weeks, and its filings on SEC EDGAR describe the financing, operating and commissioning risks.

Guardian Metal Resources plc (NYSE American: GMTL)

Guardian Metal is advancing two Nevada tungsten projects, Pilot Mountain and Tempiute. On September 21, it reported Phase I regional drilling at Tempiute in which 20 of 41 diamond drillholes intersected strong tungsten mineralization, with broad intersections including 92.0 metres grading 0.34% WO3, and said the results prompted it to accelerate rehabilitation of the historical underground workings. The Company noted that Tempiute is exploration stage, with no Mineral Resource or Mineral Reserve estimated.

Earlier in September, the Company reported first drilling at Good Hope, at Pilot Mountain, including a 12.95-metre downhole interval grading 0.79% WO3, and on September 17 it filed its annual report on Form 20-F for the year ended June 30, 2026. It joined the FTSE AIM 50 Index on September 21. Guardian received a $6.2 million Defense Production Act Title III award from the U.S. Department of War in July 2025 and completed its NYSE American listing in March 2026. Further updates are posted at guardianmetalresources.com .

Kennametal Inc. (NYSE: KMT)

Kennametal sits on the demand side of the tungsten market, making tungsten carbide tooling for metal cutting and wear applications. On August 5, it reported fiscal 2026 fourth-quarter results , with sales of $737 million, up 43% on a reported basis and 42% organically, and a record adjusted EPS of $2.96. Full-year adjusted EPS was $4.57. CEO Sanjay Chowbey credited "decisive pricing actions in an unprecedented tungsten environment."

The same release shows the cost of that environment. Net cash flow from operating activities in fiscal 2026 was negative $4 million, compared with positive $208 million a year earlier, driven by working capital needs including higher inventory values from tungsten price increases and advance payments to certain suppliers to secure raw material. For the first quarter of fiscal 2027, the Company guided to sales of $745 million to $775 million.

The Elmet Group Co. (NASDAQ: ELMT)

On September 14, Elmet announced a $450 million committed investment from the U.S. Department of War to expand domestic tungsten manufacturing, secure raw material access and strengthen mining and processing capacity. An initial $200 million was drawn at closing, with additional funding to follow. The Company anticipates more than $165 million of investment in its operations in Maine, Michigan and Ohio.

The Department of War said the investment will also establish the only independent ammonium paratungstate facility in North America, and Elmet plans about $150 million toward Blue Moon's Springer Tungsten Complex in Nevada to restart and expand paratungstate conversion capacity. Separately, subsidiary Elmet Technologies received a Defense Logistics Agency contract with a ceiling of up to $2 billion to help rebuild the National Defense Stockpile, of which $150 million is a guaranteed funded commitment, with deliveries phased as new supply becomes available. A contract ceiling is not booked revenue. See the Department of War announcement for the government's description.

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References to Almonty Industries Inc., Guardian Metal Resources plc, Kennametal Inc. and The Elmet Group Co. are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of GoldHaven, none of them is involved in the preparation of this article, and their results are not indicative of GoldHaven's prospects. Kennametal is a manufacturer and consumer of tungsten, and Elmet is a materials producer and manufacturer, and neither is an explorer. References to U.S. government funding, contracts or procurement rules concerning other companies do not imply any government funding or support for GoldHaven. Market-size figures are third-party projections of market value, not addressable revenue for any company. No partnership, affiliation, or endorsement is implied.

Cautionary Note on Exploration Results. GoldHaven has not defined any mineral resource or mineral reserve at the Magno Project. Historical exploration results referenced in this article, including the D Zone drilling interval and the Kuhn intercepts, predate NI 43-101 and have not been verified by a Qualified Person for GoldHaven, and should not be relied upon as current mineral resources or reserves. Drill intervals are core lengths that may not represent true widths. Surface geochemical values are selective. Geophysical and geochemical anomalies are conceptual exploration targets only and are not evidence of mineralization. The technical information in GoldHaven's September 29, 2026 release was reviewed and approved by Raymond Wladichuk, P.Geo., a non-independent Qualified Person under NI 43-101 and a consultant of GoldHaven. Companies and projects referenced in this article are mentioned for regional and sector context only. GoldHaven's Canadian public disclosure filings may be accessed at www.sedarplus.ca . Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of GoldHaven's release.

Eagle Eye is an investor signal-intelligence platform affiliated with the publisher of this article, and this reference constitutes promotion of an affiliated product. Eagle Eye is not a broker-dealer, and nothing in the platform or in this article is financial, investment, tax, or legal advice. Data provided in the platform is for informational purposes only and may be delayed. Always do your own research before making any investment decision.

This publication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements about tungsten market forecasts, supply and policy developments, GoldHaven's permit, drilling program, target prioritization and exploration plans, and the plans of the other companies named. Words such as "expects," "intends," "plans," "potential," "may," and similar expressions identify such statements. Actual results may differ materially from those anticipated, and the Company's own forward-looking statements are set out in its September 29, 2026 release under "Cautionary Statements Regarding Forward-Looking Information." No obligation is undertaken to update any forward-looking statement. This document is governed by the laws of Ireland.

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Canada Newswire

September 29, 2026 - 5:56 AM PDT

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