New York, Jan 26, 2026, 14:54 EST — Regular session
- Almonty shares climbed roughly 6% this afternoon, with volume exceeding 8.8 million.
- With policy deadlines looming, investors turn their attention to tungsten supplies outside China
- An SEC filing revealed a delivery contract set for 2026 linked to the Panasqueira mine
Shares of Almonty Industries Inc climbed roughly 6% to $11.79 in Monday afternoon trading, after hitting a high of $12.52 earlier. The Nasdaq-listed stock started the day at $11.89 and traded between $11.50 and $12.52.
The recent shift highlights just how fast sentiment can turn around tungsten, a niche metal now seen as a proxy for “secure supply” bets. China controls most of the mined output, while U.S. defense procurement rules have set a 2027 cutoff for some Chinese- and Russia-linked sources. That’s driving investors to seek alternatives. 1
Almonty stands out as one of the rare Western-listed firms actively running tungsten operations while planning to grow. Its reach covers Portugal and Spain, and it’s gearing up for a significant project in South Korea. The company controls the Panasqueira tin-tungsten mine via its Beralt Tin and Wolfram (Portugal) division. 2
One policy driver is looming on the calendar. In 2027, a U.S. Defense Department procurement clause expands its scope to include not just finished tungsten products, but also the upstream supply chain—covering ore and feedstock origins for specific tungsten materials used in defense supply chains. 3
China’s trade restrictions remain active. Beijing released lists of companies authorized to export state-controlled metals for 2026-2027, limiting tungsten exporters to just 15 firms, according to a Reuters report on the ministry’s statement. 4
Almonty has emphasized this context in its latest investor messaging. In a shareholder letter dated Jan. 20, chairman and CEO Lewis Black called the company “uniquely well-positioned” to address a supply shortfall, highlighting Sangdong in South Korea as the foundation of a “geopolitically aligned” tungsten platform. 5
Investors have been sifting through contract details. A Jan. 21 SEC filing revealed a long-term agreement for tungsten wolframite concentrates between Beralt Tin & Wolfram (Portugal) S.A. and Wolfram Bergbau und Hütten AG. The deal covers shipments from Panasqueira mine production starting February 2026 and running through January 2027. Most of the quantities and pricing terms were blacked out. (Wolframite concentrate is a partially processed tungsten ore, usually sold under contracts priced in “MTU,” or metric ton units.) 6
Still, this trade carries risks. The contract’s core financial details remain undisclosed, and tungsten prices can swing sharply if supply issues resolve or demand fades.
Execution risk cuts both ways. Almonty’s value hinges more and more on hitting project deadlines and consistently delivering metal to Western supply chains. Any delay in ramp-up or softer prices could quickly unravel its recent gains.
