Almonty Industries: Transition to Production Fuels Strategic Ambitions

The strategic landscape for Almonty Industries has undergone a profound transformation. The company is now navigating a pivotal shift from project developer to active producer, a transition underscored by the commencement of commercial operations at its South Korean tungsten mine. This operational milestone, coupled with a staggering 770% share price appreciation over the preceding year, has fundamentally altered its market position. The central question now is whether management can effectively steer production and capital deployment in this new era.

As 2026 begins, the mining sector continues to find solid support, largely driven by the "Defense 2.0" investment theme focused on securing supply chains for defense-critical metals. Almonty, positioned as a key non-Chinese tungsten supplier, is a direct beneficiary of this demand shift. The company's shares were among the most notable performers of 2025, propelled by the successful ramp-up at Sangdong and tightening global tungsten supply. This rally of approximately 770% has elevated its market capitalization to around US$2 billion (roughly C$2.9 billion), moving the firm into the mid-cap league within the critical minerals space.

Key drivers behind this revaluation include:
* The strategic importance of the Sangdong asset.
* An anticipated supply share exceeding 80% of the non-Chinese global tungsten market once full production is achieved.
* A strengthened balance sheet following an equity raise of over US$129 million.

This fresh capital is intended to provide the financial runway to manage the Sangdong ramp-up phase without near-term liquidity concerns.

Management Reinforcement for Accelerated Growth

To navigate this accelerated growth phase, Almonty has appointed Guillaume Wiesenbach de Lamaziere as its Chief Development Officer (CDO). According to yesterday's announcement, he brings more than three decades of financial sector experience. His previous roles include serving as CEO and CFO of AIG Asset Management Europe, where he oversaw assets exceeding US$37 billion across 40 countries.

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A defining achievement in his career was his tenure at Banque AIG, where he successfully managed the reduction of a distressed asset portfolio from US$300 billion to US$1 billion without incurring losses. Almonty explicitly cited this expertise in capital allocation as crucial for its current stage of expansion.

CEO Lewis Black framed the appointment within the company's strategic context. Since December 16, 2025, the Sangdong tungsten mine in South Korea has been in commercial production. The current focus is dual: optimizing output at Sangdong while advancing additional projects—namely, the Sangdong molybdenum project and the Gentung Browns Lake project in Montana, USA.

Operational Execution Takes Center Stage

The immediate focus for investors now turns to operational execution. The next critical milestone will be the operational updates for the first quarter of 2026, with primary attention on achieving the Phase 1 target of 640,000 tonnes of ore annual capacity at Sangdong.

Concurrently, the new CDO is expected to accelerate development of the U.S.-based Gentung Browns Lake project. This includes pursuing potential financing arrangements or strategic partnerships in the coming quarters. Successful progress on both fronts would provide Almonty with a substantially broader foundation from which to expand its footprint in the critical metals market.

Market commentary remains largely positive against this backdrop. Technical indicators are being interpreted as "Strong Buy" signals, with moving averages confirming the prevailing upward trend. Price targets are being adjusted upward to reflect the rapid movement toward the C$13 level, supported by high trading momentum and sustained institutional interest.