Tungsten — no ETF, no futures market Structural deficit ▲ — no ETF and no futures market, so the equities are the only vehicle

2026-SEP-02 (John Feneck, Kitco NEWS): 17%+ of his portfolio is in tungsten equities — the single largest expression of his book. Three 2026 Zoom calls with the US government's SAFE division (four staff, same answer every time) put the market in a year-and-a-half to two-year deficit; the price has gone $920 → $2,800+/ton this year “and it's not giving any of the price action back.” The mechanism is the thesis: “There is no ETF tracker in tungsten. There is no futures market in tungsten. You have to buy tungsten equities.” Irreplaceable in tanks and Tomahawk missiles and heavily used in technology; Japan was “cut off at the knees” by China on Jan 1 and again over the summer. The West has both a mining and a refining problem — he expects US refineries and smelters to be built domestically over the next couple of years rather than only joint ventures abroad. Offtake agreements ($25m–$100m) are the tell that future production is already spoken for. His names: GMTL (near-term producer, uplisted from GMTLF to the NYSE, PFS payback under a year), KAZR (developer — $100–150/ton cash cost, a 50-year mine life, and $1.6bn lined up from EXIM and the DRC against $1.1bn of expected capex — “show me a gold stock that has $1.6 billion lined up right now”), WSRIF (explorer, 4%+ tungsten surface samples in Nevada against a ~3% global average). 2026-SEP-09 (Peter Grandich): "I don't have a tungsten play. I don't have anything to promote for tungsten, but the US Army put out trying to buy tungsten for its military use and couldn't find any that they could purchase. That's how bad it is legitimately out in the mineral world."