Spartan Metals Discovers Extensive Tungsten-Silver Veins at Nevada's Eagle Project

[SMM Tungsten Express] European APT market offers held steady in the $2,900-3,250/mtu range this week, with overall trading remaining light. Market participation was limited due to the summer holiday season, with both buyers and sellers inactive. Mine supply has increased somewhat, weighing on price expectations, though this has yet to be fully reflected in spot transactions. Some traders noted that APT offers near $3,200/mtu appear inflated, with actual deals difficult to achieve, resulting in a market with prices but no buyers. Scrap prices also came under pressure, with European producers accelerating their shift toward recycled scrap material, further weakening demand for primary APT. The market is expected to remain weak and range-bound in the near term, with attention on Chinese price trends and demand recovery post-summer.

[SMM Tungsten Express] Tungsten West confirmed that phased commissioning of the Hemerdon tungsten-tin mine in the UK will begin later this month, with fines gravity and downstream processing starting in Q3, coarse gravity in Q4, and full commissioning targeted for Q1 2027. The company has recruited over 100 employees, with its workforce expected to grow to around 350 by early 2027. The project remains on track and within budget, though financial constraints persist with ongoing losses, negative cash flow and negative shareholders' equity.

[SMM Tungsten Express] Almonty Industries announced that its long-term offtake agreement with Global Tungsten & Powders (GTP) for tungsten concentrate from the Sangdong mine has been extended by six years, from 15 to 21 years. The total contract volume has increased by 40% to 4.41 million metric tonne units (approximately 3,230 standard tonnes). The minimum annual offtake is 210,000 MTU. The agreement covers approximately 90% of Phase I production, with improved pricing expected to increase revenue per MTU by 6.3%. GTP is a key supplier of tungsten powders to U.S. defense and industrial supply chains.