Almonty’s Sangdong Ramp-Up Begins as $68M Stockpile and Russell Entry Test Investor Patience
Published on 07/05/2026 at 12:54 | Redaktion boerse-global.de
The tungsten market is watching South Korea this week as Almonty Industries flips the switch from mine developer to producer. But the stock’s wild swings — down 17% over the past month despite a 92% year-to-date gain — show that markets are still demanding hard proof of operational delivery.
Commercial ore processing kicked off at the Sangdong mine on July 1, powered by a stockpile of roughly 139,000 tonnes of material. Management pegs the gross value of that inventory at around US$68 million, enough to sustain initial milling for about two and a half months. An additional 20,000 tonnes of run-of-mine ore were extracted in the most recent quarter, giving the operation a cushion as crews fine-tune the plant’s settings. The ultimate prize is saleable tungsten concentrate, with higher-grade feed scheduled to enter the circuit later this year.
“This is a historic milestone,” chief executive Lewis Black said, noting that years of preparation have led to this moment. The timing is favorable: Chinese export restrictions and U.S. defense procurement pullbacks have the West scrambling for non-Chinese tungsten supply, and Almonty is positioning Sangdong as a secure alternative. The company is also advancing drilling at the adjacent Sangdong molybdenum project.
Should investors sell immediately? Or is it worth buying Almonty?
The operational milestone coincided with a separate catalyst at the end of June — Almonty’s inclusion in the Russell 1000 and Russell 3000 indices. That move instantly boosts visibility among institutional investors and adds liquidity to the stock. Yet the equity remains choppy, closing Friday in Toronto at CAD 23.14, a 4% gain on the day but still about 30% below its 52-week high. The stock recently slipped below its 50-day moving average of CAD 26.10, while the 200-day line at CAD 18.34 continues to underpin the longer-term uptrend. Annualized volatility sits at nearly 91%, underscoring the market’s edginess.
On a 12-month basis, shares have more than tripled, rising 245%. Analysts remain broadly constructive, with the latest published price target at CAD 25.00 — only a modest premium to the current level, suggesting that Sangdong’s commissioning has already been partly priced in. A buy rating accompanies that target.
Attention now shifts to consistent throughput. Management must convert the stockpile into cash sales to offset historical operating losses, and first shipments of concentrate will be the critical validation. If the plant can demonstrate reliable output and generate real revenue, it would provide a tangible anchor for the stock amid the ongoing volatility. Regular stock-based compensation for executives, disclosed alongside the production news, signals management’s alignment with that ramp-up goal.
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