Tungsten prices have surged nearly sixfold since January 2025, marking the most dramatic increase among critical minerals assessed by the International Energy Agency in 2026. The metal’s value has been propelled by heightened demand for cemented carbide—a hard material used in drilling, mining, and tooling—which accounts for about 60% of global tungsten consumption. Supply constraints, exacerbated by China’s export licensing regime introduced in February 2025, have further strained availability, with the country accounting for roughly 79% of global production in 2025. The U.S., meanwhile, has not mined tungsten since 2015, leaving critical gaps in the supply chain. Industry players, including carbide manufacturers and miners, are now racing to secure new sources amid escalating prices and tightening regulations.
Spark Energy Minerals Inc., listed on the Canadian Securities Exchange (CSE) under SPRK, has emerged as a key player in Brazil’s emerging tungsten sector. The company holds 12 permits covering 21,493 hectares in Rio Grande do Norte, with systematic exploration underway since 2023. Recent stream-sediment sampling revealed a peak tungsten concentration of 122.3 parts per million (ppm) within 1.6 kilometers of its highest-priority Bodó permit. While preliminary assays are pending, geologists are mapping calc-silicate horizons across five target areas, with results expected by year-end. Spark’s focus remains on its Arapaima project in Minas Gerais, where gallium and rare earth discoveries have been prioritized, though tungsten remains a secondary exploration target.
The surge in tungsten prices has also reshaped financial outcomes for established players. Kennametal Inc., a 85-year-old carbide tool manufacturer listed on the NYSE (KMT), reported a 20% revenue increase to $2.36 billion in fiscal 2026, driven by higher tungsten costs. Inventory levels more than doubled to $1.11 billion, reflecting elevated carrying costs, while advanced payments to suppliers contributed to a negative operating cash flow. Meanwhile, Almonty Industries Inc. (ALM), which operates the Sangdong Mine in South Korea—a former world leader in tungsten production—reported a 498% second-quarter revenue rise to C$43.0 million, as the average European benchmark price for tungsten climbed nearly sevenfold year-over-year. Almonty secured a $800 million convertible note offering in June and closed the quarter with $1.2 billion in cash, joining the Russell 1000 index.
Regional tungsten exports in Brazil surged 356% in the first half of 2026, with prices averaging four times higher than in the prior year. Aura Minerals Inc. (AUGO), which declared commercial production at its Borborema gold mine in September 2025, sits just 18 kilometers from Spark’s Lagoa permits. The company’s Borborema project holds proven and probable reserves of approximately 70.6 million tonnes grading 0.88 g/t gold, containing 1.99 million ounces—a mine life estimated at 35 years. Nearby, a gold-tungsten-bismuth skarn deposit 28 kilometers from Spark’s northern permits has prompted further assaying, broadening the exploration scope.
The tightening supply landscape underscores the urgency for new discoveries and diversified sourcing strategies. As critical minerals face heightened scrutiny over geopolitical risks and environmental concerns, tungsten’s price volatility and reliance on a single dominant producer highlight the need for global coordination to stabilize markets and meet growing industrial demand.
