Almonty Receives Bullish Price Target Upgrade

DA Davidson has reaffirmed its buy recommendation for tungsten producer Almonty while boosting its price target from $11.00 to $12.00 per share. This revised valuation indicates potential upside of 71% from current trading levels around $7.00.

The financial firm's upgraded assessment follows Almonty's strategic $10 million acquisition of the Gentung Browns Lake tungsten project in Montana. According to DA Davidson analyst Matt Summerville, a "progressively more detailed evaluation" of this Montana asset served as the primary catalyst for the improved price target.

Several additional factors contributed to the analyst's optimistic revision:
• Enhanced tungsten price projections for the fourth quarter of 2025
• Refined long-term financial modeling
• Increased revenue and EBITDA estimates
• Strengthened strategic positioning within the United States tungsten sector

Transition to Production Phase

Almonty's flagship Sangdong operation in South Korea has largely completed construction, marking the company's transition from development to production at what will become the largest tungsten mine in the Western world.

Commissioning activities are currently underway as the company prepares for full-scale operations. This development represents a crucial inflection point in Almonty's evolution into a significant tungsten producer.

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

Nasdaq Listing Bolsters Financial Position

The company substantially strengthened its balance sheet through a successful Nasdaq listing completed in July 2025. Almonty raised gross proceeds of $90 million through an expanded public offering.

This capital infusion dramatically improved the company's liquidity position, with cash reserves reaching $111.6 million as of September 30, 2025—a substantial increase from the $7.8 million reported at the end of 2024.

Third Quarter Performance Mixed

Almonty reported third-quarter 2025 revenue of $8.7 million, representing 28% growth compared to the same period last year. However, adjusted EBITDA remained negative at -$2.2 million.

Net income surged to $33.2 million, primarily driven by a $34.5 million gain from the revaluation of warrant liabilities.