Almonty’s Transition to Producer Status Fuels Extraordinary Share Gains

Almonty CA0203981034

The past year has witnessed a dramatic revaluation of Almonty Industries, propelled by its successful leap from project developer to active mining producer. This strategic shift, underscored by the commencement of operations at a key asset, has provided substantial support for the company's valuation. The sustainability of this new narrative now hinges on execution and broader market trends.

Key Data Summary:
* Market Valuation: Approximately €3.1 billion in market capitalization
* Operational Status: Active mining began at the Sangdong tungsten mine in South Korea in December 2025
* Commodity Backdrop: The price of tungsten surged by over 160% during 2025
* Forward Timeline: The Montana project is scheduled to begin production in the second half of 2026
* Share Performance: An increase of more than 850% over a twelve-month period, as of the end of January 2026

A significant tailwind for Almonty's story has come from the raw materials market itself. The underlying commodity, tungsten, experienced a price appreciation exceeding 160% in 2025. Industry analysis attributes this sharp rise primarily to supply constraints coupled with robust industrial demand. This favorable pricing environment has amplified the financial impact of the company's operational progress.

Sangdong Mine: The Core Operational Engine

The central development driving Almonty's transformation is the Sangdong mine in South Korea. With active extraction of tungsten commencing in December 2025, the company has decisively moved beyond the development phase. Management has articulated a long-term ambition for this asset: to supply up to 40% of the non-Chinese global demand for tungsten.

A Multi-Continent Growth Strategy

Beyond its flagship Korean operation, Almonty is advancing a broader portfolio to establish a diversified production base. In Europe, expansion work is ongoing at the Panasqueira mine in Portugal. Simultaneously, the company is preparing its Gentung Browns Lake project in Montana, USA, for a targeted production start in H2 2026.

This geographical spread is designed to position Almonty as a supplier of critical raw materials to industrial and defense sectors across multiple key regions, a strategic focus that resonates with current trends toward securing supply chains.

Share Rally Reflects Strategic Shift

The culmination of these factors is vividly reflected in the equity performance. Almonty's shares recorded a staggering gain of over 850% on a year-over-year basis by late January 2026. This movement aligns with a wider investment theme favoring companies involved in strategic minerals and defense-related supply chains, a sector trend also observed in peers like Rheinmetall.

Despite the recent explosive performance, historical perspective remains: the share's all-time high was recorded back in 2011.

The critical question for investors now is whether Almonty can maintain its momentum. The company must successfully execute the next phases of its plan—the Panasqueira expansion and, crucially, the on-schedule launch of Montana in late 2026—to justify the currently elevated market expectations and build upon its new foundation as a producer.