The Dawn of a New Era in Raw Material Supply
The world of strategic metals has a “new” major player. Almonty Industries has succeeded in bringing the Sangdong Mine in South Korea back to life. Sangdong is not just any mine, but a facility that historically ranked among the most significant tungsten mines on the planet. Lewis Black, the mastermind behind Almonty, has been working toward this moment for over ten years. On March 16, 2026, the day before yesterday, the first phase of commissioning was celebrated with a ceremony. It was an event of diplomatic significance, with high-ranking representatives from the South Korean government and the US Embassy practically lining up to attend. But all the hype and fanfare is not unfounded, as the mine is the key to breaking the almost total dependence on Chinese supplies. China currently still controls over 80% of the market, but Almonty is now standing up to it.
The numbers behind the project are impressive. In the first phase, the facility is already processing 640,000 tonnes of ore per year. But that is just the beginning. The second phase is already planned for 2027, which is set to almost double capacity to 1.2 million tonnes. Once Sangdong is running at full capacity, Almonty could meet about 40% of the Western world’s tungsten demand. The ore in Sangdong is also of exceptional quality. With a grade of about 0.51% tungsten trioxide, it is well above the global average. Ultimately, this means more efficient production and higher margins. Almonty is not just building a mine here; with the “Korean Trinity” project, it is creating a complete value chain, including its own oxide processing plant and the development of molybdenum deposits right next door.
But Almonty is far more than just South Korea. The company is pursuing a global approach to create a counterweight to existing market structures. In Portugal, the company operates the Panasqueira mine, which has been supplying tungsten for what feels like an eternity and is currently being expanded through new drilling into deeper, richer layers. And as if that were not enough, Almonty has also secured a foothold directly in the US with the Gentung Browns Lake Tungsten project in Montana. The company aims to be ready for production there as early as the second half of 2026. The goal is essentially clear: Almonty aims to become the number one partner for the defense and tech industries in the West. Since the US has banned the import of tungsten from China for military purposes starting in 2027, Almonty is sitting on a logistical and strategic goldmine here.
Tungsten Prices and Almonty Share Price Are Skyrocketing
Let’s take a look at the raw numbers on the stock market. Almonty’s stock has seen a spectacular surge in recent months. Similarly, the price of tungsten has literally skyrocketed in recent months, which has naturally given Almonty’s stock a significant boost. Currently, we are seeing a healthy, minor consolidation on various exchanges such as the NASDAQ and the TSX following the steep rise. The stock is catching its breath a bit after the euphoria of the initial production announcements. Technically speaking, the stock is currently forming a solid base, which is often the calm before the next big surge. Many market participants are now closely watching to see if the price can sustainably surpass the recent highs in the near future.
Things get interesting when looking at the price targets set by the professionals. The renowned investment bank Cantor Fitzgerald has had Almonty on its radar for some time and still sees significant upside potential for the stock. The price target is set at CAD 36. There are voices in the market that also see the potential for the price to climb above the CAD 30 mark, provided the ramp-up phase in Sangdong continues to proceed as smoothly as it has so far. Such round numbers are psychologically important and could spark new momentum if breached. Currently, the stock is in a phase where short-term profit-taking is meeting long-term buying interest. Many market participants interpret this technical “breathing space” not as weakness, but as an opportunity to build up positions for the next upward wave.
Conclusion: What to do?
The situation at Almonty Industries is more exciting than ever before. Looking at the fundamentals, one sees a company making the transition from a pure developer to a major producer. The balance sheet was massively strengthened last year by successful IPOs in the US. With over USD 200 million in fresh capital, the coffers are well-stocked to implement the ambitious expansion plans in Korea and the US without financial bottlenecks. The latest corporate figures underscore that Almonty operates with discipline and meets its milestones on schedule – a point that is anything but a given for mining companies. The news of the past few days, particularly the successful commissioning of Sangdong Phase 1, is a clear vote of confidence. Added to this is the geopolitical tailwind. Tungsten is becoming increasingly valuable as it is irreplaceable, and supply routes from the East are becoming more uncertain. From a technical chart perspective, the current situation presents a positive picture. Following the long, significant rally, the stock is now in a minor consolidation phase. Such phases help stabilize prices and are important for investors to make additional purchases or establish initial positions. Perhaps just in time before production moves into Phase 2 and the new projects in the US are fully priced in. Those who believe in the strategic importance of tungsten will find a company here that is positioning itself as an indispensable pillar of Western industry. Of course, it remains an investment in the commodities sector with the usual volatility, but the combination of world-class deposits, political support, solid financing, and a forward-thinking CEO makes the stock one of the most interesting plays in this sector.
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