1. China

Tungsten production: 67,000 metric tons
Tungsten reserves: 2.4 million metric tons

In 2024, China produced 67,000 metric tons of tungsten, up by 1,000 MT from 2023. The country is the world’s largest producer of the metal by a wide margin, accounting for more than 80 percent of total annual tungsten output worldwide.

That said, China’s tungsten production has been falling in recent years — the Asian nation has limited the quantity of tungsten-mining and export licenses it awards and has imposed quotas on tungsten concentrate production. The country has also recently increased environmental inspections.

China has been the main source of tungsten imported into the US since 2017, and the country accounted for 27 percent of US tungsten imports in 2024.

In response to US President Donald Trump’s imposition of 10 percent tariffs on imports from China in February 2025, the Government of China immediately announced strict export controls on tungsten and four other key metals used in several important industries, including defense. Tighter tungsten supply out of China may lead to higher prices for the metal despite growing production from ex-China sources.

2. Vietnam

Tungsten production: 3,400 metric tons
Tungsten reserves: 140,000 metric tons

Vietnam’s tungsten production in 2024 came to 3,400 metric tons, down by 100 MT from the previous year. Privately owned Masan Resources runs the Vietnam-based Nui Phao mine, which it says is the largest tungsten-producing mine outside China. It is also one of the lowest-cost producers of tungsten in the world.

In 2024, Vietnam accounted for 8 percent of US tungsten imports.

3. Russia

Tungsten production: 2,000 metric tons
Tungsten reserves: 400,000 metric tons

Russia produced 2,000 metric tons of tungsten in 2024, on par with the last few years. The war between Russia and Ukraine has hampered Russia’s ability to trade and make deliveries of tungsten to the world market as it continues to face sanctions. The Tyrnyauz tungsten-molybdenum mine is the largest tungsten deposit in the country and one of the largest globally.

Russia is a significant supplier of the metal to Europe, but restrictions have increased the continent’s dependency on Chinese imports. At the same time, the war is fueling tungsten demand given the metal’s use in ammunitions.

4. North Korea

Tungsten production: 1,700 metric tons
Tungsten reserves: 29,000 metric tons

In 2024, North Korea produced 1,700 metric tons of tungsten production, up by 100 MT over the previous year. The Mannyŏn mine in North Hwanghae province is the country’s largest tungsten mine. Its name means 10,000 years in reference to its vast reserves.

Tungsten ore is North Korea’s third highest export by value, worth nearly US$26 million in 2023, with the majority being consumed by China. Tungsten’s high spot in North Korea’s export market may be due to the fact that it’s one of the few metals not listed under UN sanctions on the country’s trade.

5. Bolivia

Tungsten production: 1,600 metric tons
Tungsten reserves: Not available

Bolivia’s tungsten production in 2024 was 1,600 metric tons, a gain of 100 MT over the previous year. The South American country has increased its tungsten production since 2014 as a result of moves to promote its tungsten industry. Bolivia accounted for 8 percent of US tungsten imports in 2024.

The Bolivian mining industry is heavily influenced by Comibol, a state-owned mining umbrella company.

6. Rwanda

Tungsten production: 1,200 metric tons
Tungsten reserves: Not available

Rwanda produced 1,200 metric tons of tungsten in 2024, on par with 2023’s output. Tungsten is one of the most common conflict minerals in the world, meaning that at least some of it is produced in war zones and is sold to perpetuate fighting.

While Rwanda has promoted itself as a source of conflict-free minerals, concerns remain about its tungsten output. Nevertheless, it is an important exporter of tungsten, accounting for 31 percent of global tungsten trade in 2022.

One of the largest tungsten producers in Rwanda is privately owned Trilogy Metals, which owns the Nyakabingo tungsten ore mine. Trilogy’s largest shareholder is UK-based private industrial company Techmet, which is working to secure a viable technology metal supply chain.

7. Australia

Tungsten production: 1,000 metric tons
Tungsten reserves: 570,000 metric tons*

In 2024, Australia produced 1,000 metric tons of tungsten. This represents a more than 130 percent jump in output from 2023 levels, taking it from the ninth spot on the previous year’s list to rank seventh in global tungsten production for 2024.

