Almonty Industries Inc stock advances on Sangdong mine milestone and surging tungsten prices amid supply chain shifts

Almonty Industries Inc (ISIN: CA0203987072) reports Q4 EBITDA loss but hits key progress at Sangdong tungsten mine in South Korea. First ore delivered signals shift to production, boosting relevance for DACH investors eyeing critical minerals diversification. Cash reserves top $268 million as tungsten demand surges.

Almonty Industries Inc has reached a pivotal milestone with first ore delivery to the Run-of-Mine pad at its Sangdong tungsten mine in South Korea. This transition from development to active mining operations comes amid tungsten prices soaring, with trailing twelve-month average APT at US$2,250 per MTU, up 534% year-over-year. For DACH investors, the stock offers exposure to a critical metal vital for defense and industrials, reducing reliance on China-dominated supply chains.

As of: 19.03.2026

By Dr. Elena Voss, Senior Mining Analyst with focus on critical minerals and supply chain security. Almonty Industries Inc exemplifies the strategic pivot in tungsten production as Western nations seek non-Chinese sources.

Sangdong Milestone Marks Production Ramp-Up

Almonty Industries Inc delivered the first truckload of ore to the Sangdong mine's ROM pad in December 2025. This step signals the end of development and the start of active mining at one of the world's largest and highest-grade tungsten deposits. The company hosted a commissioning ceremony on March 17, 2026, underscoring progress toward commercial production.

Sangdong, located in Gangwon Province, South Korea, positions Almonty to supply significant non-Chinese tungsten. The mine's Phase 1 processing plant handles about 640,000 tonnes annually. Management expects it to become a key source for Western industrial and defense needs.

This development arrives as global tungsten supply tightens. China, which dominates over 80% of production, faces export restrictions. Almonty's move fills a critical gap, enhancing its market position.

Q4 Results Reflect Transition Costs but Strong Balance Sheet

Almonty reported an adjusted EBITDA deficit of C$6.2 million for Q4 2025, wider than the C$2 million loss prior year. Non-cash charges from share price gains impacted figures. Excluding these, operations aligned with expectations, driven by Panasqueira mine output.

Cash reserves stood at $268.4 million by year-end, bolstered by a US$129.4 million share offering. This liquidity supports Sangdong commissioning and expansion. Panasqueira in Portugal continues steady tungsten and tin production.

Tungsten pricing supports outlook. APT averages hit record highs above US$2,200 per MTU. Almonty benefits from this as a leading Western producer.

Strategic Acquisitions Bolster Portfolio

Almonty acquired the Gentung Tungsten Project in Montana, USA, adding a near-term production asset. This enhances U.S. footprint amid defense supply priorities. The project fits Almonty's focus on conflict-free tungsten.

Leadership strengthened with Brigadier General (Retired) Steven L. Allen as COO. His expertise aids optimization across sites, including Sangdong molybdenum potential and Gentung development. These moves signal execution focus.

Almonty lists on TSX (AII), ASX (AII), NASDAQ (ALM), and Frankfurt (ALI1). The primary venue TSX trades in CAD, reflecting Canadian headquarters in Toronto.

Tungsten Market Dynamics Drive Demand

Tungsten is essential for alloys, electronics, and defense applications. U.S. bans on Chinese tungsten in procurement highlight supply risks. Almonty's Sangdong aims to supply 20% of ex-China demand at full capacity.

Panasqueira and Los Santos mines provide current revenue. Valtreixal in Spain offers upside. Geographic diversity mitigates risks in mining.

Market cap around C$4.56 billion positions Almonty mid-tier in metals and mining. RSI at 51.48 indicates neutral sentiment on TSX.

Investor Relevance for Growth-Oriented Portfolios

Almonty's transition to producer status appeals to investors seeking critical minerals exposure. Strong cash position funds ramp-up without dilution risks short-term. Offtake agreements, like U.S. defense deals, secure revenue.

Analyst targets around C$17.43 suggest upside from current levels on TSX. Institutional ownership at 22% shows growing interest. For growth-focused portfolios, Almonty offers leverage to tungsten supercycle.

Recent index inclusion in S&P/TSX Global Mining boosts visibility. Updated NI 43-101 report for Sangdong reaffirms resource quality.

Risks and Open Questions in Mining Execution

EBITDA losses highlight operational challenges during transition. Commissioning delays or cost overruns at Sangdong pose risks. Commodity price volatility could impact margins.

Geopolitical tensions affect supply chains. Regulatory hurdles in South Korea or U.S. add uncertainty. Almonty's multi-jurisdiction ops diversify but increase complexity.

Competition from recyclers and other producers looms. Management must execute flawlessly to realize valuation potential. Investors should monitor Q1 production updates closely.

DACH Investor Angle on Critical Materials

German-speaking investors benefit from Almonty's Frankfurt listing (ALI1) in EUR, easing access. EU critical raw materials act emphasizes tungsten security, aligning with DACH industrials like autos and machinery.

Switzerland and Austria funds eye diversified miners. Almonty's Western focus counters China risks relevant to European supply chains. Steady Panasqueira cash flow provides downside protection.

As defense spending rises in Europe, tungsten demand follows. Almonty positions DACH portfolios for this theme without direct China exposure.

Disclaimer: Not investment advice. Stocks are volatile financial instruments.