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Price · 1Y
$13.36
Thesis
Almonty is restarting Sangdong in South Korea, set to become the largest tungsten mine outside China and a cornerstone of allied supply for a metal critical to munitions, semiconductors, and aerospace alloys. Existing production at Panasqueira provides operating cash flow while Sangdong ramps.
US Department of Defense financing and Western customer offtake interest underline the strategic case: tungsten is heavily concentrated in China, and defense supply chains need a non-Chinese source at scale.
Catalysts
- Sangdong commissioning and ramp to full production
- DoD and allied government financing or stockpiling agreements
- Tungsten APT price strength as Chinese export controls tighten
- Long-dated offtake contracts with defense and semiconductor primes