Almonty Industries Stock Maintains Upward Momentum

Almonty CA0203981034

Shares of the tungsten producer Almonty Industries continue their ascent, with investors assessing whether the company is positioned for sustained gains. This positive trend follows the release of a detailed shareholder letter and the commencement of mining at the pivotal Sangdong asset. Market participants are questioning if Almonty can permanently benefit from shifting Western supply chains away from China and soaring commodity prices.

Macroeconomic conditions are aligning favorably for the company. According to its statements, tungsten prices surged by over 160% in 2025. This dramatic increase is primarily driven by export restrictions from China, which currently controls more than 80% of global supply. Almonty positions itself as a crucial counterbalance and a strategic partner for building Western stockpiles, especially within the defense industry, ahead of a U.S. ban on Chinese imports for defense purposes starting in 2027.

A Transformative Phase and Strategic Execution

Management described the past year as transformative in a January 20 communication. A central milestone was reached in December 2025, when active mining began at the Sangdong mine in South Korea. This move establishes Almonty as a key supplier for Western markets.

The company's strategic shift is backed by a significantly reinforced balance sheet. Throughout 2025, Almonty raised approximately $219 million through two capital increases. In December alone, including an over-allotment option, the company secured $129.4 million.

Ambitious Operational Targets for 2026

For the current year, leadership has outlined clear priorities. The immediate focus is transitioning the Phase I operations at Sangdong to full commercial production. Concurrently, the company will advance the Phase II expansion, which aims to achieve an annual capacity of up to 1.2 million tonnes by 2027. Almonty is also targeting production readiness for the second half of 2026 at its Gentung Browns Lake project in Montana.

To support these growth plans, the executive team has been strengthened. Since January 2026, Guillaume Wiesenbach de Lamaziere has served as Chief Development Officer. This followed the December appointment of Retired General Steven L. Allen as Chief Operating Officer.

Market Response and Valuation

The operational progress is being rewarded in the equity markets. In yesterday's trading session, Almonty's stock closed at $12.29 on the Nasdaq, marking a substantial single-day gain of 10.52%. During the day, shares reached a peak of $12.98. The company's market capitalization now stands at approximately $2.52 billion.

With a strengthened treasury, production now underway, and commodity prices buoyed by geopolitical tensions, Almonty appears well-positioned. The critical factor for the stock's future trajectory will be management's technical execution in scaling up South Korean production throughout 2026.