By ACB News Stock Market Desk | 16 November 2026

As tungsten takes on growing strategic importance in a rapidly changing global critical minerals landscape, Alvear Tungsten Limited (proposed ASX ticker: ATW) is preparing to revive a historic high-grade tungsten mine in Argentina, with plans to establish a new commercial operation and build a platform for longer-term growth.

At the forefront of this ambition is Managing Director Spencer Cole, an experienced mining executive with more than 25 years in the industry, who sees considerable opportunity in bringing Alvear’s flagship Nueva Santa Clara Tungsten Project in Argentina’s Catamarca Province back into production.

In an exclusive interview with ACB News, Cole outlined a development strategy that combines the advantages of a historically productive mine with modern exploration, disciplined project planning and access to international industrial and financial markets.

The company is targeting its first JORC-compliant Mineral Resource, completion of a definitive feasibility study and progression towards a Final Investment Decision (FID) within approximately 18 months, followed by commercial production within three years.

For Alvear, the proposed ASX listing represents an opportunity to advance a historic tungsten asset at a time when the metal’s strategic importance is gaining renewed recognition among governments, industrial customers and international investors.

San Antonio: Reviving a Historic High-Grade Tungsten Mine

At the heart of Alvear’s development plans lies San Antonio, a historic underground tungsten mine with a production record stretching back more than a century.

Located within the Nueva Santa Clara project in Argentina’s Catamarca Province, San Antonio supplied tungsten to European markets during the Second World War, when the metal played an important role in defence and industrial manufacturing.

According to Cole, the mine was abandoned following the war as demand weakened, rather than because its mineralisation had been exhausted.

Historical production records indicate an estimated average mined grade of approximately 2.37% tungsten trioxide (WO₃), with concentrate grades ranging from 65% to 71% WO₃. These figures provide a valuable starting point for the company’s planned modern exploration programme.

Cole sees particular promise in the combination of high historical grades, relatively straightforward mineralogy and established infrastructure. The deposit contains quartz-wolframite veins hosted in granite. Wolframite can generally be processed through gravity separation, offering the potential for a comparatively simple processing flowsheet and a more manageable initial development.

The mine’s proximity to roads, power infrastructure and water resources could provide further advantages in controlling development costs and construction complexity.

Importantly, Alvear has yet to establish a modern JORC-compliant Mineral Resource or undertake contemporary drilling. The forthcoming exploration programme will therefore play a central role in determining the scale, continuity and commercial potential of the mineralisation.

Nevertheless, San Antonio’s historical production record and existing infrastructure give Alvear a distinctive foundation from which to pursue its ambition of becoming a commercial tungsten producer.

Global Tungsten Supply Chains Create New Strategic Opportunities

Tungsten is emerging as an increasingly important focus of international critical minerals policy as major industrial economies seek to strengthen the security and resilience of their raw material supply chains

Renowned for its exceptionally high melting point, hardness and resistance to wear, tungsten is indispensable in precision manufacturing, aerospace, defence equipment and a wide range of advanced industrial applications.

Its importance to modern industry contrasts sharply with the concentration of global mine production. According to the US Geological Survey’s Mineral Commodity Summaries 2026, global tungsten mine production was estimated at approximately 85,000 tonnes in 2025, with China accounting for around 67,000 tonnes, or approximately 79% of total output.

This highly concentrated supply structure is encouraging industrial economies across Europe, North America and Asia to seek more diversified sources of tungsten and strengthen long-term relationships with prospective suppliers. 

Changes in international trade policies and growing demand for secure supplies to defence and advanced manufacturing industries are adding momentum to these efforts.

The shift was reflected at the recently concluded International Mining and Resources Conference (IMARC 2026) in Sydney, where critical minerals supply security and international industrial cooperation featured prominently.

In an exclusive interview with ACB News, Benjamin Gallezot, France’s Interministerial Delegate for Minerals and Metals Supplies, highlighted interest among French companies and financial institutions in Australian critical minerals investment opportunities, particularly rare earths, tungsten and antimony.

His comments reflected a broader international trend in which access to strategic mineral resources is increasingly influencing industrial investment, financing arrangements and cross-border cooperation.

Related ACB News coverage: IMARC 2026 Exclusive Interview — France Sees Opportunities in Australian Critical Minerals, with a Focus on Rare Earths, Tungsten and Antimony.

