Entering the new year, Almonty Industries is positioned with a significantly strengthened balance sheet and a clear, multi-pronged growth strategy. In a detailed communication to shareholders, Chief Executive Officer Lewis Black outlined the company’s ambition to establish a leading Western-controlled tungsten supply chain, anchored by three core projects across South Korea, Portugal, and the United States.
Financial Foundation and Market Recognition
A series of successful capital market transactions in 2025 has provided the company with substantial resources. These efforts culminated in a gross proceeds of approximately $219 million for the year. The financing journey began with an oversubscribed U.S. initial public offering in July 2025, raising about $90 million. This was followed by an uplisting to the Nasdaq Capital Market. In December, Almonty closed a second, upsized offering that included a full over-allotment option, securing an additional $129.4 million. Management states this capital is sufficient to advance its key projects concurrently.
The market has responded positively to this execution. Currently trading near $9.70 on the Nasdaq, Almonty’s shares have surged more than 575% over a twelve-month period, significantly outperforming the broader market and pushing its market capitalization toward $2.5 billion. Brokerage firm DA Davidson has reaffirmed its buy rating on the stock, attaching a $12 price target.
Strategic Projects Driving Growth
The company’s vision extends beyond single-asset production. Black envisions building a fully integrated, Western-oriented tungsten platform spanning North America, Europe, and Asia. A central goal is to supply a minimum of 40% of the global tungsten supply originating from outside China, capitalizing on the metal’s rising strategic importance for defense and high-technology applications amid geopolitical tensions.
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Sangdong Mine: A Cornerstone Asset
The Sangdong tungsten mine in South Korea represents a pivotal strategic shift for Almonty, having commenced active mining operations in December 2025. Designated as a future primary supplier for the U.S. and allied nations, Sangdong is the cornerstone of the company’s expansion plans.
For 2026, the operational focus is on ramping up to full commercial production for Phase I. Subsequently, work will begin on the Phase II expansion, with completion targeted for 2027. Once Phase II is operational, the site’s capacity is projected to reach up to 1.2 million tonnes of ore annually, translating to a production output exceeding 460,000 metric tonne units (MTU) per year.
Panasqueira Expansion and Brownfield Development
At the Panasqueira mine in Portugal, Almonty is conducting an extensive drilling program. The objective is to define a mine plan for an expansion to “Level 4.” This initiative is expected to provide access to higher-grade ore, potentially boosting annual production to 124,000 MTU while simultaneously extending the mine’s operational life.
U.S. Foothold Taking Shape
The company’s North American ambitions are centered on the Gentung-Browns Lake project in Montana, acquired in November 2025. Almonty is targeting production readiness by the second half of 2026. This asset is estimated to have a future production capacity of 140,000 MTU, further diversifying the company’s geographic and operational base.
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