Almonty Industries Inc. (ALM) Stock Price & How to Invest
Last updated July 2026
Short answer
ALM is Almonty Industries, a Western tungsten miner ramping the newly commissioned Sangdong mine in South Korea alongside its long-running Panasqueira operation in Portugal. It trades as a high-multiple critical-minerals growth story rather than an established cash-flow compounder, so the investment case hinges on Sangdong reaching full commercial output at strong tungsten prices.
ALM stock price
As of 2026-07-10, Almonty Industries Inc. (ALM) last closed at $16.61, up 190.9% over the past year. Over the past 52 weeks it has traded between $3.42 and $23.42.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Almonty Industries Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Almonty Industries Inc. (ALM) do?
Almonty Industries (NASDAQ: ALM) mines, processes, and ships tungsten concentrate, a critical metal used in cutting tools, defense, and electronics. Its producing asset is the Panasqueira tin and tungsten mine in Portugal, and its flagship growth project is the Sangdong mine in Gangwon Province, South Korea, one of the largest and highest-grade tungsten deposits in the world, which held a commissioning ceremony in March 2026. The company also holds the Valtreixal tin-tungsten project in Spain, a molybdenum project, and the Browns Lake tungsten project in Montana. Almonty listed on the Nasdaq Capital Market in July 2025 alongside a public offering that raised roughly $90 million in gross proceeds.
The investment picture centers on tungsten's strategic status: China controls the large majority of global supply, and the US, Europe, and allies are seeking non-China sources, which supports pricing and offtake demand for Western producers. Almonty grew Q1 2026 revenue about 221% year over year to roughly $25.4 million on record tungsten prices and turned adjusted EBITDA positive, while sitting on roughly $260 million of cash after the raise. The counterweight is valuation: the market capitalization is several billion dollars against still-modest trailing revenue and negative trailing earnings, so the stock reflects heavy expectations for the Sangdong ramp rather than current profitability.
What's driving Almonty Industries Inc. (ALM)?
1. Sangdong ramp to commercial production
Sangdong is the core driver, a very large, high-grade tungsten deposit that held its commissioning ceremony in March 2026 and is transitioning toward commercial operations. As output scales, it could multiply Almonty's production volume well beyond the Panasqueira base. Execution on throughput, grades, and costs during the ramp is what the current valuation is effectively pricing in.
2. Tungsten pricing and China supply dynamics
Tungsten prices reached record levels into 2026, and China dominates global supply, so any export restrictions or supply tightening tend to lift Western producers. Almonty's Q1 2026 revenue surge of roughly 221% was driven largely by higher realized pricing. Sustained strength in the critical-minerals cycle would support both revenue and offtake interest from allied buyers.
3. Vertical integration and downstream expansion
Beyond concentrate, Almonty has moved toward downstream processing, including a molybdenum project and plans tied to tungsten oxide, aiming to capture more of the value chain. Government and defense demand for secure, non-China supply chains is a structural tailwind. Diversifying into molybdenum and processed products could broaden the revenue base over time.
4. Strong balance sheet and analyst attention
After the 2025 Nasdaq offering, Almonty reported roughly $260 million in cash as of March 31, 2026, giving it room to fund the Sangdong ramp. The stock has drawn coverage from firms including Bank of America and DA Davidson, with bullish price targets. That capital cushion reduces near-term financing risk during the production build-out.
What are the risks to Almonty Industries Inc. (ALM)?
The valuation is demanding: market capitalization runs into the billions against modest trailing revenue and negative trailing earnings, so the stock is highly sensitive to any disappointment in the Sangdong ramp. Mining execution risk is real, including delays, cost overruns, grade variability, and permitting across multiple jurisdictions (Korea, Portugal, Spain, US). Revenue is heavily exposed to volatile tungsten prices, which can reverse quickly. Geographic and geopolitical concentration in Korea and reliance on a single flagship asset amplify single-point-of-failure risk. As a recently US-listed producer still scaling, results can be lumpy quarter to quarter.
How is Almonty Industries Inc. (ALM) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Almonty Industries Inc.'s investor relations page or your broker.
