As countries compete to secure critical raw materials essential for Artificial Intelligence (AI), semiconductor, defense, and aerospace, Vietnam may hold an underappreciated strategic advantage. Recent development at Nui Phao Extension and Nui Chiem not only unlock the potential for approximately 115 million tonnes of polymetallic tungsten resources for Masan High-Tech Materials (UPCOM: MSR), but also reinforce the company’s position as one of the world’s leading integrated tungsten platforms outside China.

Laying the foundation for another 20-30 years of growth

Masan High-Tech Materials (UPCOM: MSR) has recently achieved significant regulatory milestones in its strategy to expand the Nui Phao mining complex in Thai Nguyen province.

On June 10, 2026, Vietnam’s Ministry of Agriculture and Environment announced that Nui Phao Mining Company Limited has been selected as the sole qualified entity to be considered for a mineral exploration license at the Nui Chiem area. This site spans approximately 1,000 hectares and has been designated as a non-auction mineral exploitation rights zone.

Earlier, on May 20, 2026, the Ministry issued Decision No. 1826/QĐ-BNNMT designating the 42.9-hectare Nui Phao Extension area, which is adjacent to the existing Nui Phao mine, as a non-auction area for mineral exploitation rights. Concurrently, the exploration proposal for polymetallic tungsten in this area was formally received and is currently under evaluation by the Vietnam Department of Geology and Minerals.

According to Vietnam’s National Mineral Master Plan, the Nui Phao Extension area is estimated to contain approximately 55.19 million tons of polymetallic tungsten ore, while the Nui Chiem area is estimated at 60 million tons. This brings the total combined potential to approximately 115 million tons of polymetallic ore.

With the current mining capacity of approximately 3.5 million tons of ore per year, these additional resources could support a further 20-30 years of mining and processing operations.

Notably, the Nui Phao Extension is directly adjacent to MSR’s existing mining and processing infrastructure, while Nui Chiem has previously undergone exploration, providing valuable geological data for future resource evaluation. This enables the company to leverage its established infrastructure, technology, and operational capabilities, reducing the need for significant new capital investment while enhancing project development efficiency.

For a strategic materials company, the ability to secure long-term resource supply represents a significant competitive advantage. Subject to successful exploration and subsequent development, these resources could extend the life of one of the world's largest integrated tungsten platforms outside China by several decades.

Over a decade of building a high-tech materials foundation

MSR's long-term value extends well beyond the scale of its resource base. Over the past decade, the company has systematically developed an integrated value chain spanning mining, downstream processing, and the production of advanced materials, positioning Vietnam as one of the world's most important tungsten production hubs outside China.

Today, MSR owns the Nui Phao mine together with Masan Tungsten Chemicals (MTC), one of the world's largest independent tungsten chemical processing facilities outside China. This integrated platform enables the company to participate in higher value-added stages of the tungsten value chain rather than relying solely on mining and concentrating sales.

In response to growing global demand for downstream tungsten products, MSR also plans to increase its tungsten oxide production capacity to more than 8,000 tons of WO₃, equivalent to its current ammonium paratungstate (APT) capacity. The expansion is expected to require limited incremental capital expenditure by leveraging existing infrastructure, while increasing the proportion of higher value-added products within the company's portfolio.

As artificial intelligence, semiconductors, energy transition, defense, and aerospace continue to emerge as key drivers of global economic growth, long-term demand for advanced materials such as tungsten is expected to remain strong.

As the world seeks more supply outside China

In recent years, the United States, Europe, and other major economies have accelerated efforts to diversify critical mineral supply chains and reduce dependence on China. Materials essential to AI, semiconductors, defense, and advanced manufacturing are increasingly viewed through the lens of supply chain security rather than as conventional commodities.

This structural shift is enhancing the strategic value of companies that combine resource ownership, downstream processing capabilities, and reliable global supply.

Against this backdrop, expanding the resource potential at Nui Phao Extension and Nui Chiem not only extends the productive life of MSR's asset base but also further strengthens the company's role within the global strategic materials supply chain outside China.

For Masan Group (HOSE: MSN), which currently holds approximately 93% economic ownership in MSR, expanding both its resource base and downstream processing capabilities is expected to support long-term cash flow generation, enhance earnings quality, and increase the long-term value of one of the Group's most strategic assets.

More broadly, this is not simply a story of resource expansion. It reflects Vietnam's steady emergence as an increasingly important participant in the global strategic materials supply chain through one of the world's leading integrated tungsten platforms outside China.