Fidelity Takes a 6.5% Stake as Almonty’s Korean Mine Prepares for a Data Dump

The world’s largest asset manager just placed a big bet on a tungsten miner most investors had never heard of two years ago. Fidelity now holds 18.28 million shares of Almonty Industries, representing 6.5% of the company’s outstanding stock, according to a filing with US regulators. The move signals institutional confidence in a story that hinges on one explosive number: tungsten prices have surged past $3,200 per metric ton unit (MTU), while Almonty’s Sangdong mine in South Korea was originally designed for a price of just $350.

That gap is the entire thesis. And in May, the market will finally get hard production data to test it.

The Chinese Export Squeeze Hits Home

The price explosion traces back to Beijing’s overhaul of its tungsten export regime. China replaced its old quota system with a state-controlled licensing model that limits exports to just 15 authorized companies. The impact has been dramatic: ammonium paratungstate (APT) exports collapsed from 782 tonnes in 2024 to just 243 tonnes in the first eleven months of 2025, and by early 2026 they had nearly dried up entirely.

The semiconductor industry is feeling the pinch directly. Japanese producers of tungsten hexafluoride—who supply about 25% of global WF? needs—have warned South Korean chip giants Samsung and SK Hynix that shortages could hit in the second half of 2026. WF? is essential for vertical interconnects in 3D NAND chips, and current stockpiles are estimated to last only until June.

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

Pentagon Demand Creates a Floor

From January 2027, US defense contractors will be required to source tungsten exclusively from non-Chinese suppliers. A US government report published April 29, 2026 classified dependence on imported critical minerals as a direct threat to national defense capability. Almonty has already locked in a binding supply agreement with Tungsten Parts Wyoming for at least 40 tonnes of tungsten oxide per month—material destined for rockets, drones, and ammunition. The deal also comes with an exemption from US import tariffs.

Morgan Stanley added Almonty to its “Space 60” framework in April. Analyst Adam Jonas identified the company as one of five North American raw material suppliers critical to building space infrastructure.

Molybdenum Adds a $234 Million Safety Net

Beyond tungsten, Almonty has secured an exclusive offtake agreement with SeAH M&S, the world’s largest molybdenum oxide smelter by capacity. The contract covers 100% of the Sangdong molybdenum project’s output and guarantees minimum annual revenue of $234 million.

The number of institutional shareholders jumped more than 55% last quarter to 107 funds. DA Davidson analysts expect Sangdong to reach full capacity in the second quarter of 2026.

A Pivotal June on the Horizon

Three critical events converge in a single month. Production data arrives in May’s quarterly report. The shareholder vote on Phase 2 expansion is set for June 8, followed by the annual general meeting on June 9. Phase 2 would double processing capacity to roughly 1.2 million tonnes of ore per year.

Almonty at a turning point? This analysis reveals what investors need to know now.

Most analysts have set their price targets based on tungsten prices of $1,000 to $1,500 per MTU—a fraction of current market levels. That alone suggests significant upside if prices hold.

Meanwhile, Almonty’s stock has already rallied 139% since the start of the year, reaching C$28.77 on Wednesday. Some discounted cash flow models peg the fair value above C$44. Fidelity’s arrival at a 6.5% stake adds weight to that bullish view. The AGM in Toronto on June 9 will give investors their first chance to press management for technical updates on the expansion plans that could transform this junior miner into a strategic supplier for the West.

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