Almonty Industries Inc. Common Shares

Almonty Industries has cleared the final regulatory hurdle for commercial operations at its Sangdong processing plant in South Korea, opening the door to tungsten concentrate sales under a long-term offtake agreement. More than 90% of Phase I output is already committed to Global Tungsten & Powders for 21 years, and the certification arrives while tungsten prices are described as being at historic highs. The stock has been volatile, with a 30 day share price return down 35.24% and a 7 day move lower by 11.42%, though the year to date share price return is 34.89% and the 1 year total shareholder return is 53.16%. Almonty closed at $11.87, while the most followed narrative points to a fair value of $15.26 using a 9.15% discount rate. The main condition for success is the ramp up and optimization of Sangdong and Los Santos, alongside effective use of the US$800m convertible notes and the Rwanda joint venture.

GoldHaven Resources Corp. reported that the final hole of its 2026 drill program at the Kuhn tungsten-skarn target, part of its district-scale Magno Project in northern British Columbia's Cassiar District, intersected skarn at depth roughly 80 metres south along strike from the lower skarn reported in GOH26-04. The company completed eight holes totaling 1,729 metres of fan-style drilling from two pads about 80 metres apart, the first modern systematic drill test of the target, with assays still pending. The lower skarn interval in GOH26-04 is currently interpreted at approximately 20 to 45 metres true thickness, an interpretation the company calls preliminary. The drill has now mobilized to the D Zone polymetallic target, where historical drilling returned 7.6 metres grading 240 g/t silver, 4.73% lead and 4.74% zinc, a result that predates NI 43-101 and has not been verified by a Qualified Person. The exploration push comes as Washington backs domestic supply: in September the U.S. Defense Logistics Agency awarded an indefinite-delivery, indefinite-quantity contract with a ceiling of up to $2 billion for tungsten ores, concentrates and sodium tungstate for the national stockpile, and the Department of War committed a separate $450 million investment to the same domestic supplier. Beginning January 1, 2027, U.S. defense procurement rules restrict tungsten sourced from China, Russia, Iran and North Korea, and a U.S. Commerce Department order in effect since August 27, 2026 requires domestic sellers of tungsten waste and scrap to allocate monthly sales to domestic buyers for one year.

Stifel initiated coverage of Almonty Industries with a Buy rating and a $25.00 price target, sending shares up nearly 8% in early Friday trading. Analyst Brock Cannon's target implies substantial upside from trading levels near $12.40. The call comes as Almonty transitions into Phase I commercial production at its flagship Sangdong mine in South Korea, with a slated Phase II buildout at Sangdong and capacity growth at the Panasqueira asset in Portugal expected to make it the premier Western tungsten producer by the end of 2028. Tungsten prices have surged roughly 775% since the start of 2025 after China tightened export controls, structurally altering global supply. Stifel also cited long-term upside from adjacent owned assets and a planned downstream tungsten oxide facility.

Almonty Industries has signed a binding agreement with the Government of Rwanda to form a new tungsten-focused partnership, under which Rwanda will obtain a 25% interest in a new platform, Almonty Rwanda, while Almonty retains the remaining 75% stake. The platform aims to collect and export tungsten ore, pre-concentrate and panning tailings sourced from small-scale licence holders in Rwanda, with Rwanda contributing the Shyorongi exploration concession and a mineral processing licence to the project. A mobile processing unit is planned to upgrade these materials, and the partnership intends to export products until a collection and processing plant is built in the country, with the Government of Rwanda assisting Almonty Rwanda in acquiring material from local mine operators, landowners and licence holders. The initiative follows an introduction by the US Department of State under the 2025 US-Rwanda Framework for Shared Economic Prosperity, and both parties view the transaction as a first stage towards a broader investment framework covering future development and the construction of a centralised processing facility in Rwanda. The block, which encompasses around 32km² at Shyorongi, is designed to access near-term production from the existing output of the sector, and the new partnership comes as forthcoming US defence procurement regulations will require greater traceability of tungsten ore and feedstock from 2027.