Da Davidson Affirms 'Buy' Rating on Almonty Industries (ALM) Amid Strong Tungsten Demand

Almonty Industries Inc. (NASDAQ:ALM) is one of the best multibagger penny stocks to buy according to analysts. On August 15, DA Davidson reiterated a ‘Buy’ rating on the stock and a $7 price target. The positive stance follows the company’s delivery of second-quarter results and reiteration that it continues to achieve solid momentum across various strategic initiatives.

Sales in the second quarter of 2025 decreased 9.4% year over year to $7.2 million, primarily due to lower tungsten concentrate sales and the diversion of personnel to initiate Level 4 preparation. The net loss in the quarter widened to $58.2 million, primarily attributed to the reevaluation of warrant liabilities and a non-cash expense of $6.9 million.

Amidst the disappointing financial results, Almonty Industries’ Panasqueira mine remained well-positioned to deliver steady tungsten output and valuable operational insights. The company’s Sangdong mine remains on track with all processing equipment fully installed. Almonty Industries has already transitioned into the final pre-production phase at one of the most significant and highest-grade tungsten projects outside of China.

“We have transitioned into the final pre-production phase at one of the world’s largest and highest-grade tungsten projects outside of China, and we remain on track to commence initial production in the second half of 2025. Importantly, Sangdong’s significantly higher ore grades relative to Panasqueira should translate into robust production economics once operations begin,” CEO Lewis Black commented.

Almonty Industries Inc. (NASDAQ:ALM) is a tungsten mining and development company. It focuses on acquiring, operating, and developing tungsten mines and projects, including the Panasqueira mine in Portugal and the Sangdong mine in South Korea. Almonty also has projects in Spain and is involved in the production and supply of tungsten concentrate.

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Disclosure: None. This article is originally published at Insider Monkey.