Oppenheimer analyst Ian Zaffino raised the firm's price target on Almonty to $25 from $22 and keeps an Outperform rating on the shares. Management was upbeat and discussed the ramp at Sangdong, tungsten supply/demand, and where prices may ultimately settle. The firm notes Tungsten/APT prices remain near record levels with an average price of $3,040/MTU on May 29. Management believes prices will remain elevated given limited supply and strong demand in semiconductor and defense.