Almonty Industries Gains Favor as Analyst Raises Target and Production Nears

Almonty Industries, a producer of tungsten, is attracting significant market attention following a substantial price target revision from analysts at DA Davidson. This move coincides with the company’s key South Korean project, Sangdong, approaching the commencement of commercial output. Market experts believe the firm is well-positioned, supported by rising tungsten prices and the strategic value of a major non-Chinese mine.

In a recent update, the investment firm DA Davidson reinforced its Buy recommendation for Almonty Industries while lifting its price target by 50%. The target was increased to $18.00 from the previous $12.00. Analysts cited a marked uptick in tungsten spot prices over recent weeks as the primary catalyst, prompting them to adjust their valuation model’s price assumptions upward.

This reassessment comes at a pivotal operational moment for the company. A key milestone was reached in December 2025 when Almonty delivered the first truckload of ore to the run-of-mine pad at its Sangdong operation. This event signals a tangible shift from the construction phase to operational readiness. The schedule calls for commercial production to begin in the first quarter of 2026.

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

The Geopolitical and Market Context for Sangdong

The strategic importance of the Sangdong mine in South Korea cannot be overstated. It ranks among the largest tungsten deposits located outside of China, a nation that currently dominates global supply, controlling over 80% of the world’s output. The reactivation of Sangdong provides Western industrial nations with a crucial alternative source for this critical metal.

DA Davidson’s analysis points to a constrained global supply from mine production coupled with robust industrial demand. This dynamic is seen as creating a favorable market environment for tungsten producers. The metal is essential in several high-tech and defense sectors, including hard metals, military applications, and the semiconductor industry—all areas increasingly focused on mitigating geopolitical supply risks.

With production start-up on the horizon, Almonty is positioning itself as a relevant supplier outside China’s sphere of influence. The coming weeks will be critical in observing whether the mine’s ramp-up proceeds according to plan and if the recent strength in tungsten pricing proves sustainable.