Almonty’s Tungsten Triumph: A $219 Million War Chest Meets Pentagon Demand

Canadian miner Almonty raises $219M, ramps up Sangdong mine in Korea to supply 40% of non-Chinese tungsten demand as Pentagon ban and China export cuts drive prices higher.

The Pentagon’s ban on Chinese tungsten, effective January 2027, has created a supply chain vacuum that Almonty Industries is racing to fill. The Canadian miner has already raised $219 million in U.S. fundraises, relocated its headquarters to Dillon, Montana, and secured offtake agreements for nearly half its future output—all before the ban even takes effect.

The Korean Mine That Changes the Math

At the heart of Almonty’s strategy lies Sangdong, its flagship mine in South Korea. First processing began in late March, and the asset is poised to supply roughly 40% of the world’s tungsten demand outside China at full capacity. The ore grade of 0.51% tungsten trioxide—three times the global average—provides a formidable margin cushion against price volatility.

That pricing dynamic has already turned explosive. Ammonium paratungstate (APT) prices surged from $1,944 per metric ton unit in February to $2,526 by April, fueled by China’s effective export ban. Beijing slashed APT exports from 782 tonnes in all of 2024 to just 243 tonnes in the first 11 months of 2025—and then to near zero. Almonty’s Sangdong mine is now the only meaningful non-Chinese source of scale.

A Stock Rally That Defies Gravity

The market has responded with ferocity. Almonty shares have gained roughly 127% year-to-date and an eye-popping 685% over the past twelve months, closing at C$27.30. On the day of the latest conference, the stock added another 9% to hit C$29.43.

Yet beneath the surface lies an accounting anomaly that has confused some investors. The company reported a net loss of nearly C$162 million for 2025, despite revenue climbing to $32.5 million and fourth-quarter sales jumping 39%. Management attributes the shortfall to non-cash derivative valuation adjustments tied directly to the soaring share price—a paradox of success.

Institutional Investors Pile In

Texas Capital initiated coverage in April with a buy rating and a $25 price target. The number of institutional funds holding Almonty has swelled to 107, reflecting growing conviction that the tungsten story is structural, not cyclical.

The company’s balance sheet is equally robust. Cash on hand exceeds C$268 million, following two large U.S. fundraises. That war chest provides ample runway for both the Sangdong ramp-up and the Gentung project in Montana, where production is slated to begin in the second half of this year.

The Next Catalyst: First Production Data

All eyes now turn to the first quarterly production report from Sangdong, expected in May. It will be the first hard evidence of whether the mine can deliver on its promise. The stock’s meteoric rise has priced in considerable optimism—the report must confirm operational execution.

Shareholders will gather in Toronto on June 9 for the annual meeting, where the election of seven directors and capital allocation strategy will dominate the agenda. With the Pentagon’s ban looming and China’s export stranglehold tightening, Almonty finds itself in the rare position of being the only game in town for Western tungsten buyers. The question is whether the mine can deliver before the market’s patience runs thin.