Couloir Capital is Pleased to Announce That it Has Updated its Research Coverage on Almonty Industries
Couloir Capital has updated its research coverage on Almonty Industries Inc. (TSX: AII, NASDAQ: ALM), highlighting a significant shift in the tungsten market driven by rising prices and operational advancements at the company's Sangdong Tungsten Mine. The report notes that tungsten prices have recently surpassed US$1,000 per metric tonne unit (MTU), largely due to increased demand from the defence sector and supply constraints exacerbated by China's export controls implemented in 2025. This evolving market landscape has prompted Couloir Capital to revise its long-term price assumptions for tungsten, increasing the anticipated average price to US$800 per MTU from a previous estimate of US$450 per MTU.
Almonty Industries has strategically positioned itself to capitalise on these market dynamics, having transitioned into a growth phase with the Sangdong Tungsten Mine entering active operations in December 2025. The mine is expected to ramp up production towards its nameplate capacity by 2027, a critical milestone for the company. In addition to Sangdong, Almonty is pursuing various growth initiatives, including capacity expansions at its Panasqueira project in Portugal, reserve definition at the Sangdong Molybdenum project, and development progress at the Gentung Browns Lake project, which is targeting potential production readiness in the second half of 2026. This multi-faceted approach aligns with Almonty's stated strategy to enhance its production capabilities and diversify its resource portfolio.
From a financial perspective, Almonty Industries appears to be in a robust position to support its operational ambitions. The company has been proactive in securing funding to facilitate its growth initiatives, which is particularly important given the capital-intensive nature of mining operations. The recent update from Couloir Capital reflects a fair value estimate of C$19.30 per share, a substantial increase from the previous estimate of C$7.69, indicating a strong market sentiment towards the company’s future prospects. This revised valuation underscores the potential for significant value creation as Almonty ramps up production and benefits from improved tungsten pricing.
In terms of peer comparison, Almonty Industries operates in a niche sector with a focus on tungsten, making direct comparisons somewhat limited. However, companies such as North American Tungsten Corporation Ltd. (TSXV: NTC) and Tungsten Mining NL (ASX: TGN) serve as relevant peers in the tungsten space. North American Tungsten, which has been working to enhance its production capabilities, is similarly positioned within the tungsten market, albeit with a different operational focus. Tungsten Mining NL, while also engaged in tungsten production, operates in Australia and has its own set of challenges and opportunities. These companies reflect the competitive landscape in which Almonty is operating, particularly as the market for tungsten continues to evolve.
The significance of Couloir Capital's updated research coverage cannot be overstated, as it highlights a pivotal moment for Almonty Industries. The company's ability to navigate the complexities of the tungsten market while ramping up production at Sangdong positions it favourably against its peers. The anticipated increase in tungsten prices, coupled with operational advancements, suggests a promising trajectory for Almonty, potentially leading to enhanced shareholder value and a stronger market presence. As the company progresses towards its production targets, its strategic initiatives and market positioning will be crucial in determining its success in the competitive landscape of tungsten mining.