Almonty's Twin Moves in Rwanda and Spain Keep DA Davidson's $33 Target Intact

DA Davidson reaffirmed its buy rating and $33 target on Almonty Industries after the tungsten producer signed a Rwanda joint venture and a Spain offtake deal.

DA Davidson reaffirmed its buy rating on Almonty Industries on Tuesday, leaving a $33.00 price target on the stock untouched. The catalyst behind the analyst's confidence was the tungsten producer's freshly inked agreement with the Rwandan government — one of two strategic deals Almonty has rolled out in quick succession.

The Vancouver-based company signed a binding strategic partnership with Kigali last Monday to establish Almonty Rwanda Pty Ltd. Almonty will control 75% of the joint venture, with the Rwandan state holding the remaining 25%. Rwanda's contribution takes the form of the Shyorongi tungsten exploration concession and a minerals processing license, as first reported by Reuters.

A Trading and Processing Hub in East Africa

The venture is designed to serve as a central platform for both trading and processing. Under the arrangement, Almonty will purchase raw ore, pre-concentrates and processing residues from local license holders and small-scale miners, then either resell or upgrade those stocks. Until a dedicated processing plant is built in the country, the agreement allows for the material to be exported. The setup widens Almonty's operational reach into African tungsten supplies.

Spain Deal Turns Tailings Into Revenue

A day after the Rwanda announcement, Almonty turned to Europe. The company struck a multi-year tungsten concentrate offtake agreement with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik group, covering the reprocessing of existing tailings at its Los Santos mine in Spain. The take-or-pay contract carries a minimum volume of roughly 1,720 tonnes of contained tungsten trioxide (WO?) and includes a contingent one-time payment of $3.0 million for the offtake rights. The deal hands Almonty predictable revenue from material already sitting on site.

A Fortified Balance Sheet

The expansion push rests on a sturdy financial footing. In second-quarter 2026 results released more than a month ago, Almonty posted revenue of C$43.0 million and net income of C$181.8 million. Cash on hand stood at approximately C$1.23 billion as of June 30, 2026 — resources the company is deploying to secure raw material supplies worldwide.

Alongside the operational build-out, management has been consolidating its exchange footprint. Having already delisted from Canada's Toronto Stock Exchange, Almonty ended its listing on Australia's ASX roughly two weeks ago, concentrating trading activity on fewer international venues.

Shares Give Back Some Ground

In German trading, the stock closed Friday at EUR 12.07, down 1.8% on the day. The pullback leaves the shares well below their 52-week high of EUR 20.61, yet the year-to-date picture remains firmly positive, with a gain of 52%.

With the Spanish offtake locked in and the East African expansion underway, Almonty is sharpening its position in the global tungsten market. How smoothly both projects come to fruition will be central to what comes next.