Almonty Industries Shares Surge as DA Davidson Raises Price Target

Almonty Industries' shares jumped 9.71% to CAD 22.82, driven by DA Davidson’s upgrade of the company’s price target to US $33 from $25 and a confirmed long‑term supply contract with its largest shareholder, the Plansee Group. The boost comes as Almonty moves its Sangdong mine in South Korea into commercial tungsten production, aiming to supply up to 20% of non‑Chinese tungsten concentrate. The market has responded positively, with the stock added to the Russell 1000 and Russell 3000 indexes, attracting institutional capital. However, the company faces dilution risk from convertible bonds issued in June 2026, which could add $800 million of cash at a conversion price above the current share level. The U.S. ban on Chinese tungsten imports for defense use starting in 2027 further enhances the strategic importance of Sangdong’s output.