Matt

The most asymmetric Iran War trade isn't oil, plastic, or fertilizer. It's Tungsten. And the upside is explosive whether the war ends or not. APT (the key tungsten raw material) was $320 in early 2025. Today it's approaching $3,000. Nearly 10x in 13 months. It's because China imposed export controls on 41 tungsten product codes. Exports dropped to zero. And for the first time ever, China became a net IMPORTER. The country controlling 79% of global production can't supply itself... Meanwhile the US and Israel have burned through unprecedented volumes of munitions across the Middle East, and NATO stockpiles are already depleted from years of supplying Ukraine. The Iran war is exacerbating an already historic supply crunch. Tungsten is in every artillery shell, tank penetrator, missile counterweight, gyroscope, and radiation shield NATO builds. When fired at 1,700 m/s, it doesn't come back. Zero recycling. Gone forever. Rheinmetall is scaling to 1.1M shells/year. Russia burned 4.5M rounds in 2024 alone. Only TWO western producers exist at scale. $ALM trades at $6B MC. $EQR.AX trades at $1B MC. Yet $EQR.AX produced nearly 3x more tungsten last quarter than $ALM. It sits on 11.27M mtu worth $24.8B against a $1B market cap. It's the lowest cost western producer. Two operating mines. First positive cashflow already hit. Me and @KawzInvests just dropped our Tungsten deep dive on Substack. It's the most comprehensive deep dive into the tightest critical mineral market since Lithium in 2021. S/o @BULLOFBRITAIN for being one of the first to call this insane trade. It's a lottery ticket but the odds aren't random.

On Monday I predicted #China #Tungsten concentrates to trade at RMB1mil/t and APT at RMB1.5mil/t by end of week. Sad to say I've been a disappointment because I'm wrong. Concentrates smashed that yesterday and started today with 1.05mil/t APT smashed RMB1.5mil/t target today

It's so over when my only #Tungsten stock is down 8%, but not down 10% to trigger my buy order. All this while I expect W concentrates to hit RMB1mil/t and APT to RMB1.5mil/t in #China by end of week. Please panic sell to me people. I'm trying to escape the rat race.

Tungsten is crucial for military equipment and this stock is cleaning up on the war, says mining writer Kristie Batten. ow.ly/eTgs50YpXIF @Kristiebatten #Tungsten #MilitaryMetals #MiningStocks #ResourceInvesting #MetalMarkets #EQResources #StrategicMetals

Erinomaista keskiviikkoaamua kaikille! Eilen nähtiin markkinoilla laajaa laskua lähes kaikilla osa-alueilla. Nähdäkseni Hormuzinsalmen sulkemisen ei pitäisi vaikuttaa volframin hintaan (ainakaan negatiivisesti) eikä EQ Resourcesin toimitusketjuihin. Sotatoimien luulisi vaikuttavan volframiteesiin pelkästään positiivisesti kun ennestään vähäiset varastot kulutetaan kohta uusien ammusten valmistamiseen. Markkinat olivat samaa mieltä ja $EQR.AX on kirjoitushetkellä 35:ssä sentissä (+7.69%)! 🍀 Eilen ihmettelin kun Almonty oli jenkkipörssin avatessa pahimmillaan -18%:n laskussa. Itsekin toki myisin jos sattuisi salkussa olemaan mutta ihan muista, yhtiökohtaisista syistä. En ole ikinä omistanut enkä nykytiedoin aio ostaakaan. Osake palautuikin iltaa kohden noin -6%:iin, markkinat eivät todellakaan toimi aina loogisesti. Asianmetalsilla Kiinan #Tungsten-hinnat jatkavat tasaista puksuttamistaan ylöspäin 🟩 En edelleenkään keksi markkinoilta mitään paremman tuottopotentiaalin omaavaa sijoituskohdetta kuin volframi ja EQ Resources Limited. Toimii myös hedgenä sotatoimia ja levottomuuksia vastaan kun volframi itsessään toimii osittain niiden polttoaineena. Mutta tämä vain minun henkilökohtainen mielipiteeni, ei tule ottaa sijoitussuosituksena ja muistakaa aina tehdä omat kotiläksynne. Seurataan vielä mihin kurssiin suljetaan tänään, vajaa tunti kaupankäyntiä jäljellä. Mukavaa päivänjatkoa kaikille, tästä se lähtee! #Fibonazzo #Osakkeet #Sijoittaminen #Treidaus #Säästäminen

⏰ Reminder — today’s Critical Minerals Webinar A reminder that the NWR Communications Critical Minerals Webinar is on today (2pm AEDT). EQR’s Managing Director Craig Bradshaw will be speaking on tungsten in the critical minerals space — including current market conditions, supply-chain dynamics and what’s driving the latest price action. 🔗 Register / join: lnkd.in/gVPHrzJy #CriticalMinerals #Tungsten #Webinar #ASX #EQR #EQResources

In this episode, we chat with Craig Bradshaw, Managing Director of EQ Resources, a company that has become one of the most talked-about names in the tungsten space. After nearly two decades working overseas, he’s now back in Australia and back in the mining industry at a time when critical minerals and geopolitics are firmly in the spotlight. EQ Resources operates across Spain and Australia, is already producing, and has seen its market capitalisation grow from under $100 million to over $600 million in a relatively short period. Meanwhile, tungsten prices have surged dramatically, and governments globally are paying closer attention to secure supply chains. We talk about Craig’s return to Australia, EQ’s journey and challenges, their assets, what’s driving the tungsten market, and what the future looks like for EQ Resources. #tungsten #EQR #criticalminerals #tungstenprices youtube.com/watch?v=OlTZcI…

🚀 JAN BLASTING UPDATE – FIRST ACCESS ACHIEVED January delivered a major milestone at #MtCarbine: first access to the Iolanthe vein package was achieved in the first week of February, following disciplined South Wall stripping, sequencing and sustained drill-and-blast execution. As at 31 Jan 2026: • 3 blasts / 152,009 t blasted • 13,814 m drilled (incl. grade control) • 300,847 t mined (South Wall pushback focus) • Momentum: First Iolanthe access (early Feb); RL335 targeted next for more consistent exposure (Mar 2026) What’s visible: rust-coloured mineralisation flanked by blue host rock marking the Iolanthe corridor, with quartz-hosted veins and wolframite/scheelite (incl. UV fluorescence) captured in the footage. First direct contact with the main vein package at RL345. Footage includes mining manager atop the newly exposed ore a few members of the Mt Carbine team who helped deliver this milestone. 🎯 Powering Progress. Unlocking the Iolanthe. #criticalminerals #tungsten #mining #blasting #ausmining #eqresources

APT 1429 USD/MTU! 🚨🚨🚨 $EQR.AX #Tungsten