Almonty Industries Inc. – Market Dynamics and Production Milestones

Almonty Industries Inc. (TSX: All, NASDAQ: ALM) is a Canadian mining company focused on the extraction, processing, and shipping of tungsten concentrate. Its shares have been highly volatile in 2025, recording a 52‑week high of C$14.99 on 2025‑10‑14 and a 52‑week low of C$1.365 on 2025‑01‑09. As of 2026‑01‑01 the closing price stood at C$12.03, with a market capitalization of approximately C$3.06 billion. The company’s price‑to‑earnings ratio is negative at –30.47, reflecting the high investment required for the transition from development to production.

Production Transition in South Korea

The most significant development in early 2026 concerns the Sangdong mine in South Korea. According to multiple German and Korean news sources, the mine has moved from the development phase to full production. The mine is positioned to become the largest non‑Chinese source of tungsten for the Western market, a strategic move aimed at reducing reliance on Chinese supply chains. This transition follows the completion of commercial financing on 10 December 2025 and is expected to be a key driver of Almonty’s future revenue.

  • 2025 saw a record 840 % increase in the share price, largely driven by expectations that Sangdong would reach full operational status.
  • On 5 January 2026, the company announced that the mine had achieved operational status, with the first truckload of ore loaded on 16 December 2025.
  • The company’s valuation on the Nasdaq has been reported at roughly C$3 billion, reflecting investor confidence in the new production capacity.

Market Reaction and Technical Analysis

The transition to production has had a pronounced effect on the stock’s technical profile:

  • On 5 January 2026 the share price increased to C$13.00, surpassing the 52‑week high and reflecting investor enthusiasm.
  • However, by 8 January 2026 the price had fallen to C$12.03, a decline of approximately 0.33 % over four consecutive trading days. The stock closed below several short‑term moving averages, generating a sell signal for short‑term traders.
  • The 52‑week low remains a critical support level, with analysts monitoring the price for potential rebounds as production ramps up.

Regulatory and Ownership Changes

On 5 January 2026, Deutsche Rohstoff AG filed an Early Warning Report under National Instrument 62‑103, indicating that its beneficial ownership of Almonty shares had fallen below 10 %. The report noted that prior to the public financing closing on 10 December 2025, Deutsche Rohstoff AG held a larger stake. The reduction in ownership reflects a broader portfolio rebalancing rather than a signal of confidence in the company’s prospects.

Strategic Context

Almonty’s move into full production is part of a broader Western effort to secure critical materials supply chains. The company’s potential role as a strategic supplier to defense and technology firms—particularly in the United States and Europe—has been highlighted in German industry publications. Analysts point to the geopolitical significance of tungsten for applications in defense, aerospace, and semiconductor manufacturing. The company’s close ties with US defense contractors and its focus on high‑purity tungsten concentrate position it favourably in the current market environment.

Conclusion

Almonty Industries Inc. is navigating a pivotal transition from a development-stage mining company to a full‑scale producer of tungsten. While the stock has experienced volatility and technical selling pressure in early January 2026, the operational status of the Sangdong mine and the strategic importance of tungsten supply in the current geopolitical climate provide a solid foundation for future growth. Investors and analysts will continue to monitor production timelines, supply chain developments, and market demand to assess the company’s long‑term trajectory.