Following an extraordinary share price surge exceeding 2,000% in a single year, investors in Almonty Industries are now taking a breath. This recent pullback arrives at a pivotal moment for the tungsten producer. As its flagship operation in South Korea ramps up, the upcoming quarterly report is set to reveal whether the company’s underlying performance can justify the market’s elevated expectations.
Shares declined by 8.3% last Friday, closing at US$19.30. This consolidation phase comes after a dramatic ascent fueled primarily by geopolitical shifts. With China estimated to control 75% to 80% of global tungsten supply, its decision to significantly tighten export restrictions by the end of 2025 sent shockwaves through the market. Consequently, the price for this industrial metalāessential for semiconductors and defense applicationsāsoared by more than 160% over the past year.
Capital and Analyst Sentiment Reflect a Shifting Landscape
The altered market dynamics are attracting substantial institutional interest. The number of invested funds grew by 55% in the last quarter. Van Eck Associates alone increased its position to 11.24 million shares, valued at approximately US$99 million. Significant capital inflows were also recorded from Encompass Capital Advisors and Next Century Growth Investors.
Wall Street analysts are reassessing the situation, though their price targets reveal a wide range of opinions:
* DA Davidson: US$25 (Buy)
* B. Riley: US$17 (Buy)
* Consensus Estimate: US$15.13 (Moderate Buy)
* Weiss Ratings: Sell
Should investors sell immediately? Or is it worth buying Almonty?
Operational Milestones and Expansion
Positioned as a non-Chinese supplier, Almonty stands to benefit directly from the tightening market. Active mining has officially commenced at the Sangdong operation in South Korea, with the first shipment of ore already dispatched. This project, hosting reserves of 7.9 million tonnes, is considered one of the world’s most significant tungsten resources.
Management is concurrently advancing the expansion of the Panasqueira mine in Portugal. Furthermore, development continues at the Gentung Browns Lake project in the United States, which could achieve production readiness in the second half of 2026.
The Pivotal Date: March 26, 2026
All eyes are now on March 26, 2026, when the company will release its quarterly financial results. This report will provide the first comprehensive look at the combined impact of historically high tungsten prices and the initial production output from Sangdong. With a Quick Ratio of 2.25, the financing for ongoing investments appears secure for the time being. The forthcoming data will offer concrete evidence of Almonty’s efficiency in managing the production ramp-up, controlling costs, and ultimately achieving profitability.
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