Almonty's Sangdong Countdown: First Tungsten Cargo Booked for October 24 as APT Prices Retreat
Published on 10/09/2026 at 07:51 | Editorial boerse-global.de
Almonty Industries shareholders absorbed a 4.4% decline on Thursday, with the stock closing at EUR 10.32. No fresh company release accompanied the move, which instead tracked a broader softening across tungsten markets — a reminder of how tightly the equity now moves in step with the commodity it produces.
At the center of the pullback sits ammonium parawolframate (APT), the intermediate product that anchors tungsten pricing. According to media reports, trading activity in the physical market has been subdued, with offers drifting lower and the floor price in China easing by RMB 20,000. The correction is not confined to Asia: APT has fallen from USD 3,050 to roughly USD 2,700 per metric tonne unit, a drop of more than ten percent that lands directly on the revenue expectations of any aspiring producer.
A Valuation Gap That Tells Its Own Story
The scale of the repricing becomes clearer when set against the stock's own trajectory. Almonty shares now sit 50% below their 52-week high, a gap that illustrates how quickly the market can unwind the premium it awards to strategic metals stories during upswings. When spot quotations weaken, financing questions and margin assumptions inevitably move to the foreground — and the market prices every delay and every price swing in real time.
CEO Lewis Black addressed the shifting price environment on Wednesday at the 20th International Investment Forum, acknowledging the changed landscape without stepping back from the operational roadmap.
Sangdong's Ramp-Up Proceeds on Schedule
That roadmap has been advancing regardless of the tape. Roughly two weeks ago, Almonty reported its first tungsten production at the South Korean Sangdong project, with Phase I operations now running while Phase II development is pushed forward in parallel. The next milestone is concrete: the first shipment of tungsten concentrate is booked for October 24.
Should investors sell immediately? Or is it worth buying Almonty?
For the current quarter, that date functions as the decisive marker. Should the company dispatch its maiden cargo on time and to specification, Sangdong completes its transformation from a development story into an operating mine. The groundwork was laid earlier — on September 29, management outlined Phase II development and an expanded tungsten supply strategy in a shareholder letter and corporate update.
Governance Steps Reinforce the Institutional Case
Away from the pit, Almonty has moved to shore up its corporate standing. Effective September 29, PricewaterhouseCoopers LLP was appointed as the company's new auditor, succeeding Zeifmans LLP. Regulatory filings indicate the change stemmed from no disagreement over accounting or audit scope — and for a growing resource company, the mandate of an internationally recognized audit firm amounts to a tangible boost to institutional credibility.
A legal loose end was also tied off. On October 2, Almonty announced a settlement with Pure Tungsten, which published a clarification confirming that Tiger Kim never held a position as an officer, senior employee, or director at Almonty; his work as an independent contractor ended on December 31, 2015. Such disclosures rarely move markets, but they remove legal noise that can weigh on a company during transition phases.
Meanwhile, the buyback program has reached a volume of roughly USD 48 million, underscoring management's effort to steady the capital side of the story.
What the October 24 Sailing Will Prove
The tension for investors is straightforward. Falling APT prices counsel caution and temper outsized profit expectations for the mine's early operation. Yet Almonty has so far delivered in line with its announced timetable, and the operational foundation is being laid step by step.
If the Sangdong ramp-up holds steady and the October 24 delivery goes off as planned, the case strengthens that the recent share weakness reflects the commodity environment rather than problems of the company's own making. Until then, every underground advance must prove itself against the price trends of the world market — and the market, for now, is watching the spot quotations more closely than the shipping schedule.
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