Almonty Industries Plants Its Flag in Montana

The strategic shift from Toronto to Dillon, Montana, by Almonty Industries is more than a change of address. It represents a full-scale corporate realignment, betting its future on becoming a cornerstone of a Western tungsten supply chain. This move comes as the company's stock, closing at CAD 28.42 on Monday, has surged an extraordinary 676 percent over the past twelve months, reflecting intense market optimism about its new direction.

Central to this US pivot is the Gentung Browns Lake Tungsten Project in Beaverhead County, acquired in the fall of 2025. The deposit holds an estimated 7.53 million tonnes of resource with a tungsten trioxide grade of 0.315 percent. Almonty plans to bring the project online in the second half of 2026, targeting annual production of approximately 140,000 tonnes. This would mark the company's first production on North American soil, a milestone CEO Lewis Black directly links to where the company's future lies.

This strategic relocation is perfectly timed with a favorable regulatory climate. A pivotal US Department of Defense mandate, effective January 2027, will require American defense contractors to source tungsten exclusively from non-Chinese suppliers. This policy targets a market where China, Russia, and North Korea collectively control an estimated 95 percent of global supply, a grip tightened by stricter Chinese export controls implemented in late 2025. Almonty is already embedded in this new ecosystem, with its tungsten ores, concentrates, and oxides explicitly exempted from US counter-tariffs, a status tied to a long-term supply agreement with defense and semiconductor supplier Global Tungsten & Powders in Pennsylvania.

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

The company is actively deepening its US defense ties. It has partnered with consultancy American Defense International, participates in the Pentagon's Critical Minerals Forum, and has appointed former US Army generals to its board of directors.

While building its American foundation, Almonty's flagship asset in South Korea is advancing. Phase 1 of the Sangdong mine is operational, processing about 640,000 tonnes of ore annually to produce roughly 2,300 tonnes of tungsten concentrate. A planned Phase 2 expansion in 2027 aims to double capacity to 1.2 million tonnes. At full scale, Sangdong could supply an estimated 40 percent of global tungsten demand outside of China.

This ambitious dual-continent expansion has been backed by substantial capital raises. The company completed a Nasdaq IPO in July 2025, raising $90 million, followed by a subsequent financing round in December 2025 that brought in an additional $129 million. Analysts are now weighing in on the Nasdaq-listed shares. DA Davidson and B. Riley Financial have issued "Buy" ratings with price targets of $25.00 and $23.00, respectively, while Oppenheimer rates the stock "Outperform" with a $19.00 target. Not all feedback is positive, however, as evidenced by a current "Sell" recommendation from Weiss Ratings.

With a market capitalization now around $5.6 billion and a negative price-to-earnings ratio reflecting high development costs, the upcoming operational milestones are critical. The market awaits the first concrete production figures from Sangdong, due in the May 2026 quarterly report, and the planned startup in Montana later that same year. These events will test whether Almonty's radical strategic swerve can translate from geopolitical positioning into tangible financial performance.

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