Almonty Industries: The Wolfram Stock Defying Gravity with a 689% Surge

Almonty Industries stock soars 700% as tungsten becomes critical for defense. The company moves HQ to the US, ramps up its Korean mine, and builds a North American supply chain to capitalize on soaring demand.

A nearly 700 percent stock price surge in a single year would typically signal a speculative frenzy. For Almonty Industries, however, this meteoric rise is underpinned by a tangible and urgent global shift. The company’s shares, closing at CAD $29.46 on Tuesday, are hovering just below their 52-week high, propelled by a single, critical commodity: tungsten, or wolfram, now deemed indispensable for modern defense.

The metal’s price trajectory tells the story of a market in upheaval. By early April 2026, a metric tonne of ammonium paratungstate was averaging $2,250, marking a staggering 534 percent year-over-year increase. This historic explosion is driven by severe supply constraints and soaring military demand, as tungsten is a key component in armor-piercing munition and advanced aerospace technology.

In a decisive move to capitalize on this geopolitical realignment, Almonty has severed its Canadian roots. The company has relocated its global headquarters from Toronto to Dillon, Montana, a strategic shift CEO Lewis Black describes as far more than symbolic. The relocation physically positions the firm closer to key U.S. government agencies and defense contractors, aligning with Washington's push for supply chain independence from China through initiatives like "Project Vault," which aims to stockpile 60 critical minerals.

This American pivot is built on a foundation of substantial capital raises and strategic partnerships. The company secured $90 million through a Nasdaq listing in July 2025, followed by a further $129.4 million financing round in December, bringing the total raised last year to $219.4 million. These funds are fueling a capital-intensive global expansion. Concurrently, Almonty has bolstered its board with former U.S. generals and forged a key partnership with defense advisor American Defense International.

Operationally, Almonty is transitioning from developer to producer. The crown jewel is the Sangdong mine in South Korea, one of the world's largest high-grade tungsten deposits. After 30 years of dormancy, the first phase of operations commenced in mid-March, processing 640,000 tonnes of ore annually for 2,300 tonnes of tungsten concentrate. A planned Phase 2 expansion by 2027 could see Sangdong supply 40 percent of global tungsten demand outside China.

The North American strategy is being cemented with the acquisition and planned restart of the Gentung project in Montana, with production targeted for late this year. This creates a dual-source supply chain for the U.S. market.

Paradoxically, this period of explosive growth was accompanied by a significant accounting loss. Almonty posted a net loss of CAD $102.3 million for the fourth quarter of 2025. Far from an operational alarm, this figure primarily stems from the revaluation of derivative liabilities—a direct, non-cash accounting consequence of the company's skyrocketing share price.

With its headquarters now in Montana, a flagship mine ramping up in Korea, and a war chest for expansion, Almonty Industries is positioning itself as a central pillar in the West's urgent quest for strategic mineral security. The market's verdict, reflected in a 689 percent twelve-month advance, suggests investors are betting it will succeed.