Almonty's Twin Critical-Metal Catalysts Converge as Tungsten Breaks $3,000 and Molybdenum Secures Offtake
Published on 06/25/2026 at 10:24 | Redaktion boerse-global.de
The global scramble for non-Chinese supply of strategic minerals is tightening around a single South Korean mining complex. Almonty Industries, which controls the largest known tungsten deposit outside China, is now doubling down on a second critical metal — molybdenum — with a fully permitted development path and a 60-year offtake agreement already in hand.
Tungsten prices have punched through the psychological barrier of $3,000 per metric tonne unit, driven by accelerating demand from defence and semiconductor manufacturers. Rheinmetall and Intel are among the industrial giants reliant on the heat-resistant metal for armour-piercing munitions and chip fabrication, where substitution is virtually impossible. With China throttling exports of critical minerals since early 2025, buyers are scrambling to secure alternative sources. Almonty's Sangdong project is positioned to fill that gap, not only for tungsten but increasingly for molybdenum, another metal essential to high-strength steel alloys and defence applications.
The molybdenum opportunity gained concrete form in recent weeks. Almonty signed an exclusive offtake agreement with South Korean processor SeAH M&S covering the entire mine-life output. Drilling at the Sangdong molybdenum zone — located just 150 metres from the existing tungsten operation — is 37% complete, with 26 planned holes already confirming historical grade data. All mining and environmental permits are issued, and production is scheduled to begin by the end of 2026. At full capacity, the facility will deliver roughly 5,600 tonnes of molybdenum annually. The proximity to the tungsten infrastructure promises significant cost savings on shared processing and transport.
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The company's core tungsten business is also firing on all cylinders. First-quarter 2026 revenue surged 221% year-on-year to $25.4 million. Operating cash flow flipped decisively positive, reaching $9.7 million, while adjusted EBITDA hit $6.1 million. Almonty reported a net loss of $5.3 million, but that was entirely due to non-cash accounting losses tied to the revaluation of derivatives and warrants — a consequence of the company's rising share price rather than operational weakness. The balance sheet remains robust, with roughly $260 million in liquidity, providing ample runway for the next phase of expansion.
The stock, after a monumental rally, is taking a breather. Almonty's shares slipped about 10% over the past week to close at C$23.77 on Wednesday, widening the gap from the April all-time high. That still leaves year-to-date gains at nearly 98%, and a twelve-month return of more than four-fold. The relative strength index has settled at around 43, well off the overbought levels of early spring, suggesting the correction has been orderly. The stock continues to trade comfortably above its 200-day moving average, and the underlying trend remains intact.
Geopolitical tailwinds are strengthening both sides of the story. China's export restrictions on tungsten and other critical minerals, imposed at the start of 2025, have already reshaped global supply chains. The United States will ban its defence contractors from sourcing Chinese or Russian supplies from January 2027. That deadline is fast approaching, and Almonty's Sangdong complex is one of the few projects that can deliver the necessary volumes in time. For molybdenum, spot prices climbed more than 23% over the past year, adding further economic incentive to bring the deposit online.
The next milestone is completion of the current drilling campaign, followed by a formal resource estimate for the molybdenum zone. Once the exact dimensions of the ore body are established, Almonty intends to move directly into production. With both metals now enjoying strong pricing and policy support, the company is executing a rare two-front critical-minerals strategy that few peers can match.
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