Deutsche Rohstoff: Where Oil Riches and Strategic Metals Converge
Published on 07/20/2026 at 17:14 | Redaktion boerse-global.de
A curious dual narrative is playing out at Deutsche Rohstoff. On one side, its US shale operations are generating record cash flows as geopolitical turmoil drives Brent crude above $91.42 a barrel. On the other, the company’s stake in Almonty Industries has just achieved a milestone that transforms a long-held exploration thesis into hard industrial reality: the Sangdong tungsten mine in South Korea has officially started production. For a mid-cap natural resources group, that combination is rare — and the market is still trying to price it in.
Record Output and a Dramatically Raised Target
The operational engine is the Wyoming oil cluster. The first drilling pad of the 2026 programme, the Dillon/Billings pad, reached a production rate of 6,000 barrels of oil per day from four wells just three weeks after start-up. That early performance helps explain why management lifted the full-year EBITDA guidance so aggressively: from an initial range of €115–135 million to a new forecast of €290–310 million. The first-quarter 2026 results already underscored the momentum, producing earnings per share of €21.59 — a record for the company.
Underpinning that growth is a surge in reserves. At year-end 2025, proved and probable (2P) reserves stood at 79 million barrels of oil equivalent, up 46% from the prior year. Shareholders are also benefiting directly: the dividend for fiscal 2025 was raised to €2.25 per share from €2.00, and a new share buyback programme of up to €7.5 million was launched, running until April 2027.
Tungsten Breakthrough in South Korea
Away from the oil fields, the Almonty holding has reached a critical inflection point. The Sangdong mine, one of the largest tungsten deposits outside China, has commenced production. Tungsten is classified as a critical raw material, and the project has secured a 21-year off-take agreement that provides long-term revenue visibility. At current tungsten prices, analysts estimate the mine could generate annual sales of roughly $490 million.
Should investors sell immediately? Or is it worth buying Deutsche Rohstoff?
This is a tangible shift from speculative exploration to a producing asset. Yet the market remains uneasy. Volatile tungsten prices have stirred debate about how much the Almonty stake is truly worth relative to Deutsche Rohstoff’s core US business. That uncertainty has weighed on the stock, together with profit-taking after a powerful first-half run.
A Stock Pulling in Two Directions
After hitting a 52-week high in June, the shares retreated about 35% to a Friday close of €76.10. A subsequent session brought a 1.71% bounce to €77.40, leaving the stock with a year-to-date gain of roughly 55–58%. Technical indicators reflect the recent selling pressure: the relative strength index has dropped to 37.5, and the price now trades below its moving averages.
Still, the fundamental picture remains robust. The oil price tailwind from the Persian Gulf crisis is real and immediate, while the Sangdong production start is a concrete catalyst that changes the narrative from promise to delivery. Whether investors shift focus back from macro jitters to commodity scarcity will determine if the current consolidation around €77 can form a base for a renewed advance.
Deutsche Rohstoff at a turning point? This analysis reveals what investors need to know now.
What to Watch Next
All eyes are now on the half-year report scheduled for 18 August 2026. The market will be looking for confirmation that the Wyoming production ramp continued through the second quarter and for clarity on how tungsten price volatility has affected the Almonty stake’s valuation. Until then, Deutsche Rohstoff remains a study in contrasts: a company whose operational achievements and strategic positioning would normally command a higher rating, yet whose share price is being tugged between short-term sentiment and long-term structural demand for energy and critical minerals.
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