Stifel Initiates Almonty Coverage With $25 Target, Citing Western Tungsten Leadership Potential

Shares of Almonty Industries Inc. (NASDAQ:ALM) gained nearly 8% in early trading Friday after Stifel initiated coverage on the critical minerals producer with a Buy rating and a $25.00 price target. The analyst note highlights Almonty's strategic position to become a key tungsten supplier for Western markets as it expands its production footprint.

Stifel's Bullish Thesis

In a note to clients, Stifel analyst Brock Cannon cited Almonty's transition into Phase I commercial production at its flagship Sangdong mine in South Korea as a pivotal moment. The firm projects that planned expansions, including a Phase II buildout at Sangdong and capacity growth at its Panasqueira asset in Portugal, will position Almonty as the "premier Western tungsten producer by the end of 2028."

The $25.00 price target suggests substantial potential upside from the stock's trading level of approximately $12.40 on Friday, reflecting Stifel's conviction in the company's growth strategy.

Geopolitical Tailwinds for Tungsten

The positive outlook is supported by powerful market dynamics. According to the report, tungsten prices have surged roughly 775% since the beginning of 2025. This dramatic price increase is largely attributed to China's decision to tighten its export controls on the critical mineral, which has fundamentally altered the global supply landscape.

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This has intensified the focus from Wall Street and Western governments on securing alternative, non-Chinese sources for critical materials like tungsten. Almonty is seen as a direct beneficiary of this supply chain diversification trend.

Future Growth Catalysts

Beyond the current mine expansions, Stifel also pointed to additional long-term drivers for Almonty's value. These potential catalysts include:

• The prospective development of adjacent assets owned by the company.
• The planned construction of a downstream tungsten oxide facility, which would allow Almonty to move up the value chain.