For emerging developers such as Alvear, these developments could open new commercial pathways, connecting future tungsten production with industrial customers, strategic investors and financial institutions seeking to support more diversified supply chains.

Strategic Investors and Strong Share-Price Gains Lift ASX Tungsten Sector

The renewed international focus on tungsten is also finding expression in Australia’s mining capital markets, where strategic investment and substantial share-price gains have brought growing attention to the sector.

In July 2026, Australian mining entrepreneur Andrew Forrest, through his investment vehicle Wonongarra, agreed to acquire an approximately 16.8% stake in EQ Resources Limited (ASX: EQR) from funds managed by US investment firm Oaktree Capital Management.

The shares were valued at approximately A$190 million based on EQR’s prevailing market price, marking a significant proposed investment in an established tungsten producer and highlighting the appeal of the sector to experienced mining investors.

As of 6 November 2026, EQ Resources (ASX: EQR), which operates tungsten mines in Queensland and Spain, had gained approximately 536% over the preceding 12 months.

Tungsten Mining NL (ASX: TGN), with its Mt Mulgine development assets in Western Australia, had risen approximately 83%, while Sky Metals Limited (ASX: SKY), advancing the Tallebung tin-tungsten-silver project in New South Wales, had climbed approximately 108%.

These gains illustrate the strength of investor interest in tungsten producers and developers, as markets increasingly focus on resource quality, prospective production capacity and opportunities to participate in the evolving international tungsten supply chain.

While the companies occupy different stages of development, their market performances have brought renewed attention to tungsten as an investment theme within the Australian resources sector.

It is against this increasingly active industry and investment backdrop that Alvear is preparing for its proposed ASX debut, seeking to build on San Antonio’s historical strengths and advance the project towards commercial production.

From IPO to Production: An Ambitious Development Roadmap

Alvear is seeking to raise A$4.5 million to A$7.5 million through its IPO at A$0.20 per share, with a proposed ASX listing on 26 November 2026.

The proceeds are intended primarily to fund exploration and technical studies, laying the groundwork for the project’s first modern resource estimate and subsequent development decisions.

A 10,000-metre drilling programme has already been designed, with an initial 2,000 metres progressing through the permitting process.

Exploration will initially focus on the historic San Antonio mine before extending into surrounding prospective areas, supported by geophysical surveys, geochemical investigations and trenching.

Cole believes the extensive historical mining information, clearly identifiable mineralisation and relatively 

straightforward geological setting could help the company move efficiently through the early stages of development.

His timetable is ambitious: complete a definitive feasibility study (DFS) and progress towards FID within approximately 18 months, with the ultimate objective of achieving commercial production within three years.

The proposed initial operation would be relatively modest in scale, with a preliminary processing concept of approximately 400 tonnes of ore per day. Cole estimates initial construction capital at approximately US$35 million to US$50 million, subject to further technical studies and project definition.

The attraction of a staged approach lies in the possibility of establishing a manageable initial operation while preserving opportunities for subsequent expansion.

If modern exploration confirms the historical mineralisation and the project’s economic potential, San Antonio could provide Alvear with a foundation for developing a broader tungsten production business.

Financing Growth and Building a Regional Tungsten Business

For Cole, the development of San Antonio is closely linked to the company’s ability to secure an effective financing structure and establish relationships with international industrial customers.

Rather than relying solely on further equity raisings, he intends to explore project debt, long-term tungsten offtake agreements and strategic partnerships as potential sources of construction funding. Such arrangements could allow Alvear to draw on the growing international demand for secure tungsten supplies while managing dilution for existing shareholders.

During IMARC 2026, Cole held discussions with potential banking partners and reported encouraging interest in tungsten-related project financing.

He also identified possible financing pathways involving Argentina’s RIGI investment incentive framework, the Export-Import Bank of the United States and international critical minerals cooperation arrangements. These opportunities remain at an exploratory stage and do not represent committed funding.

Cole sees potential commercial interest from industrial customers in China, Europe, the United States, Japan and South Korea. In his view, the breadth of international demand creates opportunities not only to identify future buyers, but also to establish relationships capable of supporting mine development.

The longer-term growth strategy extends well beyond the initial San Antonio operation. Alvear holds five tenements in the surrounding district and has arranged options over additional ground, with plans to progressively strengthen its regional position.

