ALM
Almonty Industries Inc.

Almonty Industries Inc.ALM

Basic Materials · Other Industrial Metals & Mining
14.35USD
-2.11%
Sep 23, 2026
ALM overview ready
Non-China Tungsten Concentrate Supply from Portuguese and South Korean Mines
Almonty is a primary tungsten producer and developer whose operating Portuguese mine and Sangdong ramp in South Korea provide direct non-China concentrate supply; its U.S.
Strong narrative exposure
Exposed to the Critical Minerals Supply Security narrative through Western Tungsten Supply Security — bottleneck supplier.
Price structure is giving way
Longer-term context reads extended trend, with a near-term setup of failed reclaim.
Demanding valuation
The price embeds expectations that run ahead of what comparable businesses command.
Fundamentals under pressure
Ev / sales is weak.
Primary risk
Commodity price volatility.
Market Sep 22Price action Sep 22Research Aug 28

Conviction Level

NarrativeHeat7.5ThemeHeat7.5PriceAction5.4Valuation0.3CompanyPosition7.5
Price
Loading price history…

Price Action

Price structure is giving way
Longer-term context reads extended trend, with a near-term setup of failed reclaim.
EntryConstructive

Structure is constructive, but price remains well extended from the long-term weekly base and the earlier reset has already been partly recovered — a workable rather than ideal entry location.

Key Financials

Market Cap
$4.0B
Avg Volume (60D)
6.8M
60 sessions
Revenue Growth YoY
+208.0%
Trailing twelve months
Gross Margin
+48.6%
Trailing twelve months
Operating Margin
+5.3%
Trailing twelve months
Distance from 200DMA
-7.1%
Next Earnings
2026-11-06
P/E
55.4x
EV / Sales
59.5x
Market metrics as of Sep 22, 2026

Fundamentals & Valuation

Only one valuation perspective could be built for this company, and it reads expensive.
Almonty Industries Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of what comparable businesses command. It trades at 59.5x revenue, which requires sustained delivery to be justified.

Company Research

Thesis
Almonty is a primary tungsten producer and developer whose operating Portuguese mine and Sangdong ramp in South Korea provide direct non-China concentrate supply; its U.S. Resource acquisition adds potential domestic optionality.
Opportunity
High opportunity
Western and allied efforts to build secure non-China tungsten mining, concentrate and processing supply for defense, aerospace, industrial tooling and other strategically important end uses.
Key risk
Commodity price volatility.

Narrative & Theme

Critical Minerals Supply Security
Part of Western Tungsten Supply Security, with strong fit.
ALM is a strong, direct fit for Critical Minerals Supply Security, specifically the emerging bottleneck in Western-aligned tungsten supply.
Narrative HeatHeating up7.5 / 10
Theme HeatHeating up7.5 / 10
This is the company’s own research reading. The canonical heat measurement for this story has not run.

Business & Markets

Basic Materials · Other Industrial Metals & Mining
What they do

Almonty Industries Inc. mines, processes, and ships tungsten concentrates, and explores for tin and tungsten deposits across multiple international projects it fully owns.

How it earns

The company generates revenue through the sale of mined tungsten concentrates.

Products & services
Tungsten concentrates
Tin and tungsten exploration
Customers & end markets
Industrial metals consumers
Manufacturers requiring tungsten
Market position

Niche player with full ownership of multiple tungsten mining projects across several countries.

Demand drivers
High cyclicality

Tungsten mining is subject to commodity price cycles and industrial demand fluctuations.

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