Almonty’s $268 Million War Chest Fuels a Two-Continent Tungsten Push

Almonty Industries transforms from junior miner to active producer with Sangdong tungsten mine in South Korea, fueled by Pentagon demand and US tariff exemptions.

The numbers coming out of Almonty Industries tell a story of transformation that few mining juniors ever achieve. A year ago, the company had barely $8 million in the bank. Today, it sits on roughly $268 million in cash, raised through two successful financing rounds capped by a Nasdaq listing last summer. That firepower has turned a pure-play developer into an active producer, with the stock surging nearly 770 percent over the past twelve months to trade around C$29.

The centerpiece of this shift is the Sangdong tungsten mine in South Korea, which officially resumed commercial production in March 2026 after more than three decades of dormancy. The operation is now processing vast quantities of ore, targeting an annual output of roughly 2,300 tonnes of tungsten concentrate. The ore grade averages about 0.51 percent tungsten — three times the global average — giving Almonty a significant cost advantage from the outset.

A Pentagon-Driven Demand Surge

The timing could hardly be better. From 2027, a US Department of Defense mandate will force American defense contractors to eliminate Chinese tungsten from their supply chains. Meanwhile, Asian export restrictions are already tightening the market, with Japanese suppliers warning of shortages in tungsten hexafluoride, a material critical for semiconductor manufacturing. Washington has explicitly exempted Almonty from tariffs, cementing the company’s strategic role in the Western supply chain.

Almonty has also secured a second revenue stream at Sangdong through an exclusive offtake agreement with South Korean processor SeAH M&S for all molybdenum production. The deal includes a guaranteed floor price of $19 per pound, providing a reliable income cushion. Molybdenum extraction is expected to begin by the end of 2026.

Montana Beckons

Across the Pacific, Almonty is advancing the Gentung project in Montana, which could become the first domestic tungsten mine in the US in over a decade. Production is slated to begin in the second half of 2026, and the company has already relocated its legal domicile to the US — a move shareholders approved in early 2025 — to strengthen its North American positioning.

The activity is drawing attention from competitors. Australian explorer Red Mountain Mining has just secured an option on the adjacent property, signaling that the Montana tungsten district is heating up. Analysts at Texas Capital and DA Davidson have buy ratings on Almonty, with price targets ranging from $23 to $25 US.

Financial Realities and the Next Catalyst

Revenue is starting to reflect the operational progress. In the fourth quarter alone, sales hit $8.7 million, and the mining division posted an operating profit. For the full 2025 fiscal year, revenue reached C$32.5 million. The company reported a net loss in the hundreds of millions, but management attributes that almost entirely to non-cash book value adjustments tied to the stock’s rapid appreciation.

The shares remain highly volatile, with annualized swings above 100 percent. The board is weighing a potential stock split today, having already secured shareholder approval for a consolidation of up to five-to-one. A higher per-share price could attract institutional investors who have shied away from the current level.

The next major catalyst arrives on May 21, 2026, when Almonty releases its first comprehensive production data from Sangdong. These numbers will provide the clearest evidence yet of how smoothly the ramp-up is proceeding. A few weeks later, on June 8, the annual general meeting will require management to detail plans for doubling capacity by 2027. For a company that has already delivered a 650 percent annual return, the stakes could not be higher.