Prices Up 500%, Inventories Near Empty: The Critical Metal Facing a Global Supply Crunch and a British Columbia Explorer Sitting on Historic Deposits

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1. Disclosure for the quote from the John Newell article published on February 11, 2026

1. For the quoted article (published on February 11, 2026), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,500.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Most investors have never heard of tungsten. That may be about to change. Prices for the metal have surged roughly 500% over the past year, global inventories are critically low, and analysts at BMO Global Commodities Research are warning that the world has quietly "sleepwalked" into a serious supply crunch.

Against that backdrop, Adamera Minerals Corp. (ADZ:TSX.V) is advancing exploration projects in British Columbia and Washington State that include a historic tungsten mine, copper and silver deposits, and one of North America's highest-grade gold districts.

Why Tungsten Matters — and Why Supply Is Running Out

Tungsten rarely makes headlines, but it underpins some of the most critical industrial and defense applications on earth. It has the highest melting point of any metal, a density comparable to gold, and in carbide form, it is exceptionally wear-resistant. That combination makes it essentially irreplaceable in cutting tools, drill bits, hard-facing materials, armor-piercing ammunition, and high-performance machining components. There is no practical substitute for tungsten in many of these uses, which is precisely what makes the current supply situation so consequential.

According to BMO Global Commodities Research analysts George Heppel and Helen Amos, the tungsten market has been building toward a crunch for years. Ore grades at existing mines have been declining steadily, environmental restrictions have tightened production, and investment in new mining capacity has been chronically insufficient. China, which accounts for roughly 75% of global supply, has compounded the problem by tightening export restrictions on dual-use tungsten products. By late 2025, exports of ammonium paratungstate (APT) from China had fallen to zero. Prices that had averaged around US$300 per metric ton for years broke sharply higher in 2025 and now trade near US$1,775 per metric ton. BMO forecasts another supply deficit in 2026, with tightness expected to persist.

The analysts were blunt in their assessment, writing that "the cure for high prices is high prices" — meaning meaningful new investment in mined supply will likely only materialize at price levels well above anything seen historically. In the near term, they expect the market to partially rebalance through modest growth in artisanal mining and some demand destruction, but neither will be sufficient to restore comfortable inventory levels.

Global Price Surge: What the Data Shows

The price moves across tungsten's various product forms have been striking. Offshore APT CIF Rotterdam was priced at US$1,750 to US$1,850 per metric ton unit as of late February 2026, up more than 13% in a single week, with some European transactions reportedly settling even higher at US$1,800 to US$1,900 per mtu. Ferrotungsten at Rotterdam warehouses averaged US$200 per kilogram, up 1.5% week-over-week. European scrap drill bits were offered at €80 to €100 per kilogram, up 12.5% week-over-week.

In China, the first trading day after the Lunar New Year holiday saw spot APT prices concentrated around 1.05 million yuan per metric ton, up 380,000 yuan per metric ton year to date. The SMM price for 65% wolframite concentrate closed at 701,500 yuan per metric ton, up 248,000 yuan year to date. One major tungsten enterprise raised long-term contract prices for the second half of February, setting zero-grade national standard APT at 1.07 million yuan per metric ton, up 100,000 yuan month over month. With Chinese enterprises largely suspending offers during the holiday period, Rotterdam APT prices briefly exceeded Chinese domestic prices, as each new transaction drove offers higher amid acute raw material shortages.

The path back to balance is not straightforward. BMO identified five possible rebalancing mechanisms: expansion of Chinese mine supply (unlikely near term due to grade and environmental constraints), new mines outside China (years away from production), artisanal supply growth (modest and temporary), recycling expansion (limited in western markets), and demand destruction (difficult given tungsten's unique and largely irreplaceable properties). The conclusion is that high prices are here to stay for the foreseeable future.

Adamera Minerals: A British Columbia Explorer at the Intersection of Three Themes

As supply tightness and price volatility reshape critical and industrial metal markets, exploration companies holding assets in established mining jurisdictions are drawing renewed attention. Adamera Minerals Corp. (ADZ:TSX.V) is one such company, advancing gold, copper, silver, and tungsten projects in British Columbia and Washington State.

The company's Talisman Copper-Silver-Tungsten Property near Laurier, Washington, is a particularly timely asset. The historic Talisman tungsten mine was a key strategic producer during World War II, supplying the U.S. military with tungsten for defense applications. The property hosts scheelite mineralization in garnet-epidote skarn along the contact between limestone and intrusive rocks, with selected samples from the historic workings returning grades of 0.35%-1.0% WO₃, and some local samples assaying higher grades.

Adamera's exploration work at Talisman has historically focused on its copper and silver potential rather than tungsten, with smelter records from the historic mine averaging 5% copper and 103 g/t silver, and specific zones also containing lead up to 20% and zinc up to 11%. Surface sampling and geophysical work have outlined a 1.5-kilometer mineralized corridor containing copper, silver, lead, zinc, and tungsten occurrences, with rock samples returning copper values from 0.54% to 4.6%, silver from 1.0 g/t to 1,000 g/t, zinc from 0.50% to 6.90%, and lead from 0.44% to 12.80%.

In November 2025, the company reported a new tungsten occurrence on the property, with rock samples collected up to 720 meters south of the historic Talisman Mine returning values ranging from 100 ppm to 2,600 ppm tungsten. For context, background tungsten levels in the area are typically below 5 ppm. The discovery suggests potential continuity of the known tungsten deposit well to the southwest, materially increasing the scale of mineralization the property could host.

President and CEO Mark Kolebaba noted the significance of the shift in focus: "The renewed emphasis on tungsten, a US federally designated critical mineral, adds a valuable dimension to the project. The discovery of potential continuity of the known tungsten deposit well to the southwest is significant as it substantially increases the potential scale of mineralization."

The Republic Gold District: One of North America's Highest-Grade Camps

¹Beyond tungsten, Adamera holds exploration assets in the Republic Gold District of Washington State, which analyst John Newell of John Newell & Associates described as "one of the highest grade gold camps in North America." Newell rated Adamera a Speculative Buy at around CA$0.10 in a February 11 analysis, noting that the company has spent more than a decade assembling strategic land positions and advancing drill-ready targets. He characterized the company's approach as focused on high-grade, underground-style systems with small footprints, leveraging existing infrastructure wherever possible.

Adamera's Flag Hill project hosts an epithermal-style vein system in the district. Importantly, a permitted 2,000-tonne-per-day mill owned by Kinross sits within the district on care and maintenance, alongside existing haul roads and power transmission lines — infrastructure advantages that could significantly reduce the capital requirements of any future development.

Newell's broader thesis was straightforward: precious metals markets are back in motion, and when gold is working, investors look for leverage in smaller-cap companies with real drill-ready targets in proven districts. "This is not greenfield exploration," he wrote.

Ownership and Share Structure²

Retail investors hold approximately 92% of Adamera Minerals. Management and insiders account for about 4.61%, including President and CEO Mark Kolebaba, and U.S. Global Investors Inc. holds approximately 3.29% as the primary institutional shareholder.

The company has approximately 32.12 million shares outstanding and a market capitalization of roughly CA$5 million. Its 52-week trading range spans CA$0.05 to CA$0.165.