Almonty's First Tungsten Shipment in Three Decades Sits Beside Two Trimmed Targets
Published on 11/02/2026 at 03:41 | Editorial boerse-global.de
Almonty has handed investors two developments that pull in opposite directions, and conflating them muddies the picture. The company has moved from mine developer to active supplier, yet the analysts who follow it have quietly marked down what they think the equity is worth.
The operational news is unambiguous. Chief executive Lewis Black confirmed roughly a week ago that the first commercial tungsten shipment from the Sangdong mine had gone out to a customer — the first delivery from that operation in more than 30 years. Customer shipments from the site have now begun.
That milestone, however, answers a different question from the one share prices ask. A completed delivery says the mine works; it does not settle what multiple the market should pay for the stock.
Two Korean threads, one of them still only a conversation
South Korea carries a double significance for Almonty. Sangdong sits there, and so do the reported talks about a possible listing on the Korean Exchange. According to media reports, the company held discussions with South Korean securities firms on 26 October about listing options.
Those talks concern a capital-markets possibility, not an additional customer order. Treating the two as one and the same turns separate developments into a single feel-good narrative, and that does neither justice.
Should investors sell immediately? Or is it worth buying Almonty?
On the commercial side there is a firmer anchor. Speaking at an investor day on 19 October, Black said the offtake agreement with Global Tungsten & Powders had been extended by six years, with a higher price applying over the life of the contract. For shareholders, those terms sit closer to the actual business than the question of a second trading venue — though they still say nothing about how the exchange will ultimately value Almonty.
Targets cut, ratings held
The analyst reaction makes the same distinction visible. B. Riley analyst Nick Giles reaffirmed his buy rating on Tuesday while trimming his price target to US$20 from US$25, pointing to the expected production ramp-up at Sangdong. Stifel's Brock Cannon had done much the same on 20 October, restating his buy call and lowering his target to US$21 from US$25. Both houses moved their markers in the same direction.
Conviction in the story and a lower valuation are not mutually exclusive — a point more instructive than the buy label on its own. Neither revision amounts to a sell signal, nor to a blanket endorsement of earlier expectations.
Almonty also reported largely stable Western APT prices alongside firmer indications in the Chinese domestic market. That describes a regionally uneven pricing backdrop rather than a uniform surge in tungsten.
A rough Friday with no clear culprit
Friday brought pressure across mining stocks in several commodity segments, and AP reported Wall Street's weakest session since June as a technology selloff deepened. That is the market backdrop — not proof of what moved Almonty specifically.
The shares fell 5.1% on the day, closing at €7.85. The decline came despite the operational progress and the intact buy recommendations, and no single trigger can be identified from it.
What holds the story together is the shift from project to deliveries, with the Korean listing chatter as a sidebar rather than a substitute for the mine's continued development. The open question is one of weighting: how much credit do completed steps deserve against expectations for the ramp-up still ahead? Investors are better served separating those threads than adding them up into a single all-purpose success signal.
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