This Metal Quietly Up 10x Since 2025 and We're Still in Early Innings

Why It Matters

A domestic, high‑grade tungsten source could de‑risk supply chains for defense and industrial users, and Fox’s near‑term milestones may translate the metal’s 10× price surge into substantial equity gains.

Key Takeaways

• Tungsten prices have surged ~10x since early 2025.
• China supplies ~80% of global tungsten, creating geopolitical risk.
• Fox Tungsten holds world’s highest‑grade tungsten deposit in BC.
• Company has $15 M working capital to fund 2026 drill program.
• Upcoming catalysts: summer drilling results and 2027 resource/PA update.

Summary

The interview on Commodity Culture focuses on the dramatic rise of tungsten, a critical but under‑covered metal, and on Fox Tungsten’s plan to bring a world‑class high‑grade deposit in British Columbia to production.

Tungsten prices have jumped roughly ten‑fold since early 2025, driven by a structural supply deficit and export curbs from China, which now accounts for about 80 % of global output. The metal’s unique hardness and density make it essential for drill bits, armor, turbine blades and other defense‑related applications, keeping demand resilient even as geopolitical tensions rise.

CEO Steven Gray highlighted that Fox Tungsten’s deposit averages 1 % tungsten—equivalent to 20 g per tonne of gold—and sits on surface near power lines and road access. The company holds $15 million of working capital, a 20,000‑meter summer drill program, and expects a resource update and preliminary economic assessment in early 2027. He warned that junior stock prices have lagged the metal’s rally, creating a “catch‑up” trade.

If the drill results confirm the resource’s size, Fox could become the first North‑American producer, reducing reliance on Chinese supply and unlocking significant upside for investors. The upcoming summer drilling data and 2027 study are likely catalysts, while government critical‑minerals incentives add further upside potential.

Original Description

Stephen Gray, CEO of Fox Tungsten (TSXV: FOXT) explains why tungsten is such an undervalued metal, despite an insane 10x run since the start of 2025. Stephen breaks down how Fox Tungsten fits into the picture, with one of the highest grade tungsten deposits in the world, located in British Columbia.

Fox Tungsten Website: https://foxtungsten.com

Follow Fox Tungsten on X: https://x.com/FoxTungsten

Disclaimer: Commodity Culture was compensated by Fox Tungsten for producing this interview. Jesse Day is not a shareholder of Fox Tungsten. Nothing contained in this video is to be construed as investment advice, do your own due diligence.

00:00 Introduction

00:30 What's Driving Tungsten Demand?

02:27 Tungsten Price Going Parabolic

03:55 China Dominates Supply Chains

04:42 Government Support for Tungsten

05:54 Overview of Fox Tungsten

06:52 Details on Flagship Projects

08:32 Company Cash Position

10:26 Produce or Be Acquired?

11:13 Main Upcoming Catalysts

11:54 Team Behind Fox Tungsten

12:51 Final Words on Fox Tungsten