Allied Critical Metals' faith in tungsten project pays off as metal price soars, governments take notice

It may have escaped the attention of investors focused on gold and silver over the past year, but tungsten has become one of the most in-demand metals in global commodity markets. The driver is defence. Tungsten’s combination of extreme density, hardness, and a very high melting point makes it essential for weapons, armour, and shielding, as well as for aerospace and other high-end applications. Prices doubled in 2025 as defence demand accelerated and China announced new export controls. Tungsten ammonium p ...