JIAXIN INTL RES (03858) shares climbed more than 4% in early trading on Thursday, with the stock rising 4.34% to HK$55.35 as of the latest update, generating a turnover of HK$16.22 million.

The rally follows Monday's announcement from U.S. tungsten producer The Elmet Group Co., which revealed that the U.S. Department of War has committed $450 million to accelerate ELMT's manufacturing capabilities. The investment aims to boost ELMT's domestic tungsten production in the U.S. and enhance its mining and processing operations.

Notably, with tungsten raw material supply tightening globally, countries and enterprises are racing to secure both long-term and short-term alternative supply sources. According to CCTV Finance, international market prices for intermediate tungsten products have surged roughly nine-fold over the past two years. Recently, the U.S., UK, Vietnam, Zimbabwe, and other nations have adjusted their tungsten-related policies, intensifying the global competition for tungsten resources.

Analysts at Guosen Securities (International) previously noted that the company stands as a pure-play tungsten concentrate target on the Hong Kong market. Benefiting from higher average selling prices and increased output of tungsten concentrate in H1, the company achieved a net profit attributable to shareholders in the first half, reversing a year-earlier loss and posting rapid growth.