Almonty Sheds 3.8% Without a Catalyst as Sangdong Restart and Auditor Change Redraw the Story
Published on 10/07/2026 at 02:50 | Editorial boerse-global.de
Almonty's stock closed Tuesday at EUR 11.59, down 3.8%, a retreat that came with no company announcement and no sector-specific trigger. The move leaves investors staring at a price swing that has decoupled from the operational progress logged over the preceding days.
That divergence is nothing new for a company mid-way through the awkward transition from mine developer to active commodity producer. Sentiment around Almonty's tungsten supply strategy can flip quickly, even when the real work on the ground is already underway.
First Concentrate Since 1993
Nothing in Tuesday's decline touched the fundamentals. Roughly a week ago, the company reported the first tungsten concentrate production at its newly restarted Sangdong mine in South Korea — the first output there since 1993. Initial bags of concentrate are now staged for export. At the time, the mill was running seven days a week in 13-hour shifts.
Phase II development at the site is already moving forward, alongside a joint venture in Rwanda and a strategy for reprocessing tungsten tailings. Together these projects sketch out a broader supply footprint for the industrial metal. For shareholders, though, the path from development project to dependable supplier demands patience: until production successes start showing up in valuation, technical milestones and choppy trading sessions tend to set the tone.
Should investors sell immediately? Or is it worth buying Almonty?
Audit Handover and a Legal Clean-Up
Behind the scenes, management has been tidying up loose ends. PricewaterhouseCoopers LLP was appointed as the new auditor about a week ago, following the resignation of Zeifmans LLP. According to a filing with the US Securities and Exchange Commission, the change was not prompted by any disagreement over accounting or auditing matters. Bringing in a globally recognized audit firm underscores the intent to align internal structures with a growing corporate profile.
A court settlement with Pure Tungsten delivered a separate dose of clarity. In a corrective statement, the company confirmed that Tiger Kim never served as an officer, director or executive at Almonty. His role as an independent contractor ended on December 31, 2015.
Where the Stock Stands
Despite Tuesday's pullback, the shares remain up 46% since the start of the year. The Sangdong production restart is the pivotal swing factor for the group. As long as no fresh operational burdens surface, market participants look likely to refocus on the ramp-up of output before long.
The resource sector is known for its erratic swings, and daily price moves rarely mirror genuine operational progress. What matters for Almonty is that the South Korean mine is producing, Phase II is underway, and the legal and administrative sideshows are behind it. Anyone tracking the stock should keep their eye on the production curve at Sangdong — the operational base is in place, and Tuesday's loss offers no reason to doubt the course that has been set.
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