Tungsten’s Perfect Storm Propels Almonty From Developer to Producer

Tungsten prices hit record highs amid China export curbs and defense demand, as Almonty Industries launches operations in South Korea and Montana to secure Western supply.

The tungsten market is in the grip of a historic supply crunch, and prices are scaling fresh peaks with each passing week. On Wednesday, the benchmark price for ammonium paratungstate in Rotterdam hit an unprecedented $3,280 per metric tonne unit — a staggering 230% surge from the roughly $900 level seen at the end of 2025. Against this backdrop, Almonty Industries is executing a rapid transformation from project developer to global producer, with operations now live on two continents.

Sangdong Moves Into Production

Almonty’s flagship Sangdong mine in South Korea has officially begun commercial operations. The first commissioning phase is complete, and the facility is now capable of processing approximately 640,000 tonnes of ore annually. Management expects to produce 2,300 tonnes of tungsten concentrate this year, with plans to double that volume by 2027.

The ore body boasts an above-average tungsten grade, and at full capacity, Sangdong is projected to supply around 40% of tungsten demand outside China. With reserves sufficient for more than 45 years, the mine is positioned as a cornerstone of Western critical mineral security.

Montana Emerges as a Second Front

While Sangdong ramps up, Almonty is simultaneously building a US production base. The company relocated its headquarters to Dillon, Montana, in April 2026, moving closer to the American defence industry and industrial customers. Its Gentung Tungsten Project in Beaverhead County holds verified mineral resources of 7.53 million tonnes at a grade of 0.315% WO3, with production slated to begin in the second half of 2026. Planned annual capacity stands at roughly 140,000 metric tonne units of WO3.

Interest in the region is accelerating. On 30 April 2026, Australian explorer Red Mountain Mining secured an exclusive 30-day option on the adjacent Pioneer Tungsten Project, a roughly 2,000-hectare property where historical drilling in the Greenstone zone returned intercepts of 10.7 metres at 0.48% WO3. The move underscores the growing strategic value of Montana’s tungsten district.

Three Forces Driving the Price Explosion

The rally in tungsten prices is no flash in the pan. Three structural factors are converging: China has tightened export restrictions, squeezing global supply; defence contractors are demanding more tungsten-based alloys; and the US is actively reducing its reliance on imported critical minerals. The result is a market where buyers are scrambling for material, and producers hold the upper hand.

Shareholder Activity and Stock Volatility

The price surge has not gone unnoticed by investors. Almonty’s stock has gained more than 123% since the start of 2026 and roughly 616% over the past twelve months. The shares recently traded at C$26.85, about 16% below the all-time high set in April 2026 — a retreat that reflects the stock’s annualised volatility of around 100%.

On the shareholder register, the long-time investor Deutsche Rohstoff AG has trimmed its stake to 4.9%, capitalising on the recent run-up. The Mannheim-based firm still holds approximately 14 million shares.

Financial Position and Milestones Ahead

Almonty enters this phase with a strong balance sheet. At the end of 2025, the company held more than $268 million in cash, primarily raised through its Nasdaq IPO in July 2025 ($90 million) and a subsequent financing round in December 2025 ($129 million). Revenue rose to $32.5 million last year, though the bottom line showed a hefty loss of nearly $162 million — a purely accounting effect driven by the revaluation of liabilities as the stock price climbed, leaving operating cash flow unaffected.

The next major milestone comes in the second half of 2026, when Gentung is expected to begin production. With Sangdong already delivering output and tungsten prices at multi-year highs, Almonty is positioning itself as a rare Western-controlled source of a metal critical to both defence and industry.