Value Hive Podcast Oliver Friesen (GMET): All Things Tungsten
Aug 15, 2025
Oliver Friesen, the geologist and CEO of Guardian Metals, dives into the world of tungsten, a critical mineral vital for U.S. national security and supply chains. He discusses tungsten’s unique properties, such as its extreme density and high melting point, making it essential for defense applications. Friesen also outlines Guardian's strategies for developing the largest undeveloped tungsten deposit in the U.S. and emphasizes the importance of domestic mining capabilities amidst geopolitical challenges. He engages with industry dynamics and future investment potential.
AI Snips
Chapters
Transcript
Episode notes
Luck Led To A Strategic Tungsten Bet
- Oliver Friesen found Pilot Mountain partly by luck after targeting copper and later discovering the largest U.S. tungsten deposit.
- He shifted focus as geopolitical supply risks made tungsten strategically valuable for the U.S.
Opaque Pricing Hides True Market Risk
- Tungsten pricing is opaque and quoted in MTU, which confuses generalist investors used to transparent markets.
- A bifurcation between a China price and a U.S./Western price is emerging as onshore demand rises.
Model Tungsten Projects Like Other Mines
- Use comparable metrics: convert tungsten to copper-equivalent value and run standard mining models to assess projects.
- Use FastMarkets weekly prices and test economics across price scenarios to judge robustness.