Almonty Industries has evolved from a junior miner into an established tungsten producer and a pure play on the China decoupling theme, the incoming defense rearmament supercycle in the West, AI infrastructure, and, of course, critical-mineral scarcity. As Western governments race to rebuild a tungsten supply chain outside China, Almonty's producing assets and the ramp-up of its Sangdong and Panasqueira mines position the miner as a potentially critical supplier to the Western world.