Cole is also considering further tungsten opportunities elsewhere in Argentina, where historic mining activity has left a substantial base of prospective mineral assets.

Over time, he envisages a hub-and-spoke mining model, with a central processing facility potentially serving multiple mining areas across the district. This could provide a pathway for Alvear to expand its mineral supply base, make greater use of shared processing infrastructure and build a more substantial regional tungsten business.

The immediate ambition remains clear: advance San Antonio towards commercial production within three years, while establishing the technical, financial and operational foundations for further growth.

Exclusive Video Interview | Spencer Cole’s Eight Key Insights

In this exclusive interview with ACB News presenter Hannah, Alvear Tungsten Managing Director Spencer Cole shares his perspectives on the company’s development priorities, financing strategy and longer-term ambitions.

The following eight highlights capture his key insights, with timestamps guiding viewers to each section of the interview.

Why Alvear? High Grades, Cost Potential and Market Opportunity

Watch: 01:01–02:09

Cole was attracted to Alvear by San Antonio’s historical high-grade mineralisation, relatively straightforward development characteristics and potential to operate towards the lower end of the tungsten industry cost curve. He also sees a compelling combination of rising tungsten prices, changing global supply dynamics and renewed international investment interest in Argentina.

San Antonio’s Strengths: Historic Production, Processing and Infrastructure

Watch: 02:10–04:41

San Antonio supplied tungsten to European markets during the Second World War and, according to Cole, ceased operating as demand declined rather than because its mineralisation was exhausted. Historical grades of approximately 2.4% WO₃, potentially simpler gravity processing of wolframite, and access to roads, power and water provide an encouraging development foundation. Modern drilling and a JORC-compliant Mineral Resource are still required.

A 10,000-Metre Drilling Programme to Unlock Resource Potential

Watch: 04:42–06:15

Alvear plans to begin exploration around the historic San Antonio workings before expanding across surrounding mineralised areas. A 10,000-metre drilling programme has been designed, with the first 2,000 metres undergoing permitting. Cole expects geophysical surveys, geochemical work and trenching to help refine drilling targets and support the company’s first modern resource estimate.

IPO Funding and an 18-Month Development Target

Watch: 06:16–07:19

The proposed A$4.5 million–A$7.5 million IPO will primarily fund exploration and technical studies. Cole is targeting a definitive feasibility study and progress towards a Final Investment Decision within approximately 18 months. Although ambitious, he believes San Antonio’s extensive historical records and identifiable mineralisation could help accelerate the development process.

Starting Small: A 400-Tonne-Per-Day Operation

Watch: 07:20–09:01

Cole envisages an initial processing operation of approximately 400 tonnes per day, with preliminary construction capital estimated at US$35 million–US$50 million. He intends to explore project loans and long-term offtake arrangements to finance development while limiting shareholder dilution. Potential funding avenues include international banking partners, Argentina’s RIGI framework and US financial institutions.

Global Tungsten Demand and Strategic Financing Partners

Watch: 09:02–11:00

With tungsten production heavily concentrated in China, Cole sees growing opportunities to supply industrial customers across China, Europe, the United States, Japan and South Korea. His priority is not simply finding buyers, but identifying partners able to offer the most advantageous construction financing. Potential arrangements could involve Chinese industrial groups, US financial institutions or other international strategic partners.

Beyond San Antonio: District Consolidation and Acquisitions

Watch: 11:01–12:17

Alvear aims to consolidate its position around five existing tenements, with options already secured over additional ground. Cole is also evaluating historic tungsten assets elsewhere in Argentina. Geological potential, provincial mining policies and permitting efficiency will guide future acquisition decisions as the company explores opportunities to establish a broader regional tungsten business.

The Three-to-Five-Year Vision: Production and Regional Growth

Watch: 12:18–13:32

Cole’s principal ambition is to reach FID within approximately 18 months and achieve commercial production within three years. He wants Alvear to establish a competitive cost structure capable of withstanding weaker tungsten prices. Longer term, he envisages additional mining areas feeding a central processing facility, creating a hub-and-spoke operating platform with scope for further acquisitions.

Interviewee: Spencer Cole, Managing Director, Alvear Tungsten Limited

Interviewer: Hannah, ACB News Executive Interview Series

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