Almonty’s Two-Front Push: Production Ramps in Korea While Montana Waits for 2026

Almonty Industries stock dips 7% after a massive rally, yet institutional buying surges and the Sangdong mine ramps up, signaling long-term potential despite overbought conditions.

The tungsten market is watching Almonty Industries with a mix of anticipation and caution. After a staggering 722% rally over the past twelve months, the stock has hit a rough patch — but the pullback tells only part of the story.

On the Nasdaq, shares slid 6.6% on April 23, though the move was hardly a rout. Trading volume clocked in at roughly 1.7 million shares, less than a third of the typical daily turnover. Across the Atlantic, Frankfurt painted a different picture: the XETRA-listed stock jumped 6% to €2.90, with volume tripling the daily average. The divergence underscores just how thinly traded and sentiment-driven this name has become.

At the Toronto Stock Exchange, the stock now sits at C$29.76, down about 7% on the week. The Relative Strength Index has climbed to 76.7, flashing overbought signals that often precede a cooling-off period. Since the start of 2025, the equity has more than doubled, so some profit-taking was arguably overdue.

Institutional money keeps flowing in

Despite the short-term turbulence, big money is still piling in. Van Eck Associates boosted its stake by a jaw-dropping 13,294% in the fourth quarter. Rockefeller Capital Management added 30% to its position, and two other institutional investors initiated new holdings entirely.

The analyst community remains broadly supportive. Texas Capital upgraded the stock to “Strong Buy” in mid-April. DA Davidson holds a US$25 price target, while B. Riley Financial sees fair value at US$23. Oppenheimer raised its target to US$19 in March with an “Outperform” rating. Five of six analysts covering the stock recommend buying.

Sangdong delivers, Montana on deck

The operational story is now shifting from promise to proof. Almonty’s Sangdong mine in South Korea resumed production in March after more than three decades of dormancy. The first processing plant is handling up to 640,000 tonnes of ore annually, yielding around 2,300 tonnes of tungsten concentrate. Management already has plans to double that capacity by 2027.

The next milestone is the Gentung project in Montana, which is slated to begin production in the second half of 2026. Almonty intends to repurpose equipment from its Spanish operations to keep costs down, though a mining permit has yet to be secured. The company is targeting annual output of roughly 140,000 units from the US site.

US trade policy is providing a tailwind. Tungsten is exempt from country-specific tariffs, which improves the economics of projects outside China — a critical advantage as Washington pushes to secure critical mineral supply chains.

Financial realities temper the narrative

The financial picture is more nuanced. Revenue rose to US$32.5 million in 2025, a gain of nearly 13%, but losses widened significantly. The stock currently trades at C$30.21, about 22% above its 50-day moving average — a stretched valuation that leaves little room for error.

The real test lies ahead. With Sangdong’s ramp-up still in its early stages, investors will be watching whether production targets hold in day-to-day operations. That operational credibility will likely matter far more than any single trading session’s gyrations in the months to come.