VANCOUVER, BC, Oct. 13, 2026 /PRNewswire/ -- Market Updates News Commentary - The global tungsten market is valued at approximately $6.66 billion in 2026 and is projected to reach about $9.62 billion by 2030, a compound annual growth rate of roughly 9.6%, according to The Business Research Company. In the United States, the bigger story is where that tungsten will come from. Beginning January 1, 2027, U.S. defense procurement rules restrict tungsten sourced from China, Russia, Iran and North Korea, and Washington has spent the past month funding domestic capacity ahead of that date. Nevada, home to several of the country's past-producing tungsten camps, sits at the center of that effort. Active Companies from around the markets with current developments this week include: Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2), The Elmet Group Co. (NASDAQ: ELMT), Perpetua Resources Corp. (NASDAQ: PPTA), United States Antimony Corporation (NYSE: UAMY), ioneer Ltd (NASDAQ: IONR).
The largest commitment so far came on September 14, when the U.S. Department of War announced a $450 million committed investment in The Elmet Group, alongside a Defense Logistics Agency contract with a ceiling of $2 billion for tungsten supply to the National Defense Stockpile. About $150 million of that investment is earmarked for the Springer Tungsten Complex in Imlay, Nevada. Federal support is reaching the powder end of the chain as well: on October 2, the Export-Import Bank of the United States finalized a $27.4 million loan to 6K Additive to expand domestic production of refractory metal powders for defense.
China still controls roughly 80% of the mined supply and refining chain for tungsten products, which is why the procurement deadline has turned old U.S. tungsten districts into exploration targets again. The question for each of them is the same: what is left in the ground beneath the historical workings, and how quickly can it be tested with a drill.
Western Star Resources Defines Priority Drill Targets and Outlines a Planned 3,050-Foot Drill Program at the Past-Producing Rowland Tungsten Property, Nevada
On October 13, Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2) announced the priority drill targets and a planned six-hole, approximately 3,050-foot (930-metre) drill program for its 100% owned, past-producing Rowland Tungsten Property in Elko County, Nevada. Highlights include:
- Two priority drill targets defined at Rowland Main and Northern Zone B, where the 2026 soil program defined tungsten-in-soil anomalies over zones of historical workings.
- Six planned holes from four drill pads, all sited on existing disturbance; hole locations are preliminary and subject to field verification and permitting.
- Rowland Main (four holes, 1,850 feet): three holes beside the historical open cut, where rock-chip, float and channel samples returned up to 4.02% WO₃, plus a fourth hole testing the bedrock source of soil sample R079 (4,240 ppm W; 0.53% WO₃), the highest value of the Phase 2 soil program.
- Northern Zone B (two holes, 1,200 feet): holes test beneath historical shafts and an ore chute, where rock-chip samples returned 0.35% to 1.22% WO₃, and the roof of a modelled magnetic body approximately 165 metres below surface.
- A Plan of Operations is being prepared by KC Harvey Environmental for submission to the U.S. Forest Service, in parallel with a Nevada reclamation permit.
The targets come from four datasets the Company assembled in a single field season: the Phase 2 tungsten-in-soil anomalies, a three-dimensional inversion of its 2026 UAV magnetic survey completed by East Coast Consulting, the historical workings confirmed in Phase 1, and the 2026 rock-chip and channel assays. Each planned hole tests a soil anomaly at depth where it coincides with a modelled magnetic contact or with the ground beneath historical workings, and holes are oriented to cross those contacts at a high angle where the geometry allows.
At Rowland Main, the model shows a compact magnetic body beneath the core of the soil anomaly and immediately west of the historical open cut. Hole ROW26-01 is planned to enter the modelled contact at approximately 86 metres down-hole and ROW26-02 at approximately 76 metres, while ROW26-03 tests beneath the open cut. At Northern Zone B, ROW26-05, the longest hole in the program at 700 feet, is planned to reach the roof of a larger modelled body at approximately 159 metres down-hole. The Company notes that no new assay results are reported in the release and that the planned holes remain preliminary.
"Rowland has come a long way in a single field season," said Blake Morgan, CEO and President of Western Star. "We started with a historical record that pointed to one past-producing zone, and we are finishing with three zones of confirmed workings, an integrated modern dataset, and a ranked drill target inventory ready for permitting and drill testing. This is exactly the outcome we set out to deliver when we acquired Rowland."
Rowland is part of a portfolio of past-producing tungsten assets Western Star is advancing in Nevada and New Mexico. In New Mexico, the Company has outlined a 17-hole, approximately 6,070-foot drill program at its Eagle Point Tungsten Project, which it believes will be the first drilling at Eagle Point in more than 70 years.
CONTINUED... Read this and more news for the sector at: Market Updates
In other industry developments and happenings in the market this week include:
The Elmet Group Co. (NASDAQ: ELMT)
Elmet announced on September 14 that the Department of War made a $450 million committed investment in the company, funded through an initial $200 million drawdown at closing, in exchange for redeemable preferred equity and warrants for up to 19.9% of its common stock. Its subsidiary Elmet Technologies was also awarded a Defense Logistics Agency contract with a ceiling of $2 billion and a guaranteed funded commitment of $150 million for tungstate and tungsten supply to the National Defense Stockpile. 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.
"The Department is committed to empowering the American warfighter and workforce," said George K. Kollitides II, Director of the Economic Defense Unit.
Perpetua Resources Corp. (NASDAQ: PPTA)
Perpetua reported on September 28 that its exploration drilling at the Stibnite Gold Project in Idaho 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, tungsten mineralization was identified and scheelite continues to appear in core. The company says the project holds the only identified domestic reserve of antimony, and construction on the Burntlog Route, worker housing and the powerline continued through the summer.
"This progress reflects the dedication of every member of the Perpetua Resources team," said Jon Cherry, President and CEO.
United States Antimony Corporation (NYSE: UAMY)
United States Antimony provided a third quarter update on September 30 on its deliveries of military-specification antimony ingots to the Defense Logistics Agency under its existing $245 million sole-source supply contract. Antimony flake from a partner's Bolivian hydrometallurgical facility arrived at its Thompson Falls, Montana smelter during the quarter, and more than 400,000 pounds of antimony material from Stibnite Hill, Montana is stockpiled at Radersburg, where processing has begun. The company describes itself as the sole producer of MIL-SPEC antimony ingots in the Western Hemisphere.
ioneer Ltd (NASDAQ: IONR)
ioneer, which is developing the Rhyolite Ridge lithium-boron project in Nevada, reported that it raised approximately US$50 million from new and existing shareholders during the six months to June 30, 2026 and remains in compliance with its closed US$996 million U.S. Department of Energy loan facility. The company also received a conditional U.S. Army award for a long-term land lease at Tooele Army Depot for a critical mineral processing facility. A federal court upheld the project's permit, and ioneer said it expects the plaintiffs' appeal to the Ninth Circuit not to delay construction.
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