Almonty Industries stock trades at EUR 11.63 after Sangdong milestone

Published on 09/30/2026 at 12:08 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Almonty Industries stock reached commercial tungsten production at Sangdong after certification dated September 17, 2026. Q2 revenue was USD 43.0 million.

Tagebau-Mine mit gestuften Felswänden und schweren Muldenkippern im Tageslicht — Almonty Industries Inc betreibt Wolfram-Tagebau CA0203987072 mit Stufenwänden und Muldenkippern im Tageslicht, Illustration mit AI erstellt.

Almonty Industries (ISIN CA0203987072) was trading at EUR 11.63 at Lang & Schwarz on September 30, 2026 at 12:03 p.m. CEST, plus 0.09 percent versus the prior close of EUR 11.62. The company has now moved its Sangdong tungsten project in South Korea into commercial operations, giving the stock a production milestone to assess.

Sangdong reaches commercial phase

Almonty Industries said certificates issued on September 17, 2026 authorized commercial operation of the Sangdong processing plant and crushing facilities. The certification allows tungsten ore to be processed into concentrate that can be invoiced, shipped and delivered to South Korean and export customers.

That step followed the first tungsten production at Sangdong since 1993 on September 23, 2026, according to Almonty Industries. The operating transition matters because the project moves from construction and commissioning toward sales and cash generation.

Revenue missed the Q2 estimate

Almonty's second-quarter 2026 revenue was USD 43.0 million, below the USD 45.7 million FactSet consensus cited by MarketScreener. The USD 2.7 million gap equals 5.91 percent of the estimate, making the production ramp the key test for whether future quarters can close that shortfall.

Almonty said in its certification update that the concentrate from Sangdong is substantially contracted. A July 2026 amendment extended the Global Tungsten and Powders agreement to 21 years from first delivery and raised contracted volume to 4,410,000 metric tonne units, with more than 90 percent of Phase I production covered.

Analysts show a wide range

Analyst expectations remain dispersed. MarketBeat reported a Moderate Buy consensus from eight analysts and an average 12-month target of USD 24.21. Jefferies set a USD 26.25 target, DA Davidson set USD 33.00, and Stifel set USD 25.00, while Goldman Sachs initiated coverage at Neutral with a USD 13.00 target.

The Goldman view adds a counterweight to the bullish production thesis. Investing.com reported on September 24, 2026 that Goldman Sachs expects a slower Sangdong ramp and tungsten prices to normalize as new supply, recycling and refining capacity respond.

Almonty Industries stock holds near EUR 12

Almonty Industries stock was trading at EUR 11.63 at Lang & Schwarz on September 30, 2026 at 12:03 p.m. CEST, up EUR 0.01 or 0.09 percent from the EUR 11.62 prior close. The primary listing is Nasdaq, where the stock was last quoted at USD 13.19 on September 29, 2026. Its market capitalization was USD 3.7 billion on that date, against a 52-week range of USD 5.43 to USD 24.41.