Almonty Industries stock gains on Sandvik tungsten deal and analyst support

Almonty Industries stock (ISIN CA0203987072) closed at USD 14.13 on Nasdaq on September 17, 2026, rising 4.9% in that session and extending its year-to-date gain to 60.4% as investors responded to new tungsten supply agreements and upbeat analyst commentary.

New tungsten contracts underpin growth story

According to IndexBox on September 18, 2026, Almonty Industries signed a long-term supply contract for tungsten concentrate with Wolfram Bergbau und Hütten, a Sandvik Group company, covering reprocessing of tailings at its Los Santos operation in western Spain.

The contract is structured on a take-or-pay basis and includes a conditional upfront one-time payment of USD 3 million for offtake rights, highlighting the strategic value of Almonty’s tailings stockpile and the expectation of restarting production at Los Santos, which has been under care and maintenance since February 2020.IndexBox

Rwanda tungsten agreement expands geographic footprint

Beyond Spain, Almonty is also pushing into Africa: as Critical Threats reported on September 18, 2026, the company agreed with the Rwandan government to develop tungsten resources in an arrangement under which Rwanda will receive a 25% interest in a new Almonty subsidiary.

According to Critical Threats, the deal grants the subsidiary offtake from the Shyorongi tungsten concession, access to a greenfield exploration block in northern Rwanda and a mineral processing license for a mobile tailings processing unit, with the tungsten to be exported until a collection and processing plant is built in Rwanda.

Analysts highlight upside in Almonty Industries stock

As Investing.com reported on September 18, 2026, D.A. Davidson reiterated a Buy rating on Almonty Industries with a price target of USD 33.00, implying about 135% upside from a reference stock price of USD 14.02 at the time of the note.

In the same coverage, Investing.com highlighted that Jefferies initiated coverage of Almonty Industries with a Buy rating and a price target of USD 26.25, underscoring that multiple banks see continued value creation potential as the company progresses its tungsten projects.

Recent price performance and trading data

Per Nasdaq data cited by MarketBeat, Almonty Industries stock closed at USD 14.13 on Nasdaq on September 17, 2026, up USD 0.66 from the prior close, corresponding to a one-day gain of 4.90%.

According to MarketBeat, the stock was trading at USD 8.81 at the beginning of 2026 and has since risen by 60.4% to the current USD 14.13 level, a gain of USD 5.32 per share year to date that reflects growing confidence in Almonty’s tungsten pipeline.

Stock remains supported by strategic projects

For investors, the combination of the Sandvik-linked supply contract in Spain, the Rwandan development agreement and supportive analyst targets around USD 26 to USD 33 points to a thesis in which Almonty Industries stock is driven less by near-term earnings and more by the medium-term monetization of its tungsten assets and tailings.

At the same time, the company’s focus on reprocessing tailings and mobile processing units in Rwanda, as described by Critical Threats, introduces operational and regulatory risks that investors will monitor closely as the projects move from agreements to execution.

Almonty Industries stock price as of last close

Almonty Industries stock last closed at USD 14.13 on Nasdaq on September 17, 2026, based on available price data, with the move consolidating a notable year-to-date advance in the shares.

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