Almonty's Sangdong Mine Goes Live; Lewis Black and Directors Sell $227.6 Million in Stock
Published on 07/13/2026 at 10:24 | Redaktion boerse-global.de
The timing could hardly be more telling. On 1 July, Almonty Industries fired up the processing plant at its Sangdong tungsten mine in South Korea’s Gangwon province, transitioning from developer to producer. Less than 48 hours later, director Mark Trachuk sold 200,000 shares at US$24.07, pocketing roughly US$4.8 million. That sale was just the latest in a 90-day insiders' exit that has seen net disposals worth US$227.6 million — US$75.1 million of it from executives alone.
The mill began grinding a stockpile of 139,700 tonnes of ore, which will be converted into saleable tungsten concentrate. Sangdong is not a greenfield discovery; the mine operated historically, and Almonty has spent years modernising it for a second life. The same playbook — reopening old, once-productive mines — is being applied to assets in Europe and Asia, with the company aiming to control the entire cycle from extraction to concentrate.
Market reaction and analyst upgrade
Investors initially responded well. On 10 July, the stock surged nearly 11% to US$14.70 on US exchanges, while in Toronto it closed at C$23.38, a gain of 12.4% on the day. The move came a day after DA Davidson lifted its price target from US$25 to US$33, keeping a Buy rating. The bank cited an improving outlook for the tungsten market and the operational start at Sangdong as catalysts. The analyst’s optimism was reinforced by a virtual investor meeting with founder and CEO Lewis Black, which touched on future collaboration with the US government and a solid balance sheet.
Should investors sell immediately? Or is it worth buying Almonty?
Insider selling casts a shadow
Yet the insider selling has been relentless. Over the past three months, large blocks sold by Lewis Black and director Daniel D'Amato contributed to the US$227.6 million figure. On 1 July, the same day the mill started, several directors received new equity-based compensation: Daniel D'Amato was granted Deferred Share Units, Gustave Perna had Restricted Share Units converted into common stock, and Trachuk received additional Deferred Share Units. The compensation awards coincided with the massive sales, raising eyebrows among retail holders.
The broader analyst community takes a more tempered view. Among six covering analysts, one rates the stock a Strong Buy, four say Buy, and one recommends Sell — a consensus of "Moderate Buy" with a price target of US$21.88, well below DA Davidson's US$33. The stock currently trades roughly 14% above that average target after the recent rally, but remains 30% below its 52-week high of C$33.35 reached in April.
Price action and volatility
The entire year has been a rollercoaster. The stock is up nearly 95% year-to-date and about 259% over twelve months, but the 30-day performance shows a decline of 5.54%. The 30-day annualised volatility stands at almost 97%, a clear sign of the nervousness gripping the market. The relative strength index sits at 48 — neither overbought nor oversold — suggesting the shares are consolidating after the explosive gains.
Almonty at a turning point? This analysis reveals what investors need to know now.
That consolidation is visible against its 50-day moving average of C$25.40, with the current price around 8% below that level. During the July 10 rally, the trading range stretched from C$20.87 to C$23.52, indicating strong intraday swings.
Strategic positioning and the real test
Behind the trading noise lies a deeper narrative. Tungsten is classified as a critical mineral in defence, energy technology and artificial intelligence, and China dominates its supply. Almonty is positioning Sangdong as a western alternative, a selling point that resonates as governments seek to de-risk strategic supply chains. The argument gains weight each month, but it is not yet backed by revenue. The company has moved from development to production, but the true validation will come when the mill consistently delivers saleable concentrate in commercial volumes. Only then will the bullish case — and the insider selling — be judged by hard numbers rather than promises.
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