Almonty Industries Advances with Sangdong Amid Tungsten Price Surge

Almonty Industries has announced its Q1 2025 financial results, aligning with expectations amid increasing tungsten prices. The company remains pivotal as a non-Chinese tungsten supplier, advancing its Sangdong Mine in South Korea, which is nearing operational completion. This progress has led GBC AG to raise Almonty's price target to CAD 5.50, maintaining a 'Buy' recommendation.

Almonty's Q1 revenue reached CAD 7.91 million, with mining income up by 24% to CAD 0.75 million due to favorable tungsten prices and efficiencies. Despite reporting a net loss of CAD -34.6 million, mainly due to accounting adjustments, the company's liquidity remains unaffected.

Key developments include a landmark agreement with a major U.S. defense contractor for tungsten oxide and an inclusion in the DARPA-funded Critical Minerals Forum. Almonty also announced a binding deal with Tungsten Parts Wyoming and Metal Tech for U.S. defense applications, reinforcing its role in the defense supply chain.

Almonty plans to list on NASDAQ, supported by its relocation to the U.S. Elevated tungsten market prices and strategic moves position Almonty favorably as a supplier amid efforts to reduce reliance on Chinese minerals.