Red Mountain Secures Full Ownership of Pioneer Tungsten Project with Drilling Planned Amid High Tungsten Prices

Red Mountain Completes Acquisition of Strategic Tungsten Asset

Red Mountain Mining (ASX:RMX) has exercised its option to take full ownership of the Pioneer Tungsten Project in southwest Montana, cementing its position as a critical minerals player in the US. The project covers 209 hectares and lies directly adjacent to Almonty Industries’ claims, which include the 6.83 million tonne Gentung Tungsten Deposit, a resource that has been pivotal in the region’s tungsten production history.

The Pioneer Project’s three key prospects; Greenstone, Mammoth, and Lost Creek; are located along the eastern margin of the Mount Torrey Batholith. Here, massive garnet skarns up to 25 metres thick host tungsten mineralisation as scheelite, with assays exceeding 0.5% WO3. Red Mountain’s due diligence has confirmed these skarns within its claims, setting the stage for rapid drill targeting.

Historical Drilling and Production Highlight Project Potential

Historical exploration data, though not JORC 2012 compliant, provides compelling evidence of mineralisation at Greenstone. Four shallow drill holes from the 1950s returned tungsten grades between 0.34% and 0.48% WO3 over intercepts ranging from 5.8 to 10.7 metres. These figures are comparable to those at Almonty’s Gentung deposit, suggesting similar economic potential.

Moreover, the district has a rich tungsten production legacy, with the Ivanhoe and Lost Creek mines collectively producing approximately 680,000 tonnes of tungsten ore in the mid-20th century. This historical output underscores the geological prospectivity of the area and the potential scale of the Pioneer Project.

Drilling Plans and Regulatory Steps Underway

Red Mountain is moving swiftly to secure drilling approvals, with a reverse circulation percussion program planned to commence in early June 2026 at the Greenstone prospect. The drilling will target downdip extensions of the scheelite-bearing skarns, following a similar approach to the 1950s exploration that identified promising mineralisation trends.

The company’s US geological contractor, Montana-based K C Harvey Environmental, has already initiated work on permitting, highlighting Red Mountain’s intent to fast-track exploration. This drilling program will be a critical catalyst in defining shallow, high-quality tungsten targets that could underpin future development.

Tungsten Prices Surge Amid US Supply Security Focus

Tungsten prices have soared from under US$900 per metric tonne unit (MTU) at the end of 2025 to over US$3,000 per MTU in early 2026, driven by China’s shift from exporter to importer and robust demand across construction, aerospace, and defence sectors. This price spike bolsters the economics of tungsten projects like Pioneer, especially as the US Federal Government prioritises securing domestic supply chains for critical minerals.

Red Mountain’s timing is opportune, positioning it to leverage these market dynamics. The proximity of the Pioneer Project to Almonty’s Gentung Mine could also facilitate efficient pathways to market and potential strategic partnerships with a leading global tungsten producer.

Broader Critical Minerals Strategy in Motion

Alongside Pioneer, Red Mountain is advancing its Armidale Antimony-Gold Project in New South Wales, with an induced polarisation survey recently completed and drilling approvals secured for a 32-hole reverse circulation program, as detailed in recent updates. This diversification across critical metals reflects the company’s broader ambition to supply high-quality commodities to western markets amid geopolitical supply uncertainties.

The company’s recent drilling approval for 32 holes at Armidale and delivery of a 51.8% antimony concentrate underscore its operational progress and funding position, which supports the Pioneer drilling campaign.