Almonty Industries Draws Divergent Views from Investment Banks

Almonty Industries is at the forefront of the tungsten market after two major investment banks weighed in on its prospects. Stifel initiated coverage with a Buy rating and set a price target of $25, while Goldman Sachs opened its own coverage with a Neutral call and an objective of $13.

The spread between these two positions underscores the varying views of the market's biggest houses on Almonty's expansion story. According to Stifel analyst Brock Cannon, China dominated global mine production in 2025, accounting for around 80%, and controlled roughly 85% of downstream ammonium paratungstate refining capacity.

Once Beijing introduced export controls, prices for the industrial metal surged approximately 775%. With existing coverage from houses such as Jefferies, Almonty has been put in the spotlight as industrial and defense buyers outside China scramble for dependable supply.

The operational backdrop to these ratings is a mine coming back to life. Almonty confirmed that tungsten had been extracted at its Sangdong site for the first time since 1993. The company reported that its processing and crushing facilities secured final operating certificates, clearing the way for commercial production and the sale of tungsten concentrate.

The Sangdong mine's Phase I commercial production is now underway, with more than 90% of first-phase output already locked up under contract. A planned second phase would nearly double annual ore throughput to 1.2 million tonnes in 2027, covering around 40% of Western and allied tungsten supply, according to Cannon.