Sangdong Mine Delivers First Tungsten Concentrate, Almonty Shares Surge as Project Risk Recedes
Published on 07/11/2026 at 14:45 | Redaktion boerse-global.de
For years, Almonty Industries existed as a developer with a tantalizing tungsten deposit in South Korea and a long road to production. That road ended last week when the Sangdong mine processed its first ore into saleable concentrate, turning the company into an active producer overnight. The mill's initial feed came from a stockpile of 139,700 tonnes of ore, allowing Almonty to bypass the usual ramp-up delays and move straight to concentrating.
The market wasted no time repricing the stock. Almonty shares leapt 12.4% on Friday to C$23.38, pushing the year-to-date gain to 94.35% and the twelve-month return to a staggering 200.51%. Even with that blistering run, the stock remains 29.9% below its 52-week high of C$33.35, reached in mid-April 2026, suggesting room for further upside if production scales as planned.
DA Davidson responded to the milestone by raising its price target on Almonty from C$25 to C$33, keeping a buy rating in place. The bank argued that the start of commissioning materially reduces project risk and positions the company to fully capture the elevated prices for tungsten and molybdenum, both of which are trading near historical highs. Molybdenum, a by-product of the Sangdong operation, fetched roughly $65,503 per tonne in May 2026, up nearly 49% from a year earlier, fueled by supply constraints and demand from the defense and high-tech sectors.
Other analysts have also turned more bullish. Texas Capital reiterated its "Strong Buy" rating, while B. Riley set a price target of $23. The broader analyst consensus sits at "Moderate Buy," reflecting cautious optimism as the company moves from construction to commercial output.
Should investors sell immediately? Or is it worth buying Almonty?
Almonty's financial position is solid for this transitional phase, with reported revenue of approximately $32.5 million, cash holdings of around $260 million, and a current ratio of 2.5. The market capitalization now stands at roughly €3.64 billion. The stock carries an annualized volatility of 94.65%, a reminder of the speculative premium that attaches to small-cap critical-mineral stories.
Technically, the stock is still digesting its recent gains. The 14-day relative strength index sits at 48.0, a neutral reading that indicates Friday's jump did not push the shares into overbought territory. Almonty trades below its 50-day moving average of C$25.39, a level that now serves as a near-term resistance point should the rally extend.
The geopolitical dimension adds weight to the narrative. Western governments and their allies are actively seeking alternatives to dominant Chinese suppliers of critical minerals, and Sangdong’s location in South Korea offers a stable, allied jurisdiction for tungsten production. Tightening import controls and trade tensions around rare earths and strategic metals have only heightened interest in supply chains that bypass the traditional dominant producer. For Almonty, the shift from developer to producer could not have come at a more opportune moment.
Almonty at a turning point? This analysis reveals what investors need to know now.
Investors are now focused on a single question: how quickly will Sangdong reach full nameplate capacity? The answer will determine whether DA Davidson's C$33 target proves conservative or optimistic as the company begins to generate consistent cash flow from a deposit that ranks among the largest tungsten reserves outside China.
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Almonty Stock: New Analysis - 11 July
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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