Rising Tungsten Prices and Supply Risks Drive Terra’s US Expansion
Terra Critical Minerals has completed the acquisition of the True American Tungsten Project in Nevada, positioning itself to capitalise on soaring tungsten prices and supply constraints. The company plans extensive exploration in 2026 to validate and expand this historically high-grade asset.
- Acquisition of 100% ownership of True American Tungsten Project in Nevada
- Historical tungsten grades ranging from 4.2% to 11.1% WO3
- Establishment of T92 USA to leverage US government funding and strategic positioning
- Tungsten prices at multi-decade highs amid Chinese export restrictions
- Planned 2026 exploration program including geological mapping, geochemistry, geophysics, and drilling
Strategic Entry into US Tungsten Market
Terra Critical Minerals (ASX – T92) has taken a decisive step into the US critical minerals space with the completion of its acquisition of the True American Tungsten Project in Nevada. This move not only secures 100% ownership of a historically high-grade tungsten asset but also establishes a new operational base in the United States through T92 USA. The timing aligns with a bullish tungsten market, driven by escalating demand and supply disruptions, particularly from China.
High-Grade Historical Potential
The True American Tungsten Project, located at the intersection of the prolific Getchell and Battle Mountain mineral belts, boasts historical sampling results indicating exceptional tungsten grades ranging from 4.2% to 11.1% WO3. These figures stem from mining activities in the 1940s, with no modern exploration conducted since. The project’s geology features scheelite skarns and tungsten-bearing vein arrays associated with granodiorite intrusions, suggesting significant untapped potential.
Market Dynamics Supporting the Acquisition
Tungsten prices have surged to multi-decade highs, with ammonium paratungstate (APT) trading between $950 and $1,050 per metric tonne unit. This price rally is underpinned by Chinese export restrictions implemented in early 2025, which have tightened global supply. Given tungsten’s critical role in defence, aerospace, and high-tech manufacturing, the US government classifies it as essential for national security, further enhancing the strategic value of domestic projects like True American Tungsten.
Planned Exploration and Development
Terra plans to deploy a comprehensive exploration program in 2026, starting with detailed geological mapping and systematic geochemical sampling to better understand mineralisation controls. Geophysical surveys, including ground magnetic and induced polarization methods, will help delineate buried intrusions and sulfide mineralisation. The program’s culmination will be diamond drilling to test high-priority targets, aiming to validate and expand the resource base with modern techniques.
Strategic Outlook
Chairman Andrew Vigar emphasised the strategic significance of the acquisition, highlighting Nevada’s mining heritage and supportive federal policies. The establishment of T92 USA not only facilitates access to potential US government funding but also positions Terra for further acquisitions in North America. This bold move signals Terra’s ambition to become a key player in the tungsten market amid tightening supply and rising demand.
Bottom Line?
Terra’s acquisition and upcoming exploration program could unlock significant value as tungsten’s strategic importance and prices continue to rise.
Questions in the middle?
- How will Terra validate and upgrade historical tungsten grades to JORC standards?
- What level of US government funding and support can T92 USA realistically access?
- Could further acquisitions in North America accelerate Terra’s growth trajectory?
