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Viro Resources Ltd. (CSE: XXX) is a Canadian exploration stage company highly focused on advancing critical resource discovery in support of many 21st century high demand, high growth sectors.
The surge in AI data centers, the clean energy transition, and increased national defense investments are fueling significant demand for many critical minerals.
Tungsten possesses the highest melting point among all metals and a very high density, making it essential for use in extreme environments. This exceptionally hard metal is utilized in aerospace parts, advanced microchips, artillery shells, armor plating, and cutting tools. Approximately 60% of U.S. tungsten consumption is dedicated to tungsten carbide for industrial purposes. [1]
China leads the global tungsten market, producing over 80% of the world’s supply in 2025, while commercial tungsten mining in the United States ended after 2015. [2] In 2026, China imposed significant export restrictions, causing prices to rise and Western importers to face supply challenges. [3]
In response, the U.S. government launched ‘Project Vault,’ a $12 billion program aimed at stockpiling critical minerals, including tungsten.[4]
[1] Reuters [2] Financial Post [3] Reuters [4] Mining.com
Tungsten prices hit record highs as China tightens export controls
A 155mm artillery shell contains ~15 lbs of tungsten, and NATO is ramping up to produce over 3 million shells per year.
Rare Earth Elements (REEs) are absolutely vital for our high-tech and defense sectors. These 17 elements, such as Neodymium, Cerium, and Yttrium, are essential in everything from the vibrating motor in your smartphone to the high-strength magnets that drive electric vehicle motors and offshore wind turbines. Without them, the Green Revolution and the digital economy would be highly
impacted.[1]
In the defense sector, the stakes are even higher. REEs are essential components of advanced weaponry: a single F-35 Lightning fighter jet requires roughly 920 pounds REEs. They are also essential for Tomahawk missiles, predator drones, and nuclear submarines. These elements provide unique magnetic, luminescent, and electrochemical properties for which there are no known substitutes, they represent a singular point of failure in the national security supply chain.[2]
Source: Market Data Forecast
China has spent decades securing a “tight control” on the entire value chain. China controls about 70% of global mining, and 90% processing and refining. Beijing has increasingly treated REEs as a tool to exert pressure during trade negotiations.[3]
The West is currently racing to streamline permits, and spending billions on investments to secure domestic sources of these critical minerals.[4]
[1] JP MOrgan [2] CSIS.org [3] Spherical Insights [4] Discovery Alert
China’s Rare Earth Restrictions Threaten Defense Supply Chains
Securing Rare Earth Elements a National Security Imperative
Mr. Lalani is a seasoned capital markets consultant with over 10 years of executive leadership and advisory experience, having served as CEO, CFO and independent director for a range of public and private companies across diverse industries. His expertise spans corporate finance, governance, and strategic growth initiatives, with a proven track record in helping companies navigate complex capital markets.
Throughout his career, Mr. Lalani has played a pivotal role in raising capital, leading M&A transactions, and enhancing corporate governance structures. He has advised both established public entities and emerging private companies on deal structure, financing strategies, and strategic planning.
Mr. Ireton has over 30 years of experience in the financial service industry, being well versed in both public and private transactions, reorganizations, acquisitions and divestitures in a variety of sectors that include, but are not limited to, manufacturing, aviation, transportation, construction, excavation, post-production and oil service.
Mr. Horani is a Professional Engineer with extensive experience managing large-scale infrastructure and mining development programs across Canada. He has led multidisciplinary teams in the planning, design, and delivery of complex industrial and resource-based facilities, with a focus on technical excellence, financial planning and analysis, and strategic program execution. Odai’s background spans engineering, project governance, and investment planning, enabling him to bring a results-driven and forward-thinking perspective.
Mr. Pirzada is a professional geoscientist with over 30 years’ experience in mineral exploration and mining with expertise in gold, lithium, rare metals, graphite, PGE and uranium. Throughout his career, he has managed multiple exploration projects in various jurisdictions across Canada, USA and internationally. He has worked as Project Geologist, VP Exploration, Director and CEO of Adriana Resources, Rock Tech Lithium and various other mining companies. He has discovered one graphite deposit in Quebec and successfully developed a lithium project in Ontario from early-stage exploration to advanced exploration. He is registered as a professional geoscientist with the Association of Professional Engineers and Geoscientists of British Columbia, Canada, authored several NI 43-101 technical and exploration work assessment reports, and has worked as a “Qualified Person” on mineral exploration projects. He is currently engaged in the exploration of lithium and gold projects in Argentina, and hard rock lithium projects in Northwestern Ontario, Canada.
