Almonty’s $68 Million Stockpile Becomes the New Benchmark as Sangdong Processing Kicks Off
Published on 07/03/2026 at 18:21 | Redaktion boerse-global.de
Almonty Industries began processing ore at its flagship Sangdong tungsten mine in South Korea this week, a milestone that shifts attention from construction targets to the speed at which a $68 million materials pile can be turned into revenue. The company estimates that the tungsten content in its current stockpile represents roughly 2.6 months of Phase I processing capacity at spot prices, giving investors a concrete yardstick to measure the ramp-up’s real-world progress.
The start of commercial processing comes after a turbulent stretch for the Canadian tungsten producer’s shares. The stock closed at C$23.26 on Friday, a 4.54% gain from the prior day’s C$22.25, but still 30.25% below its 52-week high of C$33.35 reached on April 17. Over the past month the stock has shed nearly 20% of its value, and the 50-day moving average of C$26.10 sits more than 10% above the current price — a sign that the recent bounce has only partly reversed the earlier sell-off.
The longer-term picture remains striking: Almonty shares have advanced 247.68% over the past twelve months and 93.35% year-to-date, recovering from a 52-week low of C$4.70 in July 2025. The 200-day moving average of C$18.35 still sits 26.79% below the current level, underscoring the strength of the underlying up-trend despite the recent volatility.
Should investors sell immediately? Or is it worth buying Almonty?
Against that backdrop, a small governance filing at the Australian Securities Exchange has drawn attention. On July 2, Almonty issued and allotted 145,000 new common shares, filing a Cleansing Notice under Section 708A of Australian securities law that permits secondary-market trading without a full prospectus. The company certified that it had met all reporting obligations and that no material information had been withheld. While the amount of equity raised is trivial relative to the company’s market capitalization, the disclosure lands at a sensitive moment: just as Sangdong moves from development into revenue generation, any sign of potential dilution is closely watched.
The market’s sensitivity is understandable. Almonty’s annualized 30-day volatility stands at 90.88%, and its 14-day relative strength index at 43.9 — neither overbought nor oversold, but indicative of persistent selling pressure. The stock is currently trading below both its 50-day and 100-day moving averages (the latter at C$25.19), while the 200-day line provides the only major technical floor.
Analysts remain constructive, with the most recent rating a “Buy” and a price target of C$25.00. Yet independent fair-value estimates span a wildly wide range from C$0.67 to C$61.02, reflecting deep uncertainty over the Sangdong ramp-up’s cost control, throughput speed, and potential need for further capital. Management itself describes the current phase as early-stage, with lower feed grades than will eventually prevail.
Almonty has recently relocated its corporate headquarters, strengthened its management team, and secured inclusion in major U.S. equity indexes. The company also operates the Panasqueira mine in Portugal and the Gentung Browns Lake project in the U.S., positioning itself as a Western-supply alternative for a metal critical to defence and high-tech industries. But for now, the key variable remains Sangdong: how fast the stockpile becomes saleable concentrate — and by extension, how quickly Almonty’s story shifts from promise to cash flow.
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