Diamond Equity Research Releases Update Note on Almonty Industries, Inc. (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1)
New York, March 25, 2026 (GLOBE NEWSWIRE) -- Diamond Equity Research, an equity research firm with a focus on small capitalization public companies has released an Update Note on Almonty Industries, Inc. (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1). The research summary below is from an issuer-sponsored report commissioned by Almonty Industries, Inc. and produced by Diamond Equity Research. The update note includes detailed information on the Almonty Industries’ business model, services, industry overview, financials, valuation, management profile, and risks.
The full update note is available below.
Almonty Industries Update Note March 2026
Highlights from the report include:
- 2026 Outlook and Key Growth Milestones Highlight Transition Towards Scaled Production and Multi-Asset Expansion Amid Record Tungsten Prices - Looking ahead to 2026, Almonty’s strategic focus is on advancing the Sangdong Tungsten Mine toward the commencement of the planned Phase II expansion, expected to be completed in 2027. Phase II is designed to lift throughput capacity to approximately 1.2 million tonnes per annum, positioning Sangdong to potentially produce more than 460,000 MTUs annually, materially increasing Almonty’s global tungsten output and revenue base at a time when APT benchmark prices have reached record levels of approximately $2,500/MTU. In parallel, the Company’s large-scale drilling program at the Panasqueira Mine is expected to define the mine plan for development into Level 4, supporting higher-grade ore access, a potential increase in annual production to approximately 124,000 MTUs, and an extension of mine life. Almonty continues to advance the Sangdong Molybdenum Project, one of the highest-grade molybdenum deposits globally at 0.26% MoS₂, toward reserve definition and development planning, while targeting production readiness at the Gentung Browns Lake Project in Montana by the second half of 2026. Beyond these core projects, management indicated that 2026 will also be a year of continued evaluation of additional tungsten opportunities, supported by its long-standing relationships with governments and strategic customers seeking secure, non-China supply sources.
- Fourth Quarter 2025 and Subsequent Operational Highlights Reflect Transition to Production, Strengthen Balance Sheet, and Expand Strategic Footprint Across Key Markets: Almonty delivered a series of key operational and strategic milestones during the fourth quarter of 2025 and the subsequent period, reflecting its transition from development to production and its expanding role within Western critical minerals supply chains. The Company marked the completion of the nearly three-year development of the Sangdong Tungsten Mine with a formal commissioning ceremony in March 2026, following the earlier milestone in December 2025 when the first truckload of ore was delivered to the ROM pad, signaling the shift to active mining operations. Financially, Almonty significantly strengthened its liquidity position through a US$129.4 million public offering in December 2025, increasing total cash and cash equivalents to $268.4 million as of year-end, providing substantial funding for ongoing ramp-up and growth initiatives. Strategically, the Company expanded its asset base with the acquisition of the Gentung Tungsten Project in Montana, adding a near-term U.S. production asset aligned with domestic supply chain priorities. In parallel, Almonty enhanced its operational and strategic leadership through the appointment of Brigadier General (Ret.) Steven L. Allen, as Chief Operating Officer, focused on optimizing global tungsten deliveries and advancing key development projects, followed by the appointment of Guillaume Wiesenbach de Lamaziere, CFA, as Chief Development Officer to lead corporate development strategy.
- Valuation - Since our initiation, tungsten prices have increased approximately sixfold to more than $2,500/MTU, reflecting a structurally tighter supply environment driven by China’s export restrictions and rising strategic demand for critical minerals. This dynamic is further supported by geopolitical tensions, including the Israel–U.S.–Iran conflict, which is likely to elevate defense-related tungsten consumption and exacerbate supply constraints. In parallel, Almonty’s Sangdong Mine has transitioned into the commercialization phase, significantly reducing development and execution risk while improving long-term production and cash flow visibility. The convergence of structurally higher commodity prices and meaningful asset-level de-risking supports a lower perceived risk profile for the Company. Accordingly, we reduce our discount rate by 100 bps to 7.0%, reflecting enhanced pricing power, reduced project uncertainty, and Almonty’s increasingly strategic role in the global tungsten supply chain. Additionally, we have increased our near-term tungsten APT price forecasts to $2,275 and $2,160 for 2026E and 2027E, respectively, which materially lifts our revenue and cash flow projections. Incorporating these updated assumptions, along with the latest financial results and share count, into our model, we derive a revised illustrative valuation of $27.00 per share, contingent upon successful execution by the Company.
About Almonty Industries, Inc.
Almonty Industries Inc. is a global leader in tungsten mining, with strategically positioned assets in geopolitically stable regions including South Korea, Portugal, and Spain. The company is positioning to potentially become the largest tungsten producer outside China upon the commissioning of its flagship Sangdong Mine.
About Diamond Equity Research
Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.
For more information, visit https://www.diamondequityresearch.com.
Disclosures:
Diamond Equity Research LLC is being compensated by Almonty Industries, Inc. for producing research materials regarding Almonty Industries, Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 03/25/26 the issuer had paid us $100,000 for our company sponsored research services, which commenced 03/07/2025 and is billed annually for $50,000. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 03/25/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. This report is based on information we consider reliable, including the subject of the report. This report does not explicitly or implicitly affirm that the information contained in this document is accurate and/or comprehensive, and as such should not be relied on in such capacity. All information contained within this report is subject to change without any formal or other notice provided. Investors need to be aware of the high degree of risk in small capitalization equities including the complete loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Almonty Industries, Inc. Please review the updated report attached for full disclosure page.
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