ALM
Almonty Industries Inc.

Almonty Industries Inc.ALM

Basic Materials · Other Industrial Metals & Mining
8.12USD
+2.14%
Nov 08, 2026
ALM overview ready
Non-China Tungsten Concentrate Supplier for Strategic Industries
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.
Primary theme is lagging
Critical Materials is lagging (-15.2pp vs SPY over 21 sessions; 0 of 14 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Fair valuation
The price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.
Fundamentals under pressure
Ev / sales is weak.
Primary risk
Commodity price volatility.
Market Nov 6Price action Nov 7Research Aug 28

Conviction Level

PriceAction1.4BusinessPerformance—BusinessQuality—Valuation6.4ThemeMomentum1.0Business Performance not yet available.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−15.2pp
Theme return
−20.2%
Beating SPY
0 of 14
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$2.3B
Avg Volume (60D)
6.7M
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
-48.6%
Next Earnings
2026-11-09
P/E
32.5x
EV / Sales
33.0x
Market metrics as of Nov 7, 2026

Business Performance

Business Quality

Not assessed

Not assessed — the company files under a regime the financial record does not cover yet.

Fundamentals & Valuation

Almonty Industries Inc. has a Fair valuation stance because the price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.

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.

Economic classification

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Business & Markets

Basic Materials · Other Industrial Metals & Mining
What they do

Almonty Industries Inc. mines, processes, and ships tungsten concentrates, operating mines and projects in Canada, Korea, Portugal, Spain, and the United States.

How it earns

The company generates revenue through the sale of tungsten concentrate products to industrial and strategic end markets.

Products & services
Tungsten concentrates
Tin and tungsten exploration
Customers & end markets
Defense
Aerospace
Industrial tooling
Market position

A primary tungsten producer and developer with operating mines outside China, providing alternative supply sources.

Demand drivers
High cyclicality

Tungsten mining is sensitive to global industrial demand and commodity price cycles.

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