Almonty Industries Positions Itself as Key Western Tungsten Supplier Amid Market Shift

Almonty CA0203981034

The tungsten market is experiencing unprecedented tightness, with prices more than doubling throughout the previous year. Against this backdrop, Almonty Industries is reporting significant operational milestones. The Canadian resource company is not only securing new long-term offtake agreements but has also commenced production at one of the most significant non-Chinese mining projects globally.

Current market conditions appear highly favorable for Almonty's production ramp-up. Tungsten prices surged by over 160% in 2025, an upward trend that has continued into the early weeks of 2026. This price environment is primarily driven by Chinese export restrictions on dual-use materials and an impending U.S. ban on Chinese tungsten for defense applications starting in 2027.

With China currently controlling more than 80% of global supply, Almonty is strategically positioning itself as a crucial Western supplier to fill the emerging gap. The company has publicly stated its goal to supply 40% of non-Chinese tungsten to Western markets.

Operational Milestones: Sangdong Mine Comes Online

A pivotal development for the company's future valuation is progress in South Korea. In December 2025, the flagship Sangdong mine delivered its first ore shipment. This marks the project's critical transition from development to active mining operations. Sangdong is recognized as one of the largest tungsten deposits outside of China.

Key operational metrics highlight the project's scale:
* Expansion Plans: Phase II is scheduled for completion in 2027, which will increase annual capacity to 1.2 million tonnes.
* Production Potential: At full capacity, the mine is planned to yield over 460,000 Metric Tonne Units (MTU) per year.
* Secured Demand: Binding offtake agreements are already in place for applications within the U.S. defense sector.

Strengthening the European Base and Financial Foundation

The company's Portuguese subsidiary, Beralt Tin and Wolfram, has signed a long-term supply agreement with Wolfram Bergbau und Hütten AG. Published in regulatory filings yesterday, this agreement establishes a permanent commercial relationship. For Almonty, this enhances revenue predictability and strengthens its competitive position in Europe, aligning with its strategy of securing production through long-term ties to industrial consumers.

Financially, Almonty has fortified its balance sheet for this growth trajectory. A NASDAQ listing in July 2025, followed by an additional capital raise in December of the same year, injected approximately $219 million USD into company coffers. These funds are being directed toward exploration and development.

Concurrent Expansion Across Continents

The company's growth strategy is multi-pronged. In late 2025, Almonty acquired full ownership of the Gentung Browns Lake project in Montana. The objective is to prepare this U.S. asset for production readiness by the second half of 2026.

Simultaneously, drilling programs are underway at the historic Panasqueira mine in Portugal. This work aims to extend mining into deeper levels with higher ore grades.

With a market capitalization of roughly 3.08 billion Canadian dollars, the stage is set. As operational production commences and expansion advances on multiple continents, 2026 will be a year to watch for Almonty's ability to consistently meet its ambitious supply targets.