Almonty's Tungsten Story Intensifies: Heavy Trading, a Major Stake Cut, and a Market Hanging on Sangdong
Published on 08/10/2026 at 19:41 | Redaktion boerse-global.de
Tungsten has become one of the most strategically charged commodities in global supply chains, and few companies sit closer to that geopolitical fault line than Almonty Industries. The producer, which operates mines in Portugal and South Korea and has flagged ambitions to dig in the United States, is finding itself at the center of a market story that now touches everything from Pentagon ammunition stockpiles to the price of tungsten carbide.
That convergence of forces produced a notable burst of activity in the company's shares late last week. On Friday, trading volume surged to 9.33 million shares, well above the average of 8.05 million, as the stock swung between $13.07 and $14.38. At one point the shares touched $14.36, near the session's high. The 52-week range tells an even starker story: from a low of $3.97 to a high of $24.41, a spread of nearly eleven dollars that has become routine for a company transitioning from development to commercial production.
A Market Under Pressure
The heightened attention comes against a backdrop of tightening global tungsten supply. China dominates the market for the heavy metal, and increasingly stringent export controls from Beijing have pushed prices higher worldwide. Johannes Schmidt, chief executive of Indus Holding, has put the price increase for tungsten carbide since the start of the year at roughly threefold — a move that has already prompted the German industrial group to raise its annual guidance twice.
The shortage is rippling through strategic end-markets. Reports indicate the Trump administration is pressing Lockheed Martin, with U.S. ammunition stockpiles running low — a dynamic that underscores the urgency of securing tungsten supplies independent of China. For Almonty, whose geographic footprint sits firmly outside Chinese supply chains, that environment has sharpened its appeal to customers seeking reliable, non-Chinese sources.
Should investors sell immediately? Or is it worth buying Almonty?
A Significant Stake Reduction
Yet even as the market narrative around Almonty grows more compelling, one institutional investor has headed for the exit. Sei Investments Co. cut its stake in the company by 56 percent during the first quarter, according to a filing with the U.S. Securities and Exchange Commission. The reduction stands out against the broader analyst sentiment, which remains largely positive — a disconnect that raises questions about the investor's specific motivations but says little about the company's underlying trajectory.
The timing of the reduction is notable. Almonty has been repositioning itself on multiple fronts, most significantly through the ramp-up of its Sangdong mine in South Korea, which moved from development into revenue-generating production earlier this year. That transition has been the defining feature of the company's recent volatility and is expected to shape the upcoming quarterly results.
A Shifting Corporate Structure
The corporate architecture around Almonty is also in flux. The company has exited the Toronto Stock Exchange and is voluntarily withdrawing from the Australian Securities Exchange, concentrating its listing on the Nasdaq and the Frankfurt Stock Exchange. The retreat from the ASX may reflect a view that international capital markets offer more efficient price discovery and greater liquidity for the company's strategic assets.
For investors, the immediate question centers on what the next earnings report will show. An exact, company-confirmed date has yet to be announced; financial calendar services point to various dates, several of them in mid-August. The focus will be on production and delivery figures out of South Korea, where the Sangdong ramp-up is expected to dominate the numbers.
The Road Ahead
The combination of elevated trading volume, shifting institutional engagement, and an unresolved earnings date is likely to keep the shares unsettled in the weeks ahead. The broader forces, however, remain in Almonty's favor: rising tungsten prices, supply-chain diversification away from China, and a customer base increasingly desperate for secure sources of a metal that sits at the heart of both industrial tooling and national defense.
Whether Almonty can convert that momentum into durable supply contracts and stable earnings is the question that will ultimately define its trajectory. The themes flagged in recent trading — project construction, commissioning, financing, and customer demand — suggest the company is advancing on several operational fronts simultaneously. For a producer expanding its production base, securing financing and growing its customer roster now is what will determine whether it profits from the current price environment or merely watches it from the sidelines.
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