Strategic Positioning and Surging Tungsten Prices Fuel Almonty's Rally

Almonty Industries gains major investment and bullish analyst targets as its Sangdong mine ramps up, capitalizing on a historic surge in tungsten prices driven by supply constraints.

A significant increase in ownership by the investment firm VanEck has spotlighted Almonty Industries. The firm now holds approximately 11.24 million shares, valued at around USD 99 million. This substantial investment coincides with a wave of upward revisions to the company's price targets by several research houses, driven by a historic rally in the tungsten market.

Analyst Sentiment Turns Bullish

Market experts have revised their outlooks for Almonty, reflecting growing confidence. B. Riley reaffirmed its "Buy" recommendation while lifting its target price from USD 17 to USD 23. Oppenheimer set a target of USD 19 with an "Outperform" rating, and DA Davidson maintains the most bullish stance with a USD 25 target. Alliance Global Partners adjusted its forecast to USD 19.25. The consensus average price target now stands at USD 18.38, accompanied by a "Moderate Buy" sentiment.

The Tungsten Price Catalyst

This optimistic reassessment is fundamentally linked to the commodity Almonty produces. Tungsten prices have skyrocketed by 557% over the last twelve months, reaching USD 2,250 per metric tonne by late March 2026. International trade restrictions and geopolitical tensions are the primary drivers, creating an environment that strategically benefits Western producers like Almonty.

Operational Foundation: The Sangdong Mine

Providing tangible support for the bullish thesis is operational progress at Almonty's key asset. The company's Sangdong mine in South Korea completed its initial commissioning phase in mid-March 2026. The facility is engineered to process roughly 640,000 tonnes of ore annually, with an expected output of 2,300 tonnes of tungsten concentrate.

A second phase, scheduled for 2027, is planned to double this capacity. The long-term ambition is to supply approximately 40% of the global tungsten supply originating from outside China, underscoring the project's strategic importance to supply chain diversification.

Financial Health and Market Performance

Financially, Almonty exhibits a robust position to fund its growth despite reporting a net loss of CAD 161.9 million for fiscal 2025. A key indicator of strength is its cash position, which surged to USD 268.4 million from just USD 7.8 million the previous year. This substantial liquidity secures the ongoing operational ramp-up.

On the market, Almonty's shares have already advanced about 76% since the start of the year. However, the current trading price remains notably below the 52-week high of CAD 30.32 marked in mid-March, suggesting potential room for movement as the company's operational and market narratives continue to develop.