Almonty Shares Surge as Analyst Firm Boosts Price Target

A renewed vote of confidence from investment firm DA Davidson has propelled shares of tungsten producer Almonty Industries into the spotlight. The firm not only reaffirmed its "Buy" recommendation but also increased its price target for the stock, signaling strengthened conviction in the company's strategic trajectory. This updated analysis, released on Thursday, underscores a positive shift in market sentiment.

While the near-completion of its flagship Sangdong mine in South Korea marks a significant operational milestone, a key driver behind DA Davidson's optimism lies elsewhere. The firm conducted a more detailed assessment of Almonty's recent acquisition of the Gentung-Browns Lake tungsten project in Montana. Announced in late October 2025, this strategic move could enable Almonty to restart the first domestic U.S. tungsten production in a decade.

The analyst review also factored in the company's third-quarter 2025 financial results, published on November 3. Almonty reported a net profit of $33.2 million; however, this was primarily fueled by a non-cash gain from the revaluation of warrant liabilities. From an operational standpoint, the quarter was transformative, with the company announcing that construction at the Sangdong mine was now "substantially complete."

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

Building a Diversified Supply Chain

The favorable analyst coverage culminates a pivotal year for Almonty. In a strategic effort to bolster its presence in the U.S. market, the company successfully listed its shares on the Nasdaq in July 2025, raising gross proceeds of $90 million.

The Sangdong project is central to this vision. Upon achieving full operational capacity, it is projected to become one of the largest tungsten mines outside of China. The newly acquired Montana asset complements this by establishing a strategic North American foothold, contributing to a China-independent supply chain for the critical metal.

Execution Takes Center Stage

With major construction phases winding down, Almonty's focus is now squarely on execution and ramp-up. The immediate catalysts for the company will be the successful commissioning of the Sangdong facility and its subsequent transition to commercial production. Looking further ahead, and subject to receiving the necessary permits, Almonty has indicated that the Montana mine could potentially recommence operations as early as the end of 2026.