This blog post is disseminated on behalf of American Tungsten Corp. (TSXV: TUNG | OTCQX: TUNGF | FRA: RK90), Pulsar Helium Inc. (AIM: PLSR | TSXV: PLSR | OTCQB: PSRHF), Fortune Minerals Ltd. (TSX: FT | OTCQB: FTMDF), and Western Star Resources Inc. (CSE: WSR | OTC: WSRIF | FRA: 4K2).
At A Glance
- Concentrated supply chains for tungsten, helium, bismuth, and other critical minerals are increasing the focus on alternative Western sources.
- Government support, potential offtake agreements, and strategic partnerships can provide additional pathways for project financing and development.
- New mines alone are not enough. Processing capacity and infrastructure are also needed to build more resilient supply chains.
- Drilling, permitting, financing, engineering, and commercialization remain key milestones as companies work toward potential production.
Critical minerals have become increasingly important to the defense, technology, and industrial supply chains of Western economies, but securing access to materials such as tungsten, helium, and bismuth requires more than identifying deposits.
American Tungsten Corp. CEO and Director Ali Haji, Pulsar Helium Inc. President Cliff Cain, Fortune Minerals Ltd. President and CEO Robin E. Goad, and Western Star Resources Inc. CEO Blake Morgan discussed supply concentration, government support, processing capacity and upcoming project milestones during our September 17, 2026 panel discussion, “Critical by Design: The Elements the Military Can’t Replace and the Companies Building Western Supply.”
Why Critical Minerals Matter Now
Critical minerals have taken on growing strategic importance as governments and industries reassess the security of their supply chains.
Cliff pointed to changes in modern warfare and technology as one reason reliable access to these materials has become increasingly important. Emerging technologies require specialized materials, making secure supply a consideration for governments and industries alike.
The panelists also discussed how artificial intelligence could add another layer of demand, with critical materials playing roles across data centers, advanced computing, energy infrastructure, and other technologies.
Tungsten also reflects the growing focus on supply security. The panel highlighted rising tungsten prices and supply concentration, with China maintaining a significant position in the global tungsten market.
For Robin, bismuth illustrates a similar supply challenge. He pointed to consumption growing at around 7.5% annually, while China controls 80% of mine supply and 90% of refinery production.
Across these materials, growing applications and concentrated supply have increased attention on projects that can provide alternative sources.
Moving Critical Mineral Projects Forward
As Western governments focus on strengthening critical mineral supply chains, partnerships with governments, customers, and strategic investors can provide companies with additional pathways toward project development.
American Tungsten has received a letter of interest from the U.S. Export-Import Bank for potential financing of up to US$25.5 million and is a member of the U.S. Defense Industrial Base Consortium.
Ali also discussed the company’s letters of intent with potential buyers, which could progress toward commercially binding offtake arrangements following metallurgical testing. Alongside potential government grants and private capital, these relationships give American Tungsten several potential avenues for financing the development of the IMA Mine.
However, Ali emphasized that government engagement or the presence of a critical mineral does not automatically make a project strategic.
“Something can contain a critical metal, but it becomes strategic for the government when they see a line of sight to how this thing comes online.”
Fortune Minerals is similarly working with government partners as it advances its NICO Cobalt-Gold-Bismuth-Copper Project. The company has received support from the Canadian and U.S. governments for engineering and processing work, while Canada has separately committed up to C$50 million toward an access road connecting the proposed NICO mine to the territorial highway system.
Across both companies, the discussion showed how government relationships, potential customers, and other strategic partners can support project development, while viable economics and execution remain necessary to ultimately bring new supply online.
Processing Is Part of Supply Security
Developing domestic mines addresses only one part of the critical mineral supply chain.
The ability to process those materials domestically can be equally important.
Robin argued that producing a mineral concentrate only to ship it overseas for processing can leave Western industries dependent on the same external supply chains they are trying to diversify away from.
“If we simply produce a concentrate and ship that overseas to an Asian market, we’ve lost custody and control of those metals.”
Fortune’s development strategy reflects that concern. Its proposed project combines a mine and concentrator in the Northwest Territories with downstream processing in Alberta.
Haji made a similar point regarding tungsten, noting that as companies work to restart domestic mining, processing capacity will also need to increase.
Rebuilding Western supply chains therefore involves both upstream mineral development and the midstream infrastructure needed to turn mined material into products that end users can actually consume.
Helium’s Role in Advanced Technologies
Pulsar Helium’s Topaz Project in Minnesota has returned high concentrations of helium-4 and has also confirmed the presence of helium-3, a rare isotope with specialized applications.
Cliff pointed to the use of helium-4 across applications such as MRIs, welding, and shipbuilding, while helium-3 has potential applications in quantum computing and neutron detection.
In quantum computing, helium-3 is used in dilution refrigeration systems that can achieve the extremely low temperatures required by some types of qubits. It is also used in neutron detection systems designed to identify fissile materials.
However, finding helium is only one part of bringing it to market.
“Finding it’s one thing, getting commercialized is a whole different ballgame.”
Helium processing requires specialized purification and liquefaction infrastructure, as well as access to power, roads, land, and a workforce. Pulsar is currently progressing site selection and working with state and federal stakeholders as it advances the Topaz Project.
Jurisdiction Can Help Projects Move Forward
The location of a critical mineral project can also influence its development pathway.
Blake highlighted the importance of operating in established U.S. mining jurisdictions, pointing in particular to Nevada’s existing mining infrastructure and permitting environment.
Western Star has completed its 2026 field program at the Eagle Point tungsten property in New Mexico and outlined a planned 17-hole, 6,070-foot drill program. The company is also progressing its Rowland and White Star tungsten projects in Nevada.
The company, according to Blake, deliberately sought projects with histories of production and indications of higher-grade mineralization.
“We wanted good jurisdiction, and the push for tungsten is in the United States, so that’s where we wanted to be.”
For Western Star, drilling represents the next major step in evaluating the scale of its projects.
Rebuilding Western Supply Chains Will Take Time
The panel also considered whether Western economies would be prepared if access to critical minerals from China were suddenly disrupted.
The discussion pointed to the difficulty of quickly replacing concentrated sources of supply. Developing new mineral projects can involve lengthy timelines, while expanding domestic processing capacity presents an additional challenge.
Robin described a broader shift away from traditional globalization, where cost and just-in-time supply dominated decision-making, toward greater emphasis on resilience and security.
“Supply chain resilience and supply chain security have become much more important.”
Together, these challenges illustrate why replacing concentrated sources of critical mineral supply is unlikely to happen quickly.
What Investors Can Watch Next
Each company has a different set of near-term milestones.
Western Star is working toward its planned 17-hole drill program at Eagle Point, while Pulsar Helium is focused on site selection, infrastructure, and regulatory work in Minnesota. Fortune Minerals is moving toward a potential final investment decision, with an updated feasibility study and project financing among its priorities. American Tungsten, meanwhile, is conducting metallurgical testing and permitting work alongside its preliminary economic assessment as it pursues a phased restart of the IMA Mine.
These milestones will help determine how each project progresses toward potential commercial development.
Watch the full panel discussion on investorTV’s YouTube channel.