Almonty’s Twin Rare-Metal Offensive Gathers Pace as Drilling and Production Converge
Published on 06/19/2026 at 07:12 | Redaktion boerse-global.de
South Korea’s frank admission of a national molybdenum crisis has thrown a fresh spotlight on Almonty Industries, which is quietly proving that its Sangdong asset is far more than a tungsten story. At 16 June the company’s drill program at the site was 37% complete, with every result so far reinforcing the historic high-grade tenor of the deposit. The metal is indispensable for aerospace, semiconductor fabrication and specialty steels, and Seoul’s public acknowledgement of a supply crunch gives Almonty a second geopolitical tailwind just as its flagship tungsten operation starts to deliver.
The primary engine remains tungsten, where the landscape has been transformed by Beijing’s tightening grip. China now controls more than 80% of global output, and in February 2025 it imposed an export licensing regime that hardened further in early 2026: only 15 companies are now permitted to ship tungsten products, and administrative delays routinely stretch beyond 45 days. The result is a supply chain in distress, with defence buyers and chipmakers facing shortages that the US and EU have both formally classified as critical. In April the Critical Minerals Institute elevated tungsten to its top-five watchlist, underscoring its status as a national-security material.
Almonty’s response is the Sangdong mine, which returned to production after a 30-year hiatus. Phase one is already running, processing roughly 640,000 tonnes of ore annually to yield about 2,300 tonnes of tungsten concentrate. Phase two is slated for 2027, doubling throughput to 1.2 million tonnes and boosting output to around 4,600 tonnes per year. The ramp-up has already hit the income statement: first-quarter 2026 revenue surged 221% year-on-year to US$25.4 million, propelled by higher spot prices and a strong performance from the Panasqueira mine in Portugal.
Should investors sell immediately? Or is it worth buying Almonty?
Unlike a pure commodity play, Almonty has secured a long-term offtake agreement with a US defence contractor covering at least 40 tonnes of tungsten oxide per month. The three-year contract, which auto-renews annually, channels the material exclusively into American weapons systems — missiles, drones and munitions — and includes binding price floors that make future cash flows remarkably predictable for a miner.
The market has repriced the stock accordingly. The shares changed hands at C$25.71, up 113% year-to-date, and have leapt roughly 449% over the trailing twelve months. That leaves them about 23% below the 52-week high of C$33.35 hit in April. The relative strength index sits at 50.1, a neutral reading, while the 200-day moving average of C$17.49 underscores the structural uptrend — the current price is nearly 47% above that benchmark. Annualised volatility of almost 100% is a reminder that this is a bet on tectonic geopolitical shifts, not a steady income stock.
The company has also repositioned itself physically and strategically: headquarters moved to Dillon, Montana, and the Gentung Browns Lake project in the US was added through an acquisition, making Almonty the primary tungsten supplier-in-waiting for Washington and its allies. With a market capitalisation of roughly €4.4 billion, the junior-miner tag no longer fits. An expected inclusion in the Russell 1000 and Russell 3000 indices should trigger an influx of institutional capital that the company has never before attracted.
Now the market’s attention is turning to whether the molybdenum programme can sustain the re-rating or whether everything still hinges on Sangdong’s production curve. The data points are encouraging, but the real test will be when the focus shifts from exploration potential to actual volumes. In an environment where every gram of non-Chinese tungsten commands a premium and South Korea is openly scrambling for molybdenum, Almonty occupies a rare intersection of resource scarcity and strategic necessity.
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Almonty Stock: New Analysis - 19 June
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