NEW YORK, December 30, 2025, 3:07 PM ET — Regular session
Shares of Almonty Industries Inc fell about 3.9% to $8.90 in afternoon trading on Tuesday after giving up an early rise, with the stock swinging between $8.90 and $9.39.
The pullback comes as investors focus on tungsten, a hard metal used in munitions, industrial tooling and electronics, at a moment when governments are pushing to secure strategic supply chains.
A CBS News report published on Monday said Chief Executive Lewis Black met U.S. officials, including at the White House, before touring Almonty’s Sangdong mine in South Korea and signing a deal tied to future tungsten supply for U.S. security needs; Black declined to discuss terms. Black told CBS the mine should be operational in the first quarter of 2026 and produce an estimated 1.2 million tons of tungsten ore a year. “It’s vital. It’s further than critical, it’s vital,” Black said. 1
Almonty said on Dec. 16 it delivered the first truckload of ore to Sangdong’s run-of-mine pad, a staging area where material is stockpiled before processing, calling it a step from development into active mining ahead of commercial production. 2
Earlier this month, Almonty closed an upsized $129.375 million underwritten share offering in the United States, led by BofA Securities, selling 20.7 million shares at $6.25 each. An underwritten offering is a stock sale where banks agree to buy shares and resell them to investors. 3
The company later withdrew its base shelf prospectus and a related U.S. registration statement, saying it did not intend further offerings under that framework after completing the equity raise. 4
A base shelf prospectus is a regulatory filing that can let a company sell shares or other securities over a set period without preparing a fresh prospectus for each transaction.
ALM closed at $9.26 on Monday and is up about 7% from its Dec. 18 close of $8.35, according to Stock Analysis data. 5
Investors are now watching for updates on commissioning and ramp-up at Sangdong, and for any disclosures that clarify the scale and duration of U.S.-linked supply commitments.
The next decisive catalyst is execution: moving from first ore and test runs to steady output often exposes bottlenecks, cost pressure and timeline risk that can drive outsized moves in smaller mining stocks.
