Almonty Industries: A Meteoric Rise in the Tungsten Sector

The conclusion of a 120-day lock-up period for shares, options, and convertible debentures at Almonty Industries coincides with a wave of exceptionally positive corporate developments. The tungsten-focused company has released stellar quarterly results and reported significant progress at its flagship Sangdong project in South Korea. Trading at CAD $10.03, the stock has recorded a staggering year-to-date gain of 634.80%.

Beyond its operational achievements, Almonty is actively expanding its strategic footprint. The company has acquired a key tungsten project in Beaverhead County, Montana, for US $10 million. This asset has the potential to commence production as early as the second half of 2026, positioning it to meet growing Western demand for secure tungsten supply chains.

The financial foundation to support this growth appears solid. Almonty reported a formidable cash position of CAD $111.6 million in liquid assets. Furthermore, the company is advancing additional drilling programs, including molybdenum exploration at Sangdong and initiatives to expand capacity at its Panasqueira mine.

A Quarter of Stunning Financial Turnaround

The financial results for the third quarter of 2025 reveal a dramatic corporate transformation. Almonty posted a net profit of CAD $33.2 million, a remarkable reversal from a loss of CAD $5.3 million in the same quarter the previous year. This surge was primarily driven by a change in the valuation of option obligations.

Revenue also saw a healthy increase, climbing 28% to CAD $8.7 million. This growth was fueled by a combination of stronger tungsten prices and consistent production output from the Panasqueira operation.

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

CEO Lewis Black stated, "This quarter represents a pivotal moment for Almonty. With construction at Sangdong substantially complete, we are transitioning from a development phase to a production-focused company."

Analyst Confidence and a Favorable Market

Market analysts are responding with pronounced optimism. B. Riley Securities reaffirmed its Buy rating on the stock while raising its price target from $7 to $10. The bullish sentiment is echoed by Diamond Equity Research, which values the shares at CAD $11.

This confidence is underpinned by fundamental shifts in the global tungsten market. Prices have reached multi-year highs, currently sitting in the range of US $580 to $645 per metric ton unit. Experts point to a new, structurally higher price floor of $400-$450, supported by several key factors:

• Limited production sources outside of China
• Geopolitically motivated supply chain reshoring efforts
• Increased demand from the defense industry

The Sangdong Project: A Potential Industry Game-Changer

The central narrative for Almonty's future hinges on the successful ramp-up of the Sangdong mine. Upon achieving commercial production, the operation is poised to become the largest tungsten mine in the Western world. The convergence of the expired lock-up period, demonstrated operational strength, and strategic market positioning places the company at a critical inflection point.

The coming weeks and months will be decisive in determining whether Almonty can solidify its leadership role in reshaping the global tungsten supply chain. The countdown to production is well underway.