Is Almonty Industries Poised for a Major Share Price Breakout?

A significant shift in analyst sentiment is creating a stir around Almonty Industries. The tungsten producer’s stock received a notable upgrade over the weekend, with Wall Street Zen moving its rating from “Sell” to “Hold.” This reassessment signals a potential turning point for the company, driven by dramatic quarterly performance and strategic corporate developments.

Stunning Quarterly Turnaround

The Q3 2025 financial results reveal an extraordinary corporate transformation. Almonty reported net earnings of CAD 33.2 million, a remarkable reversal from the CAD 5.3 million loss recorded during the same quarter last year. This represents an approximately CAD 40 million positive swing that has exceeded even the most optimistic market expectations.

This dramatic improvement was primarily fueled by a non-cash gain of CAD 34.5 million resulting from the revaluation of warrant liabilities. Beyond this accounting adjustment, operational performance showed solid progress, with revenues climbing 28% to CAD 8.7 million. This growth was supported by stronger tungsten pricing and consistent production output from the company’s Panasqueira mine.

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

Strategic Expansion Initiatives

Almonty is executing a clear three-pronged growth strategy that positions it for future expansion:

• North American Entry: The acquisition of the Gentung Browns Lake tungsten project in Montana for USD 9.75 million marks a strategic move into the United States and strengthens North American supply chains.
• Portuguese Development: A major drilling program is underway at the Panasqueira mine, aimed at accessing new production zones and extending the asset’s operational lifespan.
• Korean Commissioning: The company’s flagship Sangdong mine is in the final stages before production commencement, having now entered the ramp-up phase.

Revised Market Expectations

These strong results are forcing financial analysts to recalibrate their projections. B. Riley has substantially improved its 2025 earnings forecast, now projecting a loss of just $0.08 per share compared to its previous estimate of a $0.30 per share loss.

This follows earlier positive adjustments from other firms. In October, Oppenheimer dramatically increased its price target from $7.00 to $12.00 while maintaining an “Outperform” rating. DA Davidson followed suit, raising its target to $11.00 and reaffirming its “Buy” recommendation. The emerging consensus is clear: Almonty stands to benefit significantly from rising tungsten prices and its strategic positioning as a key non-Chinese supplier of the critical metal.