Almonty Industries: From Decades-Long Hiatus to Russell 1000 — A Revival Story in Three Acts

The past twelve months have been a whirlwind for Almonty Industries. The tungsten developer has seen its stock surge nearly 300% over that stretch, only to give back almost a fifth of those gains in the last 30 days. Yet beneath the surface volatility, a trio of structural catalysts is quietly reshaping the company’s trajectory.

Molybdenum Drilling Nears the Finish Line

Almonty is now 37% of the way through a planned 26-hole drilling program at the Sangdong molybdenum project in South Korea. The early results have matched historical ore grades, suggesting a continuous mineralized body that could support commercial production. The timing is fortuitous: South Korea has declared a national molybdenum supply crisis, giving a domestic producer significant pricing leverage if the project delivers.

The molybdenum deposit sits directly adjacent to Almonty’s flagship Sangdong tungsten mine, which resumed production in December 2025 after more than three decades of dormancy. Phase 1 commissioning wrapped up in March 2026, and the operation is currently processing 640,000 tonnes of ore annually to yield roughly 2,300 tonnes of tungsten concentrate. Phase 2, slated for 2027, would double those figures to 1.2 million tonnes and 4,600 tonnes respectively.

A Russell Debut That Forces Buyers’ Hands

On Monday, June 29, 2026, Almonty officially joins the Russell 1000 and Russell 3000 indexes. This is no mere honorific — it triggers mandatory purchases by every index fund and ETF tracking those benchmarks. The resulting structural buying pressure has historically boosted liquidity and analyst coverage for newly included names. Some of that effect may have already been priced in during the weeks leading up to the inclusion, but the long-term improvement in institutional ownership should provide a steadier shareholder base.

Financial Health Improves as Tungsten Prices Soar

Almonty’s first-quarter 2026 results underscore the operational turnaround. Revenue jumped 221% year-on-year to US$25.4 million, while adjusted EBITDA swung from a US$2.4 million loss to a US$6.1 million profit. Operating cash flow reached US$9.7 million, and the company ended March with US$259.9 million in cash — ample funding for its expansion ambitions.

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

The financial revival is underpinned by a red-hot tungsten market. China’s export restrictions, imposed in early 2025, have driven European ammonium paratungstate prices from roughly US$1,800 per metric ton in mid-February to over US$3,100 by late March — a surge of more than 550% since the controls began. New supply from Australia, Canada, and Portugal is unlikely to arrive before 2027, and substitution remains challenging for most industrial applications.

The Geopolitical Tailwind

Washington is accelerating the shift. From January 1, 2027, Chinese tungsten will be banned from US military supply chains. Tungsten is critical for armor-piercing munitions, semiconductors, and oilfield equipment, and China dominates global supply. Almonty is positioning as a non-Chinese alternative: its Sangdong mine in South Korea is already producing, and the company has moved its headquarters to Dillon, Montana, with plans to bring its Gentung project in the same state to production readiness in the second half of 2026.

Stock Market Reading: Trend Intact, But Strain Showing

The shares closed last week at C$23.00, roughly 31% below the all-time high of C$33.35 reached in mid-April. The 30-day loss stands at about 18%, though the annualized 30-day volatility of nearly 91% indicates such swings are not unusual. The relative strength index sits at 40.9, just shy of oversold territory. Despite the pullback, the stock remains 27% above its 200-day moving average of C$18.04, suggesting the medium-term uptrend is still intact — even as the 50-day average of C$26.78 was breached decisively.

Risks Worth Watching

Almonty’s long-term vision is the “Korean Trinity” — integrated tungsten production, refining, and molybdenum mining under one roof in South Korea. Each component still has milestones to hit: the Phase 2 expansion, the tungsten oxide plant, and the molybdenum project are all unfinished. Large mining projects routinely run over budget and behind schedule. And while the structural supply shortage supports current prices, any reversal in tungsten pricing would quickly compress margins. For now, the company is betting that geopolitics and production discipline will keep the momentum alive.