Almonty Industries Rebounds From Index-Driven Exit as Tungsten Calculus Shifts Westward

The tungsten market is tightening its grip on global supply chains, and Almonty Industries is finding itself at the intersection of two very different forces: a technical sell-off that has now run its course, and a strategic repositioning that has investors recalibrating how they value the Canadian miner.

After two consecutive sessions of gains — 5.40 percent on August 4 followed by 4.17 percent on August 5, when shares reached EUR 11.995 in European trading — the stock’s recovery has little to do with operational milestones. Instead, it marks the exhaustion of a forced liquidation triggered by Almonty’s voluntary delisting from the Toronto Stock Exchange, completed on July 31. That move automatically removed the company from several global indices, leaving passive funds with no choice but to unwind positions regardless of the underlying fundamentals.

With that overhang cleared, attention is shifting back to the company’s operational trajectory — and to a supply picture that is becoming increasingly fraught for Western buyers.

China’s pricing lever tightens

The supply-side pressure is most visible in China, which controls an estimated 80 percent of global tungsten supply. According to Shanghai Metals Market, Chinese producers raised their long-term prices for tungsten concentrate and ammonium paratungstate (APT) this week, with 55-percent wolframite concentrate now priced at 412,000 yuan per tonne and APT at 606,000 yuan — increases of 1,000 yuan each. Despite the hikes, the market has been trading sideways since July 13, reflecting the seasonal lull typical of the current off-peak period. Chinese tungsten production rose 2 percent year-on-year in July but slipped 1.5 percent from the prior month.

Geopolitical measures are adding another layer of uncertainty. New U.S. export controls on tungsten scrap take effect August 27 and will remain in place for a year. Meanwhile, Beijing is restructuring labor arrangements in its mines through 2027/2028, a move that could further constrain supply in the years ahead.

The price trajectory tells the story: tungsten prices have quintupled within a year, according to assessments cited by Fox Tungsten CEO Stephen Gray, who framed the metal’s value in striking terms — one percent tungsten content is economically equivalent to roughly 20 grams of gold per tonne or a 25 percent copper grade.

Should investors sell immediately? Or is it worth buying Almonty?

Sangdong enters the processing phase

The strategic answer to that supply squeeze is taking shape in South Korea. Almonty’s Sangdong mine officially began processing in July 2026 and is now in the ramp-up phase of its first expansion stage. At full Phase-1 capacity of 2,300 tonnes of concentrate annually, the mine is expected to cover roughly 40 percent of global tungsten demand outside China.

The financing to get there is already in place. A heavily oversubscribed capital raise in late 2025 and early 2026 brought in approximately $219 million gross. That was complemented by an expanded offtake agreement with Global Tungsten & Powders spanning 21 years, which at current prices is expected to generate at least $490 million in total revenue. Together, these provide the liquidity needed to fund Sangdong’s ramp-up through the second half of 2026.

A deliberate pivot toward U.S. markets

The corporate restructuring accompanying this operational shift has been equally deliberate. On August 4, Almonty adopted two new compensation programs — a Fourth Amended and Restated Incentive Stock Option Plan and a revised Restricted Share Unit Plan — followed a day later by an SEC Form S-8 filing registering shares for issuance under those plans. The timing is no coincidence: companies typically adjust compensation structures during the transition from construction to stable production, and Almonty is also relocating its corporate headquarters to Dillon, Montana, with the Nasdaq becoming its primary trading venue.

The competitive window stays open

A newly discovered large tungsten deposit in the United States has generated headlines, but it does little to solve the immediate structural problem. New deposits take years of development, permitting and commissioning before they can produce — time that is in short supply given the export restrictions and China’s pricing power. For producers already operating outside China, like Almonty, that means the competitive advantage of a functioning non-Chinese operation remains intact for now, even as new projects begin the long journey from exploration to production.

Whether the recent surge in investor interest translates into sustained fundamental momentum will become clearer as the company reports on its operational progress through the Sangdong ramp-up. For now, the technical selling is behind it, and the tungsten narrative — scarce supply, strategic metal, Western demand — is squarely in its favor.