Institutional Investors Flock to Almonty as Tungsten Dynamics Shift

Almonty Industries transitions to producer as tungsten prices soar 534%, attracting major institutional investment and sharp analyst target upgrades.

A pivotal transition from mine developer to active producer at Almonty Industries is drawing concentrated attention from major institutional investors. This strategic shift coincides with the company's Sangdong mine in South Korea entering its initial production phase. Against a backdrop of soaring tungsten prices and heightened geopolitical tensions, market analysts are undertaking substantial upward revisions to their earnings forecasts for the firm.

Geopolitics Fuels a Price Surge

The fundamental driver behind this renewed interest is a dramatic shift in the global tungsten market. By mid-March 2026, the spot price for tungsten APT had skyrocketed by 534 percent to $2,250 per metric ton. This surge is deeply rooted in supply chain politics, as China, Russia, and North Korea collectively control an estimated 95% of the world's tungsten supply. Following the imposition of U.S. tariffs on Chinese tungsten products, Beijing responded with its own export restrictions in late 2025.

This environment creates a strategic opening for non-Chinese suppliers like Almonty. The timing is particularly advantageous as the U.S. Department of Defense is set to enact new procurement rules, compelling American defense contractors to source tungsten from suppliers outside of China.

Major Funds Establish and Amplify Stakes

Institutional capital is moving decisively to position for this opportunity. Van ECK Associates Corp. led the charge in the fourth quarter of 2025, expanding its holding by a remarkable 13,295 percent. The asset manager now possesses over 11.2 million shares, representing a stake worth approximately $99 million.

Other significant entrants include Encompass Capital Advisors and Next Century Growth Investors, each establishing new positions valued in the tens of millions of dollars. Overall, the number of invested funds grew by more than 55 percent in the last quarter, reaching a total of 107. This coordinated accumulation underscores a growing consensus that Almonty is poised to play a critical role during a period of acute global shortage.

Analyst Targets Revised Sharply Upward

The changing fundamentals have prompted a widespread reassessment among research firms. Diamond Equity Research nearly doubled its earnings per share (EPS) estimate for fiscal 2026, raising it from $0.23 to $0.45.

Prominent brokerages have followed suit with increased price targets:
* B. Riley Financial: Raised its target from $17.00 to $23.00, maintaining a Buy rating.
* Oppenheimer: Lifted its target from $16.00 to $19.00.
* DA Davidson: Reiterated its $25.00 price target.

DA Davidson explicitly cited the progress at the Sangdong project and record tungsten prices as key reasons for its optimistic outlook following a meeting with CEO Lewis Black.

Execution is the Next Critical Phase

With the commissioning phase in South Korea now complete, a major developmental risk has been eliminated. The market has already begun to reflect this operational turnaround, with the stock appreciating by over 506 percent in a twelve-month period.

The sustainability of this revaluation now hinges directly on execution. The focus shifts to the Sangdong mine's ability to consistently meet its targeted production volumes in the coming quarters. The planned Phase-2 expansion, slated to double annual production capacity to roughly 4,600 tonnes of tungsten concentrate by 2027, is central to the thesis. Successfully converting the analysts' high earnings expectations into tangible cash flow will be the definitive test for Almonty Industries.