A significant analyst upgrade is drawing investor attention to Almonty Industries. The firm’s valuation outlook has been substantially increased by research firm Sphene Capital, which raised its price target dramatically from CAD 8.40 to CAD 13.50. This adjustment signals potential upside exceeding 60% and stems from the company’s strategic move into the American mining sector through the acquisition of the Gentung Browns Lake tungsten project in Montana.
Securing Supply Chain Importance
This acquisition represents far more than simple portfolio diversification—it establishes Almonty as a future supplier within crucial American industrial supply chains. At a time when reducing foreign dependency on critical minerals is a top priority, the company’s timing appears strategic. The Montana project’s key operational details highlight its near-term potential:
- Targeted Start: Commercial production is scheduled for the second half of 2026
- Projected Volume: An estimated annual output of approximately 140,000 metric tonne units of tungsten trioxide
- Location Benefits: Situated in a historic tungsten district that previously supplied US national stockpiles
- Existing Infrastructure: The site benefits from established road access and secured water rights
Financial Model Reflects Transformation
The sharply increased CAD 13.50 price target from Sphene Capital now incorporates the projected cash flows expected to commence from the Montana operations by late 2026. This indicates strong analyst confidence in management’s ability to execute its plans. The updated financial model fully accounts for the company’s evolution from a pure developer to a producing entity with a strategic footprint in North America.
By the second half of 2027, Almonty could emerge as a leading supplier of conflict-free tungsten, with operational assets spanning Portugal, South Korea, and the United States. The acquisition also grants the company exclusive exploration and development rights for the broader Gentung-Browns Lake corridor, which includes permitted mill sites.
Should investors sell immediately? Or is it worth buying Almonty?
The Molybdenum Opportunity
Beyond its core tungsten business, Almonty possesses another significant revenue stream. The company controls substantial molybdenum deposits adjacent to its Sangdong mine in South Korea, with production also slated to begin in 2026 and an estimated mine life of six decades.
With molybdenum prices averaging over USD 50,000 per tonne during the third quarter of 2025, this asset provides substantial financial leverage. At full projected capacity of roughly 5,600 tonnes per year, these operations could generate approximately USD 280 million in additional annual revenue.
Corporate Shift Toward US Markets
The market is responding favorably to these fundamental strategic shifts. Plans to re-domicile the company to Delaware by the end of 2025 further underscore its US ambitions and intention to align with the local regulatory environment.
Through its partnerships with American Defense International and membership in the US Department of Defense-sponsored Critical Minerals Forum, Almonty is cementing its role as a key player in Western critical mineral supply chains. The combination of future tungsten and molybdenum production, coupled with its strategic expansion into the United States, creates a compelling position within the current commodity supercycle landscape.
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