Perpetual Resources Kicks Off Reconnaissance for Tungsten as Prices Strengthen

Why It Matters

Rising tungsten prices and a projected 47% demand increase by 2035 create a structural deficit, making early‑stage projects like Paraíba valuable for supply diversification. Perpetual’s fast‑track exploration could position it as a key junior supplier to aerospace, defence and EV manufacturers.

Key Takeaways

• Perpetual starts two‑week reconnaissance at Brazil’s Paraíba tungsten project
• Tungsten price at $3,185/ton up 350% YTD, 900% YoY
• Market faces structural deficit; demand projected 47% growth by 2035
• Project aims to generate drill‑ready targets for Phase 2 exploration
• Critical mineral status drives interest from US, Europe, Japan, South Korea

Pulse Analysis

The global tungsten market is tightening as prices climb to record levels. With the APT benchmark at roughly $3,185 per tonne—a 350% rise this year and a 900% surge over the last twelve months—supply constraints are becoming acute. Demand is being driven by high‑tech sectors such as aerospace, defence, semiconductor manufacturing and electric vehicles, all of which classify tungsten as a critical mineral. Analysts forecast a 47% increase in demand by 2035, while new project pipelines remain thin, leaving the market in a structural deficit that favors junior explorers and strategic stockpiling.

Perpetual Resources is seizing this backdrop with a focused field program at its Paraíba project in Brazil’s historic Seridó province. Over a two‑week period, the team will conduct rapid, cost‑effective reconnaissance to map skarn and scheelite mineralisation, validate historic workings, and compile a robust geological database. The goal is to identify high‑grade, drill‑ready targets that can feed into a Phase 2 campaign involving geochemical sampling, trenching and initial drilling. By accelerating target generation, Perpetual hopes to lock in a foothold in the tungsten supply chain before larger competitors can mobilise.

For investors and industry stakeholders, Perpetual’s move underscores the growing allure of critical‑mineral juniors amid tightening supply dynamics. Successful identification of economically viable tungsten deposits could translate into significant upside, especially as governments in the United States, Europe, South Korea and Japan prioritize domestic sources for strategic industries. Even if the reconnaissance yields modest results, the data gathered will de‑risk future drilling and may attract partnership or financing opportunities, positioning Perpetual as a potential key player in the next wave of tungsten supply diversification.