Shares of Almonty Industries are trading near record levels, driven not by short-term headlines but by significant operational progress. The company’s flagship Sangdong tungsten mine in South Korea entered commercial production in December 2025, shifting investor focus squarely onto production targets and supply chain dynamics. This development is particularly timely, given the tungsten market has tightened considerably.
The critical question for the industry is whether Sangdong can become a cornerstone for non-Chinese supply. The answer hinges on the mine’s ramp-up to full capacity.
Strategic Shift as Production Commences
The transition from construction to active production in late 2025 marks a fundamental change for Almonty. Company leadership has stated that at full capacity, Sangdong could supply approximately 40% of the global non-Chinese demand within its market segment.
This strategic position is bolstered by regulatory tailwinds. A ban on Chinese tungsten imports for U.S. defense applications is scheduled for 2027, increasing pressure on Western supply chains to secure alternative sources. The mine’s launch coincides with a favorable pricing environment; tungsten prices surged by over 160% in 2025, according to market data, providing a strong backdrop for new production.
Key Data Points:
* Sangdong Status: Commercial production began December 2025
* Tungsten Price: Increased more than 160% in 2025
* Recent Share Price (Frankfurt Close): €9.75
* Market Capitalization: Approximately €2.66 billion
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Capital Management and Insider Activity
Recent corporate filings show activity on two fronts. In January, director Thomas Joerg Gutschlag sold 89,630 shares valued at around CAD 1.2 million, reducing his holding by roughly 7.5%.
Separately, the company issued a “Cleansing Statement” yesterday regarding the allotment of 370,303 new common shares. This move is part of ongoing capital management as Almonty scales its operations across multiple jurisdictions.
Forward Outlook: North American Expansion and Upcoming Report
While Sangdong ramps up, Almonty is advancing its North American expansion. The company’s Gantung Browns Lake project in Montana is currently targeted to begin production in the second half of 2026.
In the near term, market attention will center on how swiftly Sangdong’s output translates into revenue. Investors await the next financial report, currently expected on March 27, 2026, for the first concrete figures from the new producing asset.
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