Almonty's Tungsten Price Bonanza Meets Production Ramp-Up at a Pivotal Moment
03.06.2026 - 21:02:16 | boerse-global.de
The tungsten market is on fire. Ammonium paratungstate now fetches around $3,040 per metric ton unit, up from roughly $920 at the start of the year. For Almonty Industries, that rally has transformed the economics of its South Korean flagship just as the mine enters commercial production — and investors have taken notice: the stock has multiplied sixfold over the past twelve months.
Sangdong's Phase 1 is officially live. The company held a formal commissioning ceremony on March 17, 2026, with the processing plant now treating approximately 640,000 tonnes of ore annually to produce about 2,300 tonnes of tungsten concentrate. Phase 2, which would double throughput to roughly 4,600 tonnes per year, is lined up for 2027. Meanwhile in Portugal, drilling is underway for the L4 extension at the Panasqueira mine, targeting higher annual output and an extended mine life — also set to begin production in early 2027.
Those operational milestones are already showing up in the financials. First-quarter revenue surged 221% to $25.4 million, adjusted EBITDA came in at $6.1 million, and operating cash flow reached $9.7 million — all positive for the first time in years, signaling that Sangdong is indeed delivering. The bottom line still showed a net loss of $5.3 million, but that was entirely driven by $8.4 million in non-cash revaluation charges on embedded derivatives and warrant liabilities. The underlying business is now generating cash.
Should investors sell immediately? Or is it worth buying Almonty?
With free cash flow rising, management has flagged the possibility of share buybacks. And from June 29, Almonty will join both the Russell 1000 and Russell 3000 indices — a move that typically triggers institutional inflows.
Wall Street is increasingly optimistic. The consensus rating stands at "Moderate Buy." DA Davidson holds a price target of C$25, B. Riley Financial recently lifted its target to C$23 from C$17, and Oppenheimer raised its target to $25 (US) from $22, maintaining an "Outperform" rating. Oppenheimer's analysts see the elevated tungsten prices as sustainable, citing supply constraints and robust demand from the semiconductor and defense sectors.
The stock recently traded at C$28.53, roughly 7.7% above its 50-day moving average but still about 16% below the April peak of C$33.35. Year to date, the gain exceeds 137%, and the 200-day average sits more than 70% lower than the current price.
Several corporate milestones are converging in the coming weeks. Shareholders have until 10:00 a.m. ET on June 5 to submit their votes for the annual general meeting scheduled for June 9, where the board of directors will be re-elected. On June 1, Jorge Beristain took over as chief financial officer — a signal that Almonty is shifting from project developer to institutional producer. The combination of a new CFO, index inclusion, and a fully ramped Phase 1 gives analysts a concrete operational backdrop for their price targets. The question now is how fast Phase 2 can follow.
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