Almonty initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Almonty (ALM) with an Outperform rating and $7 price target The firm believes the company is positioned to become the world’s largest miner of tungsten outside of China and Russia. The price of tungsten has been rising as global defense budgets grow, the U.S. Department of Defense implements bans on non-friendly-sourced critical materials, and China restricts the export of tungsten and other rare earths, the analyst tells investors in a research note. The firm says Almonty is taking advantage of this with plans to roughly triple its production by 2027. It views the shares as attractively valued at current share levels.