Couloir Capital is Pleased to Announce That it Has Updated its Research Coverage on Almonty Industries
Couloir Capital updated research on Almonty Industries (NASDAQ: ALM), raising its long-term APT price assumption to US$800/MTU from US$450/MTU and updating fair value to C$19.30 (from C$7.69).
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Rhea-AI Summary
Couloir Capital updated research on Almonty Industries (NASDAQ: ALM), raising its long-term APT price assumption to US$800/MTU from US$450/MTU and updating fair value to C$19.30 (from C$7.69).
Sangdong entered active operations in December 2025 with a staged ramp to nameplate by 2027. The report maintains a HOLD rating while noting Panasqueira expansion, Sangdong moly reserve work, and Gentung Browns Lake development toward potential 2H26 readiness.
Positive
- APT price assumption increased to US$800/MTU
- Fair value revised to C$19.30 (from C$7.69)
- Sangdong entered active operations in Dec 2025
- Staged ramp toward nameplate capacity by 2027
Negative
- Analyst rating remains HOLD despite valuation upgrade
- Revaluation depends on sustained higher tungsten prices
Details
News Market Reaction – ALM
On Feb 24, the day this news came out, ALM closed 7.18% above the previous close.
Data tracked by StockTitan Argus for the Feb 24 session.
Key Figures
- Benchmark APT price
- US$1,000/MTU
- APT prices recently moved above this level
- Long-term APT assumption
- US$800/MTU
- Raised from US$450/MTU in research report
- Prior APT assumption
- US$450/MTU
- Previous long-term APT price framework
- Fair value estimate
- C$19.30/share
- Updated research fair value (from C$7.69)
- Prior fair value
- C$7.69/share
- Previous research fair value estimate
- Sangdong ramp target
- 2027
- Staged ramp-up toward nameplate capacity by 2027
- Gentung timeline
- 2H26
- Potential production readiness at Gentung Browns Lake in 2H26
Historical Context
-
Shareholder letter on Sangdong mining start, financing and tungsten market strength.
-
Appointment of seasoned financial executive as Chief Development Officer.
-
Deutsche Rohstoff stake falls below 10% after Almonty public financing.
-
First ore delivered to ROM pad at Sangdong tungsten mine.
-
Voluntary withdrawal of base shelf and Form F-10 after upsized U.S. offering.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - February 24, 2026) - Couloir Capital is pleased to announce that it has updated its research coverage on Almonty Industries Inc. (TSX: AII) (NASDAQ: ALM) (ASX: AII) (FSE: ALI1) (or "Company"). Couloir Capital's Research Team crafted a report titled "Higher Tungsten Prices Trigger Revaluation; Sangdong Ramp on Track; Maintain Hold."
Report excerpt: "Tungsten market fundamentals have strengthened materially, supported by higher benchmark APT prices that have recently moved above US
Operationally, Almonty has transitioned into its next growth phase with the Sangdong Tungsten Mine entering active operations in December 2025 and commencing a staged ramp-up toward nameplate capacity by 2027. Beyond Sangdong, the company is advancing multiple levers for medium-term growth, including capacity expansion at Panasqueira, reserve definition at the Sangdong Molybdenum project, and development progress at Gentung Browns Lake toward potential production readiness in 2H26. Reflecting improved pricing assumptions and clearer production visibility, we update our fair value estimate to C
The report can be accessed through Couloir Capital's portal: https://www.couloircapital.com/research-portal.
About Couloir Capital Ltd.
Couloir Capital Ltd. is an investment research firm with a team of experienced investment professionals providing institutional-quality research coverage for small-cap equities. Our research reports are distributed via Bloomberg, FactSet, Capital IQ, LSEG, Research Tree and other platforms, as well as via social media and extensive email distribution lists. To subscribe, visit: https://www.couloircapital.com/research-portal
For further information, please contact:
Rob Stitt, Managing Director, Couloir Capital Ltd.
Email: rstitt@couloircapital.com
www.couloircapital.com
DISCLAIMER:
- Analyst Disclosure:
Investors are encouraged to read the complete list of disclosures contained in the report.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285015
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