September 22nd, 2025 | 07:45 CEST
Almonty Industries, Rheinmetall, D-Wave Quantum – Alarm bells are ringing
Tungsten is one of the most strategically critical raw materials in the global economy. With its extremely high melting point, exceptional density, and hardness, the metal is indispensable, especially in the defense industry and semiconductor technology. Tungsten is also essential in toolmaking, aviation, and medical technology. The problem: over 80% of global production comes from China, a massive dependency that is increasingly viewed critically in times of geopolitical uncertainty. With the global expansion of defense and high-tech, demand is rising rapidly, but secure Western supply chains are virtually non-existent.
time to read: 3 minutes
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Author:
Stefan Feulner
ISIN:
ALMONTY INDUSTRIES INC. | CA0203987072 , RHEINMETALL AG | DE0007030009 , D-WAVE QUANTUM INC | US26740W1099
Table of contents:

"[...] While tungsten has always played an important role in the chip industry, it is now being added to batteries for e-cars. [...]" Lewis Black, CEO, Almonty Industries
Author
Stefan Feulner
The native Franconian has more than 20 years of stock exchange experience and a broadly diversified network.
He is passionate about analyzing a wide variety of business models and investigating new trends.
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Almonty Industries – Beacon of hope for the Western world
Control over critical raw materials is increasingly becoming a geopolitical power issue, and tungsten is at the top of the list. Over 80% of global production comes from China, which is increasingly restricting exports. Western industry, especially defense, semiconductor technology, and high-tech, urgently needs independent sources of supply. And this is precisely where the importance of the Canadian tungsten producer becomes clear.
With its Sangdong mine in South Korea set to go into operation this year, Almonty Industries is on the verge of becoming one of the most important tungsten suppliers outside China. At full capacity, the high-grade deposit could cover 80% of Western non-Chinese production, a strategic repositioning that has not gone unnoticed in Washington. From 2027, the US will ban tungsten imports from China and Russia. This is a tailwind from which Almonty is likely to benefit massively.
The Company is also in a strong financial position: the recent Nasdaq listing brought in USD 90 million, in addition to USD 25 million in cash reserves. The existing Panasqueira mine in Portugal is already generating solid cash flows. Long-term purchase agreements with minimum price guarantees, including with the US Department of Defense, ensure planning security.
By entering into its own oxide processing, Almonty is securing additional margin potential. Analysts such as GBC Research expect revenues of EUR 212 million and a net margin of around 40% by 2027. Following the setback, the share is currently trading at CAD 6.98. With the news flow remaining positive, reaching a new all-time high of CAD 8.66 should only be a matter of time.
Rheinmetall – Defense spending wave continues
It is also likely only a matter of time before Rheinmetall's share price breaks through the EUR 2,000 barrier. This is because the Company, led by its dynamic CEO Armin Papperger, is benefiting massively from the changing times and the rearmament of the Western world.
Despite the share price rising from around EUR 100 to just under EUR 2000 at present, various analyst firms remain bullish and are still outdoing each other with rising price targets. Goldman Sachs has newly included the stock in its rating and sees the DAX company as the clear favorite among European defense stocks. According to analyst Sam Burgess, the current rearmament cycle is the largest since the Cold War. In this environment, Rheinmetall offers the "best product portfolio," which is precisely tailored to Europe's security policy deficits. The price target from the US bank is EUR 2,200, around 15% above the current price level.
Deutsche Bank also confirms its "Buy" recommendation and sees the price target at EUR 1,950.** Analyst Christoph Laskawi points to the recent acquisition of the marine division of Lürssen Shipyard as a strategically sensible step to broaden the business and open up new areas of growth. If the new division achieves its revenue targets, Rheinmetall is likely to exceed its previous 2030 guidance.
D-Wave Quantum on a high
D-Wave Quantum is one of the world's leading providers in the field of quantum computing, specializing in so-called "quantum annealing" systems. The technology makes it possible to solve highly complex optimization problems faster than classical algorithms – with applications in industry, finance, telecommunications, and pharmaceuticals.
Over the past trading week, the stock rose by around 20%, reaching a new record high. The unusually high trading volume in call options was striking, with the put-call ratio falling significantly, a strong signal for bullish expectations. The signs remained green on Thursday as well.
The trigger was the first D-Wave conference in Japan. There, customers such as Japan Tobacco and NTT DOCOMO presented how quantum computers can already be used in drug research and network load optimization. Bookings in the region rose by 83% within a year. At the same time, major banks including Deutsche Bank, JPMorgan, and Goldman Sachs are testing D-Wave's systems for portfolio optimization and risk modeling.
Technologically, D-Wave aims to take off with a new high-performance quantum computer and developer tools. In addition, Stan Black, an experienced security expert, has been hired. Despite still high losses, the Company recently reported revenue growth of 42% and, following a capital increase, has USD 819 million in liquid assets.
Almonty Industries is considered one of the major hopes for Western raw material supply. Analysts remain bullish on Rheinmetall. D-Wave Quantum has reached a new record high.
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