Singh says NDP faces 'massive challenges' as voters look to Liberals, Conservatives to battle Trump
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NDP Leader Jagmeet Singh has admitted for the first time that his party is facing "massive challenges" as its polling numbers hover near single digits and voters look elsewhere for a champion to battle U.S. President Donald Trump.
"Let's be clear there's massive challenges, I've got no illusions about that. There's some serious challenges that we're up against," he said in Toronto on Tuesday.
Singh said in every election his party is asked about their electoral relevance in a country that has never had an NDP prime minister, but he insisted he'll continue to fight it out for the next five weeks regardless.
"Will I give up on fighting for people that need me to fight for them? No, hell no. I'm never gonna give up. I don't care what's going on. I'm always gonna be there to fight for people," he said.
Singh said Conservative Leader Pierre Poiliever and Liberal Leader Mark Carney are only interested in fighting for billionaires and corporations while he will focus on fighting for ordinary Canadians.
"I'm always gonna fight for the people that need it most," Singh said.
The NDP Leader made his remarks a day after former NDP leader Tom Mulcair penned a column for CTV in which he said the only questions Canadians have in mind is who is the best leader to do battle with Trump.
"That's why this is shaping up to be a race between the ruling Liberals and the opposition Conservatives, with little room to spare for the others," he said.
"If you can't seriously say you're going to form a government that can take on Trump, then get out of the way and let the only real contenders have at it," Mulcair added.
'One of its worst results in at least 30 years': Grenier
According to the CBC Poll Tracker, which aggregates public opinion polling, the NDP were neck-and-neck with the Liberals in mid-December with about 20 per cent support to the Liberals' 22 per cent support. The Conservatives had about 43 per cent support.
But since former prime minister Justin Trudeau stepped down, Trump began waging economic and political war on Canada, and Carney became the new Liberal leader, the polls have completely switched.
The CBC Poll Tracker now has the Conservatives down to 37 per cent support with the Liberals rising to 40 per cent support and the NDP clinging to less than 10 per cent support.
Éric Grenier, who runs CBC's Poll Tracker, said the rise in the Liberal numbers is part of the reason for the NDP slide over the past two months.
"To see how quickly the NDP vote tanked with the change of [Liberal] leadership suggests that a lot of those voters were parking their vote with the NDP. But as soon as another alternative popped up, they were ready to abandon the party," he said.
This is all taking place against a backdrop of uncertainty as Trump imposes tariffs and threatens Canada's sovereignty. That uncertainty means core NDP campaign issues such as affordability and housing are being forced to share space with concerns over the volatility that now defines the Canada/U.S. relationship.
"You probably have to go back to the 1990s to find the NDP polling so poorly," Grenier said.
"If the NDP continues to poll at this level for a steady, consistent amount of time, the NDP could be on track for one of its worst results in at least 30 years," he added.
