China controls 82% of global tungsten supply, the US Cold War stockpile is depleted, and the REEShore Act bans Chinese tungsten from US military equipment in 2026.

Into this supply crisis steps ASX-listed American Tungsten & Antimony ($AT4), which now owns fully permitted, operationally proven tungsten processing facility on US soil and refurbishment has begun.

With APT prices surging 557% since China’s export controls, tungsten peers Almonty Industries and EQ Resources have returned 1,750% and 1,000%+ respectively. AT4 is pre-production, controls a mill that Washington urgently needs, and the valuation gap to its producing peers may not last long.

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