Send us a textPrices are surging, supply is squeezed, and buyers are searching for reliable sources of tungsten outside China and Russia. We sit down with Gary Lyons, Non‑Executive Chair of Tungsten Mining, to unpack how Mt Mulgine in Western Australia could become a cornerstone supplier for hardmetals, aerospace, energy, and defence—while using near‑term gold to fund the path to scale.Gary takes us inside the market fundamentals: China at roughly 80% of concentrate, Russia near 10%, export bans in place, and a demand profile that could double over the next eight years. Against this backdrop, Mt Mulgine stands out for its size, jurisdictional stability, and multi‑commodity upside—including molybdenum, copper, and silver. We explore the company’s $9.5m capital raise and why a staged, gold‑first approach—supported by strong metallurgical test work and conventional processing—can create early cash flow, reduce upfront capital intensity, and de‑risk the larger tungsten build.We map the execution roadmap from studies to site: advancing engineering, environmental work, and permitting; fast‑tracking PFS and moving to DFS with a target to finalise by end‑2026 to early 2027; and aligning development with market and partnership conditions. Gary also reflects on portfolio strategy—how a years‑long acquisition program built one of the largest “tungsten warehouses” outside China, and why the focus now is on unlocking value rather than more deals. If you care about critical minerals security, supply diversification, and the practical steps to bring a world‑class tungsten project online, this conversation offers clarity, timelines, and a compelling plan.Enjoyed the chat? Follow the show, share it with a colleague who tracks critical minerals, and leave a quick review to help others find us.

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