Almonty Industries Stock Surges on Supply Shift and Production Milestone

Almonty Industries stock hits 52-week high as global tungsten supply tightens and its flagship Sangdong mine begins production, with analysts raising price targets.

Shares of Almonty Industries have embarked on a dramatic upward trajectory, propelled by a tightening global tungsten market and a pivotal operational achievement. The stock recently touched a new 52-week peak of $21.18, a stark contrast to its $1.00 valuation just one year prior. This revaluation is rooted in fundamental changes to the commodity's supply dynamics and the company's transition into a key producer.

A structural deficit is emerging in the tungsten market, historically dominated by China. The country, which has controlled an estimated 75% to 80% of global supply, implemented significantly stricter export quotas at the end of 2025. This policy shift triggered a price surge, with tungsten advancing more than 160% last year and maintaining its upward momentum into early 2026.

Sangdong Mine Transitions to Production

Capitalizing on this supply gap, Almonty has commenced production at its flagship Sangdong mine in South Korea. The asset, which hosts reserves of 7.9 million tonnes, has officially moved from development into active mining, marked by the first shipment of ore leaving the site. The operation is planned for a two-phase expansion, with annual capacity targeted to rise to 1.2 million tonnes by 2027.

The company is not relying on a single asset. Its growth strategy includes a planned capacity increase at its operation in Portugal. Furthermore, a project in the United States is under development, with the potential to be ready for production in the second half of 2026.

Institutional and Analyst Confidence Builds

This operational progress has captured the attention of both institutional investors and equity researchers. Investment firm DA Davidson recently raised its price target on Almonty shares from $18.00 to $25.00, reiterating a buy recommendation. Analysts there anticipate tungsten prices could continue to appreciate due to constrained supply. Similarly, Couloir Capital adjusted its fair value estimate for the stock sharply higher to C$19.30.

The bullish analyst sentiment is mirrored by substantial capital inflows from institutional players. Van Eck Associates dramatically increased its stake in the fourth quarter, accumulating over 11 million shares valued at approximately $99 million. New positions established by Encompass Capital and Next Century Growth Investors, representing a combined investment exceeding $41 million, underscore the growing professional interest in the story.

The upcoming quarterly report, scheduled for release on March 26, 2026, will provide the first concrete financial data reflecting the dual impact of higher tungsten prices and initial output from the Sangdong mine. This earnings release is widely viewed as a critical test of the company's operational execution and its ability to translate market conditions into financial performance.