DA Davidson reiterates Buy rating on Almonty Industries stock at $11

Investing.com - DA Davidson has reiterated its Buy rating on Almonty Industries (NASDAQ:ALM) with a price target of $11.00 following reports of a potential acquisition. The company has shown remarkable momentum, with a 777% year-to-date return according to InvestingPro data.

Bloomberg reported shortly before market close that Almonty Industries has agreed to purchase the past-producing Lentung-Browns Lake project in Montana for an undisclosed combination of cash and stock.

According to the report, Almonty could restart mining operations at the site as early as late 2026, contingent upon securing an extraction permit and utilizing reconditioned equipment from its Spanish assets for on-site beneficiation.

DA Davidson views this potential acquisition, combined with Almonty’s plan to redomicile, as strategic moves to rapidly establish the company as a domestic tungsten producer in the United States.

The firm specifically noted these steps would position Almonty as a "reliable/transparent supplier of conflict-free material" in the tungsten market.

In other recent news, Almonty Industries reported sales of $5.2 million for the second quarter of 2025, marking a decline from the previous year. This decrease was attributed to the company’s decision to redirect personnel for L4 preparation work. On the financial front, DA Davidson raised its price target on Almonty Industries to $11.00, citing strong momentum in tungsten and molybdenum prices. Additionally, Oppenheimer initiated coverage of Almonty Industries with an Outperform rating and a $7.00 price target, highlighting the company’s potential to become a major tungsten miner outside of China and Russia. DA Davidson also initiated coverage with a Buy rating, emphasizing Almonty’s diverse asset portfolio, including its prominent Sangdong Mine in South Korea. In executive news, Almonty appointed Brian Fox as its new Chief Financial Officer, effective August 25, 2025. Fox replaces Mark Gelmon, who will continue with the company as a financial consultant. These developments reflect significant strategic and financial shifts within Almonty Industries.

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