Tungsten Stocks: Top 10 to Watch in 2026

• Tungsten stocks span near-term producers to early-stage explorers
• Almonty Industries leads with Sangdong mine production in South Korea
• EQ Resources produces from Mt Carbine, Australia and Barruecopardo, Spain
• Fireweed Metals holds Mactung, one of the world’s largest deposits
• Eight of ten companies trade on Canadian, UK or Australian exchanges
• China controls roughly 80% of global tungsten mine output, per USGS

Tungsten stocks have drawn renewed investor attention in 2026 as Western governments fund alternatives to Chinese supply, which the US Geological Survey puts at roughly 80% of global mine output. This list ranks ten pure-play tungsten miners and explorers by production stage and asset scale, from companies already shipping concentrate to early-stage juniors advancing historic showings. None of these are investment recommendations; tungsten juniors carry substantial exploration, financing and commodity-price risk, and readers should verify current listing and financial details before making any decision.

How We Ranked the Top 10 Tungsten Stocks

Companies are ordered by production stage first (current producers, then advanced developers, then early-stage explorers) and by asset scale and grade within each stage. Only companies with tungsten as a primary or co-primary focus are included; diversified industrial processors that consume tungsten as an input, rather than mine or explore for it, sit outside this list.

1. Almonty Industries, South Korea (NASDAQ: ALM)

Almonty operates the Sangdong mine in South Korea, one of the largest tungsten deposits outside China, alongside the Panasqueira mine in Portugal and Los Santos in Spain. The company completed a Nasdaq listing in July 2025 and also trades on the Toronto Stock Exchange and ASX (as CDIs) under AII. Almonty expanded its Sangdong offtake agreement with Global Tungsten & Powders to roughly US$490 million in contracted annual revenue at current APT pricing, and has been acquiring additional US tungsten assets in Montana. Risk: the company carries meaningful debt from its Sangdong build-out and remains exposed to APT price swings.

2. EQ Resources, Australia and Spain (ASX: EQR)

EQ Resources operates two producing mines, Mt Carbine in Queensland and Barruecopardo in Spain, and reported record quarterly revenue of A$79 million in its June 2026 quarter on rising output and tungsten prices. The company has approved a A$39 million expansion at Mt Carbine to double crushing capacity by Q3 FY2027, and an investment vehicle owned by Andrew Forrest acquired a 16.8% stake from Oaktree Capital in July 2026. Risk: Barruecopardo has faced weather-related pit dewatering delays this year.

3. Fireweed Metals, Canada (TSXV: FWZ)

Fireweed controls Mactung on the Yukon-Northwest Territories border, one of the world’s largest high-grade undeveloped tungsten deposits, with an indicated resource of 41.5 million tonnes at 0.73% WO3. The project sits adjacent to Fireweed’s Macmillan Pass zinc-lead-silver project and has drawn co-funding from the US Department of Defense and Natural Resources Canada for infrastructure. Risk: Mactung remains pre-production with a long, capital-intensive path to a construction decision.

4. Guardian Metal Resources, USA (AIM: GMET)

Guardian Metal is advancing the Pilot Mountain and Tempiute tungsten projects in Nevada, backed by US Department of Defense funding, and also trades on the OTCQB under GMTLF. The company has filed with the SEC to pursue a New York Stock Exchange American depositary share listing under the ticker GMTL, pending completion of the registration process. Risk: as with most Nevada skarn juniors, metallurgy and permitting timelines for Pilot Mountain are not yet fully defined.

5. American Tungsten Corp, USA (TSXV: TUNG)

American Tungsten is advancing the past-producing IMA Mine in Idaho, which yielded roughly 199,449 MTU of WO3 between 1945 and 1957. A 2026 mineral resource estimate reported 316,000 tonnes of indicated resources at 0.55% WO3, and the company is drilling to expand mineralisation beyond the historic veins. Risk: restart economics depend on further drilling and a still-pending decision on underground rehabilitation versus a lower-capital tailings-only start.

6. Yukon Metals Corp, Canada (CSE: YMC)

Yukon Metals holds a district-scale tungsten-skarn portfolio along a roughly 160km trend in the Yukon, anchored by its Risby property, which carries a 2009 historic, non-NI 43-101-compliant estimate of 8.5 million tonnes at 0.475% WO3. In July 2026 the company staked the Tummel project on the same trend after historical grab samples returned up to 1.56% WO3. Risk: Risby’s resource requires a compliant re-estimate before it can support financing decisions.

7. Rackla Metals, Canada (TSX-V: RAK)

Rackla is advancing the Lentung tungsten project (formerly Lened) in the Northwest Territories, near the historic Cantung mine, where prior operator Union Carbide drilled 26,900 metres across 178 holes identifying 15 tungsten occurrences. A 2026 drill program targeting 10,000 metres aims to confirm a modern, NI 43-101-compliant resource. Risk: the project’s economics remain unverified pending that resource work.

8. Adex Mining, Canada (TSXV: ADE)

Adex holds the Mount Pleasant property in New Brunswick, a past-producing polymetallic deposit with tungsten-molybdenum mineralisation in its Fire Tower zone alongside tin, indium and zinc. The site retains an existing 2,500-tonne-per-day mill from prior operations. Risk: Adex is an early-stage, thinly traded issuer and Mount Pleasant’s economics depend heavily on multi-metal by-product credits, not tungsten alone.

9. Adamera Minerals, USA (TSXV: ADZ)

Adamera is building a Washington State tungsten hub around its past-producing Talisman and Tungsten Ridge properties, with historic grades reported up to 7.6% WO3 at Tungsten Ridge, and added the Pierre Creek showing in 2026. Surface exploration and underground rehabilitation work are planned across the hub. Risk: all reported historical grades are unverified by current sampling and the portfolio remains at an early exploration stage.

10. Apollo Minerals, France (ASX: AON)

Apollo is advancing the Couflens project in southern France, home to the historic Salau mine, one of the highest-grade tungsten operations on record with mining grades averaging 1.5% WO3 during 1971-1986. Recent data review identified intercepts up to 5.3% WO3 in unmined zones, and the company gained approval in June 2026 to cross-list on Euronext Growth Paris under ALAON. Risk: a 2026 legal challenge from local NGOs over exploration activity was rejected by a French administrative court but remains open to appeal.

Non-Chinese tungsten supply remains structurally tight. According to the USGS Mineral Commodity Summaries, China accounts for roughly 80% of global mine production, and industry trade body the MMTA tracks the minor metals pricing and supply data that underpins much of this coverage. For context on how APT and ferrotungsten benchmarks have moved this year, see CMN’s tungsten price tracker, and for background on the metal’s properties and supply chain, see What Is Tungsten?.

The Outlook for Tungsten Stocks in 2026

Defence and industrial demand, combined with Chinese export licensing on tungsten products, continues to support prices well above historical levels, and the two producers on this list, Almonty and EQ Resources, are both expanding capacity into that environment. The remaining eight names are pre-production or early-stage, so near-term share price moves are likely to track drilling results, permitting milestones and financing news more than tungsten price alone. For a production-volume view of the same sector, including the large Chinese state producers, see CMN’s Top 10 Tungsten Producers.