Tungsten Market Leader Plummets 10% in a Day After Earnings Surprise

On Nasdaq, Almonty Industries Inc. (ticker: ALM) closed at $19.94, plunging 9.83% from the previous day, with trading volume exceeding 3.72 million shares. The company’s market capitalization fell to approximately $5.59 billion (around KRW 7.5 trillion), erasing nearly $500 million (about KRW 700 billion) in value in a single session.

A day earlier, Almonty reported that first-quarter 2026 revenue surged 221% year-on-year to $25.4 million and that cash flow turned positive, reaffirming the strength of tungsten prices and the ramp-up momentum at the Sangdong mine.

In March, the company officially completed Phase 1 commissioning at the Sangdong tungsten mine in Gangwon Province, stating that the mine could fulfill up to 40% of Western tungsten demand.

Toronto-based Almonty Industries is a tungsten-specialized mining company operating the Los Santos mine in Spain and the Panasqueira mine in Portugal, while developing the Sangdong mine in South Korea and the Valtreixal project in Spain.

Tungsten is a strategic metal essential for defense, semiconductors, and electric vehicles. As Western nations restructure supply chains to reduce dependence on China, Almonty’s Sangdong mine is emerging as a key alternative source.