Almonty Prepares to Prove Its Mettle: Sangdong Output Figures Land in a Red-Hot Tungsten Market
Published on 05/21/2026 at 08:27 | Redaktion boerse-global.de
The breathtaking rally that catapulted Almonty Industries more than 565 percent over the past twelve months has hit a pause. Shares have cooled by roughly 19 percent in the last 30 days, trading around C$24.26. Yet the real test for the tungsten producer arrives on May 21, when the company releases the first hard production figures from its Sangdong mine in South Korea. For investors, the phase of pure expectation is ending.
The operational data could hardly arrive in a more supportive macro environment. Ammonium paratungstate (APT) — the key intermediate product — has surged more than 230 percent since late 2025 after Beijing replaced its quota system with strict export licenses restricted to a handful of state-owned companies. The impact is already radiating down the supply chain. Japanese suppliers have warned semiconductor giants Samsung and SK Hynix that stocks of tungsten hexafluoride, an irreplaceable material in advanced memory chip production, could run dry by June. From 2027, a Pentagon mandate will force U.S. defense contractors to source tungsten exclusively from non-Chinese origins.
Almonty’s first-quarter results already reflect the price tailwind. Revenue climbed 221 percent to C$25.4 million, with adjusted EBITDA reaching C$6.1 million. A net loss of C$5.3 million was primarily driven by non-cash revaluation charges. Operating cashflow swung firmly positive to US$9.7 million, underscoring the improving financial health as Sangdong’s commercial phase ramps up.
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The mine, which began commercial operations in late March, is designed to process 640,000 tonnes of ore annually, yielding about 2,300 tonnes of tungsten concentrate. The deposit’s high ore grade gives it a structural cost advantage. Analysts at DA Davidson expect the mine to reach nameplate capacity within the current quarter.
Management is not leaving the price cycle to chance. CEO Lewis Black outlined at the Bank of America Global Metals conference that the company has secured contractual floor prices with no cap on upside. These act as a hard safety net in weaker market phases and improve project planning. The company also sits on a comfortable cash position of roughly C$260 million.
Shareholders will get their next big say on June 9 at the annual general meeting, where they vote on the second expansion phase for Sangdong. If approved, processing capacity could nearly double by 2027, allowing Almonty to meet an estimated 40 percent of Western tungsten demand. To strengthen the executive bench, Jorge Beristain — formerly with Deutsche Bank’s commodity research team and U.S. metals distributor Ryerson — takes over as chief financial officer on June 1, replacing Brian Fox, who left immediately.
The market’s recent pullback suggests a recalibration is under way. With an annualised volatility of nearly 93 percent, the stock is digesting a run that left it far from its highs. But the underlying fundamentals remain intact as long as Western supply stagnates and defence-driven demand accelerates. The numbers out of Sangdong this week will either validate the rally or force a more sober reassessment.
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Almonty Stock: New Analysis - 21 May
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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