Almonty Industries Shares Reach Fresh Peaks

Almonty's stock surges as its Sangdong mine begins production, set to supply 40% of non-China tungsten demand, boosted by strong APT prices and analyst upgrades.

Driven by a combination of robust trading activity, revised analyst targets, and a rising commodity price, shares of Almonty Industries Inc. surged to new annual highs across multiple exchanges. The tungsten mining company also reported significant operational progress at its key South Korean asset.

Operational Milestone and Commodity Tailwinds

A major catalyst for the positive sentiment is the commencement of production at the Sangdong tungsten mine in South Korea. This operation is projected to eventually supply approximately 40% of the global demand for tungsten outside of China.

Concurrently, the underlying commodity market provided strong support. The spot price for Ammonium Paratungstate (APT) strengthened notably, with reported levels ranging between $1,750 and $1,850 per metric tonne unit (MTU).

Trading Activity and Price Performance

On the NASDAQ, Almonty's stock climbed to an intraday peak of $17.75 before settling at a closing price of $17.01. The session was characterized by exceptionally high volume, exceeding 3 million shares traded.

The company's listing on the Toronto Stock Exchange (TSX) mirrored this strength, achieving a new 52-week high of C$23.67. It closed the day at C$22.87. Market observers note this closing price sits firmly above the 50-day moving average, indicating sustained short-term upward momentum.

Analyst Upgrades and Valuation Metrics

The rally prompted immediate reactions from research firms. DA Davidson raised its price target to $18 per share and reaffirmed a "Buy" rating. Similarly, B. Riley maintained a "Buy" recommendation while increasing its target to $17.

Despite these bullish adjustments, the consensus average price target among covering analysts is reported to be $13.38, with a "Moderate Buy" recommendation. This disparity highlights that recent analyst updates are considerably more optimistic than the existing mean forecast.

The company's valuation metrics reflect its recent share price appreciation. Its U.S. market capitalization is stated as $4.65 billion, while the Canadian listing shows a market cap of C$5.87 billion. The price-to-earnings (P/E) ratio for the U.S.-traded shares is listed at -72.61.