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Tariff gestures and delivery restrictions on critical metals have become the daily bread of long-suffering investors. The Western industrial world is facing enormous challenges, as the pace is increasing daily in segments such as high-tech and defense. NATO-related orders alone have increased fivefold in recent weeks compared to 2024 – and there is no end in sight. Today's industry managers need to have a clear understanding of where they can source manpower, raw materials, and especially critical metals – and which non-sanctioned markets they can then supply. The pressure is mounting as availability declines and verbal threats escalate on both sides of the Atlantic. Almonty Industries (TSX:AII) (WKN: A1JSSD | ISIN: CA0203981034 | Ticker symbol: ALI) has positioned itself uniquely, demonstrating remarkable foresight. The tungsten producer already operates mines in Spain and Portugal, and a major deposit in South Korea will be added within a few months. 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On June 9, Almonty Industries received an official letter from the chairman and ranking member of the US House of Representatives Select Committee on Strategic Competition between the United States and the Chinese Communist Party. The letter highlights Almonty's strategic importance to the United States, which seeks to secure its supply chains for critical minerals in the face of growing geopolitical tensions. The committee particularly recognized the importance of Almonty's Sangdong mine in South Korea, which is expected to become the largest tungsten producer outside of China. It is equally pleased about the planned relocation of the Company's headquarters to the US, which will make Almonty the only US company producing tungsten concentrates on a commercial scale. The Committee also expressed interest in further cooperation with Almonty, with a focus on potential collaboration to support the US defense industry, including supply chain integration with US defense companies and potential additions to national defense stockpiles. The regional distribution of the various mining properties facilitates access to Western industrial locations. In South Korea, Almonty will become a strategic player for local industry. Source: Almonty Industries CEO and President Lewis Black commented: ' This recognition by leading members of the US Congress confirms that Almonty's Sangdong project is far more than a commercial venture – it is a strategic infrastructure asset that is critical to the security and resilience of the supply chains of the US and its allies. As we prepare to relocate our corporate headquarters to the United States, we aim to be more than just a supplier. We are positioning Almonty as a trusted partner for the reshoring and relocation of critical mineral capacity at a time when geopolitical constraints require greater transparency, reliability, and control by allies. We are fully aligned with US national security priorities and remain focused on delivering long-term value to our shareholders .' Ramp-up at Sangdong sets tungsten capital machine in motion Almonty is nearing completion of its processing facilities at the Sangdong Mine, with initial production planned for 2025. With no commercial tungsten production in the United States since 2015, the upcoming market entry is expected to significantly strengthen the resilience of the US supply chain for a mineral that is critical to ammunition, aerospace, and other high-performance defense applications. With the Sangdong mine in South Korea soon to begin production, the Company is in a unique position: once operational, it will be one of the largest sources of tungsten outside China and will be able to cover up to 40% of non-Chinese global production. The mine has a life span of over 90 years, and the rock has an exceptionally high tungsten content. doubling production from 2,300 to 4,600 tons 'Almonty will start with an initial production of 2,300 tons and aim for an output of 4,600 tons after 12 months.' This is good news, and not just for the US. It dispels any doubts about the effectiveness and mood within NATO, as sourcing European companies via a US-based raw materials company is feasible even with strict customs agreements. In addition, Almonty already has a purchase agreement with the Austrian Plansee Group and, with its strong shareholder Deutsche Rohstoff AG, has enough EU clout to secure supplies from South Korea. One example illustrates the pressure on trade: According to Martin Hotwagner of Steel & Metals Market Research in Austria, every vehicle contains an average of around 300 grams of tungsten – most of which is lost during recycling. The result: declining stocks, rising prices, and increasing pressure to act in the US, Europe, and Japan. As stocks dwindle, he expects Western companies to run out of tungsten over the summer. Governments are alarmed and are urgently seeking alternatives – and have now come across Almonty Industries. New price target from GBC Research On June 10, 2025, GBC published an update to its analysis. Analysts Matthias Greiffenberger and Cosmin Filker now estimate revenues for the coming year 2026 at CAD 153.8 million instead of CAD 123.5 million. By 2027, this figure is expected to grow to CAD 314.9 million, up from the previous CAD 252.9 million. This means the current market capitalization of just under CAD 930 million corresponds to only 3.3 times the revenues projected for 2027. Comparable raw material suppliers are valued significantly higher (see MP Materials in the following chapter). The analysts conclude with a new 12-month price target of CAD 5.50, representing a potential upside of 66%. The enterprise value/sales ratio (EV/Sales) of 3.45 in 2027 also appears remarkably low. Corresponding earnings forecasts bring the P/E ratio down to below 5. All of this is still within the tangible horizon of 48 