Almonty Industries: From Developer to Producer as Tungsten Supply Crunch Intensifies

Almonty Industries stock soars 680% as Sangdong mine begins output and HQ moves to US. With tungsten supply tight and strong buy ratings, the miner eyes 40% of global ex-China demand.

The transformation of Almonty Industries over the past year has been nothing short of dramatic. The stock has surged roughly 680 percent in twelve months, including a 135 percent gain since the start of 2026. But this rally is grounded in operational reality, not mere speculation.

Sangdong Delivers First Output

The company’s Sangdong tungsten mine in South Korea began operations in March, marking a pivotal shift from development-stage miner to active producer. The Phase 1 plant processes 640,000 tonnes of ore annually, yielding approximately 2,300 tonnes of tungsten concentrate. With ore grades around 0.51 percent tungsten trioxide — roughly three times the global average — the economics are compelling.

DA Davidson expects Sangdong to reach full commercial capacity by the second quarter of 2026. Phase 2, slated for 2027, would double processing capacity to 1.2 million tonnes of ore. At full utilization, the mine could meet roughly 40 percent of global tungsten demand outside China.

A Strategic Relocation to the US

On April 13, Almonty moved its corporate headquarters from Toronto to Dillon, Montana. The relocation is no coincidence. It positions the company closer to its Gentung tungsten project, which is expected to begin production later this year. The move also strengthens ties with US defense contractors and federal agencies as the Pentagon seeks to secure non-Chinese supply chains for critical minerals.

Almonty already holds a long-term offtake agreement with Global Tungsten & Powders, a US processor based in Pennsylvania. Starting in January 2027, American defense companies must source tungsten exclusively from non-Chinese suppliers. The company has confirmed its tungsten products are exempt from new US tariffs.

The Tungsten Supply Squeeze Reaches Semiconductors

The supply disruption is no longer confined to the defense sector. Japanese suppliers have warned Samsung and SK Hynix that their inventories of tungsten hexafluoride — a critical material for 3D NAND chip production — could run dry as early as this summer.

China has replaced its quota system with a state-controlled export licensing mechanism, granting permits to just 15 companies. APT exports collapsed from 782 tonnes in 2024 to just 243 tonnes in the first eleven months of 2025. By early 2026, shipments had approached zero.

Growing Institutional Interest

The market is taking notice. Texas Capital initiated coverage on April 17 with a $25 price target and a buy rating. B. Riley Financial and DA Davidson had already set targets of $23 and $25 respectively in March. All three houses rate the stock a "Strong Buy."

The number of institutional funds holding Almonty positions has jumped more than 55 percent to 107. The company’s market capitalization now stands at roughly 5 billion Canadian dollars. At C$28.25, the stock sits about 12 percent below its mid-April all-time high. The relative strength index of 63 suggests the stock is not yet overbought despite its extraordinary annual performance.

The Reverse Split Decision

Shareholders have already approved a potential reverse stock split, with a ratio of up to five old shares for one new share. The board must decide by April 30 whether to proceed — or scrap the plan entirely. The rationale is straightforward: a higher share price makes the stock accessible to institutional investors, many of which have policies against holding stocks below five dollars.

Further clarity on capital structure is expected at the annual general meeting on June 8.

Financial Picture

Revenue for fiscal 2025 reached C$32.5 million, driven by higher tungsten prices. The net loss of nearly C$162 million was largely attributable to non-cash valuation adjustments on derivatives tied to the rising share price, management has stressed.

The upcoming quarterly report will contain the first concrete production figures from Sangdong. How quickly the mine ramps up will likely have a greater impact on the company’s valuation than any decision on the stock split.

What Comes Next

Almonty now operates Sangdong in South Korea and the Panasqueira mine in Portugal, with Montana set to follow. The company is positioning itself as one of the few Western-focused tungsten producers with active operations.

The volatility remains extreme — annualized at over 100 percent. The next major catalyst is the Gentung production start. If the timeline holds through the end of 2026, the valuation will gain another operational foundation. For now, the market is watching whether Almonty can execute on its twin-continent strategy as the world scrambles for tungsten outside China.