Mining Co. Finds High-Grade Tungsten Potential During 557% Market Rally

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

In a sweeping tungsten rally, commodity prices have risen 557% over the past year. This rush started when Beijing added certain tungsten products to its export control list due to trade tension with the U.S. Project Blue noted that Chinese shipments of restricted tungsten products were down roughly 40% last year, creating scarcity.

Over the past few weeks, prices have hiked quicker and higher, with low reserves and the U.S.-Iran War raising demand.

VP of commodity research for BMO Capital Markets, George Heppel, said that he had "never seen a market as tight as tungsten is right now." He went on to compare the tungsten market to the lithium market in 2021, but noted that tungsten doesn't have the backlog of mines ready to start producing that lithium did.

The metal's price is set at US$2,250 per metric ton unit as of March 20, 2026.

What Is Tungsten?

The strongest metal on the periodic table, tungsten, is often used in products that take a beating, such as drills and armor-piercing weaponry.

Uses for tungsten vary widely, from ". . . an additive in the production of specialty alloys; filament wire for lighting (2%); and specialty uses for mobile phone handsets, military, ballistics (defense equipment) automotive parts, aerospace components, drilling, boring and cutting equipment, logging equipment, electrical and electronics appliances, chemical applications and other end-uses," according to Almonty Industries Inc. (AII:TSX; ALM:NASDAQ; ALL:ASX; ALI:Frankfurt).

Tungsten is a smaller, more niche metal market, but its performance has rivalled larger markets. "Project Blue estimates its value at about US$16 billion this year — roughly 5% of the copper market at current prices. It is also far more opaque and illiquid, as it does not trade on major exchanges. Even so, its gains over the past year have far outpaced those of commodities such as gold and oil," according to an article by Mining.com.

The market is broad, with tungsten necessary for everything from weaponry to lightbulbs. The metal is also crucial in the mining industry itself. On its website, Almonty stated, "The global mining industry's usage of tungsten carbide as drilling, boring, and cutting tools will likely propel the tungsten market growth as the demand for precious metals in China and other developing countries increases."

On January 29, 2026, Reuters reported that prices of ammonium paratungstate, used to make tungsten metal, were trading at US$1,125 to US$1,150 per metric tonne. Reuters expected prices to rise in the coming weeks, and they were correct.

Significant Milestone Completed for Tungsten Co.

As tungsten continues to rise, Almonty Industries Inc.'s (AII:TSX; ALM:NASDAQ; ALL:ASX; ALI:Frankfurt) stock has grown from around US$2-3 to around US$22 in in the past two years. 

Almonty is a mining company headquartered in Toronto, Canada, and operates in South Korea (Sangdong mine), Portugal (Panasqueira mine), Spain (Los Santos and Valtreixal), and the U.S. (Montana).

"Almonty . . . is a leading supplier of conflict-free tungsten — a strategic metal critical to the defense and advanced technology sector," the company said in a March 16 press release.

On March 16, 2026, the company announced the completion of Phase 1 commissioning at its Sangdong tungsten mine in Gangwon Province, South Korea, returning the mine to production after more than 30 years.

Almonty acquired the once-prolific Sangdong Mine in 2015, reviving it after it was shut down in the 90s due to a downturn in commodity prices. The company invested roughly CA$100 million in upgrading the mine, developing approximately four miles of underground tunnels, while adding a mineral processing plant and advanced monitoring systems. Sangdong's life expectancy is estimated at 45 years, with an average ore grade of approximately 0.51% tungsten trioxide.

Sangdong can handle 640,000 tonnes annually, producing around 2,300 tonnes of tungsten concentrate per year. Phase 2 expansion, expected to be functional in 2027, is designed to roughly double processing power. The company expects to provide around 40% of the global tungsten supply outside of China once Phase 2 is complete.

Lewis Black, the chairman, president, and CEO of Almonty, said, "This is a significant milestone in the effort by the United States and its allies to diversify supply chains for critical minerals away from China, which currently produces approximately 88% of the world's tungsten supply. With commissioning now complete, our focus turns to optimizing throughput and advancing toward full commercial production."

