Almonty's Tungsten Gambit: Challenging China's Global Mineral Grip

NEW YORK, NY – February 06, 2026 – In a strategic play resonating through global commodity markets and defense circles, Almonty Industries is rapidly emerging as a cornerstone of the West’s efforts to secure a stable supply of tungsten, a critical mineral dominated by China. With its flagship South Korean mine transitioning to commercial production and a key acquisition establishing a new foothold in the United States, the company is capitalizing on record-high tungsten prices and a geopolitical imperative to diversify critical supply chains.

A Strategic Foothold in the United States

Almonty has decisively planted its flag on American soil with the acquisition of the Gentung Browns Lake Tungsten Project in Beaverhead County, Montana. The $9.75 million deal gives the company 100% ownership of one of the most advanced undeveloped tungsten assets in the country, a crucial step in its ambition to become a leading integrated U.S. tungsten producer. This move directly addresses Washington's long-standing concerns over critical mineral dependency.

The project's strategic value is underscored by its advanced stage and favorable logistics. Located in a historic tungsten district that once supplied the U.S. national strategic stockpile, the site boasts existing road access, water rights, a mill site, and nearby power infrastructure. Almonty is targeting production readiness by the second half of 2026, with initial designs projecting an annual output of approximately 140,000 Metric Ton Units (MTU). Based on current NI 43-101 compliant resource estimates of 7.53 million tonnes, the project has a potential mine life of over 50 years.

This development aligns perfectly with a growing consensus in Washington to onshore critical mineral production. The recent launch of "Project Vault," a public-private initiative backed by up to $10 billion in financing to establish a U.S. Strategic Critical Minerals Reserve, highlights the urgency. Almonty's market-based approach, which focuses on building supply relationships with governments rather than seeking direct state ownership, positions it as an ideal private sector partner in fortifying national and economic security.

Awakening a South Korean Tungsten Titan

Across the Pacific, Almonty has achieved a monumental operational milestone at its Sangdong Tungsten Mine in South Korea. The recent delivery of the first truckload of ore to the Run-of-Mine pad signals the mine's successful transition from development into active operations, putting it on the cusp of full commercial production.

This marks the revival of a legendary asset. The Sangdong mine was a global tungsten leader for over 40 years before closing in the 1990s amid low commodity prices. Almonty's decade-long effort to bring it back online represents a significant feat of engineering and a strategic victory for non-Chinese supply chains. The project is expected to advance to full-scale commercial operation under Phase I this year, with a Phase II expansion planned for 2027. Once complete, the expansion is designed to lift throughput to 1.2 million tonnes per year, potentially yielding over 460,000 MTUs annually and making Sangdong one of the largest tungsten mines in the world outside of China.

The vision extends beyond raw material extraction. Sangdong is the anchor for a vertically integrated “Korean Trinity” platform, combining tungsten mining, downstream tungsten oxide processing, and future molybdenum production. This strategy aims to establish South Korea, a key U.S. ally, as a global hub for tungsten refining and upgrading, creating a resilient end-to-end supply chain for Western markets.

Riding the Wave of Record Tungsten Prices

Almonty's operational advancements are occurring in a uniquely favorable market. Prices for Ammonium Paratungstate (APT), the benchmark for tungsten, have soared to record levels of approximately $1,200/MTU. This price surge is fueled by a perfect storm of constrained global supply and robust demand.

China, which supplies over 80% of the world's tungsten, has recently tightened export restrictions on dual-use goods, including certain tungsten products, further constricting availability for international buyers. Simultaneously, demand remains fierce from sectors where tungsten is irreplaceable: defense and aerospace for its high-temperature strength, and advanced manufacturing and semiconductors for its hardness and conductivity. The mineral is deemed critical for the development of next-generation AI hardware and future energy systems.

This supply-demand imbalance creates a powerful tailwind for emerging producers like Almonty. As the company ramps up production in geopolitically stable jurisdictions, it is positioned to command premium pricing while providing a secure and reliable alternative to Chinese sources.

Wall Street Takes Notice

Investors are rewarding Almonty's strategic execution and favorable market positioning. The company's stock has seen a dramatic appreciation, with an astonishing 805% return over the past year and a 52% year-to-date gain as of early February 2026. This rally reflects a growing confidence that Almonty is successfully navigating the transition from a development-stage company to a scaled, multi-jurisdictional producer.

This sentiment is echoed in analyst reports. Diamond Equity Research, in an issuer-sponsored note, recently doubled its valuation of Almonty to C$20.00 per share. The firm cited the de-risking of the Sangdong project, the accretive acquisition in Montana, and materially higher tungsten price assumptions. Further validating this outlook, independent research firm DA Davidson also raised its price target to $18, attributing the revision to “sustained, significant upward spot price movements in tungsten” and constrained global output.

With a diversified asset base spanning Asia, Europe, and now North America, Almonty Industries is transforming from a mining developer into a strategic linchpin in the West's quest for resource independence. The company's progress in South Korea and the United States demonstrates a clear pathway to becoming the largest tungsten producer outside of China, arriving at a moment when its output has never been more valuable or more strategically vital.