Tungsten to $1 Million/T?

Why It Matters

Pure Tungsten’s rapid scaling at record prices could generate multi‑billion‑dollar revenues while addressing a critical defense‑grade material shortage, making it a high‑impact opportunity for investors and strategic buyers.

Key Takeaways

• Tungsten price jumped tenfold to $300,000 per ton
• Pure Tungsten targets 2,000‑4,000 tons annual production soon
• Tajikistan tailings project promises 1,000 tons/year by 2027
• Margins could exceed 90% at current $300k/ton price
• Company closing $5M CAD round, keeping share structure tight

Summary

In a candid interview, Jeremy Gray, head of Pure Tungsten, highlighted the meteoric rise of tungsten prices, which have surged from $30,000 a ton eighteen months ago to $300,000 today, with some analysts even forecasting a $1 million per ton peak. The company is leveraging this price boom to accelerate development of two flagship assets: a tailings‑reprocessing operation in Tajikistan’s Mikahara deposit, slated to deliver roughly 1,000 tons annually by early 2027, and the San Jong underground mine in South Korea, which is expected to begin shipments in June and scale to 2,000‑4,000 tons per year within the next two years.

Gray emphasized the extraordinary economics of the projects, noting that current market prices allow for margins north of 90 percent, with production costs projected at $15‑$20 k per ton. He also referenced historical wartime reliance on tungsten, underscoring its strategic role in armor, missiles and ammunition, and suggesting that ongoing geopolitical tensions could sustain premium pricing well beyond the current surge. The company’s financing strategy reflects confidence in cash flow, as it closes a $5 million Canadian equity round to fund San Jong’s road and mill infrastructure while maintaining a tight share structure.

Notable remarks included a comparison of tungsten’s price dynamics to gold, a claim that the market could support $300k‑$400k per ton for years, and an anecdote about a major trader demanding payment only after the first shipment—illustrating the industry’s lingering wariness after decades of price volatility. Gray also hinted at future expansion opportunities in other “Stan” countries, positioning Pure Tungsten as a potential multi‑billion‑dollar player.

If the company meets its production targets, it could eclipse rivals Almonty and EQ Resources, delivering a high‑margin commodity to a market starved of supply. Investors should watch for the June shipment, the upcoming Tajikistan mine development, and any shifts in defense‑related demand that could lock in elevated prices for the foreseeable future.

Original Description

The tungsten price has been roaring away lately, and has recently hit $300,000/t. It's the perfect time to be bringing tungsten projects on stream, and Pure Tungsten has not one but two projects on the go. The first, in South Korea, should be up and running by the summer, while the second, in Tajikistan will be producing within a year. These projects will then scale up, to the point where Pure Tungsten could well end up challenging established players like Almonty. The mines are big, the grade is good, and the price is right. Pure Tungsten executive director Jeremy Gray joins Vox to tell us more.

Pre-IPO Investment Opportunity: https://www.puretungsten.ca/puretungsten-equity-raise-rn?SQF_LEAD_SOURCE=vx