Almonty's Sangdong Mine Goes Round-the-Clock as Analysts Split on What Comes Next
Published on 11/14/2026 at 12:31 | Editorial boerse-global.de
Almonty's tungsten operation at Sangdong has shifted into 24-hour production as of November 1, the company said, marking a fresh operational milestone just weeks after the mine yielded its first-ever tungsten concentrate in September. The first container was loaded in Busan for overseas shipment after the third quarter closed, Almonty reported on Thursday.
Investors greeted the news warmly. The stock climbed 8.5% on Friday, extending a rebound after a recent bout of weakness that had raised questions about whether Sangdong's expected output can justify the bull case.
Two Analysts, Two Readings of the Same Story
Alliance Global labeled the recent pullback a buying opportunity, reiterating its buy rating and a $26.25 price target. The research house expects Sangdong to contribute more meaningfully to production and cash flow from the first quarter of 2027. Its optimism, however, rests largely on future operational execution: the firm acknowledged that Almonty's latest reported results came in slightly below expectations while Sangdong continues to ramp up.
Stifel also reaffirmed its buy call but trimmed its target to $18 from $21, with higher costs in the tungsten business as the central concern. The two houses thus share a broadly constructive view while weighting the risks differently — Alliance Global leaning on the post-selloff opportunity, Stifel flagging what cost trends could mean for valuation.
Should investors sell immediately? Or is it worth buying Almonty?
The Ramp-Up Is the Whole Ballgame
A valuation published Friday makes plain how demanding the conditions for a durable recovery are. It assumes Sangdong ramps on schedule, alongside progress on the expansion and the oxide plant. Delays and permitting hurdles could undermine that assessment.
The operational backdrop remains the Sangdong start-up. September brought first concentrate production; the initial shipment was loaded after quarter-end. Those steps underpin growth expectations — provided they translate into the sustained contribution analysts are modeling. More than 90% of first-phase output is locked into long-term contracts, giving the ramp-up a sales foundation. How much Almonty ultimately benefits still hinges on production performance and costs.
The next concrete checkpoint is Q1 2027, when Alliance Global expects a stronger Sangdong contribution. The second expansion phase is slated for completion in 2027, contingent on first-phase performance and market conditions.
Montana Permitting and a Blockbuster Quarter
Separately, Montana signed a memorandum of understanding on October 28 to participate in the federal FAST-41 permitting process. Almonty said it was represented at the signing. The step affects the permitting environment for the Gentung project in Montana, which CEO Lewis Black detailed in his Sunday investor letter alongside Sangdong's commissioning progress.
On the numbers, Almonty reported Q3 2026 revenue of C$41.9 million on Thursday, up 382% year over year. Adjusted EBITDA came in at C$14.6 million.
Almonty at a turning point? This analysis reveals what investors need to know now.
A Canadian Court Fight Looms
Not everything is running smoothly. Deutsche Rohstoff disclosed Wednesday that it is pursuing claims of roughly US$67 million against Almonty in Canadian court, covering rights to 3.5 million conversion shares as well as debt repayment. According to Deutsche Rohstoff, Almonty filed a related suit of its own, and the two proceedings have been consolidated.
For the coming sessions, the durability of the Sangdong thesis takes center stage: further ramp-up progress would reinforce the buy case, while additional cost pressure would lend weight to the more cautious valuation.
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