Almonty's Sangdong Restart Draws a Wall Street Split as Commercial Output Begins
Published on 09/29/2026 at 11:21 | Editorial boerse-global.de
Almonty has crossed the line that separates mine developers from mine operators. Final inspection certificates for the processing and crushing circuits at its Sangdong tungsten project in South Korea were issued on 17 September, clearing the last administrative condition needed to turn ore into saleable concentrate. Phase I of the project has now entered commercial production.
The milestone closes a multi-year build-out at the South Korean deposit and carries weight well beyond the company's own balance sheet. Western governments have been pushing to widen their sourcing options for strategic industrial metals and to cut reliance on concentrated supply chains — a policy tailwind that makes dependable output from non-Chinese assets more valuable than it was a decade ago.
First Ore Since 1993
Almonty subsequently reported its first tungsten production at Sangdong since 1993, a restart that had been years in the making. With permitting behind it, the market's attention shifts from regulatory approvals to execution — how smoothly the company integrates its sites and ramps up volumes over the coming months.
Much of that output is already spoken for. In July 2026, Almonty amended an existing supply agreement with Global Tungsten & Powders LLC, extending the contract to a 21-year term running from first delivery. That arrangement covers more than 90 percent of future Phase I production from Sangdong.
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A second pillar of demand sits in Europe. Almonty holds a multi-year take-or-pay offtake contract with Wolfram Bergbau und HĂĽtten AG, a Sandvik subsidiary, covering at least roughly 1,720 tonnes of WO? recovered from reprocessing tailings at the Spanish Los Santos mine. The deal also includes a contingent one-time payment of USD 3.0 million for the offtake rights.
Analysts Diverge Sharply on Valuation
The combination of secured demand and an imminent production ramp has drawn a crowd of analysts — and produced a striking spread in price targets. Sphene Capital reaffirmed its buy rating on Monday and set a new target of USD 26.40, replacing a prior figure of CAD 38.90. Analyst Matt Summerville had already restated his buy recommendation on 15 September, pointing to the company's strategic position in the tungsten supply chain.
Two international houses initiated coverage the following Thursday, and they landed far apart. Goldman Sachs opened with a Neutral rating and a USD 13 target, while Stifel launched at Buy with a USD 25 target. Goldman's more cautious stance rests partly on a possible normalization of global tungsten prices and partly on the risk that the Sangdong ramp-up proceeds more slowly than planned. Sphene, by contrast, is pricing in a more dynamic re-rating.
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That gap — roughly double, depending on which desk you read — captures the core debate: optimistic voices lean on the long-term offtake security, while more guarded observers flag the uncertainties inherent in bringing industrial plants up to speed.
Where the Stock Stands
Shares closed Monday at EUR 11.70, a daily decline of 2.8 percent, though the stock remains up 47 percent since the start of the year. Whether that positive trend holds will depend heavily on the first regular production volumes — the point at which the operational contracts now in place will finally be tested against real output.
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