Analyst Confidence Soars as Almonty Industries Receives Major Price Target Upgrade

Almonty Industries hits a 52-week high as its Sangdong mine begins production amid a global tungsten supply squeeze and a wave of analyst price target increases.

Shares of tungsten producer Almonty Industries surged to a new 52-week high of $17.31 on Thursday, capping off a remarkable weekly gain of 22.36%. By February 26, 2026, the stock was trading at $17.84, bringing the company's market capitalization to approximately $4.01 billion. This impressive rally is underpinned by a powerful confluence of events: skyrocketing commodity prices, the commencement of production at a key mine, and a series of significant analyst upgrades.

A Wave of Analyst Optimism

The most dramatic reassessment came from investment firm Couloir Capital, which increased its fair value target by more than 150%—from C$7.69 to C$19.30. The firm cited tungsten prices exceeding $1,000 per metric ton unit (MTU) and the ramp-up of the Sangdong mine as core reasons for the adjustment. Despite this substantial upward revision, Couloir maintained its "Hold" rating on the stock.

Other financial institutions quickly followed suit. DA Davidson raised its price target from $12 to $18, issuing a "Buy" recommendation. Similarly, B. Riley Financial increased its target from $10 to $17, also with a "Buy" rating. The current analyst consensus is categorized as "Moderate Buy," with four experts rating the stock a "Buy" and one a "Sell."

Production Commences at Flagship Asset

A fundamental shift for the company occurred in December 2025 when its Sangdong mine in South Korea began operations. With the first ore shipment already delivered, the facility is now systematically scaling up production. Sangdong is recognized as one of the world's largest tungsten deposits. This transition from a development-stage project to a producing mine is fundamentally altering Almonty's revenue profile, a transformation the market is actively pricing in.

Macroeconomic Tailwinds from Supply Squeeze

The global tungsten market is experiencing significant supply-side pressures. China, which controls an estimated 75-80% of worldwide supply, has recently imposed severe restrictions on exports. BMO Capital Markets reported that certain Chinese tungsten exports temporarily ground to a complete halt in late 2025. Concurrently, the U.S. Department of Defense has classified tungsten as a critical mineral, mandating that defense-related purchases must originate from non-Chinese sources starting in 2027.

These dynamics have propelled prices upward. Couloir Capital noted that reference prices for Ammonium Paratungstate (APT) recently climbed above $1,000 per MTU. In response, analysts have raised their long-term price forecast from $450 to $800 per MTU. The collision of robust defense sector demand with a tightening supply landscape creates an environment highly favorable for Almonty.

Institutional Investors Take Notice

Institutional interest in Almonty has grown substantially. The number of funds holding its shares jumped by over 55% last quarter, reaching 107. Van ECK Associates dramatically expanded its position by 13,294.7%, now holding 11.24 million shares valued at roughly $99 million. Other significant new positions were established by Encompass Capital Advisors, which invested approximately $25.6 million, and Next Century Growth Investors, which committed around $16.3 million.

A Pipeline of Future Growth

Beyond the Sangdong mine, Couloir Capital identifies several additional growth catalysts for the company. These include a planned capacity expansion at the Panasqueira mine in Portugal, resource definition work at the Sangdong molybdenum project, and progress at the Gentung-Browns Lake project in the United States. The U.S. project could reach production readiness in the second half of 2026. To fund its ambitions, Almonty completed two U.S. capital raises in 2025, generating gross proceeds exceeding $219 million.

Upcoming Financial Report in Focus

All eyes are now on the company's quarterly results, scheduled for release on March 19, 2026. This report is anticipated to provide the first concrete evidence of how elevated tungsten prices and the Sangdong production ramp-up are translating into financial performance. Market participants will scrutinize the figures for confirmation that Almonty is on track to meet its ambitious growth targets.