Almonty Industries Inc. Common Shares

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.