- Revenue (FY2025): ~$32.5M
- Revenue growth (Q1 2026 YoY): ~221% (to ~$25.4M)
- Adjusted EBITDA (Q1 2026): ~$6.1M
- Cash (Mar 31, 2026): ~$259.9M
- Market cap: ~$4.6B
- P/E (TTM): n/a (negative TTM EPS)
As of JULY 2026, ALM trades at a rich valuation relative to current fundamentals, with a multi-billion-dollar market cap against roughly $32.5 million of FY2025 revenue and no meaningful trailing P/E because earnings are negative. The bull case rests on the Sangdong ramp driving much higher future volumes at strong tungsten prices. Figures reflect reported results and market data as of mid-2026 and will move with the production ramp and metal prices.
Who competes with Almonty Industries Inc. (ALM)?
Tungsten and critical-minerals producers
Global tungsten supply is dominated by Chinese producers such as China Molybdenum and state-linked miners, which set much of the pricing backdrop. Almonty positions itself as one of the few sizable Western tungsten producers, a scarcity that is central to its thesis but also means limited direct listed peers.
Western strategic-metals miners
Investors often group ALM with other allied-supply critical-mineral names like MP Materials (rare earths), Energy Fuels, Perpetua Resources, and USA Rare Earth, which similarly aim to supply non-China materials for defense and industry. These are not direct tungsten competitors but compete for the same critical-minerals investment capital and policy tailwinds.
Diversified and specialty miners
Large diversified miners and specialty metal companies can produce tungsten or molybdenum as byproducts, adding supply at the margin. Downstream toolmakers and processors also influence tungsten demand and pricing, shaping the environment Almonty sells into.
How to invest in Almonty Industries Inc. (ALM)
There are three common ways to get ALM exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so ALM sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where ALM fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Almonty Industries Inc. (ALM)
ALM is a leveraged bet on non-China tungsten supply, with a rich valuation that already prices in a successful Sangdong ramp.
More on Almonty Industries Inc. (ALM)
Whether ALM is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is ALM a buy?, and where the stock could go from here in the ALM stock forecast.
For income investors, whether ALM pays a dividend and how the payout looks is covered in does ALM pay a dividend?
Build a basket around ALM with Walnut
Use Almonty Industries Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What company is ticker ALM?
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ALM is Almonty Industries Inc., a tungsten mining company listed on the Nasdaq Capital Market since July 2025. It mines, processes, and ships tungsten concentrate and is developing the Sangdong mine in South Korea.
What does Almonty Industries do?
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It produces tungsten concentrate from the Panasqueira mine in Portugal and is ramping the large, high-grade Sangdong mine in South Korea. It also holds tin, tungsten, and molybdenum projects in Spain and the US, targeting non-China critical-mineral supply.
Is Almonty profitable?
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As of JULY 2026, trailing earnings are negative, so there is no meaningful P/E. However, Q1 2026 revenue rose about 221% year over year to roughly $25.4 million and adjusted EBITDA turned positive at about $6.1 million as tungsten prices reached record levels.
Why is tungsten strategically important?
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Tungsten is used in cutting tools, defense, aerospace, and electronics, and China controls the large majority of global supply. That makes Western producers like Almonty of interest to governments and buyers seeking supply-chain security, which supports pricing and offtake demand.
What is the Sangdong mine?
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Sangdong, in Gangwon Province, South Korea, is one of the largest and highest-grade tungsten deposits in the world and Almonty's flagship growth project. It held a commissioning ceremony in March 2026 and is transitioning toward commercial operations.
Why is ALM's valuation considered expensive?
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The market capitalization runs into the billions while FY2025 revenue was only about $32.5 million and trailing earnings are negative. The stock prices in a successful Sangdong ramp and continued strong tungsten prices, so much of the value is future expectation rather than current results.
What are the main risks with ALM?
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Key risks include a rich valuation sensitive to any ramp disappointment, mining execution and cost risk, volatile tungsten prices, heavy reliance on the single Sangdong asset, and geographic concentration. Results can be lumpy for a producer still scaling up.
Can I hold ALM in a Walnut basket?
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Yes. You can add ALM to a thematic basket (for example a critical-minerals or strategic-metals theme) alongside other holdings and place trades through your connected broker. Walnut is not an investment adviser and does not tell you whether to buy ALM.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Almonty Industries Inc.'s investor relations page or your broker before making investment decisions.