Almonty Slips 4.4% as Weaker Tungsten Quotes Overshadow Sangdong Milestones
Published on 10/09/2026 at 05:21 | Editorial boerse-global.de
Shares of Almonty Industries closed Thursday at EUR 10.32, down 4.4%, as a softening raw-materials backdrop weighed on the tungsten producer. No fresh company announcement accompanied the move, leaving the stock to trade in the wake of a broader commodity pullback.
That retreat has a clear focal point. According to media reports, the price of ammonium paratungstate (APT) — the intermediate product that effectively sets the revenue benchmark for tungsten miners — fell from USD 3,050 to roughly USD 2,700 per metric tonne unit. CEO Lewis Black put the same figure on the record Wednesday at an international investor forum, confirming an APT market price of about USD 2,700 per metric tonne unit.
A Double-Digit Correction in the Key Input
For a mining company, a decline of that magnitude lands squarely on future earnings expectations. When the reference price for the underlying commodity gives up more than ten percent, investors tend to reprice margin prospects quickly. The stock now sits roughly 50% below its 52-week high, a gap that illustrates how fast the market can reclaim the benefit of the doubt in commodity names.
The weakness extends beyond APT. After China's National Day holiday week, the Shanghai Metals Market reported noticeable restraint among downstream processors and a broadly subdued mood. Black and white tungsten concentrate each shed RMB 10,000 per tonne. The report did not draw a direct line between that decline and Almonty's share price, but the general softness in raw materials weighed on the sector regardless.
Should investors sell immediately? Or is it worth buying Almonty?
Sangdong's First Cargo Remains the Pivot
Operationally, management is pressing ahead despite the softer pricing environment. The company's own processing plant is ramping up, with the goal of meeting contractual commitments and targeted delivery dates on schedule. Sangdong is now in operation, and the first shipment of concentrate is booked for October 24.
In a letter to shareholders, Black said Phase I is producing while Phase II development continues without interruption. The company's share buyback program has reached a volume of roughly USD 48 million, according to company statements.
That October 24 sailing date stands out as the key marker for the current quarter. Should the first cargo leave on time and meet the required specification, Sangdong shifts definitively from a development story into an operating mine. Roughly two weeks ago, the company reported its first tungsten production at the site, and Black used the 20th International Investors Forum to describe the ramp-up of the processing facility. Management had already addressed Phase II development and the expansion of its tungsten supply strategy in a shareholder letter and corporate update dated September 29.
Governance Housekeeping on Two Fronts
Away from the pit, Almonty has moved to tighten its reporting framework. PricewaterhouseCoopers LLP was appointed as the new auditor effective September 29, succeeding Zeifmans LLP. Regulatory filings indicate the change did not stem from any disagreement over accounting or the scope of the audit. For a growing resource company, handing the mandate to a leading international audit firm amounts to a clear boost in institutional credibility.
The company also closed out a legacy legal matter. On October 2, Almonty announced a settlement with Pure Tungsten. As part of a clarification, it was confirmed that Tiger Kim never held a position as an officer, executive or director at Almonty; his work as an independent contractor ended on December 31, 2015. Such disclosures are unspectacular for investors, but they create the legal quiet that is essential during a transition phase.
Where the Risk Sits
Weighing it up, the opportunities currently outweigh the near-term risks. The lower APT prices are a genuine caution flag and temper exaggerated profit expectations for the early phase of mine operations. Yet Almonty has so far delivered in line with its announced timetable. As long as the Sangdong ramp-up runs steadily and the October 24 delivery succeeds, the case remains strong that the present share-price weakness reflects the commodity environment rather than problems of the company's own making.
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