But its importance on the global stage seems to be rapidly coming into focus.

The metal is already classified as a critical mineral by the US, UK, and Australia, reflecting its key role in defence, aerospace, electronics, and advanced manufacturing.

This designation is also driven by growing geopolitical supply risk.

In 2024, China accounted for more than 80% of the world's tungsten output.

And earlier this year, Beijing announced export controls on the metal, heightening concerns for defence and technology industries across Western nations.

These concerns now appear to be materialising, with the European tungsten market experiencing significant supply disruptions in recent weeks.

As a result, ammonium paratungstate (APT) prices have soared to record levels, shining a light on tungsten's significance.

And against this backdrop, one ASX mining stock could be well-positioned to benefit.

Strategic ASX mining stock

Tungsten Mining NL (ASX: TGN) is a mineral exploration business advancing its flagship Mt Mulgine tungsten project in Western Australia.

The company believes Mt Mulgine represents one of the world's largest tungsten deposits outside of China.

Last month, results from a scoping study hinted at a long-term and low-cost mining operation, prompting management to label the project "globally significant".

And the market responded accordingly.

Over the past month, shares in the ASX mining stock have jumped by 91% to $0.21 apiece at Friday's close.

For context, the All Ordinaries Index (ASX: XAO) gained less than 1% over the same period.

Tungsten Mining's strategic position within the global tungsten market also caught the eye of Sydney-based financial services firm MST Financial.

MST Financial viewpoint

MST Financial initiated coverage of the company last week, highlighting significant upside potential for its share price.

The broker emphasised that Tungsten Mining offers rare exposure to exploration and development in a tungsten market facing supply shortages.

It believes other investment opportunities offering comparable exposure are limited.

The broker also highlighted Mt Mulgine's potential to support a large-scale and long-life operation.

It added that the project hosts sizeable quantities of molybdenum as a co-product, which the ASX mining stock plans to mine. This further enhances its critical minerals profile.

The global molybdenum market is similarly concentrated, with China responsible for more than 40% of primary production and downstream refining.

Separately, MST Financial noted that China has become a net importer of tungsten concentrates, adding further pressure to global supply.

More broadly, the broker believes that Chinese export restrictions could underpin potential critical minerals funding to support new tungsten sources.

Tungsten Mining share price in focus

MST Financial has valued Tungsten Mining at $0.67 per share under its conservative commodity price scenario.

This implies 219% upside potential from Friday's closing price of $0.21 per share.

However, the broker added that more optimistic outcomes are possible for the ASX mining stock.

In particular, it believes higher tungsten prices or larger production volumes could be a boon for the company's shares.

For instance, at current spot prices for tungsten and molybdenum, MST Financial's valuation for Tungsten Mining almost doubles to $1.28 per share.

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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.

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.

The post This obscure ASX mining stock has rocketed by 95% in just one month. Here's why. appeared first on The Motley Fool Australia.

The soaring junior ASX miners in question are Tungsten Mining NL (ASX: TGN) and EQ Resources Ltd (ASX: EQR).

Tungsten Mining shares closed yesterday trading for 8.8 cents. In earlier trade, shares were just changing hands for 14.5 cents apiece, up 64.8%. After some like profit-taking, shares are currently trading for 11.5 cents each, up 30.7%.

EQ Resources is also having a banner day. The small-cap ASX mining share is up 46.4% at the time of writing, trading for 4.1 cents a share.

For some context, the All Ordinaries Index (ASX: XAO) is up 0.7% at this same time.

Here's why shareholders have US President Donald Trump and Chinese President Xi Jinping to thank.

Aussie miners could fill the China tariff void

While Trump put new tariffs on Canada and Mexico on hold for a month to pursue negotiations, a fresh round of tariffs on China was enacted on Tuesday.

China wasted no time in responding, slapping targeted retaliatory tariffs on US energy imports, vehicles, farm equipment, clothing, and big tech.

Of relevance to the two rocketing ASX mining shares, China also implemented export restrictions on tungsten, tellurium, molybdenum, and ruthenium, crucial elements for various military technologies and the clean energy transition.

