Almonty Industries Prices Upsized Offering of 18 Million Shares for $112.5 Million

Written by Emily J. Thompson, Senior Investment Analyst

ALM.O-4.09%

AII.N+0.1%

Source: Businesswire

Updated: 1 day ago

0mins

Source: Businesswire

Upsized Offering: Almonty Industries announced the pricing of an upsized offering of 18 million common shares at $6.25 each, raising total gross proceeds of $112.5 million, indicating strong market demand for its stock.
Over-Allotment Option: The offering includes a 30-day over-allotment option for underwriters to purchase an additional 2.7 million shares, enhancing financial flexibility and market confidence.
Clear Use of Proceeds: Almonty intends to utilize the proceeds for exploration and development at the Gentung Browns Lake Tungsten Project, expansion at the Panasqueira Mine, and exploration at the Sangdong Molybdenum Project, demonstrating a strategic focus on future growth.
Positive Market Response: The offering is expected to close on December 10, 2025, and if successful, will provide substantial funding support, bolstering the company's competitive position in the global tungsten market.

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Analyst Views on ALM

Wall Street analysts forecast ALM stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ALM is 11.96 USD with a low forecast of 11.96 USD and a high forecast of 11.96 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

2 Analyst Rating

2 Buy

0 Hold

0 Sell

Moderate Buy

Current: 7.090

Low

11.96

Averages

11.96

High

11.96

Current: 7.090

Low

11.96

Averages

11.96

High

11.96

DA Davidson

Matt Summerville

Buy

maintain

$11 -> $12

2025-11-13

Reason

DA Davidson

Matt Summerville

Price Target

$11 -> $12

2025-11-13

maintain

Buy

Reason

DA Davidson analyst Matt Summerville raised the firm's price target on Almonty to $12 from $11 and keeps a Buy rating on the shares. The firm cites the company's Q3 earnings beat amid ongoing news flow and positive market developments within the tungsten market, paired with an incrementally more detailed assessment of its recent domestic tungsten acquisition, the analyst tells investors in a research note.

Oppenheimer

Outperform

maintain

$7 -> $12

2025-10-15

Reason

Oppenheimer

Price Target

$7 -> $12

2025-10-15

maintain

Outperform

Reason

Oppenheimer raised the firm's price target on Almonty to $12 from $7 and keeps an Outperform rating on the shares. The firm notes Tungsten/APT prices have increased to $635/MTU on average from $430/MTU in June, driven by a growing supply/demand imbalance, U.S. government actions and China export controls. Oppenheimer believes fundamentals continue to support medium- to long-term prices of $450-$550/MTU, and it now models $500/MTU for 2026-2028 vs. $460/MTU previously.

Cantor Fitzgerald

Matthew O'Keefe

Overweight

initiated

$6.50

2025-08-12

Reason

Cantor Fitzgerald

Matthew O'Keefe

Price Target

$6.50

2025-08-12

initiated

Overweight

Reason

Cantor Fitzgerald analyst Matthew O'Keefe initiated coverage of Almonty with an Overweight rating and $6.50 price target. Almonty is an established producer of WO3 tungsten concentrate with assets in South Korea, Portugal, and Spain and tungsten is a critical metal for the manufacturing and defense industries, the analyst tells investors in a research note. The price has risen about 50% this year on increased supply risk from China, the dominant producer, and increased demand related to rising defense budgets, the firm added.

Oppenheimer

Outperform

initiated

2025-08-11

Reason

Oppenheimer

Price Target

2025-08-11

initiated

Outperform

Reason

Oppenheimer initiated coverage of Almonty with an Outperform rating and $7 price target. The firm believes the company is positioned to become the world's largest miner of tungsten outside of China and Russia. The price of tungsten has been rising as global defense budgets grow, the U.S. Department of Defense implements bans on non-friendly-sourced critical materials, and China restricts the export of tungsten and other rare earths, the analyst tells investors in a research note. The firm says Almonty is taking advantage of this with plans to roughly triple its production by 2027. It views the shares as attractively valued at current share levels.

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About ALM

Almonty Industries Inc. is a diversified and global producer of tungsten concentrate. The Company is engaged in mining, processing and shipping tungsten concentrate from its Panasqueira Mine in Portugal. It also has a significant molybdenum resource on a separate property adjacent to the tungsten orebody at the Sangdong Mine. Its additional development projects include the Valtreixal Project in northwestern Spain and Los Santos Mine in western Spain. The Panasqueira Mine is located in Covilha, Castelo Branco, Portugal. The Sangdong Mine is located at Sangdong in the south-eastern Korean Peninsula, approximately 170 km east-southeast of Seoul, South Korea. The Valtreixal Mine is a potential open pit operation, and is located in the northwest part of the Zamora province, in the Castilla de Leon region of Spain. It also operates Woulfe, whose properties are located in Gangwon Province, Republic of Korea, and whose operations relate primarily to the development of the Sangdong Project.

About the author

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Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.