Almonty Taps PwC as Auditor and Closes Pure Tungsten Chapter Ahead of First Tungsten Shipment
Published on 10/10/2026 at 07:20 | Editorial boerse-global.de
For weeks, the Almonty Industries story has been told almost entirely through the lens of the Sangdong mine — the production ramp-up in South Korea and the tungsten concentrate cargo booked to sail on October 24. Yet the more consequential moves may be the ones unfolding away from the conveyor belts, as the company tidies up its corporate flanks in ways that could shape how institutional money views the stock.
A heavyweight auditor steps in
On September 29, Almonty appointed PricewaterhouseCoopers LLP as its new auditor. The outgoing firm, Zeifmans LLP, resigned its mandate the same day. For a raw-materials developer at this stage, swapping in one of the world's leading accounting firms is more than a procedural box-tick — it speaks directly to the stricter standards on reporting and transparency that large institutions apply to names sitting outside the major indices.
The company was explicit that no disagreements, unresolved consultations or open disputes lay behind the change. The handover went through without friction. Set alongside the release of second-quarter 2026 figures covering the three- and six-month periods through June 30, 2026, the shift comes as Sangdong transitions from pure project to active producer.
Drawing a line under old personnel questions
Management has closed a second front in parallel. On October 2, Almonty secured a corrective statement from Pure Tungsten as part of a settlement. The notice made clear that Tiger Kim never held a leadership position, office or board seat at Almonty, and that his work as a contractor ended back in 2015 — on December 31 of that year, to be precise.
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The agreement was also filed with the US Securities and Exchange Commission on Form 6-K, putting a clean end to a potential source of noise. Such clarifications can look like bureaucratic trimming, but in a niche market dominated by a handful of players, credibility carries real weight. Why should investors tolerate ambiguity over responsibilities when billion-dollar projects are at stake? With the matter settled, Almonty has cleared the legal ground to focus squarely on its supply-chain strategy and the further build-out of Phase II, as outlined in the shareholder letter published in late September.
Market backdrop: sector sympathy, not company news
The recent rebound in the share price owes less to this legal clean-up than to broader currents. As CEO Lewis Black explained on Wednesday, the stock has been moving in step with other names in the critical-metals segment, with no specific company-internal trigger behind the latest advance.
Even so, the shares carry a gain of 34 percent since the start of the year — a sign of the underlying appetite for resource-strategy plays. The environment remains volatile, though. Roughly two weeks ago, Almonty reported first production of tungsten concentrate at the Sangdong mine and the launch of development Phase Two. Since then, the stock has shed 8.9 percent, a reminder that operational progress can quickly fade from view when the wider sector swings.
A 33 percent slide, then a bounce
Sentiment has been visibly skeptical. Over a 30-day stretch, the stock posted a sharp decline of 33 percent. On Friday it found its footing, climbing 2.7 percent to EUR 10.61.
Optimization work at the plant continues, and the first concentrate shipment remains booked for October 24. Much suggests the market is currently underrating the company's maturation. In mining, the leap from explorer to producer rarely fails on ore grade alone — it more often stumbles on weak internal structures, insufficient audit assurance and legal turbulence. By bringing PricewaterhouseCoopers on board and systematically clearing old baggage, the team around CEO Lewis Black is dismantling the very hurdles that typically block larger capital inflows.
On balance, the upside outweighs the risks: if the October 24 cargo rolls on schedule and operational execution keeps pace with the strengthened governance framework, the recent dip may in hindsight read as a temporary overshoot.
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