Almonty Industries: The Wolfram Stock Fueling a Global Tech Race

Almonty Industries capitalizes on a critical tungsten shortage for semiconductors, with its Korean mine and US pivot driving a 700% stock surge as prices skyrocket.

A critical shortage is brewing at the heart of the global semiconductor industry, and one company is positioning itself at the epicenter. Almonty Industries, a tungsten producer, is executing a dual-track strategy to become the primary Western alternative to Chinese supply, a move that has sent its stock soaring over 700% in the past year. The catalyst is a looming crisis: Japanese suppliers have warned Samsung and SK Hynix that their stocks of tungsten hexafluoride, an essential gas for chip etching, could be depleted by June 2026.

This supply crunch stems directly from Beijing's decision to slash tungsten exports at the end of 2025. With China, Russia, and North Korea controlling roughly 95% of global supply, the market impact was immediate. The spot price for Ammonium Paratungstate (APT) skyrocketed from about $920 per metric ton unit (MTU) at the start of the year to between $1,650 and $1,900 by mid-February. By mid-March 2026, prices had reached $2,250 per MTU, marking a staggering 534% increase year-over-year. There is no viable substitute for tungsten in the production of advanced 3D NAND chips, which require the metal for up to 200 layers.

Almonty's answer is its flagship Sangdong mine in South Korea, which was officially commissioned in March 2026. Currently processing around 640,000 tonnes of ore annually, the mine is ramping up to commercial production in the second quarter. Phase 1 targets annual output of 2,300 tonnes of tungsten concentrate. Crucially, the mine was developed when tungsten traded near $300 per MTU, creating the potential for exceptional margins at current prices. The company's balance sheet is robust, with $268.4 million in liquid cash reported at the turn of the year following a successful capital raise.

Simultaneously, Almonty is making a decisive strategic pivot to the United States. The company is relocating its corporate headquarters from Toronto to Dillon, Montana, a move announced in mid-April that sparked a 15% single-day share price jump. The new base places management near the recently acquired Gentung-Browns Lake project in Beaverhead County, which is slated to begin production in the second half of 2026 with an annual capacity of approximately 140,000 tonnes MTU.

This US expansion is strategically timed. Starting January 2027, US defense contractors will be prohibited from sourcing tungsten from China. Almonty is actively embedding itself in the US supply chain, securing an exemption from counter-tariffs for its ores, concentrates, and oxides, and solidifying a supply agreement with US processor Global Tungsten & Powders in Pennsylvania. The company has also deepened its government ties through a partnership with American Defense International and participation in the US Department of Defense's Critical Minerals Forum. In December 2025, it appointed retired US Brigadier General Steven L. Allen as Chief Operating Officer to oversee supply chain optimization.

The market has responded forcefully to this narrative. Almonty's stock currently trades at $29.60 CAD, just below its 52-week high of $30.32 CAD. It has gained 140% since the start of the year and 702% over the past twelve months. The Relative Strength Index (RSI) reading of 33.3 suggests a technically cooled state following the recent rally.

Investor attention now turns to upcoming catalysts. The company will release its quarterly report on May 21, providing the first concrete production figures from Sangdong's ramp-up phase. Subsequently, the Annual General Meeting on June 8 is expected to deliver concrete details on the planned Phase 2 expansion in South Korea. This project, scheduled for 2027, aims to double Sangdong's processing capacity to 1.2 million tonnes of ore per year, boosting output to an estimated 4,600 tonnes of concentrate—enough to meet an estimated 40% of global tungsten demand outside of China.