Almonty Industries: A Producer Emerges as Tungsten Prices Soar

Almonty Industries sees surging institutional investment and analyst upgrades as its Sangdong tungsten mine begins production amid a severe global supply shortage that has spiked prices over 160%.

Market analysts are expressing significant optimism toward Almonty Industries following its successful transition from project developer to active producer. This strategic shift coincides with a period of severe global tungsten shortages, prompting institutional investors to substantially increase their holdings. The commencement of operations at the Sangdong mine in South Korea appears to be the catalyst for a potential long-term re-rating of the resource company.

Institutional Investment Surges

The alignment of production startup with skyrocketing commodity prices has triggered a wave of analyst upgrades. In late February, Couloir Capital dramatically raised its fair value estimate for Almonty to CAD 19.30, a more than 150% increase from its previous target of CAD 7.69. U.S. firms DA Davidson and B. Riley similarly revised their price objectives upward to $18 and $17 respectively, reaffirming their buy recommendations.

These bullish signals have not gone unnoticed by major investors. The number of funds holding positions in Almonty jumped by over 55% in the last quarter, reaching 107. Van Eck Associates was particularly active, aggressively expanding its stake to over 11 million shares. New entrants like Encompass Capital Advisors also established substantial positions worth tens of millions of dollars.

Strategic Timing for Production Ramp-Up

The first truckload of ore has now departed the Sangdong facility, marking the official start of active mining and the final phase before full commercial production. Processing plants are operating on schedule, with a plan to gradually ramp up capacity through 2027. Located in Gangwon province, the deposit is considered one of the world's most significant and highest-grade tungsten resources, with reserves of 7.9 million tonnes.

This operational milestone comes at a critical juncture. China, which dominates the global market, implemented drastically tighter export restrictions at the end of 2025. According to analysts at BMO Capital Markets, exports from China temporarily ground to a complete halt. The resulting supply squeeze drove tungsten prices up by over 160% in 2025, a trend that continued into the first weeks of 2026. CEO Lewis Black describes a genuine supply shortage, noting that pricing has decoupled from historical control mechanisms for the first time in decades.

Future Growth and Forthcoming Financials

Beyond its core tungsten operation, Almonty is advancing a diversification strategy. The company's molybdenum project at Sangdong is fully permitted and is scheduled to begin production by the end of 2026. Furthermore, through its Gentung project in Montana, the company is positioning itself as a strategic supplier to U.S. industry, serving sectors from defense to semiconductor manufacturing.

In the near term, investor focus is firmly on hard financial data. The company is set to release quarterly results on March 19, 2026. This report will provide the first concrete evidence of how the elevated tungsten prices and the production ramp-up are translating to the bottom line. The market is watching closely to see if Almonty can substantiate the high expectations with corresponding revenue and profit figures.