With China responsible for roughly 80% of the global tungsten supply, investors are turning their eyes to Australia's EQ Resources and Tungsten Mining as alternative producers of the critical metals.

Commenting on the impact of China's export restrictions on tungsten, Luke Adriaans, research analyst at Project Blue, said (quoted by Bloomberg), "The recent announcement is surprising. The industries most likely to be affected include the defence sector, where tungsten is a crucial material for munitions manufacturing."

Enter the small-cap ASX mining shares

While EQ Resources and Tungsten Mining won't be able to fill the entire gap left by China's export restrictions on tungsten, both ASX mining shares have been ramping up their production and exploration efforts.

At its quarterly results for the three months to 31 December (Q2 FY2025), EQR reported producing 42,292 metric ton units (mtu) of tungsten concentrate, or 422.9 tonnes. The 2.6 million total tonnes mined over the quarter reflected a 4% increase in total tonnes mined.

As for Tungsten Mining, the small-cap ASX mining share recently reported on numerous high-grade tungsten mineralisation intercepts from the ongoing drill campaign at its Hatches Creek project in the Northern Territory.

Tungsten Mining chairman Gary Lyons noted:

TGN now has rights to explore all minerals on the Mt Mulgine tenements including gold and other minerals beyond tungsten and molybdenum following the acquisition of Mt Mulgine Project tenements.

The Hatches Creek Project is now 100% owned by TGN and we have a maiden Mineral Resource Estimate underway for Hatches Creek following the successful drilling program. We are driving these exciting projects forward.

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TNG is an Australian resource and mineral processing technology company. Minister for Industry, Science and Technology, the Honourable Karen Andrews MP, awarded the project its status due to its proposed significance in growing and diversifying Australia's critical minerals industry.

At the time of writing, TNG's share price is 9.7 cents.

A closer look at the Mount Peake project

The Mount Peake project, solely owned by  TNG, is set to be a world-scale strategic metals asset. It will produce titanium dioxide, vanadium pentoxide and iron oxide through TNG's patented, energy-efficient and cost-effective production measures.

The project is to be located across two Northern Territory sites – approximately 235km north of Alice Springs – and a processing facility in Darwin. It is anticipated that the project will make a significant contribution to Australia's critical minerals industry, with a mine and processing facility life of 37 years.

According to today's announcement, the project will create up to 1,600 jobs during construction, 1000 on-going positions and contribute to economic development in the Northern Territory.

The project plans to not only deliver new mining infrastructure to the Northern Territory, but non-processing infrastructure like haul roads, office facilities and infrastructure for logistics and utilities.

As well as its mining sites, the project will incorporate the creation of the Darwin TIVAN Processing Facility (DPF). The TIVAN process, patented by TNG, promises to be more energy-efficient and cheaper than traditional recovery processes. The DPF will treat magnetite concentrate, extracting and producing minerals to satisfy the demands of the renewable energy sector.

Further, TNG is in partnership with German-based engineering firm SMS group to develop carbon-neutral hydrogen production technology to be applied to the TIVAN process.

TNG is in the process of seeking confirmation of the final cost of the Beneficiation Plant and the DPF. After which, it will seek out an Engineering Procurement Construction proposal for delivery of the facilities.

Commentary from management

TNG's managing director and CEO Paul Burton said the award of Major Project Status is testament to the substantial benefits expected to be delivered by Mount Peake.

Securing the support and involvement of the Australian Government in helping to facilitate the development of a global scale critical minerals project like Mount Peake is significant for TNG and its shareholders. It will assist in ensuring certainty of process for the remaining permitting and approvals required both for the Mount Peake mine site and the Darwin TIVAN Processing Facility and represents an important endorsement of the Project as we embark on the next stages of project financing.

Additionally, TNG and the Mount Peake Project is well positioned to contribute to the growing demand for sustainable green energy through TNG's newly established VRFB business unit and its strategic partnership with SMS group to develop a CO2-neutral technology for green hydrogen production.

TNG share price snapshot

The TNG share price is currently up 33% over the past 12 months, but is flat so far this year.  

It has a market capitalisation of approximately $113 million and 1.25 billion shares outstanding.

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