Almonty’s Montana Move Signals a New Era for Western Tungsten Supply

Almonty Industries relocates to Montana as tungsten prices surge 230%, with new projects and global demand reshaping the critical minerals race outside China.

The race to secure critical minerals outside China has found an unlikely epicenter in rural Montana. Almonty Industries, the Toronto-based tungsten producer, has shifted its corporate headquarters to Dillon, Montana, planting a flag in a state that is rapidly becoming the focal point of America’s push for domestic tungsten independence.

The relocation, completed in April 2026, follows the company’s acquisition of the Gentung Tungsten Project in Beaverhead County. With verified mineral resources of 7.53 million tonnes grading 0.315% WO3, the project is slated to begin production in the second half of 2026, targeting an annual output of roughly 140,000 metric tonne units of WO3.

A Neighbour’s Bet on the District

The strategic importance of the region was underscored on April 30, 2026, when Australian explorer Red Mountain Mining secured an exclusive 30-day option on the adjacent Pioneer Tungsten Project. The 2,000-hectare property, which directly abuts Almonty’s claims, has historical drill intercepts showing 10.7 metres at 0.48% WO3 in the Greenstone zone. The move signals that the broader Montana tungsten district is attracting serious attention from international players.

Tungsten Prices in Overdrive

The catalyst behind this flurry of activity is unmistakable: tungsten prices have gone parabolic. Ammonium paratungstate (APT) was trading at roughly $900 per metric tonne unit at the end of 2025. By April 2026, that figure had surged past $3,000 — a gain of more than 230% in a matter of months.

Three forces are driving the rally. China has tightened export controls, choking off supply. Defence contractors are ramping up demand for tungsten-based alloys used in high-density armour and munitions. And Washington has formally classified reliance on imported critical minerals as a threat to national security, creating a policy tailwind for domestic producers.

Processing costs have mirrored the price surge, jumping from around $300 per tonne to over $1,775 within a year, according to industry data.

A Two-Continent Production Strategy

Almonty is executing on twin fronts. In South Korea, the Sangdong mine — the company’s flagship — began Phase 1 operations on March 16, 2026, processing 640,000 tonnes of ore annually. The goal is to supply roughly 40% of the world’s tungsten outside Chinese control. Phase 2, slated for 2027, would double output to approximately 4,600 tonnes of concentrate per year.

In Montana, Gentung will serve the US domestic market, with a focus on defence and semiconductor applications. A local headquarters strengthens Almonty’s credibility with federal agencies and defence contractors, who increasingly demand secure, onshore supply chains.

Capital in Place, Production Ramping

The company has secured substantial funding to execute its plans. A Nasdaq initial public offering in July 2025 raised $90 million, followed by a $129 million follow-on financing in December 2025. An equity placement in early 2025 added another $10.3 million. Almonty also has a $75.1 million credit facility that has been fully drawn.

The capital is flowing primarily into Sangdong’s ramp-up and Gentung’s development. If the Montana project starts production on schedule later this year, Almonty would become one of the few Western tungsten producers with active mines on two continents.

Share Price Reflects the Momentum

Investors have taken notice. Almonty’s stock has gained more than 123% since the start of 2026, and roughly 616% over the past twelve months. At C$26.85, the shares sit about 16% below the all-time high reached in April 2026 — a pullback that reflects the stock’s annualised volatility of around 100%.

The next major milestone is Gentung’s production launch. With APT prices at multi-year highs and Washington’s critical minerals policy providing a supportive backdrop, the third quarter of 2026 will be decisive. Whether Almonty can deliver on its timeline will determine if this tungsten story keeps its momentum — or becomes another cautionary tale in the volatile world of mining.