Almonty Industries Shares Surge as Tungsten Market Heats Up

Almonty's stock surges as soaring tungsten prices and new mine production fuel bullish analyst targets and a strategic Western supply chain shift.

Shares of Almonty Industries reached a new 52-week peak in Thursday's trading session, touching $17.31. This rally is fueled by soaring tungsten prices and the operational ramp-up of a key mine, prompting market participants to assess whether the steep revaluation is sustainable or due for a pullback. The underlying fundamentals provide compelling evidence.

Analyst Sentiment Turns Bullish

The combination of rising commodity prices and operational progress has triggered a wave of positive analyst commentary. In early February, DA Davidson raised its price target from $12.00 to $18.00. This move was followed by B. Riley Financial, which revised its target upward to $17.00. The current market consensus rests at a "Moderate Buy" recommendation.

All eyes are now on upcoming operational milestones. Investors are keenly awaiting March 19, 2026, when Almonty is expected to release its next quarterly results. This report should offer the first concrete look at the earnings potential of its newly operational production.

Supply Squeeze Drives Commodity Prices

A fundamental shift in the global market is the primary engine behind the share price advance. According to an analysis by Couloir Capital, reference prices for Ammonium Paratungstate (APT) recently climbed above $1,000 per metric tonne unit (MTU). In response, experts have drastically increased their long-term price forecast from $450 to $800 per MTU, citing robust demand from the defense sector alongside declining supply.

The situation is intensified by Chinese export controls set to take effect in 2025. China is estimated to control up to 80% of global supply. Data from BMO Capital Markets indicates that certain tungsten exports temporarily ground to a complete halt in late 2025. With inventories depleted, no relief on the supply side is anticipated for 2026.

Strategic Production Gains Momentum

Almonty, as a Western producer, is a direct beneficiary of this geopolitical landscape. The company commenced commercial mining at its flagship Sangdong project in South Korea in December 2025. This site is viewed as strategically essential for establishing a China-independent supply chain for the United States and its allies. The phased expansion to full production capacity is proceeding on schedule and is slated for completion by 2027.

Concurrently, the company is advancing other projects. These include the molybdenum project at Sangdong and the planned restart of its Montana mine, targeted for the second half of 2026.