Almonty Industries Capitalizes on Global Tungsten Supply Squeeze

Almonty Industries' shares surge to $15.20 as China tightens tungsten exports and prices quadruple. The company's Sangdong mine is set to meet 40% of non-Chinese global demand.

Shares of Canadian tungsten producer Almonty Industries have surged to a fresh 52-week peak of $15.20. This dramatic ascent is fueled by a severe tightening in global supply, coupled with a commodity price that has quadrupled over the past twelve months.

Strategic Reshaping of the Tungsten Market

A fundamental shift in market dynamics is driving the price explosion. China, which commands approximately 85% of worldwide tungsten production, has significantly tightened export controls. Concurrently, domestic Chinese mines are facing depletion due to declining ore grades and the removal of government subsidies. Analysis from Stockhouse on February 23 further notes that China doubled its tungsten imports in 2024, with around half of global production now being consumed domestically.

This creates a perfect storm for Western consumers. They are now competing for a shrinking pool of available material, with robust demand from the defense, semiconductor, and aerospace sectors intensifying the pressure. In response, the United States plans to ban Chinese tungsten in defense projects from 2027, while European nations are moving to establish strategic stockpiles.

Financial Backing and Analyst Confidence

The company strengthened its financial position in 2025, raising over $219 million gross to fund its key projects and ongoing operations. This financial runway is bolstered by a long-term supply agreement secured through its Portuguese subsidiary, adding revenue predictability.

Market analysts have taken strong notice of Almonty's positioning. On February 4, DA Davidson raised its price target from $12 to $18. B. Riley Financial followed on February 13, lifting its target from $10 to $17. Both firms maintain positive ratings on the stock. The company's market capitalization now stands near $3.8 billion, a stark contrast to its share price around $1.00 just one year ago.

Project Pipeline: From Development to Production

Almonty's growth strategy is centered on its flagship Sangdong mine in South Korea. The project reached a critical milestone in December 2025 when the first truckload of ore was transported. Commercial production is slated to commence in the first quarter of 2026, with a second expansion phase planned for 2027. At full capacity, Sangdong has the potential to deliver over 460,000 metric tonne units of tungsten oxide annually, potentially satisfying up to 40% of non-Chinese global demand.

This is complemented by the currently producing Panasqueira mine in Portugal and the Montana project, which is scheduled to begin operations in the second half of 2026.

Investors will gain further insight into the company's transition from developer to active producer when Almonty reports its next quarterly results on March 19. This update will reveal the initial financial impact of Sangdong's ramp-up and whether the powerful tungsten rally provides a sustainable foundation for the company's elevated valuation.