There are several operating tungsten mines in Australia. EQ Resources (ASX:EQR) is an Australian tungsten miner producing the metal at its Mount Carbine asset in North Queensland. On the island state of Tasmania, Group 6 Metals (ASX:G6M) brought the historic Dolphin tungsten mine back into production in 2023. The island also contains private firm Tasmania Mines’ Kara tungsten mine

Tungsten projects under development in Australia include the Molyhil tungsten-molybdenum-copper project located in the Northern Territory. Molyhil is a 75/25 joint venture between Thor Energy (LSE:THR,OTC Pink:THORF) and Investigator Resources (ASX:IVR). According to Mining Database Online (MDO), Investigator is working toward completing a scoping study on Molyhil, based on an updated May 2024 mineral resource estimate, in the first half of 2025.

Another company with Australia-based tungsten projects is Tungsten Mining (ASX:TGN), whose properties include Mount Mulgine, Big Hill and Kilba in Western Australia, as well as Watershed in Northeast Queensland and Hatches Creek in the Northern Territory.

* Joint Ore Reserves Committee-compliant or equivalent reserves were 220,000 metric tons.

8. Austria

Tungsten production: 800 metric tons
Tungsten reserves: 10,000 metric tons

Austria’s tungsten production in 2024 was 800 metric tons, down 50 MT from the previous year. Much of that production can be attributed to Wolfram’s Mittersill mine, which is located in Salzburg and hosts Europe’s largest tungsten deposit.

9. Spain

Tungsten production: 700 metric tons
Tungsten reserves: 66,000 metric tons

Spain produced 700 metric tons of tungsten in 2024, up 50 MT over the previous year.

There are a number of companies engaged in the exploration, development and mining of tungsten assets in Spain. Australia’s EQ Resources, which acquired tungsten producer Saloro in 2023, now controls the Barruecopardo Mining and Processing operation. MDO reports that a program is underway to upgrade the plant and improve recoveries with completion expected by the end of 2025.

As for Spanish tungsten assets under development, Almonty Industries (TSX:AII,OTCQX:ALMTF) owns the permitting-phase Valtreixal tungsten-tin project.

10. Portugal

Tungsten production: 500 metric tons
Tungsten reserves: 3,400 metric tons

In 2024, Portugal produced 500 metric tons in 2024, up by 50 MT from that produced in the previous year.

The European country has the lowest-known tungsten reserves figure out of all the nations on this list, totaling just 3,400 MT. Almonty Industries’ Panasqueira mine is Portugal’s largest tungsten-producing operation. ‘The Panasqueira Mine has some of the highest tungsten recovery rates in the industry, consistently averaging 80 (percent),’ MDO states.

How do gold and silver royalties work?

Gold and silver royalty agreements involve royalty companies agreeing to provide funding for the exploration or development of a precious metals resource in exchange for a percentage of revenue from the deposit if it begins producing metals.

The foundation for royalties dates back a few hundred years. Originally, they were payments made to the British monarchy in exchange for miners’ rights to operate gold and silver mining operations on lands held by the crown. Today, these arrangements still exist, with mining operators paying the government a share of the revenues generated from exploiting resources on public lands.

The first royalty paid to a company in the gold sector was an agreement in 1986 in which Franco-Nevada (TSX:FNV,NYSE:FNV) made a US$2 million investment into Western States Minerals’ Goldstrike small heap-leach mine in Nevada, US, for a 4 percent share of revenues collected from the mine. Western States was sold the same year to Barrick Gold (TSX:ABX,NYSE:GOLD). Barrick discovered a far larger resource at the site and the royalty has since earned Franco-Nevada more than US$1 billion.

This early example set a precedent for the industry. It saw Franco-Nevada, which was then a gold exploration company, lock itself into what became one of the largest gold mineral resources in the world at a relatively low overhead while avoiding future costs associated with the growth and maintenance of the mine.

How do gold and silver streams work?

Gold and silver streams work in a similar manner to the royalty model but returns are in the form of physical metals rather than funds. In return for investing in an asset, a gold streaming company may work out an agreement with a resource company for a share of the metal produced from a deposit, or for the ability to purchase the metal at a lower price than market value.

This is also a popular model with base metal mining companies whose operations result in gold and/or silver by-products. In these cases, gold and silver streaming companies may work out a deal with a base metal mining operation to take delivery of a certain amount of precious metals at an agreed upon price.

The Goldstrike royalty made Franco-Nevada what it is today, but its largest contributing asset in its portfolio is a deal with Lundin Mining (TSX:LUN,OTC Pink:LUNMF) for a stream of the gold and silver resources extracted from its Candelaria copper mine in Chile.

Under the terms of the deal, which was part of Lundin’s 2014 acquisition of Freeport-McMoRan’s (NYSE:FCX) stake in Candelaria, Franco-Nevada provided a US$648 million deposit in exchange for a 68 percent stream of the asset’s silver and gold. This will lower to 40 percent once 720,000 ounces of gold and 12 million ounces of silver have been delivered, which the company currently predicts will take place in 2027.

