Sutherland expects prices to remain supported because meaningful new supply is unlikely before the next two to three years. Patriot Critical Minerals is targeting production from its Nevada tungsten project within three years as part of efforts to strengthen domestic US supply and reduce reliance on imports.
He noted that tungsten prices have climbed sharply over the past year as buyers seek alternatives to Chinese supplies.
“We have seen the price of tungsten go from $300 a metric tonne unit to over $3,000 over that time span,” he said, adding that the increase reflects growing competition for limited supplies.
China currently accounts for around 80% of global tungsten production, creating a significant imbalance in the market. According to Sutherland, the next-largest producer, Vietnam, produces only a fraction of China’s output, making it difficult for alternative suppliers to fill the gap.
He believes the current rally differs from previous commodity cycles because prices have remained elevated instead of retreating after a sharp spike.
Patriot Critical Minerals is developing what it describes as the largest compliant tungsten resource in the United States. Sutherland said the Nevada project could become a key domestic source of supply after more than 15 years without US tungsten production.
While the project could meet around 20-25% of US demand, Sutherland said additional mines would still be needed to fully secure the country’s supply chain.
Beyond mining, Patriot Critical Minerals is also in discussions with potential end users across the defence, aerospace and semiconductor industries. Sutherland said the company wants to retain control over future production while evaluating long-term supply agreements.
He added that countries including India are expected to invest more heavily in developing critical mineral infrastructure, creating opportunities for international collaboration as governments seek to strengthen supply chains outside China.
For the full interview, watch the accompanying video
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