The revaluation of Almonty (TSX:AII) shares is progressing excellently and gaining new momentum. After rising over 150 per cent within six months, the tungsten gem has consolidated healthily in recent weeks. However, there are good reasons to expect further price increases: China is using tungsten as a weapon in the geopolitical power struggle. The latest major order for Almonty from the US shows how urgently defense companies – but also other key industries – need this critical metal. An upcoming NASDAQ listing is expected to drive the share price and could pave the way for an anchor investor or even lead to a takeover. Analysts consider the fair value of Almonty shares well above the current level.
Major order from the US defense industry
Next big news for Almonty: The US defense industry has secured the Company’s tungsten supply for at least three years. It is noteworthy that a minimum purchase price is guaranteed, but there is no upper limit. This shows once again how much demand there is for tungsten. Under the current major order, US defense company Tungsten Parts Wyoming has committed to purchasing at least 40 tons of tungsten oxide per month from Almonty (TSX:AII). The raw material will then be processed into tungsten metal powder by Metal Tech in the US or Israel. The partners announced that Almonty’s tungsten is intended exclusively for US defense programs, including missile, drone, and explosive systems. Tungsten Parts Wyoming’s customers include virtually all major US defense contractors, such as Lockheed Martin, Northrop Grumman, Boeing, Raytheon, and General Dynamics. Tungsten Parts Wyoming manufactures armor-piercing ammunition, sabot projectiles, armor protection, and missile components, among other things.
Almonty CEO Lewis Black commented: “This binding purchase agreement represents an important milestone for Almonty. Beyond commercial certainty, the agreement ensures that our tungsten oxide will be used in a strategic, high-value end application, strengthening Almonty’s position as a key supplier to the US defense supply chain and its allies.”
Stock revaluation underway
With this new major order, Almonty confirms that the revaluation of its stock, initiated at the end of 2024, is based on fundamental reasons. Tungsten is a critical metal, essential for key technologies such as defense, medical technology, and high-tech applications – it can even be found in iPhones. At the same time, more than 80 per cent of global tungsten production comes from China. It is therefore not surprising that Lewis Black has regularly reported on visits by politicians and industry representatives from the US, South Korea, and Europe in recent years. After all, Almonty already operates a profitable tungsten mine in Portugal, which is set for further expansion. However, it is the project in South Korea that is driving the stock’s revaluation. After years of development work – financed in part by the German KfW Bank – Almonty is preparing to bring the Sangdong mine into operation soon. Sangdong will not only be the largest tungsten mine outside China, but will also stand out for its high quality, with a tungsten grade of 0.46 per cent. For comparison: Almonty’s profitable Panasqueira mine in Portugal has a tungsten content of 0.14 per cent.
New all-time high with NASDAQ listing?
In mid-April 2025, Almonty shares, which are also actively traded in Germany, reached their highest price of CAD 2.63. Since then, they have consolidated at a high level. In addition to further major orders and the commissioning of the Sangdong mine, the planned listing on the NASDAQ technology exchange should be a driver for the share price – to a new all-time high? Incidentally, the Company’s headquarters are also to be relocated from Canada to the US – perhaps to facilitate a takeover or the entry of a US group? The latter is pure speculation. What is clear, however, is that with a market capitalization of CAD 665 million, Almonty shares are now large enough for institutional US investors and, at the same time, appear anything but expensive given the market potential.
Analysts see fair value at CAD 5.40
A glance at analyst estimates shows that Almonty is still undervalued. Sphene Capital expects Almonty’s revenue to jump from around CAD 29 million to CAD 104.5 million in the current year. With the ramp-up of the Sangdong mine, this figure could reach CAD 483.4 million in 2027. Earnings are expected to climb at a similarly dynamic pace in the coming years. After CAD 0.20 in 2026, earnings per share are expected to reach CAD 0.51 in 2027. Yesterday, Almonty shares were trading at CAD 2.40. Sphene Capital analysts therefore recommend buying the tungsten gem and see the fair value of the share at CAD 5.40 (more-ir.de/d/32340.pdf).
Capital market expert Mario Hose recently shared his thoughts on Almonty’s current situation and future potential in an interview with Canadian host Lyndsay Malchuk from Stockhouse. The CEO of the German company Apaton Finance has been following Almonty’s development for many years and knows CEO Lewis Black personally. In his view, Almonty differs significantly from many of its competitors in the commodities sector, and the next success stories should only be a matter of time. Click here for the full interview.
Conclusion: Another 150%?
There are many indications that the revaluation of Almonty shares is far from over. Tungsten is simply too important a metal and too scarce in Western countries. Almonty is unlikely to have any trouble selling its production. And perhaps a major corporation will acquire a stake in the tungsten gem – or even take it over completely – but if so, it will almost certainly be at a significantly higher price.
Conflict of interest
Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as “Relevant Persons”) may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a “Transaction”). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.
In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.
For this reason, there is a concrete conflict of interest.
The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.
Risk notice
Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on news.financial. These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such.
The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between Apaton Finance GmbH and its readers or the users of its offers, as our information only refers to the company and not to the investment decision of the reader or user.
The acquisition of financial instruments involves high risks, which can lead to the total loss of the invested capital. The information published by Apaton Finance GmbH and its authors is based on careful research. Nevertheless, no liability is assumed for financial losses or a content-related guarantee for the topicality, correctness, appropriateness and completeness of the content provided here. Please also note our Terms of use.
This is third-party provided content issued on behalf of Almonty Industries Inc., please see full disclaimer here.
