Tungsten Stocks 2026: Every Listed Tungsten Miner and Developer

Tungsten stocks: the short answer

The main listed tungsten stocks are producers Almonty Industries (Nasdaq: ALM), EQ Resources (ASX: EQR), Jiaxin International (HKEX: 3858) and Tungsten West (AIM: TUN), plus developers such as Guardian Metal Resources (NYSE American: GMTL), American Tungsten (TSX-V: TUNG) and Abenójar Tungsten (LSE: ABT). None of them is a recommendation. They differ widely in stage, size, jurisdiction and risk.

China mined about 67,000 of the world's 85,000 tonnes of tungsten in 2025, roughly 79%, according to the USGS. Most listed tungsten companies are therefore pitched as non-Chinese supply. This guide lists them by stage, explains which trade in the US, and gives a checklist for comparing them.

Tungsten stocks list: producers and developers

Tickers and project status verified against company announcements as of November 2026. Check current listings with your broker before trading.

Producing tungsten stocks

Producers sell tungsten concentrate today, so their results move directly with tungsten prices. They carry operating risk (grade, recovery, costs) but less financing risk than developers.

Almonty Industries (Nasdaq: ALM)

Almonty began trading on Nasdaq in July 2025. It delisted from the Toronto Stock Exchange on 31 July 2026 and from the ASX on 1 September 2026, and now trades on Nasdaq and in Frankfurt. Its Sangdong mine in South Korea received final operating certification on 17 September 2026 and has started selling concentrate. More than 90% of Phase I output is contracted to Global Tungsten & Powders under an offtake agreement running 21 years from first delivery. Almonty expects Phase II, which expands capacity, to be completed in 2027. It also operates the long-running Panasqueira mine in Portugal.

EQ Resources (ASX: EQR)

EQ Resources runs Mt Carbine in Queensland, Australia, and Barruecopardo in Salamanca, Spain. In the quarter to 30 September 2026 it produced 51,233 metric tonne units (mtu) of tungsten trioxide (WO₃) and reported record quarterly revenue of A$158.8 million. Its average realised price was US$2,248 per mtu, according to the company. Barruecopardo moved from pre-stripping to full ore production during the quarter.

Jiaxin International Resources (HKEX: 3858)

Jiaxin owns the Boguty tungsten mine in Kazakhstan's Almaty region, which started commercial production in April 2025. The company says Boguty is the world's largest open-pit tungsten mine by resources. It produced 5,008 tonnes of 65% WO₃ concentrate in 2025 and 4,137 tonnes in the first half of 2026. It plans an ore-sorting upgrade in 2027 to lift processing capacity to 4.95 million tonnes of ore a year. Jiaxin's major shareholders include Chinese state-linked groups, which matters for buyers that need non-Chinese supply.

Tungsten West (AIM: TUN)

Tungsten West owns the Hemerdon tungsten and tin mine in Devon, UK, one of the largest tungsten resources outside China. The UK's National Wealth Fund committed up to £71 million in August 2026. Hemerdon began processing ore in September 2026 and is ramping up, with nameplate production targeted for H2 2027. At full production, Hemerdon is expected to produce over 3,000 tonnes of tungsten concentrate a year, according to the National Wealth Fund.

Tungsten developer and exploration stocks

Developers have resources and studies but no steady revenue yet. Their share prices tend to move on permits, financing and study results, and they often need to raise more equity before production.

Guardian Metal Resources (NYSE American: GMTL)

Guardian is developing Pilot Mountain and the past-producing Tempiute mine in Nevada. It raised about US$68 million in a US IPO and began trading on NYSE American in March 2026. A pre-feasibility study published in June 2026, part-funded by a US$6.2 million Defense Production Act Title III award, targets first production at Pilot Mountain in late 2028.

American Tungsten (TSX-V: TUNG, OTCQX: TUNGF)

American Tungsten is advancing the IMA Mine in Lemhi County, Idaho, which produced tungsten between the 1930s and 1957. It reports indicated resources of 316,000 tonnes at 0.55% WO₃, plus 2.18 million tonnes of inferred resources at the same grade. It is also evaluating a surface tailings resource as a lower-cost first phase. A preliminary economic assessment is in progress. US investors usually buy it as TUNGF over the counter.

Abenójar Tungsten (LSE: ABT)

Abenójar listed in London on 30 October 2026, raising €170 million at a market value of about £522 million. It is building the El Moto project in central Spain, with first production targeted for Q1 2029. See our tungsten IPO tracker for the deal details.

Northcliff Resources (TSX: NCF) and Fireweed Metals (TSX-V: FWZ)

• Northcliff's Sisson project in New Brunswick is a large open-pit tungsten-molybdenum deposit. Its 2026 feasibility update estimates about 598,000 mtu of WO₃ a year over a 27-year mine life.
• Fireweed's Mactung project in Yukon hosts 41.5 million tonnes of indicated resources at 0.73% WO₃, which Fireweed describes as the largest high-grade tungsten deposit in the world. An updated feasibility study is under way.

Which tungsten stocks trade on US exchanges?

US investors searching for "tungsten stocks NYSE" or "American tungsten stock" have a short list:

• Nasdaq: Almonty Industries (ALM)
• NYSE American: Guardian Metal Resources (GMTL)
• US over-the-counter (OTC) markets: American Tungsten (TUNGF) and Fireweed Metals (FWEDF)
• Tungsten consumers, not miners: Kennametal (NYSE: KMT) makes tungsten carbide tools and recycles tungsten scrap, so it is exposed to tungsten as a buyer and recycler rather than as a miner

Companies listed only in London, Sydney or Hong Kong usually need a broker with international market access.

How to compare tungsten stocks

Use the same checklist for every company before investing:

1. Stage: Is it producing, ramping up, building or still exploring? Earlier stages carry more risk and can offer more upside.
2. Jurisdiction: From 1 January 2027, US defence buyers must avoid tungsten mined or processed in China, Russia, North Korea or Iran (see the DFARS rule). Supply from allied countries can earn a premium.
3. Funding: Is the project fully funded to production, or will the company need to issue more shares?
4. Offtake: Long-term sales contracts with refiners reduce marketing risk.
5. Price exposure: Tungsten prices are volatile. European APT stayed near records in late 2026 while Chinese APT fell sharply from its March peak. See today's tungsten price.
6. Timeline: Compare the target production date with the company's cash runway.

Can you invest in tungsten companies before they list?

Yes, through pre-IPO private placements, usually limited to eligible investors. Pure Tungsten Inc. is a private company restarting production at the Ssangjon mine in South Korea, with a fully built mill and production targeted for Q4 2026 at 1,000 tonnes a year. It is also advancing the Maykhura project in Tajikistan with TALCO, and targets 4,000 tonnes a year by 2028.

Pure Tungsten is raising C$10 million at C$0.80 per share, with a C$5,000 minimum and a pre-raise value of about C$240 million, ahead of an IPO or reverse takeover in London or New York in H2 2027. Private shares cannot be sold until a listing or other liquidity event, and listings can be delayed. Read more in Pure Tungsten stock and IPO plans or compare all routes in how to invest in tungsten.

To review the Ssangjon and Maykhura projects, request the Pure Tungsten investor pack.