Almonty Industries Inc. ALM

Stifel initiates coverage on Almonty Industries with Buy rating and $25 price target, sending ALM shares up about 8% in early trading. The bullish note highlights Almonty’s expanding production footprint and strategic positioning in the global tungsten market. As Sangdong, its flagship mine in South Korea, moves into Phase I commercial production, management also eyes a Phase II buildout and capacity growth at the Panasqueira asset in Portugal. Stifel projects Almonty becoming the premier Western tungsten producer by the end of 2028, supported by ongoing expansions and potential downstream tungsten oxide facilities. The piece notes skyward tungsten prices—up roughly 775% since early 2025 amid China export-controls—bolstering Western supply-chain resilience and increasing investor focus on Almonty. Additional upside could come from adjacent owned assets and downstream development. Strategic expansions and higher price target imply meaningful upside and stronger competitive positioning.

Almonty Industries (ALM) accelerates a Western-supply tungsten play with catalysts and cash growth. Q2 revenue jumped 498% year over year to $43.0 million, aided by APT prices surging to $3,075 per MTU; adjusted EBITDA was $17.6 million and mining income turned positive. The company has $1.2 billion in cash and an $800 million convertible note offering, underpinning multi-asset expansion. A multi-year take-or-pay deal with Sandvik’s Wolfram Bergbau und Hütten AG will supply tungsten concentrate from Los Santos tailings in Spain, including a $3 million upfront to reactivate the processing plant and at least 1,720 tonnes contained WO3 minimum. The deal provides EU-origin feed and pricing power ahead of 2027 US defense rules. Long-term upside depends on turning contracted volumes into steady output from Los Santos and Sangdong Phase I throughput, amid higher G&A and execution risk. Valuation remains modest at ~10.5x forward earnings. Los Santos tailings retreatment and Sandvik take-or-pay could unlock substantial upside, but execution risk and reliance on non-cash gains temper near-term clarity.

Almonty Industries signed a multi-year tungsten concentrate offtake deal with Wolfram Bergbau und Hütten AG, including a conditional $3 million upfront payment and take-or-pay terms tied to restarting Spain’s Los Santos tailings retreatment. The stock has fallen about 21% in the last month and 19% in the last quarter, but year-to-date returns are around 66% with a three-year TSR exceeding 27x. Valuation shows divergence: P/E 55.2x versus a fair 36.7x and well above the US metals peer average ~19.9x, while a DCF model cites a fair value around $41.54 per share versus the $14.66 close. The investment thesis hinges on Portugal-focused revenue and the ability to execute the new deal and restart production amid tungsten-market risk and project execution uncertainties. The new offtake deal and potential production restart could materially alter ALM's revenue trajectory and valuation.

Mining facility inspection certificates issued Sept 17, 2026 authorize Almonty to commercially operate the Sangdong processing plant and crushing facilities and to sell tungsten concentrate in Korea and for export. The final administrative step in bringing Sangdong to commercial production, the certificates confirm safe operation and enable ramp-up to full Phase I capacity. Almonty amended its offtake agreement with Global Tungsten & Powders to 21 years from first delivery, increasing contracted volume to 4.41 million MTU with minimums of 210,000 MTU per year after ramp-up, covering more than 90% of Phase I production. Ore has been processed since June 2026 with revenue now possible from concentrate shipments. The move occurs amid high tungsten prices and a Western supply emphasis; Sangdong aims to contribute significantly to non-China tungsten supply, leveraging a Western address and defense-related demand. Long-term offtake visibility and regulatory clearance to operate Sangdong's processing plant underpin revenue and market positioning, likely lifting future prospects.

Almonty Industries Inc. and Sandvik’s WBH signed a tungsten supply deal in Spain. The supply agreement expands Almonty's tungsten market access and supports revenue growth.

Almonty Industries Inc. signed a tungsten offtake agreement with a Sandvik Group subsidiary for recycling of existing mine tailings. The offtake agreement secures a buyer for recycled tungsten output and may improve operational revenue.

Almonty Industries Inc. enters tungsten partnership with Rwanda Government. Rwanda tungsten partnership represents major strategic expansion altering Almonty operations and market reach.

