Almonty Industries Shares Jump 8% After Stifel Sets $25 Target

Almonty Industries Inc. (NASDAQ: ALM) shares climbed nearly 8% in early Friday trading after Stifel launched coverage of the critical minerals producer with a bullish outlook, citing its growing tungsten production capacity and strategic role in Western supply chains.

Stifel analyst Brock Cannon initiated Almonty Industries with a Buy rating and a $25 price target. The target represents significant potential upside from the stock’s recent trading level of around $12.40, reflecting optimism about the company’s production expansion and exposure to rising global tungsten demand.

Investor attention is increasingly focused on Almonty as the company moves into Phase I commercial production at its flagship Sangdong tungsten mine in South Korea. Cannon said planned expansion projects could significantly increase the miner’s global footprint over the next several years.

Those plans include a Phase II expansion at Sangdong as well as additional capacity at Almonty’s Panasqueira tungsten operation in Portugal. Stifel expects these projects could help establish Almonty as a leading Western tungsten producer by the end of 2028.

The company is also benefiting from favorable conditions across the tungsten market. Prices for the critical metal have surged roughly 775% since the beginning of 2025 following tighter export controls from China, which dominates global tungsten supply. The restrictions have intensified efforts by Western governments and manufacturers to secure alternative sources of the strategically important material.

That shift has increased Wall Street’s focus on companies capable of supplying tungsten outside China, strengthening the investment case surrounding Almonty’s assets in South Korea and Portugal.

Stifel identified several additional catalysts that could support Almonty Industries over the longer term. These include the potential development of nearby assets already owned by the company and plans to build a downstream tungsten oxide facility.

With production ramping up at Sangdong and tungsten supply chains undergoing significant changes, Almonty Industries is positioning itself to capture growing Western demand for independently sourced critical minerals.