Almonty Industries Gains Favor as Tungsten Market Strengthens

Almonty CA0203981034

Growing confidence in Almonty Industries is being reflected by market analysts, driven by favorable tungsten pricing and a critical operational milestone. The company's strategic position as a significant non-Chinese supplier of the metal is attracting increased attention from researchers.

A pivotal development for Almonty was the commencement of operations at its Sangdong mine in South Korea in December 2025. This asset is recognized as one of the world's largest tungsten deposits. The company has now transitioned from developer to producer, having delivered its first ore to the stockpile. This shift occurs alongside a sustained recovery in global tungsten prices, providing a favorable market entry point.

The price strength is largely attributed to constrained supply from China, which has historically dominated global mine production. In early February 2026, the European price for Ammonium Paratungstate (APT)—a key processed tungsten product—was trading firmly. Industry sources cited a reference price of approximately $1,250 per metric ton unit (mtu).

Analyst Upgrades and Price Target Increases

This positive backdrop has prompted recent analyst actions. On February 4, 2026, DA Davidson reaffirmed its "Buy" rating for Almonty and raised its price target. This move followed a similar upgrade just one day prior by Sphene Capital, which also reiterated a buy recommendation and increased its target. In their assessments, both firms pointed to the enduring rise in tungsten prices as a fundamental driver for the company's prospects.

Financial Foundation for Growth

To fund the final development and production ramp-up at Sangdong, Almonty strengthened its balance sheet through two U.S. capital raises during 2025. These placements generated gross proceeds of approximately $219.4 million for the company.

The coming quarters will be crucial for Almonty to demonstrate its ability to meet production targets and effectively convert the advantageous market conditions into tangible earnings. The concurrent timing of its operational start-up and a robust commodity cycle offers a solid foundation for this next phase.