Almonty Industries: A New US Hub and a Fresh Buy Rating Fuel Wolfram Rally
Published on 04/22/2026 at 04:11 | Redaktion boerse-global.de
The strategic repositioning of Almonty Industries is gaining momentum alongside a blistering rally in its stock. On April 20, 2026, Texas Capital initiated coverage of the tungsten producer with a "Buy" rating, highlighting soaring prices for the critical metal as a key catalyst. This endorsement comes just a week after the company completed a significant corporate relocation, moving its headquarters from Toronto to Dillon, Montana, to be closer to US defense contractors and regulatory bodies.
Wolfram, or tungsten, is trading at approximately $3,000 per metric tonne unit (MTU), a level emblematic of a deep structural shortage. The Rotterdam reference price for ammonium paratungstate (APT) has skyrocketed from about $900 in January to $3,280 by early April. This surge is driven by a perfect storm of geopolitical constraints and booming demand. China, which historically controls around 80% of the global market, has severely restricted exports by limiting the number of licensed exporters to just 15, creating a massive bottleneck.
The metal's indispensability in both defense and technology sectors underpins the crisis. It is a critical component in armor-piercing munitions and, in the form of tungsten hexafluoride, an essential process gas for manufacturing advanced 3D-NAND memory chips. Japanese suppliers have warned that giants like Samsung and SK Hynix could face shortages of the chemical as early as this summer. Furthermore, US defense procurement rules mandating non-Chinese tungsten sources from January 2027 are intensifying the scramble for secure supply.
Almonty’s flagship Sangdong mine in South Korea is coming online at a pivotal moment. Phase 1 is now running at full capacity, processing 640,000 tonnes of ore annually to yield about 2,300 tonnes of tungsten concentrate. The ore grade, at roughly 0.51%, is triple the global average. Analysts at DA Davidson expect the mine to reach full nameplate capacity in the second quarter of 2026, at which point it could supply approximately 7% of global demand. The US government has already exempted Almonty's ores from reciprocal tariffs, securing the economics of its supply deal with US processor Global Tungsten & Powders.
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The company’s expansion is not limited to Asia. Its move to Montana places management near the recently acquired Gentung-Browns-Lake project. Pending permitting approvals, production there is slated to begin in the second half of 2026, which would mark the first domestic US tungsten production in over a decade. The plan involves deploying refurbished equipment from Spain to accelerate the startup. In Portugal, the Panasqueira mine is targeted for an expansion to roughly 124,000 MTU of annual production.
Financially, Almonty is well-capitalized following a successful Nasdaq listing and a financing round last year, boasting cash reserves exceeding $260 million. Financial analyses from April 21, 2026, estimate that the Sangdong and Gentung projects together could generate between $466 million and $830 million in additional revenue this fiscal year, with estimated net margins of 60% at full production.
On the Toronto Stock Exchange, Almonty's shares traded at C$30.50 recently, just shy of its 52-week high of C$32.07 set on April 17. The stock is up roughly 154% year-to-date and has nearly octupled over a twelve-month period. Shareholders will vote on a potential share consolidation at the annual meeting on June 8.
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The immediate focus now shifts to operational execution. May will bring the first major test with the release of full quarterly production data from Sangdong, offering the market a clear view of the mine's efficiency. The next significant milestone is Phase 2 at Sangdong, planned for late 2027, which aims to cover a substantial portion of non-Chinese global tungsten demand. In the near term, however, progress on permitting in Montana remains the critical short-term factor for the 2026 production timeline.
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