en.Wedoany.com Report, On March 20, 2026, Alliance Global Partners (A.G.P.) analyst Jake Sekelsky released a company update report on Almonty Industries Inc. (AII:TSX; ALM:NASDAQ; ALL:ASX; ALI:Frankfurt), reiterating a Buy rating and raising the target share price from USD 14.00 to USD 19.25 per share. The target price adjustment is based on revising the long-term tungsten price expectation from USD 850/MTU to USD 1,000/MTU, which remains below current spot price levels.
The report notes that Almonty Industries Inc. has completed the Phase 1 production commencement at its Sangdong Tungsten Mine in South Korea, considered one of the world's significant tungsten mines. By the end of Q4 2025, the company delivered its first truckload of run-of-mine ore, marking the transition from development to mining. Phase 1 capacity is expected to ramp up to 2,300 tonnes of tungsten concentrate per year, driving increased cash flow in the second half of 2026. The Phase 2 expansion is planned to come online next year, doubling capacity to 4,600 tonnes annually, representing approximately 40% of global tungsten production outside of China, which could increase the company's consolidated production scale by roughly fourfold.
With the Sangdong mine construction complete and tungsten prices at elevated levels, management plans to advance the previously acquired Gunteng Browns tungsten project in Montana, USA, towards production, targeting a restart by the end of 2026 with an initial processing capacity of 140,000 tonnes per year. The analyst emphasizes that establishing tungsten production in the U.S. helps secure the supply chain for critical minerals.
The company has significantly raised its forward-looking estimates: FY 2026 revenue is projected at CAD 297 million, with earnings per share (EPS) of CAD 0.47; FY 2027 revenue is forecast at CAD 593 million, with EPS of CAD 0.91. Quarterly revenue estimates are expected to grow from CAD 31 million in Q1 2026 to CAD 124 million in Q4 2026, reflecting the Sangdong mine's production ramp-up.
Risks mentioned in the report include declining tungsten prices, political risks (involving assets in Portugal and South Korea, though considered low), permitting risks, financial risks, and operational risks. Sekelsky stated, "The company is the primary avenue for investors to gain exposure to tungsten prices in the future." At the time of release, Almonty Industries Inc. stock was trading at USD 17.78, representing an approximate 8.3% upside to the target price. The stock's 52-week range is USD 1.97 to USD 22.55, with approximately 262.78 million shares outstanding, a three-month average daily trading volume of about 4.68 million shares, and an analyst-assigned volatility rating of 4, indicating above-average expected price volatility.
