Benchmark APT prices recently exceeded US$1,000/MTU driven by strong defense demand and supply tightening from China’s export controls. Couloir Capital increased its long-term APT assumption to US$800/MTU from US$450/MTU in response to these strengthened market fundamentals.

Reflecting the revised price framework and clearer production visibility, the analyst team boosted Almonty’s fair value estimate to C$19.30 per share from C$7.69 while maintaining a HOLD rating. The updated valuation more than doubles prior expectations without altering the recommendation.

Almonty’s Sangdong Tungsten Mine entered active operations in December 2025 and is on track for a staged ramp to nameplate capacity by 2027. Additional medium-term growth levers include capacity expansion at Panasqueira, reserve definition at the Sangdong Molybdenum project, and Gentung Browns Lake development targeting production readiness in 2H26.