[REPLAY] Oliver Friesen: All Things Tungsten

Oliver Friesen, a geologist by trade and founder/CEO of Guardian Metals, joined the podcast to discuss tungsten, critical minerals, and the U.S. domestic mining landscape. Friesen explained that his background includes 10 years of fieldwork and a stint at Barrick Gold in Nevada, which shaped his preference for that jurisdiction. He originally acquired the Pilot Mountain project five years ago — the largest tungsten deposit in the U.S. — drawn initially by its copper porphyry targets, only later recognizing the strategic value of tungsten as China's stranglehold on critical metal supply chains became increasingly concerning.

Friesen outlined the key challenges facing tungsten as an investment thesis: opaque pricing (quoted in metric ton units, not easily searchable), a small but strategically vital market (~$5-6 billion annually), and the fact that over 90% of global mine supply comes from China, Russia, and North Korea — all adversarial nations. He noted that the Russia-Ukraine war was a catalyst that forced Western nations to reckon with their supply chain vulnerabilities. Unlike rare earths, tungsten has unique physical properties (highest melting point of any metal, extreme density) that make it irreplaceable in munitions, cutting tools, chip technology, nuclear fusion, and aerospace applications.

Guardian Metals owns two projects in Nevada: Pilot Mountain and Tempe Ute. Tempe Ute was the largest tungsten mine in the U.S. in the 1980s, shut down solely because China flooded the market with cheap tungsten, not due to any geological or processing failure. Friesen emphasized that the infrastructure is largely still in place, making it a restart opportunity rather than a greenfield development. He also highlighted that unlike many other critical metals, the U.S. already has tungsten processing capacity — specifically Global Tungsten and Powders in Towanda, Pennsylvania, a facility overbuilt during the tungsten filament/lightbulb era of the mid-20th century — meaning the missing link is purely mine supply.

Friesen discussed the company's fundraising journey: struggling to raise $2.5 million USD for the 2023 IPO, versus recently closing a $21 million raise and receiving a $6.2 million Department of Defense award. He described the DoD's role as increasingly central, pointing to Perpetua Resources (antimony) and MP Materials (rare earths) as blueprints. The MP Materials deal — featuring direct equity investment and price floors — was highlighted as a landmark signal that fundamentally changes the risk profile of U.S. mining investments by converting cyclical commodity exposure into something closer to an underwritable annuity stream.

On the political side, Friesen argued the critical minerals push is genuinely bipartisan, citing the Biden administration's support for Perpetua Resources including granting full federal permits. He expressed confidence that regardless of administration changes, the strategic necessity of domestic critical mineral production will sustain policy support. He also noted permitting reform and tariffs as important tailwinds under the current Trump administration.

Friesen addressed his own role as a 35-year-old first-time mining CEO, acknowledging his relative inexperience while emphasizing the experienced team he has assembled, including board members and operators who have built mines in Nevada. He stated that his motivation has evolved beyond financial return to a genuine sense of mission around U.S. national security, noting that major U.S. manufacturers are reportedly already struggling to procure sufficient tungsten. He expressed a desire to deliver both mines to production within the current presidential term.