Shares of Almonty Industries Inc. reached a fresh annual high at the close of last week’s trading, buoyed by a confluence of strategic policy developments and imminent operational progress. The surge reflects growing investor confidence as the company approaches a pivotal transition from project development to commercial producer.
Operational Catalyst: Sangdong Mine Nears Production Start
All eyes are on the operational timeline for the Sangdong tungsten mine. The company has confirmed it remains on schedule to commence commercial production in the first quarter of 2026. This shift from development to active operation represents a critical de-risking event for the business.
The process began with the delivery of first ore to the processing plant in December 2025. Operations are now being ramped up toward full capacity. Once fully operational, Almonty projects that Sangdong will supply approximately 40% of the global tungsten supply originating from outside China. This timeline aligns with a significant regulatory shift: starting in 2027, the United States will prohibit the use of Chinese tungsten for military procurement, amplifying the strategic value of alternative sources for defense and industrial applications.
Policy Wind: “Project Vault” Fuels Sector Momentum
The recent upward momentum in Almonty’s stock coincides with broader sector movements following the February 2026 launch of the U.S. initiative, Project Vault. This program is designed to bolster American stockpiles of critical minerals and reduce dependency on foreign supply chains deemed problematic.
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Reports indicate the initiative will facilitate substantial capital mobilization, potentially with backing from the Export-Import Bank. The goal of establishing a civilian strategic reserve for key raw materials has particularly ignited market interest in securing Western sources for metals like tungsten.
Analyst Confidence and Market Performance
Sentiment received a further boost from analysts. In February, B. Riley Financial significantly raised its price target for Almonty to US$17.00, up from a previous target of US$10.00. The firm cited the growing strategic premium for secured tungsten supply chains and the approaching cash flow generation from Sangdong as primary reasons for the upgrade.
Trading on the Toronto Stock Exchange (TSX) last Friday saw the equity hit a new 52-week high of C$20.55, closing at C$20.54. This peak was achieved on notably elevated trading volume, underscoring a moment where operational catalysts—the impending production start—are converging with potent policy-driven impulses from initiatives like Project Vault.
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