Tungsten Outside China Has Tripled in 2026. The U.S. Still Mines None.

Issued on behalf of Western Star Resources Inc.

VANCOUVER, British Columbia, Sept. 22, 2026 (GLOBE NEWSWIRE) -- Equity Insider News Commentary - Tungsten concentrate traded outside China was assessed by Fastmarkets at $750 to $850 per metric tonne unit at the start of 2026 and has held at $2,500 to $2,800 per unit since May 29. Inside China, concentrate prices have fallen by roughly half from their March peak. That split is the story of the year: the metal did not get scarce everywhere, it got scarce for everyone who cannot buy from China. The Business Research Company projects the global tungsten market to grow from about $6.66 billion in 2026 to about $9.62 billion by 2030, a compound annual growth rate of roughly 9.6%. Active Companies from around the markets with current developments this week include: Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2), Almonty Industries Inc. (NASDAQ: ALM), Guardian Metal Resources plc (NYSE American: GMTL), Kennametal Inc. (NYSE: KMT), Perpetua Resources Corp. (NASDAQ: PPTA).

The supply picture explains the gap. The U.S. Geological Survey put Chinese mine output at 67,000 of the world’s roughly 85,000 tonnes of tungsten in 2025, and the United States has mined none since 2015. In December 2025, China said only 15 firms would be authorized to export tungsten in 2026 and 2027, formalized through its dual-use items catalogue.

Washington is responding with procurement rules rather than subsidies alone. A Bureau of Industry and Security temporary final rule, effective August 27, 2026 through August 27, 2027, requires U.S. sellers of tungsten waste and scrap to allocate 100% of monthly sales to domestic buyers. From January 1, 2027, DFARS 252.225-7052 restricts U.S. defense procurement of tungsten from China, Russia, Iran and North Korea, a restriction that reaches back to the mining stage.

The downstream strain is already showing in earnings. One major U.S. tungsten carbide toolmaker described fiscal 2026 as an “unprecedented tungsten environment,” with inventory values and advance payments to secure raw material supply pushing its operating cash flow negative for the year. For a buyer, a domestic, compliant pound of tungsten is now worth more than a cheaper one that may not clear the 2027 rules, which is why dormant U.S. tungsten districts are being drilled again.

Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2) Completes 2026 Mapping and Sampling Program at Eagle Point Tungsten Project, Plans 17-Hole Drill Program

Scheelite-bearing skarn mapped along the contact between Horquilla Limestone and intrusive granite

23 samples, including four one-metre channel intervals, submitted to ALS Geochemistry in Tucson, Arizona, with results pending

Planned 17-hole, approximately 6,000-foot (about 1,850-metre) drill program designed from an updated 3D Leapfrog Geo model

Drilling intended to generate the data that could move Eagle Point toward a maiden Mineral Resource Estimate, if supported by results

Tungsten recognized at Eagle Point since the early 1940s, with limited historical production that the Company has not verified

Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2) has completed its 2026 geological mapping and sampling program at the 100%-owned Eagle Point Tungsten Project in Hidalgo County, New Mexico. The August 2026 program identified scheelite-bearing skarn along the favorable granite-limestone contact and supported development of a planned 17-hole, approximately 6,000-foot drill program designed to test the geometry and continuity of the skarn at depth.

“The August 2026 field program has given Western Star a clear next step at Eagle Point. We have moved from a project defined largely by historical work and surface showings to a modern three-dimensional geological model and a planned 17-hole drill program. The work identified scheelite-bearing skarn along the granite-limestone contact and identified areas where drilling can directly test the system beneath limited surface exposure. With analytical results pending and drill targets identified, Eagle Point is advancing into the next stage of technical evaluation,” said Blake Morgan, CEO and President of Western Star.

Mapping focused on the southern portion of the Property, where the skarn is exposed at surface and is characterized by scheelite associated with garnet, epidote and lesser quartz. Shortwave ultraviolet light was used as a field screening aid to confirm fluorescent scheelite in collected material, though the Company is clear that no tungsten grade or concentration is inferred from visual or UV observations alone. The exposed skarn dips steeply, at roughly 80 degrees, and extensive talus cover obscures parts of the contact, which is why its full geometry cannot be established from surface work and why the Company is moving to drilling.

