Almonty’s Twin-Track Tungsten Strategy: From Korean Revival to Montana Beachhead

Western governments are scrambling to break China’s stranglehold on tungsten, and Almonty Industries has positioned itself as the only real alternative in production. The numbers tell the story: China still accounts for roughly 88% of global mined tungsten output, and Beijing has been tightening export screws — first with strict licensing rules in February 2025, then by limiting export permits to just 15 firms from the start of 2026. Chinese tungsten APT shipments have already collapsed from 782 tonnes to 243 tonnes year-on-year. That supply gap is Almonty’s opportunity.

The company’s flagship asset, the Sangdong mine in South Korea, resumed active mining in December 2025 after more than three decades of dormancy. By March 2026 the processing plant was officially commissioned, and Almonty is now focused on stabilising Phase 1 output while preparing to double capacity. Phase 2, slated for 2027, will lift annual ore processing capacity to 1.2 million tonnes and tungsten output to around 4,600 tonnes. At that level, Sangdong alone would cover roughly 40% of total tungsten demand outside China. The grade is also exceptional: an average of 0.51% tungsten trioxide, roughly three times the global average, and management estimates a mine life beyond 45 years.

Parallel to the Korean ramp-up, Almonty moved its corporate headquarters from Toronto to Dillon, Montana, in April 2026 — a clear signal of intent. The company acquired the nearby Gentung-Browns-Lake project in late 2025 and expects first US production in the second half of 2026. The logic is straightforward: having one operating mine in South Korea and a second domestic source in the US creates a dual supply chain entirely free of Chinese material. A partnership with American Defense International locks in direct access to US defence contractors, and the timeline aligns perfectly with a Pentagon rule from 1 January 2027 that bans Chinese tungsten from military procurement.

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

Investors have rewarded this narrative handsomely. The stock closed at CAD 24.89, up roughly 428% over 12 months from a low of CAD 4.67. Market capitalisation now stands at €4.32 billion — a far cry from the junior miner label the company carried a year ago. The 50-day moving average sits at CAD 26.98, so the share price is drifting below that during a consolidation phase after hitting a 52-week high of CAD 33.35 in mid-April. The relative strength index reads 47.8, neutral, while the 200-day average of CAD 17.19 shows the structural uptrend remains intact — the current price is still 45% above that level.

On 9 June 2026, Almonty closed a heavily oversubscribed convertible note, underpinning institutional conviction. The proceeds will fund Sangdong Phase 2 and the final commissioning of the Montana project. Global tungsten demand is projected to reach 210,000 tonnes by 2035, while ex-China supply languishes due to aged mines and a lack of refining capacity. With a mine that is already active and a US site coming online this year, Almonty is the only large-scale tungsten producer outside China that can deliver before the 2027 hard deadline arrives. The annualised 30-day volatility remains above 100%, but for investors betting on geopolitical scarcity, the directional bet has never been clearer.

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