In short: The pick (buy up to $22): the largest Western-aligned tungsten producer and the only major one that mines and processes outside China — flagship Sangdong (S. Korea) now producing, a TPW U.S.-defense offtake at a hard floor price, ~$260M cash, joining the Russell 1000 June 29, with Section 232 (July 13) and the 2027 DFARS rule as catalysts.
Tungsten is the metal with the highest melting point, and it's quietly essential — it wires advanced AI and memory chips and goes into missiles, drones and armor-piercing ammunition. The problem: China refines more than 80% of the world's tungsten. Lots of countries can dig up the raw ore, but almost everyone ships it to China to be turned into the usable powders and chemicals, so they're still dependent on China. China has been throttling exports, and high-purity tungsten flowing to Japan's chip makers has dropped to zero — which is why this suddenly matters to the whole AI-chip supply chain.
Almonty is, in Prins's framing, the one Western company that both mines tungsten and processes it itself, outside China. Its flagship mine in South Korea (Sangdong) just started producing and roughly doubles in 2027, at which point it alone could be ~40% of all the tungsten produced outside China. It also owns an old, steady mine in Portugal and a permitted deposit in Montana. Crucially, it has already signed a binding contract to sell tungsten to a U.S. defense supplier at a guaranteed floor price — which lines up perfectly with a new Pentagon rule (starting 2027) that bans Chinese tungsten from anything defense-related.
So the bet is simple: demand from chips and defense is rising, no real new Western supply can arrive before about 2030, and a U.S. government report due July 13 plus that 2027 rule could tighten the screws further. Almonty is the rare company already positioned to sell into that gap. Prins rates it a buy up to $22 (it was around $16.50 when she wrote, after pulling back ~30% from its high). The cautions: the new mine is still ramping up, the company has issued a lot of new shares (and a big convertible bond that could mean more), the tungsten price itself can swing, and it's a one-metal company — so it's a higher-risk, single-theme play.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.