Almonty’s Sangdong Mill Springs to Life as Tungsten Prices Quadruple
Published on 05/01/2026 at 13:11 | Redaktion boerse-global.de
The global tungsten market is in the grip of a supply shock, and Almonty Industries is perfectly positioned to capitalise. With China’s export controls throttling the flow of ammonium paratungstate (APT), prices have rocketed from around $900 per metric tonne unit at the end of 2025 to over $3,000 by April 2026 — a surge of more than 230% in just a few months. Against this backdrop, the Canadian-listed miner has just fired up its flagship Sangdong mine in South Korea after three decades of dormancy.
The mill began processing ore in early April, with Phase 1 designed to handle roughly 640,000 tonnes annually. That should yield around 2,300 tonnes of tungsten concentrate each year. The deposit’s average grade of 0.51% tungsten trioxide is roughly three times the global industry average, giving Almonty a significant cost advantage. Analysts at DA Davidson expect Sangdong to reach full commercial capacity by the second quarter of 2027.
The timing could hardly be better. Japan’s chip suppliers have warned Samsung and SK Hynix that their stocks of tungsten hexafluoride — a critical material for 3D-NAND memory production — could run dry as early as this summer. The crisis stems from Beijing’s decision to replace its quota system with a tightly controlled export licensing regime, leaving just 15 authorised companies able to ship material abroad. Processing fees for tungsten have skyrocketed from roughly $300 to over $1,775 per metric tonne — a sixfold increase.
Almonty’s management has also built a financial safety net beyond the tungsten boom. A long-term molybdenum supply contract guarantees the company at least $234 million in annual revenue, insulating it from any potential downturn in the tungsten market. That contractual floor provides a degree of stability rare among junior miners.
Should investors sell immediately? Or is it worth buying Almonty?
On the geopolitical front, Washington has explicitly exempted Almonty’s tungsten ores, concentrates and oxides from US retaliatory tariffs. From January 2027, a Pentagon mandate will require American defence contractors to source tungsten exclusively from non-Chinese suppliers. To serve that demand, Almonty recently relocated its headquarters to Dillon, Montana, where the Gentung project is slated to begin production in the second half of 2026. With a resource of 7.53 million tonnes grading 0.315% WO?, it would be the first domestic US tungsten mine in over a decade.
The strategic value of the Montana district is drawing attention from other players. On 30 April, Australian explorer Red Mountain Mining secured a 30-day purchase option on the Pioneer Tungsten Project, a 2,000-hectare property adjacent to Almonty’s Gentung deposit. Historical drilling in the Greenstone zone returned intercepts of 10.7 metres at 0.48% WO? — grades that Red Mountain itself compares favourably with Almonty’s own results at Gentung.
Investors have taken notice. Almonty’s Toronto-listed shares closed recently at C$29.43, having broken above their 50-day moving average. The stock has gained roughly 145% since the start of 2026 and nearly 770% over the past twelve months. Last week alone, more than 5,200 call options changed hands on the Canadian listing — multiples of the typical daily volume.
Almonty at a turning point? This analysis reveals what investors need to know now.
The next major catalyst arrives on 21 May, when Almonty publishes its quarterly report with the first concrete production figures from Sangdong’s ramp-up. That will be followed by the annual general meeting on 8 June, where management is expected to outline plans to double the mine’s capacity. For a company that has ridden the tungsten price surge from developer to producer, the hard data will finally put the narrative to the test.
Ad
Almonty Stock: New Analysis - 1 May
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
Disclaimer regarding our articles: No investment advice, no buy or sell recommendation. Information on prices, companies, and markets is provided without guarantee; changes are possible at any time. Stock market transactions can lead to substantial losses. Our articles are created and reviewed in whole or in part automatically with the support of AI.
