Almonty's Sangdong Restart Meets a Cautious Tape as Stifel Opens Coverage With a Buy
Published on 10/07/2026 at 17:21 | Editorial boerse-global.de
Almonty's equity is trading at EUR 11.10 in German dealing, down 4.2% on the session, and no company-specific news explains the pullback. That absence of a catalyst is itself the story: the tungsten miner has spent the past few weeks delivering operational and institutional milestones, yet the shares have drifted into a consolidation that leaves them well short of their 52-week high of EUR 20.61.
The disconnect is not hard to trace. On a one-month view the stock has shed 23%, even though it remains up 47% since the start of the year — a spread that captures how differently investors are reading the same set of announcements.
First Saleable Concentrate Since 1993
The operational centerpiece sits in South Korea. Almonty recently produced its first saleable quantities of tungsten concentrate at the Sangdong mine, marking the first time the deposit has been worked since 1993. The processing plant has been running 13 hours a day, and management has flagged its intention to push the mill toward round-the-clock operation at 24 hours. Customer shipments will only begin once those flows have stabilized, a sequencing the company has been explicit about.
Tungsten carries strategic weight in Western industrial economies, where supply chains for the metal are heavily concentrated. If Almonty can establish dependable exports, the investment case shifts from speculative developer to meaningful raw-materials supplier. A second expansion phase, targeted for completion in 2027, gives that transition a defined timeline.
Should investors sell immediately? Or is it worth buying Almonty?
Balance Sheet and Governance Work in Parallel
Alongside the mining progress, Almonty has been tidying its capital structure. The company repurchased 2,914,739 of its own shares for roughly USD 48 million and has announced the establishment of an automatic buyback program.
Legal loose ends have also been addressed. Under a court settlement, Pure Tungsten published a clarification confirming that Tiger Kim never held an executive role, governing-body position or directorship at Almonty; his work as an independent contractor ended in 2015. A second source dates that engagement's conclusion precisely to December 31, 2015.
The audit function changed hands as well. With effect from September 29, Almonty appointed PricewaterhouseCoopers as its new independent auditor after Zeifmans stepped down from the mandate. For institutional investors, a well-known audit firm is a meaningful quality marker — particularly for a company standing at the threshold of commercial production, where such appointments can compress the valuation discounts that typically cling to smaller exploration outfits.
Almonty at a turning point? This analysis reveals what investors need to know now.
Stifel Steps In With a USD 25 Target
Analyst support arrived in late September. According to media reports, Stifel Nicolaus initiated coverage on September 24 with a Buy rating and a price target of USD 25.
What happens next hinges on how quickly Almonty can bring Sangdong fully up to speed. Until fresh operational updates land, the trading range is likely to stay exposed to short-term swings — a restlessness that is hardly surprising in a sector where ramp-up risk is a permanent feature. The counterweight is a stack of building blocks — first production, a cleaned-up legal record, stronger governance and a recognized auditor — that together point toward a more mature industrial profile.
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