Almonty Industries: A 16% Monthly Slide Meets a Russell Debut and a Mounting Metals Crisis
29.06.2026 - 03:15:01 | boerse-global.de
The curtain went up on Almonty Industries in US index funds Monday morning, but the stock arrived nursing a hangover. Shares slipped into the Russell 1000 and 3000 at C$23.00 apiece, a price that marks a roughly 16% drop over the past month and a comfortable distance from the 52-week high of C$33. Still, for traders who bought the dip, the entry of passive money at the open provided a technical floor. The 200-day moving average sits well below at C$18.04, and the relative strength index has yet to flash oversold — suggesting more downside could be in play before a true reversal takes hold.
Beneath the surface, the company’s fundamentals tell a different story. First-quarter revenue surged 221% to US$25.4 million, powered by the ramp at the Sangdong tungsten mine in South Korea. Adjusted EBITDA hit US$6.1 million, and operating cash flow reached US$9.7 million. A net loss of US$5.3 million was chalked up to non-cash valuation charges from the rising share price, not operational weakness. And the balance sheet is flush: Almonty closed March with nearly US$260 million in cash, thanks in large part to the US$800 million convertible bond it placed in recent weeks — the largest financing in the company’s history. Net proceeds of roughly US$773 million, with the notes maturing in 2031, give management ample firepower for expansion.
That expansion is gathering urgency. In exactly six months, the US Department of Defense will prohibit imports of Chinese and Russian tungsten for defense applications. The Pentagon’s embargo, set to take effect in January 2027, has already sent ripples through the supply chain: China has tightened export licenses, and North American tungsten prices rocketed nearly 77% in the first quarter alone. Almonty, as one of the few non-Chinese producers, stands to benefit directly. Its Sangdong mine, which began commercial production in March, currently processes 640,000 tonnes of ore a year into 2,300 tonnes of tungsten concentrate. A second expansion phase, slated for 2027, will double that capacity, potentially giving Almonty control of as much as 40% of the world’s tungsten supply outside China. In the US, the company’s Montana mine is scheduled to start production in the second half of this year, creating a dual-supply chain that sidesteps Chinese material entirely.
Should investors sell immediately? Or is it worth buying Almonty?
While tungsten takes the lead role, molybdenum is quietly emerging as a second storyline at Sangdong. South Korea has officially declared a national supply crisis for the metal, and Almonty has already secured an exclusive offtake agreement covering the entire future mine life. A drilling campaign to confirm historical resources has completed 37% of its planned 26 holes, with early results showing grades consistent with past assays. The spot molybdenum price has surged roughly 24% over the past year, and government pressure on private companies to secure strategic metals is intensifying. The company refers to Sangdong as the “Korean Trinity” — an integrated value chain for tungsten, molybdenum, and potentially other critical minerals by 2027.
For now, the market’s attention is on the stock’s short-term trajectory. The Russell inclusion forces index funds to buy at the open, but the recent slide has tested investor nerves. If support around C$23 holds, the technical picture could improve as the year progresses. The next catalysts on the horizon include the remaining molybdenum drill results from South Korea and the countdown to the Pentagon’s tungsten embargo — a deadline that, six months out, is already reshaping the global metals map.
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Almonty Stock: New Analysis - 29 June
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
