Almonty Industries Charts Dual-Track Growth From Korea to Spain as Analysts Split on Valuation
Published on 10/02/2026 at 05:50 | Editorial boerse-global.de
Almonty Industries is pressing ahead on two continents at once, pairing the long-awaited restart of its flagship Korean tungsten operation with a fresh European offtake deal — even as Wall Street remains divided over what the stock is really worth.
Shares in the tungsten miner changed hands at 11.73 euros at Thursday's close in Frankfurt, a gain of 1.0% on the day. The stock has climbed 48% since the start of the year, though recent profit-taking has cooled the rally. Measured over a longer horizon, the advance stands at 47%, leaving the equity well below its 52-week high of 20.61 euros — a gap that reflects lingering doubts about the durability of tungsten prices.
Sangdong Roars Back to Life
At the heart of the company's story is the Sangdong mine in South Korea, which on September 24 produced tungsten concentrate for the first time since 1993. The regulatory green light that followed opened the door to commercial operation and the formal sale of the material.
Chief executive Lewis Black used a detailed shareholder letter on Tuesday to flesh out the road map. The first sacks of concentrate have already been filled at Sangdong and now sit ready for export. Reaching full capacity will take further groundwork, with completion of the so-called Phase II firmly slated for 2027. That build-out is designed to underpin long-term delivery capability — a matter of growing importance to global industry, since tungsten ranks among critical industrial metals and Western buyers are hunting for dependable sources of supply.
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According to SEC filings, more than 90% of first-phase output is already locked up under supply contracts.
Spain Adds a Second Revenue Stream
While Asia commands the spotlight, management is simultaneously monetizing European stockpiles. Almonty signed a long-term tungsten concentrate supply agreement with Wolfram Bergbau und Hütten, a subsidiary of Sweden's Sandvik, according to media reports. The contract covers reprocessing of tailings at the Los Santos site in Spain and carries a take-or-pay structure alongside a conditional advance payment of US$3 million.
The arrangement guarantees at least roughly 1,720 tonnes of contained tungsten trioxide and includes a conditional one-time payment of US$3.0 million for the offtake rights. It hands Almonty an additional income stream separate from its Korean main production.
Rwanda Deal Widens the Map
Geographic diversification extends beyond Europe and Asia. On September 14, the company struck a partnership with the Rwandan government, under which the East African state takes a 25% stake in Almonty Rwanda. In return, the Shyorongi exploration concession and a mineral processing license pass to the joint venture, in which Almonty holds the remaining 75%.
Goldman Stays on the Sidelines, Stifel Sees Double
Analysts, meanwhile, are reading the operational milestones very differently. Goldman Sachs initiated coverage on September 24 with a neutral rating and a $13.00 price target, arguing that tungsten prices will normalize and that the Sangdong production ramp-up will unfold more gradually than the broader market currently assumes.
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That view stands in sharp contrast to the more bullish camp. Stifel has pegged its target at $25.00 — nearly twice Goldman's figure — underscoring just how wide the disagreement runs over Almonty's fair value.
With export-ready batches now sitting in Korea and a Spanish reprocessing contract in hand, execution moves to the foreground. How quickly Almonty can scale processing volumes and lay the groundwork for Phase II will determine whether the optimists or the skeptics carry the day.
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