Institutional Capital Flows into Almonty Following Key Mine Launch

Almonty Industries' Sangdong tungsten mine commissioning triggers major analyst EPS upgrades, a soaring price target consensus, and significant new institutional investment.

A significant operational milestone has triggered a wave of analyst upgrades and substantial institutional investment for Almonty Industries. The successful commissioning of the Sangdong tungsten mine in South Korea after nearly three years of development is reshaping the financial outlook for the company.

Analyst Sentiment Shifts Sharply Upward

Market researchers have issued substantial revisions to their forecasts. In the most notable adjustment, Diamond Equity Research nearly doubled its earnings per share (EPS) estimate for the 2026 fiscal year, raising it from USD $0.23 to USD $0.45. The firm projects a Q2 2026 EPS of $0.12. Looking further ahead, quarterly EPS forecasts for 2027 now range from $0.21 to $0.33.

This positive reassessment is widespread among brokerages. B. Riley Financial increased its price target from $17.00 to $23.00, reaffirming a "Buy" recommendation. Oppenheimer raised its target from $16.00 to $19.00, while DA Davidson maintains a $25.00 target. The current consensus price target stands at $18.38.

The Sangdong Catalyst

The revisions are directly tied to the operational progress at Sangdong. The official commissioning ceremony for the mine, located in South Korea's Gangwon province, was held on March 17, 2026. Considered one of the world's largest and highest-grade tungsten deposits, the facility is slated for an initial production capacity of 2,300 tonnes of tungsten concentrate annually. A planned second phase aims to double this output by 2027.

Favorable market conditions provide additional tailwinds. The spot price for tungsten APT surged by 534% to $2,250 per metric tonne unit (MTU) on a twelve-month average through mid-March 2026. Diamond Equity's model now assumes a 2026 APT price of $2,275, significantly boosting revenue and cash flow projections.

Major Institutions Establish Positions

Concurrent with the analyst upgrades, institutional investors have been building major stakes. Van ECK Associates Corp. expanded its position by approximately 13,295% during Q4 2025, now holding over 11.2 million shares valued at roughly $99 million. Encompass Capital Advisors established a new position worth about $25.6 million, and Next Century Growth Investors initiated a stake valued at approximately $16.3 million.

Financial Metrics Show Transition Phase

Despite the operational advance, the company's financials reflect its recent development stage. Total revenue for 2025 increased by 13% to CAD 32.5 million, with a gross margin barely in positive territory at 1.9%. The pre-tax margin remains deeply negative at -89.7%, which management attributes to non-cash accounting effects from the IFRS revaluation of financial instruments.

With the commissioning phase complete, a major portion of development risk has been removed. The company's Gentung-Browns-Lake project in Montana, expected to be production-ready in the second half of 2026, could provide Almonty with a second operational base in the United States. The sustainability of the elevated earnings estimates will ultimately depend on Sangdong consistently meeting its targeted production volumes in the coming quarters.