Almonty Shares Surge on Strategic Developments and Strong Volume

Almonty CA0203981034

A significant shareholder update and a freshly inked supply agreement have propelled shares of tungsten producer Almonty Industries Inc. to a strong start this week. The positive momentum is further supported by the ongoing ramp-up of its flagship Sangdong mine, creating a confluence of favorable news for the company.

Market activity for Almonty shares intensified markedly. On the NASDAQ, trading volume surged to 4,018,685 shares, representing an increase of approximately 63% over the previous day's volume of 2,467,042 shares. The stock reached an intraday high of $9.10. On the Toronto Stock Exchange (TSX), shares opened at CAD 12.25, traded between CAD 12.09 and CAD 13.25, and closed at CAD 13.22. Volume there was notably above average at 877,006 shares.

This uptick continues a positive trend that began in mid-December 2025, when Almonty announced the commencement of commercial mining at its Sangdong operation in South Korea. Analyst coverage remains largely favorable. DA Davidson reaffirmed a "Buy" rating with a $12 price target on December 19. Oppenheimer, which upgraded the stock in October, maintains an "Outperform" rating with an identical $12 target. The consensus rating stands at "Moderate Buy," with an average price target of $10.17.

Key Shareholder Position Adjusted Following Financing

In an early-warning report, major shareholder Deutsche Rohstoff AG disclosed that its stake in Almonty has fallen below the 10% threshold on a fully diluted basis. This change is a direct result of the capital increase Almonty completed on December 10, 2025, and not due to any share sales by Deutsche Rohstoff.

Through that offering, Almonty issued 18 million new shares at $6.25 each, raising gross proceeds of $129.4 million. Deutsche Rohstoff continues to hold 20,440,091 shares and CHESS Depository Interests, along with convertible debentures enabling the acquisition of an additional 5,666,077 shares. Consequently, its current ownership stands at approximately 7.97% on a non-diluted basis and 9.96% on a fully diluted basis. The investor stated it will continually review its position and may increase or decrease its stake based on investment considerations.

New Offtake Pact with Major Japanese Industrial Partner

Adding to the week's positive developments, Almonty filed a Form 6-K with the U.S. SEC on January 2, detailing a new offtake agreement between its Portuguese subsidiary, Beralt Tin and Wolfram, and Sumitomo Electric Industries. The agreement became effective January 1, 2026.

The contract covers the supply of tungsten concentrate from Almonty's Panasqueira mine in Portugal. Specific volume and pricing details were not disclosed. Securing Sumitomo Electric, a significant consumer of tungsten for hard metals and cutting tools, marks the addition of another major Japanese industrial partner to Almonty's customer portfolio.

Institutional Interest and Operational Outlook for 2026

Alongside analyst optimism, institutional ownership has seen recent growth. SEC filings reveal that Old West Investment Management established a new position worth $2.15 million in the third quarter of 2025. Furthermore, Huntleigh Advisors, BLB&B Advisors, and General American Investors have also emerged as new shareholders.

Operationally, Almonty enters 2026 with considerable momentum. Following the start of production at Sangdong and the acquisition of a project in Montana, the company is focused on further increasing output. The next scheduled milestone is the release of its Q4 2025 quarterly report.

In a climate of elevated tungsten prices and persistent supply chain concerns, Almonty's role as a non-Chinese supplier for Western industrial and defense customers gains strategic importance. The key focus for the coming quarters will be the pace and reliability of the Sangdong production ramp-up and the translation of new offtake agreements into revenue and earnings.