Almonty Industries: Positioning as a Key Western Tungsten Supplier

Almonty CA0203981034

Amidst tightening global supply and soaring prices for critical minerals, Canadian producer Almonty Industries has laid out a detailed strategic roadmap. Released on January 20, 2026, the plan aims to capitalize on geopolitical shifts and robust commodity markets, with its flagship Sangdong mine in South Korea at the core of an aggressive expansion.

The tungsten market has experienced extraordinary volatility. Prices surged by over 160% throughout 2025, a trend that continued into the opening weeks of 2026. This price environment is driven by a significant supply constraint: China, which currently accounts for more than 80% of global tungsten output, has restricted exports. Compounding this, the United States has mandated a ban on Chinese tungsten imports for defense procurement, effective 2027.

Almonty’s strategy is designed to directly address this supply gap, aiming to establish a major non-Chinese source of the strategic metal.

Sangdong Mine: The Cornerstone Project

The operational focus for 2026, according to the company’s shareholder communication, is bringing Phase I of the Sangdong tungsten mine to full commercial production. Immediately following this, Phase II development will commence.

The completion of Phase II, targeted for 2027, is projected to increase annual capacity to as much as 1.2 million tonnes. At full capacity, Sangdong could produce over 460,000 metric tonne units (MTUs) of tungsten each year. This output has the potential to represent more than 80% of the world's tungsten production outside of China, positioning the mine as a linchpin for Western supply chains.

A Multi-Pronged Expansion Strategy

Beyond Sangdong, Almonty is advancing projects on several fronts to build a diversified portfolio.

Panasqueira Mine, Portugal: A large-scale drilling program is underway to define the mine plan for an expansion into Level 4. This initiative aims to boost annual production to up to 124,000 MTUs, with higher-grade ore potentially extending the mine's operational life.

U.S. Entry via Montana: The company is targeting production readiness for its Gentung Browns Lake project in Montana by the second half of 2026. Almonty secured a 100% interest in the project in November 2025, marking its formal entry into domestic U.S. production.

Molybdenum Diversification: Alongside tungsten, Almonty is progressing the Sangdong molybdenum project. The deposit, grading 0.26% MoS2, ranks among the highest-grade molybdenum resources globally.

Leadership Strengthened for Growth

To execute this ambitious plan, Almonty bolstered its executive team with two key appointments in late 2025 and early 2026:
- On December 1, 2025, retired Brigadier General Steven L. Allen joined as Chief Operating Officer.
- On January 6, 2026, Guillaume Wiesenbach de Lamaziere, CFA, was appointed Chief Development Officer.

Equity Market Reaction

Investors have responded positively to the operational milestones and strategic vision. On January 29, 2026, Almonty's share price jumped 9.1% to $12.11. This gain contributed to a four-week advance of 24.9% for the equity.

The successful execution of the Sangdong Phase II expansion in 2027 is viewed as a critical inflection point. If the ramp-up proceeds according to plan, Almonty is poised to become a dominant supplier of tungsten outside China, a position strongly supported by the current geopolitical landscape.