American Tungsten Corp. (TSXV: TUNG, OTCQB: DEMRF)
Building America’s Defense Critical Metals Supply
While global capital markets are rattled by the ongoing turmoil in the Middle East, two resource stocks on the Toronto Stock Exchange have captured the attention of professional investors with jaw-dropping gains.
Almonty Industries (TSX:AII) has surged 700% over the past year, currently trading at CA$28.98 per share, with a market capitalization of approximately CA$8.2 billion. G2 Goldfields (TSX:GTWO) has risen 250% over the same period, trading at CA$12.40 per share, with a market cap of about CA$3.2 billion. The sharp rallies in these two stocks are no accident. This article analyzes their respective investment value from a fundamental perspective.
Almonty is a company focused on tungsten concentrate production, with operations spanning Portugal, South Korea, and Spain. Tungsten has an exceptionally specialized use – it is a core raw material for manufacturing cemented carbide, armor-piercing projectile cores, and precision cutting tools, and is classified as a critical mineral by major global economies.
In the fourth quarter of 2025, the company reported a 39% year-over-year increase in revenue to US$8.7 million, primarily driven by a sharp rise in ammonium paratungstate (APT) prices to US$2,250 per metric tonne unit. More notably, its cash reserves jumped to CA$268.4 million in the latest quarter, mainly due to successful capital raises. This means the company has ample funds to advance its growth plans.
The biggest future catalyst is the expansion of its Sangdong mine in South Korea. This is one of the few high-grade tungsten mining projects globally. Once fully operational, it will significantly transform the company’s revenue structure. Meanwhile, its Panasqueira mine in Portugal continues stable production, providing cash flow support during Sangdong’s ramp-up phase.
A risk that needs to be acknowledged is that the company remains in a net loss position (mainly due to non-cash accounting adjustments), and tungsten price volatility greatly impacts its earnings sensitivity. However, for investors bullish on the long-term trend of of critical mineral supply chains, Almonty offers a rare pure-play exposure.
G2 Goldfields’ core asset is the Oko Gold Project in Guyana. Guyana has become a hotspot for global gold exploration in recent years, with neighboring Suriname and French Guiana also frequently seeing high-grade discoveries.
According to a preliminary economic assessment, the Oko project has the potential to support a 10,000-tonne-per-day operation, expected to produce approximately 3.2 million ounces of gold over a 14-year mine life. Several key metrics are highly attractive: all-in sustaining costs (AISC) are estimated at US$1,175 per ounce, with an after-tax net present value of US$2.5 billion and an internal rate of return of 38%. With gold prices currently holding above US$2,400 per ounce, this cost structure implies exceptionally robust unit profits.
Additionally, the company is advancing a 100,000-meter drilling program aimed at further expanding its resource base. For gold mining companies, resource growth is often a direct catalyst for share price revaluation.
For investors seeking high growth potential, both stocks offer unique portfolio value. Almonty benefits from the global narrative of “critical mineral self-sufficiency,” and the strategic position of its South Korean Sangdong mine should not be overlooked. G2 Goldfields, on the other hand, benefits from elevated gold prices, and the project’s economics have clear advantages over peers.
It is important to emphasize that both stocks have already recorded substantial gains, so chasing them in the short term entails the risk of technical pullbacks. However, looking out over a three-to-five-year horizon, the commissioning of Almonty’s expansion and G2’s mine development progress both have the potential to serve as core catalysts driving the next round of value revaluation. The appeal of resource stocks lies in leverage – a modest increase in metal prices can often lead to a dramatic jump in profits; but the risk also comes from leverage. For long-term investors willing to tolerate moderate-to-high volatility, these two stocks are worth adding to their watchlists.
