America's Tungsten Lifeline? This $90M IPO Could Rewrite the Defense Supply Chain

Almonty Industries (ALMTD) just made a big moveraising $90 million in its Nasdaq debut as it eyes a long runway ahead in defense-critical minerals. The company priced 20 million shares at $4.50 apiece, with the offering led by Oppenheimer & Co. and Cantor. That's a step up from its original $75 million target. Almonty already trades in Toronto, Frankfurt, and Australia, but this US listing could mark a new chapter. The proceeds are expected to go toward building a tungsten oxide facilityone that could prove key as the US reshapes its supply chains.

There's a reason for the timing. Starting in 2027, the US plans to ban tungsten from China, Russia, and North Korea in defense procurement. That opens the door for players like Almonty, which has locked in a 15-year contract with a US defense company. Earlier this year, shareholders backed its shift from Canada to Delawarean alignment that could deepen ties with US partners. The company's Sangdong mine in South Korea is its crown jewel, complemented by operations in Portugal, and these assets may be well-positioned for the post-2027 landscape.

Still, it's not without growing pains. Almonty reported a Q1 net loss of C$34.6 million on just C$7.9 million in revenue, widening from last year's C$3.8 million loss. Yet the market seems to be looking past near-term numbers. With a current valuation of about C$1.5 billion ($1.1 billion), investors could be betting on the long gameone where geopolitical shifts and critical mineral mandates drive fresh demand, and Almonty is in the right place at the right time.