Field observations, historical geological maps, magnetic information and structural data were built into an updated three-dimensional Leapfrog Geo model. From it, the Company designed 17 holes totaling approximately 1,850 metres, planned mainly as shallow, closely spaced tests of the steeply dipping contact. The program is intended to evaluate continuity beneath surface exposures, true thickness and geometry, the relationship between skarn and intrusive rocks, the influence of mapped structures, and ground concealed by talus. Multiple holes may be drilled from individual pads at different azimuths and dips.

Twenty-three samples collected between August 23 and August 26, 2026 were hand-delivered to ALS Geochemistry in Tucson for multi-element analysis, and results will be reported after receipt, review and verification. Next steps include integrating those results into the geological model, refining drill targets, and finalizing drilling logistics and applicable permitting. Eagle Point sits alongside the Company’s past-producing tungsten assets in Nevada and its additional exploration exposure through the Western Star property in British Columbia.

Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2) is a mineral exploration company focused on the acquisition, exploration and advancement of mineral properties, with a growing strategic emphasis on tungsten and critical minerals in the United States. The Company is advancing a portfolio of past-producing tungsten assets in Nevada and New Mexico while maintaining additional exploration exposure through its Western Star property in British Columbia.

There are several risks associated with the Company’s plans. Eagle Point is an early-stage exploration property, no Mineral Resource or Mineral Reserve has been established there, and there is no certainty that further exploration will result in one. No assay results from the 2026 program have been reported, and no independent field standards, blanks or duplicates were inserted into the sample stream given the reconnaissance-scale nature of the work. Historical production information has not been independently verified. The planned drill program remains subject to permitting, logistics and financing, and shares of junior exploration companies can be highly volatile. Readers should review the Company’s continuous disclosure documents on SEDAR+ at www.sedarplus.ca and the forward-looking information in the Company’s news release.

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In other industry developments and happenings in the market this week include:

Almonty Industries Inc. (NASDAQ: ALM) announced on September 21 that its Sangdong Mine processing plant and crushing facilities in South Korea received mining facility inspection certificates on September 17, 2026, the final administrative requirement before commercially processing and selling tungsten concentrate for the South Korean market and export. Almonty has been running ore through the plant since June 2026 and can now convert it into concentrate that can be invoiced and shipped.

That output is already largely spoken for. In July 2026, Almonty amended its offtake agreement with Global Tungsten & Powders LLC, a member of Austria’s Plansee Group, extending the term to 21 years from first delivery and raising total contracted volume to 4,410,000 metric tonne units, covering more than 90% of Sangdong’s Phase I production. “Sangdong now has the clearance it needs to commercially operate its processing plant and to sell what that plant produces,” said Lewis Black, Chairman, President and CEO of Almonty. Earlier in September the company also announced a binding joint venture with the Government of Rwanda over the Shyorongi tungsten concession.

Guardian Metal Resources plc (NYSE American: GMTL), a Nevada tungsten developer, reported drilling results on September 21 from its Tempiute project, formerly the largest producing tungsten operation in the United States, including a broad intersection of 92.0 metres at 0.34% WO3. The company completed a 41-hole Phase I regional program that it says confirmed multiple tungsten-rich zones beyond the historical mine footprint, and 28 of roughly 46 planned Phase II resource holes are complete.

Guardian says the results support an accelerated decision on underground rehabilitation at Tempiute, while noting that the project is exploration stage with no Mineral Resource or Mineral Reserve estimated. Its other project, Pilot Mountain, has a completed pre-feasibility study, and in July 2025 the U.S. Department of War invested US$6.2 million under Title III of the Defense Production Act in the company. Like Eagle Point, both Guardian projects are skarn-hosted tungsten systems in the American West.

