Almonty Faces a $67 Million Canadian Claim While Pitching a Montana Tungsten Revival
Published on 11/11/2026 at 10:40 | Editorial boerse-global.de
A legal fight worth roughly $67 million has landed on Almonty's doorstep just as the tungsten producer tries to sell investors on rebuilding American output. The two storylines — a Canadian court battle with Deutsche Rohstoff and a permitting push in Montana — now sit side by side on the same balance sheet, and each colors how the other should be read.
Deutsche Rohstoff is seeking about $67 million in Canada, equivalent to some EUR 60 million, split between a claim on 3.5 million Almonty conversion shares and repayment of roughly EUR 10 million in matured obligations. The fulfillment deadline, according to Deutsche Rohstoff, passed on October 31, and it accuses Almonty of failing to meet its commitments.
The dual nature of the claim matters. A loan demand hits liquidity; a share demand would be settled in conversion stock. Treating the two as one lump obscures where the actual exposure lies, and anyone valuing Almonty should carry the dispute as a distinct uncertainty until its merits are settled.
A Counterclaim With Largely Unquantified Damages
Almonty has fired back. Its own suit centers mainly on the 2014 sale of the Australian Wolfram Camp Mine, and it is seeking, among other things, the return of the associated shares. Deutsche Rohstoff's disclosure notes that the damages claimed are for the most part unquantified. The two actions have been consolidated into a single proceeding.
That consolidation cuts both ways. A strong counterclaim could bolster Almonty's hand, but with the damage figure largely open, any offset against the Deutsche Rohstoff demands remains speculative from an investor's standpoint. Deutsche Rohstoff has called Almonty's allegations unfounded and largely time-barred — an assessment that comes, of course, from the opposing side.
Should investors sell immediately? Or is it worth buying Almonty?
Montana Enters the FAST-41 Lane
On the operational front, CEO Lewis Black used Sunday's company newsletter to lay out the goal of restoring U.S. tungsten production in Montana through Gentung. A concrete hook arrived on November 2, when Montana joined the federal FAST-41 permitting process. Almonty said it took part in the signing in Philipsburg and that the framework could support permitting of its American tungsten project.
The value here lies less in the public appearance than in whether the framework actually moves the project through its approval steps. A plan to restore American production gains economic substance only once it clears the required permitting gates.
Sangdong as the Real-World Yardstick
For a sense of how Almonty executes, the Sangdong commissioning about two weeks ago is instructive. Black described progress alongside technical trouble: after the switch to round-the-clock operation, a faulty plant component forced an interruption before the facility restarted.
The filter press tells the story most vividly. According to Black, it processed 40 tonnes per hour against a design capacity of 80 tonnes, and Almonty bought a used replacement in Korea. The purchase shows a concrete response to the bottleneck — provided the substitute unit delivers the needed throughput in service. That is a fair measuring stick for Gentung: building production requires not only a supportive permitting regime but equipment that holds up day to day.
Revenue Growth Sets the Bar
Almonty already carries hefty top-line momentum. In its second-quarter 2026 release published on August 11, the company reported revenue of $43.0 million, a 498 percent increase year over year.
That is an argument in favor of the business built so far. The next leg gains quality only if Almonty masters its technical bottlenecks and pushes its other projects forward. Reported revenue and new production plans therefore deserve to be tracked along concrete milestones rather than headlines.
The legal overhang and the industrial ambition pull in opposite directions. Until Almonty either fends off the claims against it or makes its own stick, the combination of a firm cash demand, contested conversion shares and a largely unquantified counterclaim argues for caution. On the other side, a return of American tungsten production could become a durable equity story if permitting and execution converge — with Gentung supplying the target, Montana a potentially supportive framework, and Sangdong the practical benchmark. What investors are really watching is whether Almonty can bring those three levels together.
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