Tungsten's Western Comeback: Almonty's 800% Run and Why Rackla Metals Could Be the Next Chapter

China has long dominated tungsten the metal that hardens tools, powers defense systems, and enables modern manufacturing. As Western nations race to secure non-Chinese supply, one company proved the model with explosive stock gains. Now a Canadian junior with district-scale land in a proven belt is positioned at a much earlier stage

Disclaimer

This article is for informational and educational purposes only and does not constitute investment advice, financial advice, or a recommendation to buy, sell, or hold any securities, including shares of Rackla Metals Inc. (TSXV: RAK) or Almonty Industries Inc. All statements regarding future expectations, exploration results, resource potential, stock performance, tungsten market dynamics, or investment outcomes are forward-looking and involve significant risks and uncertainties. Actual results may differ materially from those expressed or implied due to factors including exploration and development risks, permitting and regulatory changes, commodity price volatility (particularly tungsten), geopolitical events, interest rate movements, currency fluctuations, dilution from future financings, operational challenges, and general economic conditions. Junior mining and exploration investments are highly speculative and can result in substantial or total loss of capital. Investors must conduct their own thorough due diligence, review all SEDAR+ filings, technical reports, and company disclosures, and consult qualified professionals before making any investment decisions. Past performance, including any returns mentioned for other companies, is not indicative of future results for Rackla Metals or any other issuer. CanadianMiningReport.com and its affiliates are not registered investment advisors.

Tungsten’s Western Comeback: Almonty’s 800% Run and Why Rackla Metals Could Be the Next Chapter

Tungsten is the unsung hero of the modern world. Harder than steel and with the highest melting point of any metal, it forms the cutting edges of machine tools, the cores of armor-piercing rounds, the filaments in high-performance electronics, and the superalloys that keep jet engines and turbines running. Without steady tungsten supply, entire industries — from defense manufacturing to electric vehicle production and advanced machining — face serious constraints. For decades, the global market accepted heavy reliance on China, which controls roughly 80% of mined tungsten and an even larger share of downstream processing. That complacency is ending. Geopolitical tensions, export controls, and the strategic imperative to diversify critical mineral supply chains have elevated tungsten to a priority for Western governments and industry. The companies able to deliver reliable, non-Chinese tungsten are attracting capital and experiencing dramatic reratings. Almonty Industries (NASDAQ: ALM | TSX: AII) became the clearest demonstration of this dynamic. An early pick by resource analyst Rob Bruggeman, Almonty’s shares delivered returns exceeding 800% as the company advanced its Sangdong mine in South Korea — one of the largest and highest-grade tungsten deposits outside China — toward production. Almonty’s strategy of reviving past-producing assets in a stable, conflict-free jurisdiction resonated precisely because the alternative — continued dependence on concentrated Chinese supply — grew politically and strategically unacceptable. The market rewarded execution and positioning in a world increasingly focused on supply security. The same macro forces that drove Almonty’s success are now opening a window for earlier-stage opportunities in other secure jurisdictions. Canada, with its stable institutions, critical minerals policy support, and proximity to North American defense and industrial demand, stands out as a logical location for the next phase of tungsten development. Into that window steps Rackla Metals Inc. (TSXV: RAK), a junior explorer that has assembled a substantial land position in the prolific Tombstone Belt of the Northwest Territories and Yukon — a district with proven tungsten endowment, including the historic Cantung mine.

The Tungsten Supply Challenge

Tungsten demand is structurally supported by electrification, advanced manufacturing, and defense spending. Supply diversification, however, remains difficult. Large new discoveries outside China are rare, and bringing projects into production involves long timelines and significant capital. Western policymakers have responded by designating tungsten a critical mineral and encouraging projects that reduce reliance on any single source.This environment favors companies operating in Tier-1 jurisdictions like Canada, where regulatory frameworks, while rigorous, offer greater predictability than many alternatives. Almonty proved that markets will assign substantial value to non-Chinese production capacity. Rackla is attempting to build the earlier, higher-risk portion of that same story — consolidating and advancing a large-scale opportunity in a belt with historical production and multiple known tungsten systems.