months, making value generation over a short time frame particularly transparent. Click here for the original study from April and the latest update. Sphene Capital analyst Peter Thilo Hasler already updated his calculations in April and sees considerable potential: He raised his price target for Almonty from CAD 3.21 to CAD 5.20. The Munich-based expert expects significant revenues of over CAD 192 million and EBIT of CAD 69.4 million as soon as operations start in 2026. The bottom line is that net income of CAD 46.8 million or CAD 0.19 per share should be achievable. Based on today's price of CAD 3.25, the share would currently be valued at a 2026 P/E ratio of 17. Given the high market momentum, this ratio could even exceed 30. The metrics speak for themselves. Mining using giant machines. A drilling rig is moved toward the mineralization. Source: Almonty Industries Valuation multiples are growing in line with expectations Tungsten, molybdenum, and rare earths are among the most critical materials. The example of MP Materials Corp in the US shows how the global shortage can affect company valuations. With the Mountain Pass project in California, the Company owns the largest rare earth property in the Western world. Revenue is estimated at around USD 265 million for last year, up from USD 73 million in 2019. Analysts on the LSEG platform believe that revenues could rise to around USD 796 million by 2028. MP Materials is valued at just under USD 4.6 billion, around seven times the current value of Almonty Industries. Of course, the companies' revenues will develop differently, as the availability of metals is determined by the global market. However, Almonty Industries' starting position shows a significantly lower valuation compared to its US competitor. Its listing on the NASDAQ offers a perfect set-up for upcoming peer group comparisons. Almonty can score big here! Conclusion: A significant revaluation is imminent Western security of supply is colliding with the powerhouse that is China. Anyone still wasting time reminiscing about the good old days is barking up the wrong tree! International interests require geographical diversification and security. The EU knows all too well what happens to prices when 60% of energy supplies are cut off overnight due to sanctions. For Almonty, this means a new strategic positioning and a clear claim to a revaluation. This is already impressively reflected in the 12-month chart. The US listing appears to be a done deal, opening the door to a whole new universe of investors and a shift in perspective. The 12-month view shows how impressively the share price has risen. A year ago, the price was still well below CAD 1. Source: LSEG, as of June 10, 2025 The price development offers a rare opportunity. What seems to have gone unnoticed for years must now happen in a relatively short period of time. China's restrictions on metal exports, the US initiative to secure critical metals, and the consistent delivery of the predicted steps make CEO Lewis Black a rock star on the trading floor. With large trading volumes of more than 3 million shares in Canada and Germany, the price is constantly rising. Yesterday's high of CAD 3.43 confirms our analysis of the last few months. There are currently no reasons to believe that there will be any significant consolidation. Therefore, those who have not invested will have to accept the increased valuation if they want to participate in the story. The commodity remains in short supply! The necessary steps have now been completed. The current outlook should inspire investors. Source: Almonty Industries This update is based on our initial report report 12/2021. Conflict of interest Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as 'Relevant Persons') currently hold or hold shares or other financial instruments of the aforementioned companies and speculate on their price developments. In this respect, they intend to sell or acquire shares or other financial instruments of the companies (hereinafter each referred to as a 'Transaction'). Transactions may thereby influence the respective price of the shares or other financial instruments of the Company. In this respect, there is a concrete conflict of interest in the reporting on the companies. In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual this reason, there is also a concrete conflict of interest. The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies. Risk notice Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such. The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between Apaton Finance GmbH and its readers or the users of its offers, as our information only refers to the company and not to the investment decision of the reader or user. The acquisition of financial instruments involves high risks, which can lead to the total loss of the invested capital. The information published by Apaton Finance GmbH and its authors is based on careful research. Nevertheless, no liability is assumed for financial losses or a content-related guarantee for the topicality, correctness, appropriateness and completeness of the content provided here. Please also note our Terms of use. Source: Almonty Industries Keyfacts ISIN: CA0203981034 WKN / Symbol / Frankfurt A1JSSD / AII / ALI Last price 3,25 CAD / 2.08 EUR Number of shares 285.924 million Market capitalization 929 million CAD Industry sector Mining / Strategic metals Geographic focus Asia, Europe, US Year of foundation 2011 Website CEO Lewis Black Author André Will-Laudien Born in Munich, he first studied economics and graduated in business administration at the Ludwig-Maximilians-University in 1995. As he was involved with the stock market at a very early stage, he now has more than 30 years of experience in the capital about the author Further analyses This is third-party provided content issued on behalf of Almonty Industries Inc., please see full disclaimer here.
