Almonty’s Tungsten Bet Pays Off: Q1 Revenue Jumps 221% as US Defense Deadline Looms

Almonty Industries posts 221% revenue surge to CAD 25.4M as tungsten price rallies 900% ahead of US ban on Chinese supply in 2027.

The mining world is watching Almonty Industries with growing intensity. The rare?earth and tungsten developer has crossed a critical threshold, reporting first?quarter 2026 revenue of CAD 25.4 million — a 221 percent surge from a year earlier. That explosive growth, driven by a record rally in the tungsten price, comes just months before a US defence regulation threatens to sever Washington’s supply lines from China.

Ammonium paratungstate (APT), the key industrial benchmark, has rocketed to around USD 3,185 per unit in Rotterdam, a twelve?month gain of nearly 900 percent. The catalyst is clear: from 1 January 2027, a US Department of Defence rule will bar tungsten sourced from China, Russia, Iran and North Korea from all military supply chains. China currently controls roughly 80 percent of global output, leaving Western defence contractors and chipmakers scrambling for alternatives.

Almonty is positioning itself as one of those alternatives. Chief executive Lewis Black described the company’s Sangdong mine in South Korea as “the largest and most modern tungsten mine built in the Western world since the early 1970s.” The site began its transition to commercial production in early 2026, and together with the active Panasqueira mine in Portugal, gives Almonty two operating pillars outside Chinese influence. In a further sign of its strategic shift, the company moved its headquarters from Toronto to Dillon, Montana, in April 2026, seeking proximity to US agencies and defence partners.

The stock has reflected the narrative. Currently trading at CAD 27.78, Almonty shares are down 1.24 percent on the day but have still gained 7.30 percent over the past week and 130.92 percent year?to?date. A discounted cash?flow model from Simply Wall St estimates a fair value of CAD 57.77, implying the market is heavily weighing execution risk against project potential. Almonty held roughly CAD 260 million in cash at the end of the first quarter, giving it ample runway to fund the Sangdong ramp?up without immediate financial strain.

Black appeared on US television on Thursday, emphasising that tungsten is not just a defence commodity but also a critical input for the semiconductor industry. “This is a strategic vulnerability,” he said, echoing the urgency that has pushed the APT price to historic highs. With the DFARS deadline approaching, the pressure on Western buyers to secure non?Chinese supply is only intensifying. Almonty, as one of the few producers outside China able to deliver near term, stands at the centre of that shift. The next hard test will be whether it can reliably scale output from Sangdong — and turn a widening valuation gap into a durable producer’s premium.