DA Davidson analyst Matt Summerville has maintained a Buy rating on Almonty Industries (NASDAQ: ALM) while raising the stock's price target to $33 from $25. The revised target reflects increased confidence in the company's valuation potential following the analyst's review.

Rating and Price Action

The decision to upgrade the price target underscores a positive outlook for Almonty Industries' performance. The new target of $33 represents a significant increase over the prior $25 objective set by the firm.

The analyst's endorsement signals an expectation of upside for the shares listed on the NASDAQ under the ticker symbol ALM.

Almonty Industries Inc. has commenced processing plant throughput operations at its Sangdong Mine in Gangwon Province, South Korea, marking the transition from mine development to active, revenue-generating operations. During June 2026, the company began feeding stockpiled run-of-mine ore through its newly commissioned processing plant to produce saleable tungsten concentrate. This milestone allows Almonty to convert its existing ore stockpile into revenue as tungsten prices reach historic highs.

The company exited the first quarter of 2026 with approximately 120,000 tonnes of ore stockpiled at an average grade of 0.24% tungsten trioxide (WO₃). In the second quarter of 2026, Almonty mined an additional approximately 19,700 tonnes of development ore at an average grade of 0.35% WO₃, while advancing 214.6 meters of underground development primarily along the Main Vein. This brings the total stockpiled ore to approximately 139,700 tonnes at a blended grade of approximately 0.25% WO₃.

Stockpile and Operational Metrics

The current stockpile is being utilized during the initial commissioning phase to optimize ore blending and maintain consistent feed quality. At prevailing tungsten prices, the contained tungsten in the stockpile represents approximately 2.6 months of Phase I throughput feed.

Lewis Black, Chairman, President and Chief Executive Officer of Almonty, stated that the transition from building and commissioning a mine to processing ore is a significant moment for the team. He highlighted that the Sangdong Mine is once again producing a strategically critical metal, addressing the atrophy of the Western tungsten supply chain. Black noted that the company is positioned to convert ore into revenue with a substantial stockpile in place and a plant that is ramping up.

The Sangdong Mine processing plant is designed to upgrade run-of-mine ore into high-purity tungsten concentrate. The company anticipates higher grades as the process advances, noting that Sangdong's low-grade ore is approximately three times higher than that of its Panasqueira mine in Portugal.