$Almonty Industries(ALM.US) surged 8%, while $Critical Metals(CRML.US) dipped slightly. Both are small-cap critical metals plays: one holds an active tungsten mine, the other is still advancing project financing and permitting. Valuation for resource small-caps is now almost entirely driven by cash flow generation; stories about reserves carry little premium. In this environment, rotating positions from thematic names to producers—has it come too late? Intuition says no—the supply constraints in the tungsten segment have only just begun to be priced in, and $Almonty Industries(ALM.US) hadn't moved much prior to this rally.
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