Almonty Industries Inc. Sees Renewed Investor Interest Amid Tungsten Supply Dynamics

Almonty Industries Inc. (TSE: ALM) announced a new coverage by Jefferies, which issued a Buy rating on September 2 2026. The recommendation was driven by the company’s expanding tungsten supply chain, a commodity increasingly sought by the automotive and defense sectors.

Market Activity

  • Stock Performance: Over the past month the share price increased by over 40 %. Analysts note the rally is “still not enough” and expect a brief consolidation before further upside.
  • Trading Data: On September 30, 2026 the stock closed at CAD 15.51. The 52‑week high reached CAD 33.35 on April 16, 2026, while the low stood at CAD 5.75 on September 7, 2025.

Jefferies Coverage

Jefferies cited the company’s role in the wolfram (tungsten) supply chain as a key driver for its rating. The brokerage highlighted Almonty’s ability to mine, process, and ship tungsten concentrate to global customers, positioning the firm as a strategic supplier to sectors where tungsten demand is rising.

Analyst Outlook

  • Renaissance of the West: Several analyst reports described Almonty as “the West’s tungsten champion.” The company’s recent production increases and contractual commitments are viewed as mitigating supply risk for the region.
  • Potential for Further Gains: Despite the recent rally, analysts suggest the current price may still reflect undervaluation given the company’s market cap of CAD 3.5 billion and negative price‑earnings ratio of -29.25.

Sector Context

Almonty operates in the Metals & Mining sector, specializing in tungsten concentrate. The global demand for tungsten is influenced by its applications in defense, automotive, and high‑performance tooling. Recent coverage has also highlighted potential lithium and battery‑related supply chain disruptions, underscoring the broader strategic importance of critical metals.

Conclusion

With Jefferies’ newly issued Buy recommendation and a recent 40 % price increase, Almonty Industries Inc. is positioned to benefit from growing tungsten demand. Investors monitoring the metals and mining sector may view the company’s current valuation as attractive, pending further confirmation of supply and demand dynamics.