While Franco-Nevada does have to pay for the metal, the agreed upon amount is far under the current market value. At the time, the deal was set at US$400 for each ounce of gold and US$4 per ounce of silver with a 1 percent inflationary adjustment, or market price if that was less.

Are royalty and streaming companies a good investment?

Royalty and streaming companies are largely seen as a lower-risk investment than mining companies. Lower operational costs and higher portfolio diversification means they are hedged against a mine shutdown, natural disaster, market forces or the politics that may affect the nature of an operation or project. However, that’s not to say royalty and streaming deals aren’t without their risks.

In many ways, gold royalty companies are like venture capitalists in the tech industry, working to fund many projects in the hopes that some will see big payoffs that offset the loss from the ones that don’t make it. This means they need large access to funding in order to build their portfolios.

To get funding, royalty and streaming companies have several options: using cash on hand, raising debt through loans or issuing more shares. Each of these options carries risk. Using cash to pay for investments could reduce the size of the safety net and eat into company liquidity, debt needs to be managed to ensure that payments don’t exceed income and the issuance of stock could lead to an overall devaluation of share price and impact investor sentiment.

Once companies have developed strong cash flows and good liquidity, they are able to take advantage of their own reserves, without the need to worry about loans or stock dilution. The same cannot be said for the up-and-coming companies who need to rely on external funding to make deals, making them riskier.

These companies provide a good entry point for investors with lower share price, and have more potential to return higher percentage gains in share price, they also bear more risk. With more reliance on raising external capital, there is a greater need for deals to be successful and a greater chance for a company to incur more debt load or stock dilution.

Diverse portfolios can help reduce the risk associated with a royalty company, and companies like Franco-Nevada have the industry knowledge and financial capital to take some risks. As of February 2025, the company has 432 assets on their books; 117 are producing, 38 are in the advanced stages of development. It’s the 277 more that are in the exploration phase that represents the greatest risk, many of which will never provide returns.

Of course, unforeseen events can affect both mining and royalty companies alike, particularly when assets that take up a larger percentage or a portfolio are affected. Franco-Nevada had more than US$1 billion invested in First Quantum’s (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine before it was shuttered by the Panamanian government following protests at the end of 2023. The mine brought in US$223.3 million for Franco-Nevada in 2022 and represented nearly a quarter of its precious metal income. While it fared better than First Quantum, the royalty company’s share price took a significant hit.

Gold and silver royalty companies

The biggest companies in the precious metals royalty and streaming space have long histories and have built positive reputations on the backs of strong investments. They offer a means for investors to de-risk an entry into the gold sector by maintaining an arms-length attachment to it.

The five gold and silver royalty and streaming companies on this list had market caps above $1 billion in their respective currencies as of February 19, 2025.

Small-cap gold and silver royalty companies

There are also small-cap gold and silver royalty and streaming companies you can invest in and offer a lower-cost option for investors who are comfortable with a little more risk. Like their larger counterparts, small-cap gold royalty stocks offer a lower-risk investment than getting into a small-cap mining company but still provide access to the underlying precious metals market.

The five small-cap gold and silver royalty companies on this list had market caps above $10 million in their respective currencies as of February 19, 2025.

Gold and silver royalty ETFs

Those who want more broad exposure to the precious metals markets may want to buy shares of an exchange-traded fund that includes gold and silver royalty and streaming stocks. Here are a few to get you started.

Betashares Global Royalties ETF (ASX:ROYL)
Betashares Global Royalties ETF is an Australian ETF that tracks the performance of an index of global companies that earn a significant amount of their revenue from royalty income, royalty-related income and intellectual property income. The fund’s top holdings include Wheaton Precious Metals, Franco-Nevada and Royal Gold.

Betashares Global Gold Miners ETF (ASX:MNRS)
Betashares Global Gold Miners ETF tracks the performance of an index of the world’s largest gold mining companies outside of Australia, hedged into Australian dollars. Wheaton Precious Metals, Franco-Nevada and Royal Gold are also among the fund’s top holdings.

VanEck Gold Miners ETF (ARCA:GDX)
VanEck Gold Miners ETF is a US gold ETF that aims to replicate the performance of the NYSE Arca Gold Miners Index by holding large-cap gold mining stocks and precious metals royalty companies. As with the other gold ETFs on this list, its top holdings include Wheaton Precious Metals, Franco-Nevada and Royal Gold.