Almonty Industries is uniquely positioned to benefit from the global tungsten supply shock. ALM's Q1 revenue surged 221% to $25.4M, with positive EBITDA and strong operating cash flow driven by high prices and Panasqueira's sturdy output. Geopolitical supply constraints, robust defense demand, and ALM's strategic U.S. positioning underpin a multi-year super cycle. The company's Sangdong mine could eventually supply 40% of the world's (non-Chinese) tungsten.