Couloir Capital is Pleased to Announce That it Has Updated its Research Coverage on Almonty Industries
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
Market Reaction – ALM
Following this news, ALM has gained 5.88%, reflecting a notable positive market reaction. Our momentum scanner has triggered 24 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $16.34. This price movement has added approximately $233M to the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
ALM gained 4.95% while peers showed mixed, smaller moves (e.g., GSM -1.01%, IPX +3.42%, CMP +1.20%), suggesting a stock-specific reaction rather than a broad sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 20 | Shareholder update | Positive | +8.9% | Shareholder letter on Sangdong mining start, financing and tungsten market strength. |
| Jan 06 | Executive appointment | Positive | +1.4% | Appointment of seasoned financial executive as Chief Development Officer. |
| Jan 05 | Ownership change | Positive | +9.2% | Deutsche Rohstoff stake falls below 10% after Almonty public financing. |
| Dec 16 | Mining milestone | Positive | +9.2% | First ore delivered to ROM pad at Sangdong tungsten mine. |
| Dec 15 | Prospectus withdrawal | Positive | +8.1% | Voluntary withdrawal of base shelf and Form F-10 after upsized U.S. offering. |
Recent news tied to Sangdong ramp-up, financings, and strategic moves has consistently coincided with positive price reactions.
Over the last few months, Almonty has highlighted Sangdong’s transition into active mining, significant U.S. financings, and strategic steps such as a major shareholder’s stake adjustment and withdrawal of a base prospectus after an upsized U.S. offering. Operational milestones at Sangdong and growth plans for Panasqueira and Gentung have repeatedly aligned with strong positive price moves, framing today’s research update within an ongoing re-rating narrative tied to tungsten market tightening and project de‑risking.
Market Pulse Summary
The stock is up +5.9% following this news. A strong positive reaction aligns with a backdrop of structurally tighter tungsten markets and Almonty’s transition into active operations at Sangdong. Recent history shows multiple news events drawing favorable price responses. Investors may weigh how higher APT price assumptions and a new fair value of C$19.30 per share interact with execution risks around the Sangdong ramp and timelines for Panasqueira expansion and Gentung Browns Lake development.
AI-generated analysis. 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
FAQ
What did Couloir Capital say about Almonty Industries (ALM) fair value on February 24, 2026?
How did Couloir Capital change its tungsten price assumption for ALM on Feb 24, 2026?
What operational progress did Couloir Capital report for Almonty's Sangdong mine (ALM)?
Does Couloir Capital recommend buying ALM after the Feb 24, 2026 update?
What near-term development milestones did Couloir Capital note for Almonty (ALM)?
