Almonty Industries Inc stock rallies amid Sangdong mine commissioning and institutional buying as tungsten demand surges

Almonty Industries Inc (ISIN: CA0203987072) shares on NASDAQ climbed over 10% this week on the formal commissioning of its Sangdong tungsten mine in South Korea, marking a shift to active production amid record tungsten prices. Benin Management Corp's new $1.07 million stake highlights growing institutional interest in this critical minerals play vital for US defense and tech supply chains.

Almonty Industries Inc stock surged more than 10% on NASDAQ this week, driven by the formal commissioning of its flagship Sangdong tungsten mine in South Korea and fresh institutional buying. The milestone caps nearly three years of development and positions the company to supply a critical metal amid soaring prices and geopolitical supply concerns. For US investors, Almonty offers exposure to tungsten—a key input for defense, semiconductors, and tooling—outside China-dominated supply chains.

As of: 26.03.2026

Lewis Hargrove, Mining Sector Analyst: Almonty Industries Inc stands at the intersection of critical minerals security and industrial metals resurgence, with Sangdong's ramp-up timed perfectly against record tungsten benchmarks.

Sangdong Mine Hits Commissioning Milestone

Almonty Industries Inc completed the formal commissioning ceremony for its Sangdong Tungsten Mine in March 2026, following the delivery of the first truckload of ore to the ROM pad in December 2025. This marks the transition to active mining operations after nearly three years of development. Phase 1 targets processing around 640,000 metric tons of ore annually, yielding approximately 2,300 tons of high-grade tungsten concentrate per year.

The mine's modernization supports higher-grade ore extraction, meeting surging demand from defense applications, semiconductors, and hardmetals production. Tungsten prices have hit record levels near $2,500 per MTU for APT benchmarks, fueling revenue potential as Almonty ramps up. This development directly addresses Western needs for non-Chinese tungsten sources, given China's dominance in global supply.

Sangdong represents one of the world's largest tungsten deposits, with Phase II expansion planned for 2027 to boost throughput to 1.2 million tonnes per annum. That upgrade could deliver over 460,000 MTUs annually, significantly scaling Almonty's output. Investors see this as a multi-year growth catalyst in a market where tungsten demand outpaces supply.

Institutional Investors Pile In on Almonty

Benin Management Corp initiated a new position in Almonty Industries Inc, purchasing 121,195 shares valued at $1.07 million during Q4. This joins a roster of hedge funds including Old West Investment Management with a $2.15 million stake, Huntleigh Advisors at $661,000, and others like BLB&B Advisors and General American Investors. Such moves signal confidence in Almonty's production ramp and tungsten market dynamics.

The stock reflected this interest with sharp gains: up 10.3% to $16.24 on NASDAQ amid high volume of 5.64 million shares, after hitting $16.07 intraday. Earlier sessions saw 7.79% and 4.96% advances, with shares reaching $15.59 before settling at $15.46. These moves come against a 52-week range of $3.16 to $22.55 and a market cap around $4.58 billion on NASDAQ.

Analyst upgrades underpin the momentum. DA Davidson reiterated a buy rating with a $25 target, while B. Riley lifted its target from $17 to $23, both on March 20. Consensus leans Moderate Buy with an average target of $18.38, reflecting optimism on scaled production and multi-asset growth.

Tungsten Market Tailwinds Fuel Growth Outlook

Tungsten prices have soared, with APT benchmarks at approximately $2,500/MTU amid supply tightness and demand from EVs, renewables, and defense. Almonty's Sangdong output targets high-grade concentrate for these sectors, where tungsten enables harder tooling and efficient semiconductors. Year-over-year price gains exceed 500%, driving a 39% Q4 2025 revenue jump despite a CAD 102.3 million net loss from non-cash derivatives.

A liquidity boost supports expansion: a US$129.4 million public offering in December 2025 lifted cash to $268.4 million year-end. This funds Sangdong's Phase II, Panasqueira drilling for Level 4 development aiming 124,000 MTUs annually, and the high-grade Sangdong Molybdenum project at 0.26% MoS2. The Gentung Browns Lake project in Montana eyes production readiness by H2 2026, adding US-based assets.

Almonty's portfolio spans operating mines like Panasqueira in Portugal and development projects in Europe and Asia. This diversification mitigates risks while capitalizing on critical minerals trends. Market focus sharpens on execution as tungsten's role in strategic supply chains grows.

US Investors Gain Strategic Critical Minerals Exposure

For US investors, Almonty provides a pure-play on tungsten outside China, which controls over 80% of global supply. Sangdong's Western-aligned production supports US defense needs for penetrators, alloys, and electronics, aligning with domestic critical minerals initiatives. The Montana project further ties into US soil, potentially qualifying for incentives under IRA or defense spending.

NASDAQ listing eases access, with recent gains drawing hedge fund attention amid broader mining sector interest in rare earths and uranium analogs. Almonty's negative P/E of -28.17 reflects pre-profit ramp-up, but analysts project profitability as volumes scale. US portfolios diversifying into industrials and materials find Almonty as a high-conviction pick for supply chain resilience.

Geopolitical tensions amplify relevance: export restrictions from China have spiked premiums for ex-China tungsten. Almonty's ramp positions it to capture these, with Phase II potentially dominating non-Chinese supply. US investors monitoring CHIPS Act and defense budgets see Almonty as a leveraged bet on policy tailwinds.

Operational Ramp-Up and Multi-Asset Pipeline

Panasqueira Mine's ongoing drilling program outlines Level 4 development, targeting higher-grade access and mine life extension to sustain 124,000 MTUs yearly. This complements Sangdong, balancing near-term cash flow with long-term growth. Almonty's experience in Europe and Asia de-risks execution across jurisdictions.

The Sangdong Molybdenum side project, among the highest-grade globally, advances toward reserves and planning. Combined with Browns Lake, it diversifies revenue beyond tungsten. Financial strength post-offering supports capex without dilution risks, key for investor confidence in mining turnarounds.

Production resumption at Sangdong provides critical supply for Western chains, as highlighted in recent updates. With tungsten up 534% year-over-year, margins expand rapidly once fixed costs dilute. Almonty's focus on concentrates for industrial clients positions it upstream in value chains hungry for reliable supply.

Risks and Key Uncertainties Ahead

Despite momentum, Almonty faces execution risks in mine ramp-ups, where delays or grade variances can impact timelines. Q4 2025's net loss underscores financial volatility from derivatives, even as revenues grew. Commodity price pullbacks pose threats if demand softens in autos or renewables.

Geopolitical exposures in South Korea and Portugal require monitoring, alongside regulatory hurdles for expansions. Analyst targets vary, with one Sell amid the buys, signaling debate on valuation at current levels. Market cap of $4.58 billion implies high expectations for delivery on Phase II and pipeline.

Competition from Chinese producers and substitutes remains, though premiums for Western tungsten persist. Investors weigh these against institutional inflows and upgrades. Thorough due diligence on quarterly updates and price trends is essential before positioning.

Disclaimer: This is not investment advice. Stocks are volatile financial instruments.