Almonty’s Double Play: Russell Entry and New Mine Drive Western Tungsten Ambitions

A strategic transformation is accelerating for Almonty Industries, with two major catalysts converging over the coming months. The tungsten producer will join the Russell 1000 and Russell 3000 indexes on June 29, 2026 — an automatic inclusion triggered by the annual reconstitution of FTSE Russell’s benchmarks. At the same time, the company’s second mine, the Gentung project in Montana, is on track to begin production in the second half of the year, giving Almonty an unusual dual-continent mining footprint.

The Russell membership, which follows a preliminary list published on May 22, hands the stock immediate exposure to passive funds that track the benchmark. Index-tracking strategies will be forced to buy shares, potentially amplifying demand. The inclusion runs for six months, after which the stock will be reassessed. Lewis Black, Almonty’s chairman and CEO, credited the milestone to the ramp?up of the Sangdong mine in South Korea, the relocation of the corporate headquarters to Dillon, Montana, and a strengthened balance sheet.

Gentung adds a second independent supply stream. The underground deposit holds 7.53 million tonnes of resources grading 0.315% tungsten trioxide, with a planned annual output of roughly 140,000 metric tonne units of WO?. Mining will use the room?and?pillar method. Once operational, Almonty will become one of the very few Western tungsten producers with active mines on two continents — a position that few peers can replicate.

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

Sangdong remains the centrepiece. Phase 1 is designed to process 640,000 tonnes of ore a year, delivering roughly 2,300 tonnes of tungsten concentrate, with full ramp?up expected by the third quarter of 2026. Phase 2 will double that capacity to 1.2 million tonnes of ore and around 4,600 tonnes of concentrate, slated for 2027. Beyond the mine, Almonty’s “Korean Trinity” strategy includes a tungsten oxide plant and the nearby molybdenum deposit, aiming to turn South Korea into a global tungsten hub. In Portugal, a large?scale drilling programme at Panasqueira targets a new production level (Level 4) that could lift output to as much as 124,000 MTU a year.

The stock has already delivered staggering returns. At the close on Friday, May 29, shares on the Toronto Stock Exchange stood at C$27.34, down 4.44% on the day after a volatile session that saw a low of C$26.96 and a high of C$32.90. The year?to?date gain is 127%, and over twelve months the advance amounts to 593%. The relative strength index sits at 85.1, signalling an overbought condition. The shares remain about 14% below the all?time high of C$32.07 set in April 2026. Nine analysts rate the U.S. listing a “Strong Buy,” with an average 12?month price target implying roughly 20% upside. Alliance Global recently raised its target to US$26.25, and Bank of America to US$23, both maintaining “Buy” ratings.

The broader backdrop is unusually supportive. China dominates global tungsten supply with an estimated 88% share, and export controls have tightened further. Ammonium paratungstate (APT) prices are at multi?year highs, while demand from the defence and technology sectors continues to grow. Almonty’s Western?based portfolio is increasingly seen as a strategic asset by both industry and military buyers. The third quarter of 2026 will be decisive: if Sangdong reaches full output and Gentung starts on schedule, the company will be well?placed to capitalise on a structural supply deficit.

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