A swarm of metals have been shining brightly throughout 2025.
From gold and silver to rare earths, copper, and even a long-awaited rebound in lithium.
Commodity markets have been rocking.
And some ASX mining stocks with exposure to these resources have surged with them.
For example, the world's biggest gold miner Newmont Corporation CDI (ASX: NEM) has seen its share price rise by 129% just this year.
And shares in leading ASX 200 lithium miner Pilbara Minerals Ltd (ASX: PLS) have ballooned by 197% since the start of June.
But another lesser-known critical metal is also having its moment.
That metal is tungsten, and one under-the-radar ASX mining stock appears to be riding the boom.
Image source: Getty Images
Strategic metal
Tungsten is best known for having the highest melting point of any pure metal.
Its unique combination of hardness, density, and thermal resistance makes the metal indispensable across a wide range of industrial and commercial applications.
It is commonly used in high-performance cutting tools and wear resistant metal parts, as well as high-temperature components in aerospace and industrial furnaces.
The metal also features in radiation shielding, precision counterweights in aircraft and vehicles, medical devices, specialty electronics, and electrical elements such as lamp filaments.
Unlike some other metals, tungsten is not typically sold as a raw ore.
Instead, it is chemically refined into products like ammonium paratungstate (APT), which is then processed further.
And in recent weeks, APT prices have soared.
Global supply pressures
Tungsten is officially classified as a critical mineral by numerous countries including the US, UK, and Australia.
This stems from its essential role in defence, aerospace, electronics, and manufacturing, as well as a high supply risk due to China's production dominance.
According to the US Geological Survey, China produced 83% of the world's tungsten in 2024.
And earlier this year, Beijing announced export controls on the metal, raising fresh concerns for defence and technology industries across western nations.
So what?
These concerns now appear to be playing out, with the European tungsten market experiencing significant supply challenges over the past few weeks.
More specifically, China's export controls have reportedly halted APT flows into Europe, causing the price of the metal to spike.
On Friday, the APT price in the Dutch port of Rotterdam averaged US$800 per metric tonne unit (MTU) – a measure equivalent to 10 kilograms.
At the start of November, it averaged less than US$690 per MTU.
And around this time last year, the APT price was sitting below US$400 per MTU.
This powerful price rally appears particularly timely for one ASX mining stock looking to develop its Australian tungsten deposit.
Significant tungsten project
Tungsten Mining NL (ASX: TGN) is a mineral exploration business advancing its flagship Mt Mulgine tungsten project in Western Australia.
Management considers Mt Mulgine to be amongst the largest tungsten deposits outside of China.
In early November, the group unveiled results from a scoping study assessing the merits of building a mine.
According to the company, the study demonstrated Mt Mulgine to be a "globally significant" critical minerals project with potential for long-term and low-cost production.
And shares in the ASX mining stock took off like a rocket.
Share price in focus
Over the past month, Tungsten Mining shares have surged by about 95% to close out Friday at $0.215 apiece.
Not only that, but the ASX mining stock has given shareholders plenty of reasons to smile over the past six months.
Overall, shares in the company are up more than 200% since early June.
For comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) has risen by 2.1% across the same timeframe.