Regarding matters of U.S. defense and domestic reliance, Black continued, "Looking ahead, the Phase 2 expansion and the development of our tungsten oxide facility and the adjacent Sangdong Molybdenum deposit will form the foundation of what we refer to as the 'Korean Trinity' — fully integrated strategic-mineral value chain that positions South Korea as a global hub for the production, refining, and upgrading of tungsten. This will directly support U.S. defense procurement requirements mandating non-China tungsten sourcing after 2027 and significantly enhance resource security for the U.S. and its allies."

Almonty's 2025 Financial Report

On March 18, 2026, Almonty released its 2025 financial highlights. "Revenue recorded in the fourth quarter of 2025 increased by 39% to US$8.7 million, as compared to CA$6.3 million in the same year-ago quarter. For the full year ended December 31, 2025, revenue increased by 13% to US$32.5 million, as compared to US$28.8 million in the prior year. The increase was driven by a significant increase in the spot price of tungsten APT, with the trailing twelve-month average APT price increasing 534% to US$2,250 per MTU as of March 13, 2026," according to Businesswire.

Despite the revenue growth, the expenses for Q4 were also reported as higher compared to the same time last year, from US$1.8 million to US$9.4 million. Full-year general costs rose from US$6.2 million in 2024 to US$20.5 million in 2025, largely due to legal fees and costs of corporate and regulatory activities. This includes the cost of the company's public offering and special meetings.

Still, the company's cash at the end of 2025 was US$268.4 million, while its cash at the end of 2024 was only US$7.8 million. 

Black said, "The fourth quarter marked a defining milestone for Almonty with the delivery of the first ore to the ROM pad at Sangdong, transitioning us from development into active mining operations at what we expect will become one of the Western world's largest tungsten mines. Coupled with a transformative year of capital markets activity that has strengthened our balance sheet with over US$268 million in cash, continued production from Panasqueira, and Sangdong advancing toward commissioning, the Company believes it is well positioned for its next phase of growth."

Catalysts

"The global tungsten market is mainly driven by China, which is expected to continue to dominate both tungsten supply and consumption . . . China's high growth in the automotive, aerospace, mining, and electronics sectors are the main reasons behind its dominant market position," according to Almonty's website. Because of China's export limits, as the world's largest producer of tungsten, and its own need for tungsten to fuel its electronic sectors, the rest of the world is experiencing a shortage. Uncertain trade relationships and high tungsten demand from the U.S.-Iran War make the end date of that shortage unknown.  

According to Bloomberg on March 15, 2026, David Argyle, co-founder of Arlington Innovation Parkers, said, "There's no quick fix to the supply constraints. Mining could expand in Spain, Brazil, Australia, and the U.S., but new Western output would take about two years to materialize — assuming investors believe elevated prices will persist."

According to the Experts

"B. Riley Financial raised their price target on Almonty Industries from US$10.00 to US$17.00 and gave the stock a "Buy" rating in a research report on Friday, February 13th," wrote MarketBeat on March 20, 2026.

The article also noted Benzinga's March 20 report, saying, "Almonty Industries' stock had its 'Buy' rating reiterated by equities research analysts at DA Davidson in a research note issued to investors on Friday."

MarketBeat assigned Almonty a consensus target price of US$16.00 and rated it a "Moderate Buy." Matthew O'Keefe, for Cantor Fitzgerald, wrote on March 19 that, "As a proven operator, Almonty offers investors strong leverage to tungsten prices alongside a compelling growth profile," and gave a "Buy" recommendation.

Jake Sekelsky, for Alliance Global Partners, wrote on March 20 that, "All told, we view ALM as the leader in the tungsten space and continue to believe the company is the primary avenue for investors to gain exposure to tungsten prices going forward. We are reiterating our "Buy" rating and increasing our price target to US$19.25 from US$14.00 per share."

Ownership and Share Information¹

Almonty Industries Inc. has a market cap of CA$6.59 billion and 280.37 million shares outstanding. The company's 52-week range is CA$2.78-CA$30.58.

Institutions own 22.81% of its shares, while Strategic Investors own 42.68%. Management and Insiders own 10.69%, and 23.82% of shares are retail holdings.