Diamond Equity Research Releases Update Note on Almonty Industries, Inc. (TSX: AII) (ASX: AII) (OTCQX: ALMTF)
New York, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Diamond Equity Research, an equity research firm with a focus on small capitalization public companies has released an Update Note on Almonty Industries, Inc. (TSX: AII) (NASDAQ: ALM) (ASX: AII) (Frankfurt: ALI1). The research summary below is from an issuer-sponsored report commissioned by Almonty Industries, Inc. and produced by Diamond Equity Research. The update note includes detailed information on the Almonty Industries’ business model, services, industry overview, financials, valuation, management profile, and risks.
The full update note is available below.
Almonty Industries Update Note
Highlights from the report include:
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Almonty Transitions Sangdong Mine into Commercial Operations with First Ore Delivery, Marking Strategic Breakthrough Toward Non-China Tungsten Supply Chain: Almonty Industries announced a major operational milestone with the successful delivery of the first truckload of ore to the Run-of-Mine (ROM) pad at its Sangdong Tungsten Mine in South Korea, signaling the transition from development and commissioning into active mining operations and the final phase ahead of full commercial production. This achievement confirms that critical underground infrastructure, haulage systems, and processing workflows are functioning under production conditions, enabling the project to advance into crushing, grinding, and flotation stages before entering production stabilization. Management indicated that all preparatory technical work, including geological assessment, ground stabilization, load testing, and equipment installation, has been completed, supporting a controlled ramp-up toward steady-state operations. Strategically, Sangdong represents a cornerstone asset in Almonty’s long-term positioning as a key supplier of tungsten to Western and allied markets seeking to diversify away from China, which currently dominates more than 80% of global supply. Beyond initial concentrate production, Sangdong is expected to anchor a vertically integrated “Korean Trinity” platform, combining tungsten mining, downstream tungsten oxide processing, and future molybdenum production. We view this milestone as a pivotal inflection point that de-risks project execution, enhances revenue visibility, and strengthens Almonty’s strategic relevance within U.S. and allied critical minerals supply chains.
- Almonty Establishes U.S. Operating Presence with Acquisition of Gentung Browns Lake Project, Advancing Its Strategy Toward Becoming a Leading U.S. Integrated Tungsten Producer: Almonty Industries has officially expanded its operating footprint into the United States with the acquisition of 100% ownership of the Gentung Browns Lake Tungsten Project in Beaverhead County, Montana, one of the most advanced undeveloped tungsten assets in the country. The addition of this project marks a major step toward Almonty’s goal of becoming the leading integrated U.S. tungsten producer, strengthening the nation’s domestic supply capacity at a time when demand for secure, non-Chinese tungsten sources is rising across defense, aerospace, semiconductors, and advanced manufacturing. The Gentung Browns Lake Project hosts NI 43-101 mineral resources of 7.53 Mt at 0.315% WO₃, with scheelite mineralization contained in a contact metasomatic garnet skarn setting. Planned development is based on room-and-pillar underground mining, with metallurgical recoveries exceeding 90% tungsten, existing road access, water rights, nearby power infrastructure, and an existing mill site. Almonty now holds exclusive rights to explore and develop the broader Gentung–Browns Lake corridor and is targeting potential production readiness by H2 2026, with expected output of roughly 140,000 MTUs per year under initial design parameters.
- 2026 Outlook and Key Growth Milestones Highlight Transition to Scaled Production and Multi-Asset Expansion Amid Record Tungsten Prices: Looking ahead to 2026, Almonty’s strategic focus centers on advancing the Sangdong Tungsten Mine toward full-scale commercial operation under Phase I, followed by the commencement of the planned Phase II expansion, which is expected to be completed in 2027. Phase II is designed to lift throughput capacity to approximately 1.2 million tonnes per annum, positioning Sangdong to potentially produce more than 460,000 MTUs annually, materially increasing Almonty’s global tungsten output and revenue base at a time when APT benchmark prices have reached record levels of approximately $1,200/MTU. In parallel, the Company’s large-scale drilling program at the Panasqueira Mine is expected to define the mine plan for development into Level 4, supporting higher-grade ore access, a potential increase in annual production to approximately 124,000 MTUs, and an extension of mine life. Almonty continues to advance the Sangdong Molybdenum Project, one of the highest-grade molybdenum deposits globally at 0.26% MoS₂, toward reserve definition and development planning, while targeting production readiness at the Gentung Browns Lake Project in Montana by the second half of 2026. Beyond these core projects, management indicated that 2026 will also be a year of continued evaluation of additional tungsten opportunities, supported by its long-standing relationships with governments and strategic customers seeking secure, non-China supply sources.
- Valuation: We view 2026 as a pivotal year in Almonty’s evolution from a development-focused company into a scaled, multi-jurisdictional tungsten producer. With a strengthened balance sheet, a diversified asset base across Asia, Europe, and North America, and increasing alignment with Western critical minerals strategies, the Company appears well positioned to execute its near-term production ramp-up and benefit from a historically strong tungsten price environment while maintaining disciplined expansion. In response to these developments, we have updated our financial model to reflect prevailing tungsten prices, the phased contribution from the Gentung Browns Lake Project, and the latest share count following recent equity issuances. Our revised forecasts incorporate materially higher realized APT pricing assumptions (more than doubling since our prior valuation update to approximately US$1,200/MTU), incremental production and cash flow from Gentung, and a modestly higher diluted share base. Together, these adjustments yield an updated valuation framework that better captures Almonty’s evolving asset mix, expanding production scale, and earnings potential over the 2026–2028 modelled ramp-up period. Based on an 8% discount rate applied to our NPV analysis, we have revised our valuation upward to approximately C$20.00 per share from our prior valuation of C$11.00 per share, contingent upon successful execution by the Company.
About Almonty Industries, Inc.
Almonty Industries Inc. is a global leader in tungsten mining, with strategically positioned assets in geopolitically stable regions including South Korea, Portugal, and Spain. The company is positioning to potentially become the largest tungsten producer outside China upon the commissioning of its flagship Sangdong Mine.
About Diamond Equity Research
Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.
For more information, visit https://www.diamondequityresearch.com.
Disclosures:
Diamond Equity Research LLC is being compensated by Almonty Industries, Inc. for producing research materials regarding Almonty Industries, Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 02/06/26 the issuer had paid us $50,000 for our company sponsored research services, which commenced 03/07/2025 and is billed annually. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 02/06/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. Investors need to be aware of the high degree of risk in small capitalization equities including the complete loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Almonty Industries, Inc. Please review the updated report attached for full disclosure page.
Contact:
Diamond Equity Research
research@diamondequityresearch.com
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