Almonty’s Strategic Pivot: From Defense to Fusion Energy

Investor attention is turning toward Almonty Industries Inc. as the tungsten producer becomes linked to two powerful market narratives: sustained defense sector demand and its emerging potential role in fusion energy technology. The company’s shares are currently trading near CAD 12.64 on the Toronto Stock Exchange and approximately USD 9.00 on the Nasdaq. This renewed interest follows the official transition of its flagship Sangdong project in South Korea to commercial production in December 2025.

Operational Milestones and Financial Strengthening

Beyond the thematic narratives, Almonty’s valuation is supported by concrete operational progress and a fortified balance sheet.

• Commencement of Commercial Mining: On December 16, 2025, Almonty initiated commercial mining operations at the Sangdong mine. The delivery of first ores to the run-of-mine stockpile represented the final major step in mitigating project execution risks, with production now being ramped up systematically.
• Substantial Capital Raise Finalized: In December 2025, the company closed a significantly oversubscribed financing round. Gross proceeds totaled approximately USD 129.4 million, exceeding the initially targeted USD 112.5 million. The placement price was set at USD 6.25 per share, providing funds for the final commissioning phase at Sangdong and near-term balance sheet relief.
• Executive Team Expansion: Effective January 6, 2026, Guillaume Wiesenbach de Lamaziere joined the leadership team as Chief Development Officer. This newly created position signals a strategic shift from pure project execution to broader corporate development and international market expansion.

A Dual-Themed Investment Case

Traditionally viewed as a security-of-supply provider for ammunition and armor, Almonty is now gaining recognition for tungsten’s strategic importance in next-generation energy. Recent analysis highlights the metal’s application in fusion research, where tungsten wall components in projects like Tokamak-WEST have contributed to achieving high-temperature, stable plasma states. These technical advances are directing focus toward non-Chinese sources of tungsten, with Almonty being explicitly cited in recent market commentary as a key Western supplier.

Some observers are beginning to categorize the company’s geopolitical significance alongside established defense contractors like Rheinmetall. This broader demand profile has supported a notable share price appreciation from its mid-2025 levels.

Positioning as a Western Supply Chain Anchor

Amid political efforts in North America and Europe to reduce critical mineral dependencies on China—which controls over 80% of global tungsten supply—Almonty’s strategic weight is increasing. The company is positioning itself as a reliable Western alternative, a move further bolstered by its Nasdaq listing in July 2025, which improved access to U.S. institutional and retail investors.

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

This evolving story is reflected in the equity’s trajectory:
* July 2025 financing at USD 4.50 per share
* December 2025 capital raise at USD 6.25 per share
* Current trading level around USD 9.00 per share

The rising placement prices and market absorption of new supply indicate growing investor confidence in both the Sangdong ramp-up and the firm’s long-term strategic role.

Forward Outlook and Key Levels to Watch

Upcoming quarterly reports will be crucial for demonstrating the speed and stability of Sangdong’s production increase. Concurrently, the discussion around fusion energy provides a potential long-term growth driver alongside the established defense demand.

From a technical perspective, the zone around CAD 12.75 on the TSX is seen as a significant resistance level. A sustained breakout above this point would be interpreted by many market participants as confirmation of the prevailing upward trend. Additionally, the expiration of lock-up agreements on January 8, 2026, passed without notable selling pressure—a positive signal that early investors are awaiting the transition to full-scale production.