China Controls Tungsten Supply as Western Drill Programs Expand

VANCOUVER, BC, Sept. 24, 2026 /PRNewswire/ -- Canada News Group News Commentary - The global tungsten market is valued at approximately $6.66 billion in 2026 and is projected to reach roughly $9.62 billion by 2030, a compound annual growth rate of about 9.6%, according to The Business Research Company. Demand for the metal runs through cutting tools, wear parts, defense alloys and electronics, while the supply that feeds it remains concentrated in a single country. That imbalance is pushing exploration dollars back toward historic Western tungsten districts, including several in British Columbia. 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), Idaho Strategic Resources, Inc. (NYSE American: IDR).

Mordor Intelligence sizes one of the largest downstream segments separately, estimating the tungsten carbide powder market at approximately $16.25 billion in 2025 and about $20.89 billion by 2030. The two firms measure different slices of the value chain, but both point in the same direction.

Supply is the pressure point. According to the U.S. Geological Survey, China accounted for roughly 67,000 of the approximately 85,000 tonnes of tungsten mined worldwide in 2025, and the United States has reported no domestic mine production since 2015. Fastmarkets' assessment for tungsten concentrate delivered outside China moved from $750 to $850 per metric tonne unit at the start of 2026 to $2,500 to $2,800 by late May, even as prices inside China eased from their spring highs, a split that reflects how difficult it has become for Western buyers to secure units.

Policy is reinforcing the shift. U.S. defense procurement rules restricting tungsten sourced from China, Russia, Iran and North Korea take effect January 1, 2027, and a U.S. Commerce Department order effective August 27, 2026 requires domestic sellers of tungsten waste and scrap to allocate their monthly sales to domestic buyers for one year. In Canada, tungsten has been added to the minerals eligible for the Critical Mineral Exploration Tax Credit, improving the economics of flow-through funded exploration on Canadian tungsten ground.

For explorers, the practical consequence is renewed attention on past-producing and historically drilled systems where modern drilling can test geology that was last examined decades ago.

GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS) Intersects New Skarn Zone at Kuhn; Drilling Underway from Second Pad

Hole GOH26-04 completed after being extended beyond its originally planned termination depth.

Continued drilling intersected a new skarn zone beneath the previously reported down-dip extension at Kuhn.

Stockwork skarn zones from approximately 235 to 325 metres (drill length), followed by more continuous skarn from 345 to 400 metres.

Newly identified intervals total approximately 145 metres of drill length; true thickness currently interpreted at approximately 40 to 45 metres.

Drill moved to Pad B at Kuhn, where three holes are complete and the fourth is underway.

GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS) has provided an update on ongoing diamond drilling at its 100%-owned Magno Project in the Cassiar District of northern British Columbia. Further to its September 15, 2026 drilling update, the Company reported that hole GOH26-04 has been completed following an extension beyond its originally planned termination depth, and that the continued drilling intersected a newly identified skarn zone beneath the down-dip extension described in the earlier release.

GOH26-04 was designed to test the down-dip continuation of the historically identified skarn system at Kuhn. According to the Company, observations in the drill core were considered sufficiently encouraging by GoldHaven's geological team to warrant continuing the hole. Drilling encountered a series of stockwork skarn mineralization zones from approximately 235 to 325 metres drill length, followed by more continuous skarn mineralization from 345 to 400 metres.

The newly identified intervals total approximately 145 metres of drill length. Based on the Company's current geological interpretation, true thickness is estimated at approximately 40 to 45 metres, assuming the lower zone dips at a similar angle to the overlying stratigraphy and skarn units. GoldHaven describes that interpretation as preliminary and subject to refinement. The skarn intervals display magnetite, garnet and diopside skarn, along with zones of semi-massive to massive sulphide mineralization, hosted within a sequence of limestone, marble and dolomite. Core is being logged, photographed and sampled, with samples submitted for laboratory analysis.

"The decision to continue GOH26-04 was driven directly by what our geological team was seeing in the core, and that decision has now resulted in the intersection of an additional skarn zone beneath the down-dip extension we reported last week," said Rob Birmingham, President and CEO of GoldHaven. "We are encouraged to continue seeing skarn development as we test the Kuhn system at depth. While assays will ultimately determine the significance of these intervals, each hole is materially improving our understanding of the geometry and scale of the system and helping us refine where we drill next."

The drill has since moved to a new pad, Pad B, at the Kuhn target, where three of the four planned holes have been completed and the fourth is underway. The Company said it is integrating observations from the latest holes, historical geological information and modern geophysical data to refine subsequent targeting. The 2026 program is GoldHaven's first modern, systematic drill campaign at Magno, with drilling initially focused on Kuhn before the Company evaluates additional priority targets across the broader property.

GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS) is a Canadian junior exploration company focused on advancing mineral projects in North and South America. Its flagship asset is the district-scale Magno Project in the Cassiar District of northern British Columbia. The Company also owns the Three Guardsmen Copper-Gold Project in British Columbia and the Copeçal Gold Project in Mato Grosso, Brazil, and holds a portfolio of critical mineral projects in Brazil.