Almonty Industries Inc. forms strategic tungsten partnership with Rwanda government to advance mining operations and supply chain. Strategic tungsten partnership with Rwanda government establishes new operational base and supply chain for Almonty.

Drones are mapping tungsten deposits at sites previously abandoned by the United States, supporting Almonty Industries' efforts to develop these resources. Drone mapping introduces moderate operational improvements to Almonty's tungsten exploration without altering core strategy or market position.

Almonty authorized a $300M share buyback before Sangdong mine reaches full production, prompting questions on whether capital is best allocated to shareholder returns versus project completion. Large buyback directly reduces cash reserves ahead of critical mine ramp-up and can materially shift investor sentiment and valuation.

Tungsten shortage critical for AI and defense sectors drives Almonty Industries Inc. (ALM) stock higher. Tungsten supply shortage directly boosts Almonty positioning in AI and defense markets.

Almonty Industries Inc. launches a share repurchase program of up to US$300,000,000. A $300 million repurchase program represents a major capital allocation move that can lift share price and investor sentiment.

Almonty Industries (ALM) stock may be 59% undervalued following buyback news. Buyback news can support stock price through increased investor confidence and reduced share supply.

Almonty Industries commits to an $800 million tungsten project. $800 million tungsten investment marks a major strategic expansion with strong potential to reshape company trajectory and investor outlook.

Almonty Industries Inc. reported its second quarter 2026 financial results. Quarterly financial results provide direct data on revenue, profit and operations that influence near-term market views.

KRO Q2 earnings beat estimates on volume growth and lower costs. Earnings beat signals improved operational efficiency that may lift near-term financial results and sentiment.

Almonty Industries Inc. (ALM) defined one of America's largest domestic tungsten sources in Nevada, directly addressing the U.S. inability to produce its own ammunition metal. Nevada tungsten resource definition opens major U.S. supply contracts and strategic positioning for Almonty.

Almonty Industries stock appears overvalued following expansion of the Sangdong offtake deal. Sangdong offtake deal expansion secures major future revenue and alters company trajectory.

Almonty Industries Inc. (ALM) will voluntarily delist from the TSX. Voluntary TSX delisting reduces liquidity and investor access, altering market performance.

Almonty Industries extended its 21-year tungsten offtake deal, triggering a 17.7% share price drop on the TSX and prompting questions over whether the bull case has changed. Long-term offtake extension secures revenue visibility yet produced a sharp share-price reaction that may alter near-term investor sentiment.

Almonty Industries extends Sangdong offtake terms, prompting questions over whether TSX:AII shares remain undervalued. Offtake extension secures future revenue visibility for the Sangdong project without altering core production or cost trajectory.

Almonty Industries expands its Sangdong tungsten offtake agreement with Global Tungsten & Powders to deliver US$490 million in contracted annual revenue at current APT pricing. Expanded offtake agreement locks in major annual revenue stream that strengthens Almonty future cash flow and operational scale.

Almonty Industries Inc. (ALM) rating upgraded to Buy. Buy rating upgrade can lift near-term investor sentiment and share price.

Almonty Industries (ALM) commences processing operations at Sangdong Mine. Start of processing at Sangdong Mine enables production ramp-up and revenue growth for Almonty.

Almonty Industries Inc. starts processing operations at Sangdong Mine in South Korea. Start of processing at Sangdong Mine advances Almonty toward full-scale production and revenue generation.

Almonty Industries has started processing operations at its Sangdong Mine, beginning production of saleable tungsten concentrate. Initiation of mine processing directly enables revenue generation from tungsten output and advances core operational milestones.

Almonty Industries joins the Russell 1000® Index and Russell 3000® Index. Russell 1000 inclusion triggers material passive inflows and lifts trading visibility.

Almonty Industries provides update on large-scale drilling program at Sangdong Molybdenum Project. Drilling update at Sangdong molybdenum project signals potential operational progress and resource development.

Almonty Industries closed its oversubscribed convertible senior notes offering with full exercise of the over-allotment option. Oversubscribed convertible notes raise strengthens balance sheet and provides growth capital.

Almonty Industries priced its oversubscribed US$700 million convertible senior notes offering. Oversubscribed US$700 million notes raise delivers major new capital to support operations and growth.