Almonty Industries: A Strategic Tungsten Play Reaches Unprecedented Valuation

The shares of Almonty Industries have delivered a standout performance, culminating in a record-setting surge. Recently achieving a new 52-week peak of CAD 15.17 and holding near that level with a closing price of CAD 15.00, the company's market capitalization now stands at approximately CAD 3.92 billion. This dramatic revaluation is fundamentally linked to shifting dynamics within the global tungsten market.

The core of Almonty's remarkable reassessment by the market is its successful transition from a project developer to an active producer. This pivot is anchored by the Sangdong tungsten mine in South Korea, which delivered its first ore in December 2025 and now forms the bedrock of the company's valuation.

Key strategic drivers include:

• Operational Milestone: Active mining is underway at Sangdong, with full commercial production from Phase 1 targeted for 2026.
• Geopolitical Alignment: The company is positioning itself as a supplier for U.S. defense applications, set to benefit from a forthcoming U.S. ban on Chinese tungsten in military uses effective 2027.
• Supply Security Ambition: Almonty aims to supply up to 40% of the tungsten originating from outside China—a critical objective in light of recent export restrictions from dominant Asian producers.

This confluence of operational execution and supportive policy tailwinds currently lends the investment a distinct special-situations appeal.

Financial Framework and Forward-Looking Benchmarks

Financially, Almonty is structured for significant growth, having raised around USD 220 million in recent funding rounds and securing a listing on the NASDAQ. While traditional valuation metrics appear elevated—a common characteristic for resource projects in the ramp-up phase—and the company still reports negative net margins, the market is primarily pricing in anticipated future cash flows from its Sangdong and Panasqueira mines.

Two major operational milestones are in focus for 2026:

Should investors sell immediately? Or is it worth buying Almonty?

• The execution of Phase 1 ramp-up plans at Sangdong.
• The initiation of a Phase 2 expansion targeting an annual capacity of 1.2 million tonnes.

The sustainability of the share price advance will largely depend on the company's ability to meet these targets within the planned schedule and budget.

Market Performance and Technical Posture

The equity has dramatically decoupled from broader mining indices, a move attributed to tungsten's specific supply constraints and Almonty's role as a Western-aligned supplier. Over the past twelve months, the stock has soared by more than 850%.

This upward move has been accompanied by substantially elevated trading volumes, with over 100,000 shares changing hands on a recent Friday—well above historical averages.

From a technical perspective:

• The breakout above the CAD 15.00 level confirms the established uptrend.
• The share price remains positioned significantly above its 50-day moving average (CAD 11.04) and its 200-day moving average (CAD 8.86).
• The widening gap from these key moving averages signals persistently strong buying interest.

Current Position and Path Ahead

Trading at current record levels, investor attention is now firmly fixed on forthcoming operational updates regarding the commercial ramp-up at Sangdong. Progress reports throughout 2026 are expected to deliver pivotal signals that will shape both the company's valuation and its share price trajectory in the months to come.