Almonty's Wolfram Ambitions Tested as Major Backer Trims Stake

Canadian tungsten miner Almonty Industries pivots to US defense supply chain as China tightens exports, but a major shareholder cashes out amid volatile prices and deep losses.

A Canadian tungsten miner is betting big on the US defense supply chain, but one of its largest shareholders is already cashing in. The contrasting moves highlight both the promise and the risk surrounding Almonty Industries as it pivots from developer to producer.

The company's strategic overhaul accelerated in mid-April with the announcement that its headquarters would relocate from Toronto to Dillon, Montana. The move places Almonty squarely in the backyard of US government agencies and defense contractors, just as China tightens its grip on global tungsten exports. The metal is critical for armor-piercing munitions, semiconductors, and aerospace components — sectors where Washington is desperate to reduce reliance on Beijing.

To reinforce that Washington-facing strategy, Almonty has stacked its board with former US Army generals tasked with shoring up western supply chains for critical minerals. The company also raised over $200 million through its Nasdaq debut and a subsequent financing round.

A key backer takes profits

While the expansion narrative is compelling, the actions of one major investor tell a different story. Deutsche Rohstoff AG sold just over 3% of its Almonty stake in early April to an unnamed buyer, pocketing a gain of nearly €100 million. The German resource group now holds just under 5% of Almonty's shares — a position that leaves it just below the threshold requiring public disclosure of further changes.

The timing of the sale is notable. Tungsten prices hit historic highs in early 2026, with ammonium paratungstate (APT) climbing to $3,289 per unit in Europe by late April. But the market has since turned volatile, with profit-taking and cautious buying creating a supply-demand imbalance that has pulled prices lower.

Production milestones amid deep losses

Operationally, Almonty is making tangible progress. The first phase of the Sangdong mine in South Korea — one of the world's largest tungsten deposits — came online in March after more than 30 years of inactivity. The facility is now producing roughly 2,300 tonnes of tungsten concentrate annually, with plans to double that capacity by 2027.

In Montana, the company has acquired the Gentung tungsten project and expects to restart production there later this year. That would give Almonty operating assets on two continents, both feeding directly into western supply chains.

But the financial cost of this build-out is steep. For fiscal 2025, Almonty reported a net loss of approximately C$162 million on revenue of just C$32.5 million. Heavy spending on mine development and the Nasdaq listing weighed heavily on the bottom line.

Wild stock swings test investor nerves

The market has responded to this transformation with extreme volatility. Over the past 12 months, Almonty shares have surged 660%, but the ride has been anything but smooth. In the last seven days alone, the stock dropped 13% as investors took profits. The shares currently trade at C$27.71.

Analyst opinions are split. Texas Capital rates the stock a buy with a $25 US price target, while other observers warn that further capital raises could dilute existing shareholders.

The next major catalyst comes in late 2026, when Almonty aims to restart the Gentung project. If successful, the company will be producing on two continents for western buyers at a time when China is actively restricting tungsten exports — a scenario that could reshape the global supply dynamics for this critical metal.