Rackla Metals: District-Scale Potential in a Proven Setting

Rackla Metals has focused on the eastern Tombstone Belt, a geological district known for reduced mid-Cretaceous intrusions that host both gold and tungsten mineralization. Its flagship Lentung Tungsten Property (100% owned, approximately 19,600 hectares) carries a historical resource and multiple tungsten occurrences previously identified through extensive drilling (over 26,900 metres in 178 holes across 15 occurrences).The company has spent the past year digitizing and compiling historical data, identifying clear expansion potential around known mineralization. Recent milestones include a $3.44 million financing and receipt of a five-year land-use permit, clearing the way for a meaningful 2026 exploration program of approximately 10,000 metres of drilling — with roughly half directed at confirming and expanding the historical resource toward a current NI 43-101 compliant estimate. Additional ground, including the FLAT property located just 10 km south of the historic Cantung mine and near existing access infrastructure, adds further district exposure in the same mineralized trend. This is classic early-stage district consolidation: a large land package, historical high-grade work, modern data compilation, and a funded drill program designed to de-risk and grow the story.

Why Rackla Represents a Compelling Early-Stage Setup

Almonty’s rerating occurred as it moved from development toward production in a geopolitically favorable jurisdiction. Rackla sits much earlier on that curve — pure exploration with a historical resource and identified expansion targets — yet operates in Canada, a jurisdiction increasingly prioritized for critical mineral supply. The valuation differential is material. Almonty trades with a multi-billion-dollar market capitalization reflecting de-risked assets and production visibility. Rackla, as a junior explorer, trades at a fraction of that level despite controlling a large, underexplored land package in a belt with proven tungsten systems. This creates a leveraged setup. Successful drilling that confirms and expands resources could attract the same type of strategic and institutional interest that benefited Almonty, particularly if tungsten prices remain supported by supply security concerns. The 2026 drill program provides near-term catalysts, while the company’s recent financing and permitting provide operational runway.

Important Risks and Realistic Expectations

Exploration is inherently high-risk. Drilling may not deliver the hoped-for scale, grade, or continuity. Historical resources require verification and may not be converted into current compliant estimates. Additional capital will likely be required as the project advances. Tungsten prices remain volatile and subject to Chinese supply responses or broader economic conditions. Remote northern operations carry execution and logistical challenges. Regulatory and permitting timelines can shift. Investors should size positions appropriately for the risk profile of an early-stage junior explorer and maintain realistic expectations. Success depends on geological results, market conditions, and the company’s ability to execute and finance future work.

Positioning for the Tungsten Opportunity

The tungsten supply gap is real and structural. Western governments and industry are actively seeking diversified sources. Almonty demonstrated that credible non-Chinese production commands significant market attention and valuation premiums. Rackla Metals is positioned to attempt the earlier phase of that same theme in one of the best remaining jurisdictions — Canada’s North — with a large land package, historical high-grade data, a funded and permitted drill program, and a valuation that appears to reflect limited credit for exploration success.For investors comfortable with junior exploration risk and seeking leveraged exposure to a strategic critical mineral, the current setup combines strong macro tailwinds with company-specific catalysts. The story is still being written, but the geological and strategic foundation is in place for those willing to do the work and accept the inherent uncertainties of early-stage resource development. This is not a prediction of future performance. It is an outline of the context that makes Rackla Metals a story worth monitoring closely as it advances its 2026 exploration program in one of tungsten’s most compelling remaining districts.

Sources

• Almonty Industries corporate website and public disclosures (2026).

• Rackla Metals corporate website, press releases, and project descriptions (2026).

• Public market commentary referencing Almonty’s historical performance and analyst coverage.

• Industry context on global tungsten supply, critical mineral policy, and the Tombstone Belt geology.

This article reflects publicly available information as of June 2026. Exploration results, metal prices, corporate strategies, and market conditions change rapidly. Junior mining investments involve substantial risk of loss. Investors must verify the latest SEDAR+ filings and conduct independent research before making any decisions.