A dramatic rally in tungsten prices is delivering a substantial revenue boost to producer Almonty Industries. The company is leveraging this favorable market shift to advance an ambitious strategic plan: building a fully integrated, China-independent supply chain anchored by its flagship Sangdong mine in South Korea.
Strategic Expansion Amidst a Favorable Market
Operationally, Almonty’s focus is fixed on its comprehensive “Korean Trinity” strategy. Following the successful commissioning of the Sangdong mine’s first phase, the company is pursuing deep vertical integration. Plans are in place to double ore processing capacity to 1.2 million tonnes by 2027. Coupled with a new tungsten oxide plant and the development of an adjacent molybdenum deposit, this expansion aims to position Almonty to supply approximately 40% of the global tungsten demand originating outside China.
This capacity build-out coincides with a highly supportive geopolitical landscape. With the United States set to ban imports of Chinese tungsten for defense applications starting in 2027, Almonty is carving out a role as a strategic key supplier. To optimize logistics for U.S. defense contractors, the company recently appointed retired Brigadier General Steven L. Allen as its Chief Operating Officer. A key part of his mandate is to advance the Genting Browns Lake project in Montana, which could achieve production readiness as early as the second half of 2026.
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The core challenge for Almonty in the current year is the operational execution of these scaling plans. Management must demonstrate that the planned production doubling in South Korea remains on schedule, while simultaneously shepherding the U.S. project in Montana toward operational maturity.
Financial Performance: Strong Revenue Meets Accounting Charges
The company’s financial results reflect a clear upward trajectory. For the full year 2025, revenue climbed 13% to $32.5 million. The fourth quarter was particularly strong, showing a 39% increase. This surge is directly attributable to the spot price for tungsten APT, which had multiplied more than fivefold to $2,250 per metric tonne unit (MTU) by mid-March 2026.
Despite this robust operational performance, Almonty reported a significant net loss. This result, however, stems from non-cash accounting effects related to its Nasdaq listing in July 2025. The mandatory revaluation of derivatives and warrants substantially impacted the paper result. The company’s actual liquidity was unaffected, as evidenced by a solid cash position of $268.4 million at the turn of the year.
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