Kennametal Inc. (NYSE: KMT) recently reported fourth quarter fiscal 2026 sales of $737 million, up 43% year over year, and fiscal 2026 sales of $2.36 billion, up 20%, with record fourth quarter adjusted EPS of $2.96. Metal Cutting sales rose 24% to $398 million.

“We achieved record adjusted EPS this quarter through decisive pricing actions in an unprecedented tungsten environment, volume growth and cost improvement efforts,” said Sanjay Chowbey, President and CEO. The same release shows the cost of that environment: fiscal 2026 operating cash flow was negative $4 million, versus positive $208 million a year earlier, driven by inventory values inflated by tungsten price increases and advance payments to suppliers to secure raw material. Kennametal cited recent wins in Aerospace & Defense, Energy and Earthworks end markets.

Perpetua Resources Corp. (NASDAQ: PPTA) recently provided a construction update on its Stibnite Gold Project in central Idaho, where critical path construction is underway following federal approvals secured in 2025. Components of the project’s dual autoclaves are being fabricated in Europe, and roughly half of the ATCO-supplied permanent worker housing units had been delivered to site as of August 24, 2026.

“We continue to see tangible progress at Stibnite,” said Jon Cherry, President and CEO of Perpetua Resources. The U.S. Department of War has identified Stibnite as the only U.S. mine that would be capable of producing antimony volumes sufficient to meet defense demand by 2029, and in May 2026 the Export-Import Bank of the United States approved a $2.9 billion loan for its development.

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This article is being distributed by Equity Insider, which is wholly owned and operated by Market Equities Limited (“MEL”), a company incorporated under the laws of Ireland. MEL has been paid a fee directly by Western Star Resources Inc. for Western Star Resources Inc. advertising and digital media services. MEL and Western Star Resources Inc. are parties to an Investor Awareness Agreement dated September 11, 2026, under which MEL provides branding, communications, advisory and general consulting services, including SEO, digital media campaigns, media consulting, business development, multimedia and project management, together with weekly ticker tag articles and news-based tags, for a fee of US$100,000 over an initial two-month term upon acceptance by the Canadian Securities Exchange, renewable at the end of the initial term. MEL also expects to receive further compensation as part of an ongoing digital media effort to increase visibility for the company. No further notice will be given, but let this disclaimer serve as notice that all material, including this article, has been approved by Western Star Resources Inc.

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References to Almonty Industries Inc., Guardian Metal Resources plc, Kennametal Inc. and Perpetua Resources Corp. are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of Western Star Resources Inc., none of them is involved in this article, and their results, studies, drilling results, valuations and development milestones are not indicative of Western Star Resources Inc.’s prospects. No partnership, affiliation, or endorsement is implied. Market-size figures cited are third-party projections for the global tungsten market as a whole and do not represent revenue addressable by, or attributable to, any company named in this article. Tungsten prices cited are third-party assessments that vary by product, specification, location and date.

Cautionary Note Regarding Exploration Results. Eagle Point is an early-stage exploration property. Western Star Resources Inc. has not defined any Mineral Resource or Mineral Reserve at Eagle Point, and there is no certainty that further exploration will result in the delineation of a Mineral Resource. No assay results from the 2026 Eagle Point field program have been reported. Visual and ultraviolet observations of scheelite are qualitative only, and no tungsten grade or concentration should be inferred from them. The planned drill program has not commenced, remains subject to permitting, logistics and financing, and may change. Historical exploration and production information referenced in this article has not been independently verified by the Company, is not relied on as a current Mineral Resource or Mineral Reserve, and is provided for geological context only. Drilling results of other companies referenced in this article are core lengths that may not represent true widths and are not indicative of results at any Western Star Resources Inc. property. The scientific and technical information about Eagle Point in this article is derived from the Company’s news release dated September 22, 2026, in which, according to the Company, that information was reviewed and approved by Jacob Anderson, CPG (#12160), MAusIMM (#3089445), a Qualified Person as defined by National Instrument 43-101 who is independent of the Company. The Qualified Person has not reviewed or approved this article. Additional information is available in the Company’s filings on SEDAR+ at www.sedarplus.ca. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this article.

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