The Pentagon’s New Metal Supplier: How Almonty Industries Captured a Strategic Market

Almonty Industries stock surges 618% as tungsten prices hit record highs, driven by US defense demand and Chinese export controls. The company's Montana HQ and South Korean mine position it as a critical mineral supplier.

The numbers are staggering. Almonty Industries’ stock has surged roughly 618 percent over the past twelve months, with shares closing Friday at A$29.65 — a nine percent gain in a single session. But this isn’t just another mining stock riding a wave of speculative momentum. Beneath the surface lies a fundamental recalibration of global tungsten supply chains that has caught the attention of both Washington and the defense industry.

A Headquarters Move with Military Intent

Almonty recently relocated its corporate headquarters to Dillon, Montana, placing the company squarely in the heart of America’s defense supply network. The new base sits adjacent to the company’s recently acquired Gentung tungsten project, where production is slated to begin in the second half of 2026. This would create a domestic tungsten source within US borders — a development that carries significant weight given the Pentagon’s current formal investigation into import dependencies for critical minerals.

To reinforce its Washington connections, management has forged a strategic partnership with American Defense International, a move designed to cement the company’s role in securing critical supply chains for the US military. The timing is deliberate: as Chinese export controls tighten, western stockpiles of tungsten have dwindled dramatically.

The Price Signal That Changed Everything

The market’s benchmark, ammonium paratungstate (APT), has reached record levels. During the last fiscal year, average APT prices stood at roughly $2,250 per metric ton unit — a jump of more than 530 percent compared to earlier annual averages. Tungsten is no niche commodity; it is essential for defense applications, aerospace components, and high-performance tooling. That strategic importance has turned Almonty’s assets into national security assets.

Sangdong Delivers the Foundation

While the US expansion captures headlines, the company’s core project in South Korea is now operational. The Sangdong mine completed its first commissioning phase this spring and is actively processing ore. With a capacity of approximately 640,000 tonnes per year, the operation covers a significant portion of global tungsten demand outside China. Phase 2 is already on the drawing board for 2027, with plans to double throughput and further extend the company’s market reach.

The Panasqueira mine in Portugal has provided steady revenue during the Korean project’s development phase, offering a financial buffer while Sangdong ramped up.

Financial Health Beneath the Headline Loss

Almonty’s latest financial results for fiscal 2025 tell a nuanced story. Revenue climbed to $32.5 million, lifted by the soaring APT prices that have transformed the economics of the entire portfolio. The company reported a net loss of roughly $162 million, but this stems almost entirely from non-cash write-downs on derivative liabilities — an accounting adjustment forced by the stock’s rapid appreciation over the past year.

Operating cash flows remain unaffected. The company ended the year with liquid assets exceeding $268 million, providing ample capital to fund both the Gentung development and the planned South Korean expansion. With a market capitalization now above $8 billion, Almonty has completed its transition from developer to global producer.

What Comes Next

Analyst consensus sits at “Buy” or “Strong Buy,” with individual price targets reaching as high as $25.80. The stock currently trades at A$29.65 — more than double its 200-day moving average and roughly 660 percent above its 52-week low. Year-to-date gains stand at nearly 124 percent.

The coming months will focus on optimizing the Sangdong facility and establishing a clear timeline for production in Montana. With operational updates and quarterly results expected in the second quarter of 2026, the market will soon see whether commercial production volumes can justify the current valuation. For now, Almonty has positioned itself as the primary non-Chinese source of a metal the West can no longer afford to import.