GBC AG Raises Target Price for Almonty Industries Amid Tungsten Shortage

Augsburg's GBC AG has significantly increased the target price for Almonty Industries Inc., citing the tightening of the global tungsten market. The company's move follows the transition of Almonty's Sangdong mine in South Korea from construction to full production, which is set to enhance cash flow.

Almonty is poised to benefit from strategic off-take agreements and the geopolitical emphasis on non-Chinese supply chains for critical minerals. The company also continues to progress with projects in the US and expansion in Portugal.

The structural shift in the tungsten market, driven by increased demand and limited supply outside China, has resulted in a long-term price assumption jump from USD 650 to USD 1,500 per MTU. Consequently, GBC elevates Almonty's share price target to CAD 28.60, maintaining its BUY rating.