Almonty Wins Korean Processing Permits, Books Sandvik Offtake and Swaps Auditors
Published on 10/01/2026 at 04:20 | Editorial boerse-global.de
Almonty Industries has cleared the last administrative barrier standing between its revived South Korean tungsten mine and full commercial operation. On September 17, the country's mining regulator issued inspection certificates for the processing and crushing circuits at Sangdong, authorizing both commercial operation of the installed equipment and sales of the tungsten concentrate produced there.
The approval matters because it converts a construction project into a revenue-generating asset. With the paperwork in hand, management can ramp throughput on schedule and hand material to customers under normal commercial terms. It also gives the company a genuine export product: the first bags of tungsten concentrate have been filled and are ready for shipment, marking the return of mining activity to a site that had sat idle since 1993.
Phase II Already Underway, Completion Targeted for 2027
CEO Lewis Black used a shareholder letter on Tuesday to confirm that work on Phase II at Sangdong has begun, with completion penciled in for 2027. That expansion is the centerpiece of Almonty's long-term production plans, and the Korean asset remains the company's flagship project. Until the 2027 milestone is reached, the plant will have to prove it can hold up under sustained industrial operation — the test that ultimately underpins investor confidence in the timeline.
Sandvik Deal Adds Revenue Outside Korea
While Korea ramps up, Almonty has locked in income from another source. Roughly two weeks ago the company signed a multi-year offtake agreement with Wolfram Bergbau und Hütten AG, a Sandvik subsidiary, covering the reprocessing of tailings material from the Los Santos mine. Structured on a take-or-pay basis, the contract carries a minimum volume of about 1,720 tonnes of contained WO? and includes a conditional advance payment of USD 3.0 million. For Almonty, the deal delivers revenue visibility that is not tied to the Korean operation.
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Auditor Change Draws a Modest Market Response
Separately, Almonty disclosed in a mandatory filing with the US securities regulator that it has appointed a new independent auditor. The company said the transition involved no disagreements with the outgoing firm over accounting treatment, valuation methods or audit procedures, and the new mandate runs until the close of the next annual shareholder meeting. Shares responded positively, gaining 2.1% to EUR 11.88 in today's session.
Earnings Inflection Meets Bullish Coverage
The governance change lands alongside a clear operational upturn. In the second quarter, Almonty returned to positive adjusted EBITDA after posting an operating loss in the comparable prior-year period. Analysts have taken note. Sphene Capital reaffirmed its buy rating on Monday with a price target of USD 26.40, while Stifel arrived at a similarly constructive view, setting a USD 25 target.
Underpinning that optimism is the steady build-out at Sangdong, where future output is already substantially spoken for: a long-term tungsten concentrate offtake agreement signed about two weeks ago covers more than 90% of Phase I capacity.
Almonty at a turning point? This analysis reveals what investors need to know now.
Mixed Signals in the Share Price
The stock's recent path has been uneven. Yesterday it closed at EUR 11.62, essentially flat with a decline of 0.2%, yet the year-to-date picture remains strongly positive — up 46% since January, or 50% depending on the measurement point, with the offtake announcement followed by a 1.3% pullback in the intervening period. For market participants, attention now shifts to the medium-term schedule, and above all to whether Phase II lands on time in 2027.
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Almonty Stock: New Analysis - 1 October
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
