Almonty Industries: A 221% Revenue Surge, a Russell Debut, and the Race to Fill the Tungsten Gap
Veröffentlicht: 29.06.2026 um 09:52 Uhr, Redaktion boerse-global.de
Sangdong, a tungsten mine in South Korea that sat dormant for three decades, has become the linchpin of a supply chain drama unfolding across the Pacific. With China controlling 88% of global tungsten output and Washington barring Pentagon purchases from Beijing and Moscow as of January 2027, Almonty Industries is positioning itself as a critical alternative. The mine’s re?start in March 2026 has already pushed the company’s first?quarter revenue to 25.4 million US dollars — a 221% jump from a year earlier.
Operating metrics underscore the ramp?up. Sangdong is now processing roughly 640,000 tonnes of ore annually and turning out 2,300 tonnes of tungsten concentrate. The ore grades are about 0.51% tungsten trioxide, roughly three times the global average. Phase 2, scheduled for 2027, would more than double capacity to 1.2 million tonnes of ore and 4,600 tonnes of concentrate, potentially covering 40% of non?Chinese tungsten demand. Adjusted EBITDA swung from a loss of 2.4 million to a positive 6.1 million dollars, while operating cash flow reached 9.7 million. The reported net loss stems almost entirely from non?cash valuation charges linked to the soaring share price.
Yet the stock has not mirrored the operational momentum. At 23.00 Canadian dollars, Almonty shares have shed nearly 14% over the past week and sit 31% below the April high. The 50?day moving average has been breached, though the 200?day average of 18.04 CAD holds as a floor. The relative strength index of 40.9 is approaching oversold territory but has not yet crossed that threshold. Still, on a year?to?date basis the equity has climbed more than 91%, a reflection of longer?term conviction.
That conviction is being institutionalised today. Almonty officially joins the Russell 1000 and Russell 3000 indices, triggering forced buying from index?tracking funds and ETFs. The structural demand is a positive, but it meets a technically wounded stock. The divergence between the company’s fundamental progress and its market price has widened, leaving traders to weigh the index tailwind against near?term execution risks.
Should investors sell immediately? Or is it worth buying Almonty?
Beyond tungsten, Almonty is advancing a second revenue stream from the same site. A drilling campaign targeting molybdenum is 37% complete, with 26 planned holes totalling roughly 12,000 metres. Early results confirm historical grades. South Korea, facing an acute molybdenum supply crisis, has urged private firms to secure domestic reserves. Almonty already holds all required mining and environmental permits, targeting first production by the end of 2026. The mine’s projected life exceeds 60 years, with annual capacity of around 5,600 tonnes. An off?take agreement with SeAH M&S — the world’s second?largest molybdenum oxide smelter — covers the entire output at a floor price of 19.00 US dollars per pound.
Financially, the company is well?capitalised. Cash stood at nearly 260 million US dollars at the end of March. In June it placed 700 million US dollars in convertible notes, at a 2.25% coupon and maturing in 2031, a transaction that was oversubscribed. Proceeds will refinance 50 million in existing debt and fund potential acquisitions. To limit dilution, Almonty entered into capped?call transactions, though executives acknowledge that dilution cannot be entirely eliminated.
Geopolitical forces continue to drive the tungsten narrative. China’s export curbs have slashed its ammonium paratungstate deliveries — from 782 tonnes a year ago to 243 tonnes. Global tungsten prices have surged more than 550% from pre?crisis levels. In North America, the first?quarter price hit 34.17 US dollars per kilogram, a 77% year?on?year leap. Investment bank CICC projects the global supply gap will exceed 17% of demand between 2026 and 2028.
Almonty at a turning point? This analysis reveals what investors need to know now.
For all the promise, the market is pricing in execution risk, particularly around the planned tungsten oxide plant. The shares remain below the 50?day line, and the Russell inclusion alone may not be enough to reverse the slide if operational hiccups emerge. The next clear catalyst is the full drilling report from Sangdong, which will either confirm the resource base for molybdenum or raise questions about grade consistency. Until then, the company’s story is one of powerful tailwinds meeting a sceptical tape — a tension that will be resolved by whether the mine runs at full tilt through year?end and delivers a credible resource estimate for its second metal.
Ad
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.
