Almonty Industries: A New Chapter on Nasdaq and the Dawn of Production

The investment thesis for Almonty Industries has been fundamentally reshaped by two transformative events: securing a prestigious U.S. stock exchange listing and transitioning its flagship asset into a revenue-generating operation. This powerful combination of enhanced market access and tangible operational progress underpins the company's current valuation.

Beyond financial markets, concrete developments on the ground are driving investor interest. In a historic move for the company, Almonty commenced commercial production at its Sangdong tungsten mine in South Korea in mid-December 2025. This marks the critical shift from a development project to a cash-flow generating business.

Sangdong is positioned to become the largest tungsten production source outside of China, aiming to alleviate supply constraints for Western defense and technology sectors. Key construction and commissioning phases are complete, including the installation of Metso's processing technology. The delivery of first ore to the run-of-mine (ROM) pad formally signaled the start of this new earnings phase.

Strategic Nasdaq Listing and Capital Influx

Almonty's move to list on the Nasdaq, achieved in mid-July 2025, occurred well ahead of an initial 2026 target. This strategic step was designed to directly engage U.S. institutional and retail investors who are actively seeking exposure to secure, non-Chinese critical mineral supply chains.

The listing was accompanied by a significant capital raise, which was later supplemented by an additional financing round in December 2025, securing approximately $129.4 million. Management states these funds will be deployed to accelerate expansion projects and fortify the company's balance sheet. The move has also substantially improved the stock's liquidity and trading profile.

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

Favorable Market Dynamics for Critical Minerals

Almonty's progress coincides with a highly supportive macro environment for strategic raw materials. The global tungsten market is characterized by pronounced supply shortages, exacerbated by geopolitical tensions and export restrictions from key Asian producers. This creates a favorable pricing backdrop for new production coming online from sources like Sangdong.

Market participants are particularly attentive to the scarcity of independent tungsten sources outside dominant supply regions. While Almonty's share price—hovering around $8.80 (approximately CAD $12.17)—remains subject to volatility, the fundamental supply-demand imbalance supports a elevated valuation. The reduction of project execution risk following Sangdong's start-up allows the market focus to shift toward future earnings growth.

Key Metrics and Analyst Perspective

Financial and Operational Snapshot:

• Market Capitalization: Approximately $2.32 billion (following an interim high near $2.74 billion)
• Nasdaq Listing Date: July 14, 2025
• Year-to-Date Share Performance (2025): An increase of roughly 790%
• Operational Status: Commercial production initiated at Sangdong (December 2025)
• Recent Financing: Approximately $129 million secured in December
• Consensus Analyst Rating: "Moderate Buy"

These data points are integral to current valuation models, reflecting both the company's growth trajectory and its strengthened financial foundation.

Market researchers currently maintain a "Moderate Buy" consensus on the equity. This rating balances the stock's exceptional performance year-to-date against the further potential embedded in the planned production ramp-up. The successful Nasdaq listing and on-schedule production start are viewed as validation of management's execution capability. The current investment narrative rests on three pillars: secured financing, ongoing commercial production at Sangdong, and a main-board U.S. exchange listing—collectively forming the basis for positive market sentiment surrounding Almonty.