Almonty's Legal Exposure Outweighs Its Montana Ambitions for Now
Published on 11/11/2026 at 20:10 | Editorial boerse-global.de
Almonty Industries is asking investors to weigh two very different propositions at once: a legal fight in Canada where the numbers are lopsided against it, and an American tungsten project that exists so far mainly on paper. The first demands caution. The second demands patience. Neither yet offers much certainty.
A $67 Million Claim With a Lopsided Shape
Deutsche Rohstoff says it is owed roughly USD 67 million by Almonty in Canada. That figure bundles two distinct items: claims tied to 3.5 million conversion shares, plus repayment of maturing obligations worth about EUR 10 million. The distinction matters. A demand for shares and a demand for cash hit a company and its shareholders in completely different ways, and anyone sizing Almonty's risk should treat them as separate questions rather than a single headline number.
According to Deutsche Rohstoff, Almonty has refused to honor the claims and repay the debt. The deadline it cited expired on 31 October. That account argues for caution as long as the two sides remain at odds over whether the claims are valid in the first place.
Almonty's Counterclaims Lack a Price Tag
Almonty has filed its own suit, centered largely on allegations connected to the 2014 sale of the Wolfram Camp Mine in Australia. The company is seeking the return of shares tied to that transaction; the damages it claims are largely unquantified.
Should investors sell immediately? Or is it worth buying Almonty?
Those counterclaims could strengthen Almonty's hand — provided they hold up legally and carry real economic weight. That condition is exactly where any optimistic reading has to prove itself. What counts is which specific claim Almonty ultimately succeeds in enforcing.
Deutsche Rohstoff calls the allegations baseless and largely time-barred. That is the opposing side's position, and the durability of Almonty's argument depends on whether its claims can survive those objections. The two proceedings have been consolidated, meaning both sides of the dispute will now be handled within a single procedural framework.
On balance, the cautious view wins here as long as Almonty's potential liabilities are quantified more concretely than its counterclaims. A more convincing setup would emerge if the scope and enforceability of those counterclaims became clearer. Until then, legal uncertainty belongs explicitly in any assessment of the stock.
Montana: A Political Opening, Not Yet a Mine
The more forward-looking part of the story sits in the United States. CEO Lewis Black used the company newsletter on Sunday to lay out the goal of restoring American tungsten production in Montana through Gentung. That gives the equity a narrative — Almonty tying its development to rebuilt production capacity. Whether the narrative holds depends on converting it into permits and working plants.
A concrete foothold arrived on 2 November, when Montana joined the federal FAST-41 permitting process. Almonty said it took part in the signing in Philipsburg and stated that the process could support approval of its American tungsten project. The value for shareholders lies less in the public appearance than in the practical effect: a project to restore U.S. production gains economic substance only if it clears the necessary permitting steps.
Sangdong Sets the Operational Bar
Judging those plans requires looking at the Sangdong launch roughly two weeks ago. Black described progress there alongside technical trouble. After the switch to round-the-clock operations, a defective plant component caused an interruption. The facility then restarted.
The filter press tells the story most vividly: according to Black, it processed 40 tonnes per hour against a design capacity of 80 tonnes. Almonty bought a used replacement in Korea. That purchase suggests a concrete response to the bottleneck — provided the substitute unit delivers the required throughput in service. For Gentung, it is a sensible yardstick: building production requires not only a supportive permitting framework but equipment that performs reliably day to day.
Almonty at a turning point? This analysis reveals what investors need to know now.
Growth Needs a Solid Foundation
Almonty already brings substantial revenue growth to the table. In its second-quarter 2026 release published on 11 August, the company reported USD 43.0 million in revenue — a 498 percent increase year over year.
That is an argument for the business as it stands. For the next stage, the growth gains quality only if Almonty masters its technical bottlenecks and pushes its other projects forward. The combination of reported revenue and new production plans therefore deserves to be judged against concrete progress.
The return of American tungsten production can become a viable company story if permitting and industrial execution come together. Gentung supplies the target, Montana a potentially supportive framework, and Sangdong the practical benchmark. What investors need to see is whether Almonty brings those three levels together — and, in the meantime, how it handles a Canadian claim that is far better defined than its own.
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