There are several risks associated with the Company's plans. No assay results have been reported from the intervals described; the observations are visual, and the presence of skarn or sulphide mineralization does not establish grade or economic significance. Reported intervals are drill lengths, and the true thickness estimate is a preliminary interpretation that may change. GoldHaven has not defined a current mineral resource or mineral reserve at Magno, and historical estimates at Kuhn are not current resources. Exploration outcomes are uncertain, programs require continued financing, and shares of junior exploration companies can be highly volatile. Readers should review the Company's continuous disclosure at www.sedarplus.ca and the forward-looking statements in its releases.

The sector is heavy this week, feel free to read more on the sector and other elated news here: https://canadanewsgroup.com/

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

Almonty Industries Inc. (NASDAQ: ALM), a producer of tungsten concentrate, recently announced that it has received mining facility inspection certificates for the processing plant and crushing facilities at its Sangdong Mine in Gangwon Province, South Korea. The certificates, issued September 17, 2026, allow the company to process ore mined at Sangdong into saleable tungsten concentrate and place that concentrate with customers.

"Sangdong now has the clearance it needs to commercially operate its processing plant and to sell what that plant produces," said Lewis Black, Chairman, President and Chief Executive Officer. Almonty has said it has been running ore through the plant since June 2026. The company also recently announced a long-term tungsten concentrate supply agreement with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik Group, and a binding agreement with the Government of Rwanda covering the Shyorongi tungsten exploration concession.

Guardian Metal Resources plc (NYSE American: GMTL), which is advancing two tungsten projects in Nevada, recently reported results from its Tempiute tungsten project, formerly one of the largest producing tungsten operations in the United States. The company completed a Phase I regional exploration program of 41 diamond drillholes, which it said confirmed that multiple tungsten-rich zones exist beyond the historical mine footprint.

A Phase II resource drilling program focused on the historically producing South Thumb and Schofield zones is planned at approximately 46 holes, of which 28 had been completed at the time of the update. Tempiute, like Kuhn, is a skarn-hosted system. Guardian Metal's other project, Pilot Mountain, is the subject of a pre-feasibility study the company released in June 2026.

Kennametal Inc. (NYSE: KMT), a manufacturer of tungsten carbide tooling and wear-resistant products, recently reported fiscal fourth quarter 2026 sales of $737 million, up 43% from the prior-year quarter, with record adjusted earnings per share of $2.96. Fiscal 2026 sales were $2.36 billion, an increase of 20%.

"We achieved record adjusted EPS this quarter through decisive pricing actions in an unprecedented tungsten environment, volume growth and cost improvement efforts," said Sanjay Chowbey, President and CEO. Kennametal also reported negative operating cash flow for the fiscal year, which it attributed primarily to higher inventory values resulting from unprecedented tungsten price increases and advance payments made to certain suppliers to secure raw material supply, a direct read on how tight the tungsten market has become for Western consumers.

Idaho Strategic Resources, Inc. (NYSE American: IDR) funds its critical minerals exploration from an operating gold mine rather than relying solely on the equity markets. The company describes its rare earth element land position as the largest in the United States, and in 2026 reported heavy rare earth and yttrium mineralization at its Diamond Creek project, including a 32-metre surface trench averaging approximately 1.8% total rare earth oxides.

Idaho Strategic has also stated that its early-stage Lucky Gem model is conceptual and not sufficient under S-K 1300 to be considered a formal mineral resource, a distinction that applies across early-stage critical minerals exploration, including historically drilled systems like Kuhn.

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References to Almonty Industries Inc., Guardian Metal Resources plc, Kennametal Inc. and Idaho Strategic Resources, Inc. are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of GoldHaven Resources Corp., none of them is involved in this publication, their results are not indicative of GoldHaven's prospects, and no partnership, affiliation, or endorsement is implied. Market-size figures cited from The Business Research Company and Mordor Intelligence are third-party global projections and do not represent revenue addressable by GoldHaven.

Cautionary Note Regarding Exploration Results: The drilling observations described in this publication are visual and preliminary. No assay results have been received for the intervals described, and the presence of skarn alteration or sulphide mineralization is not evidence of economic grades of tungsten or any other metal. Reported intervals are drill lengths; the true thickness estimate of approximately 40 to 45 metres is the Company's preliminary interpretation and may be refined. GoldHaven has not defined any current mineral resource or mineral reserve at the Magno Project, and any historical estimates or historical drilling at Kuhn were not prepared in accordance with NI 43-101, have not been verified by a Qualified Person, and should not be relied upon. The technical information in GoldHaven's release was reviewed and approved by Raymond Wladichuk, P.Geo., B.Sc., a Qualified Person as defined under NI 43-101 who is a consultant to the Company and is not independent. Readers should refer to the Company's filings 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 Disclosure: 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.

Forward-Looking Statements: This publication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and forward-looking information under applicable Canadian securities laws. Forward-looking statements can be identified by words such as "expects," "anticipates," "intends," "plans," "may," "will," "could," "should," "believes," "estimates," "potential" and similar expressions, and include, without limitation, statements regarding the completion of drilling at Pad B, the receipt and significance of assay results, the interpretation of true thickness, the refinement of drill targeting, the evaluation of additional targets at Magno, tungsten market conditions and government policy. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including the results of exploration, the availability of financing, commodity prices, regulatory approvals, and general economic conditions. Forward-looking statements speak only as of the date of this publication, and we undertake no obligation to update them except as required by law.

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