Part 1 set out why China's slowdown looks structural. Part 2 asks where the money already went. Over two and a half years the commodity China buys has gone sideways, while the commodities China controls have repriced by between two thirds and nine times. Tungsten, tin, copper and iron ore, and the ASX and TSX producers on either side of the split.

Part 1 mapped the register. Part 2 explained which of those ores actually give their metal back. This note prices them. It carries one Watershed orebody through three eras of tungsten money, from a US$450 study assumption in 2014 to a A$1.3 billion valuation in 2026; it re-bases the district’s only public tin study to today’s price with every assumption on the table; and it closes on the question the whole series has been building to.

Explore the rich history of tin and tungsten in Eastern Australia. Discover why tin and tungsten fields have been long known but underdeveloped.

The company is advancing the Glen Eden Tungsten Project in New South Wales, where historical drilling has outlined a large polymetallic system containing tungsten, molybdenum, tin and bismuth.

In Part 2, fluorite was the villain — the calcium look-alike that makes a tungsten concentrate so hard to clean. But fluorite (fluorspar) is itself a critical mineral. So the question writes itself: if you can separate it, is the troublemaker actually a second product? The literature says yes — with conditions. Here is the evidence, sourced.

Before the challenge of processing, comes the reward. Tungsten stands out in metallurgy due to its exceptional properties: it has the highest melting point of any metal and a density close to that of gold. This makes it a preferred choice for cutting tools, armor, and aerospace applications. Additionally, tungsten is rare, difficult to recycle, hard to replace, and approximately 80% of it is sourced from China. This is why the EU considers it a critical raw material.

Roughly half the world's tungsten lives in skarn: a hard, ugly, calc-silicate rock that forms where a hot granite leans against limestone. Strip away the market noise and this is a story about chemistry at a contact. Here is how it works — in pictures.

Washington has set a hard deadline of 1 January 2027. Australian producers are on the right side of it, but only if they can prove where every gram came from. Australian critical minerals producers have been handed their clearest opening yet into the United States defence supply chain, after President Trump signed an executive order closing the loophole that let American contractors keep buying Chinese magnets, tungsten and tantalum. Executive Order 14415, signed on 20 July 2