Tungsten Uses Aviation Aerospace Military Heavy Machinery Heavy Industry Tools & Construction Medical EV Battery Development Automotive Science & Tech Green Energy Micro Electronics Tungsten Uses Critical Alloy Element, Unsubstitutable in Many Applications Demand was low during the first half of the past year due to significant destocking driven by the high-interest rate environment, and recovered later in the second half of the financial year, primarily due to an environmental audit of tungsten producers in China. However, the price recovery was primarily driven by demand for concentrate due to low stockpiles at production facilities, rather than by downstream demand, as end-product demand recovery has yet to materialise. Economic Importance Supply Risk Tungsten – A Material of Global Critical Significance Source: European Commission list of critical raw materials, 2023. EQ Resources Limited Annual Report 2024 9
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