Almonty's Tungsten Stockpile Grows as Sangdong Ramp-Up Collides With a Historic Price Shock
Published on 08/08/2026 at 12:31 | Redaktion boerse-global.de
The tungsten market has rarely delivered a story quite like this. Almonty Industries, the only pure-play producer among a cluster of critical minerals developers, is sitting on a growing mountain of ore in South Korea while the metal's benchmark price has nearly nine-folded since the start of 2025. That combination — operational momentum meeting a geopolitical supply shock — is reshaping how investors value the company.
A Stockpile Built for the Processing Start
Fresh production data from the Sangdong mine shows the scale of preparation underway. During the second quarter, Almonty extracted an additional 19,700 tonnes of development ore grading 0.35 percent, lifting the total stockpile to roughly 139,700 tonnes at an average grade of about 0.25 percent tungsten trioxide. That material is now waiting for the processing plant to come online.
Management estimates the tungsten contained in the stockpile covers approximately 2.6 months of Phase I processing capacity, carrying a gross value of around $68 million. The figures follow last month's milestone when Almonty began processing at Sangdong, marking the transition from mine development to producing saleable tungsten concentrate.
The market responded enthusiastically. Shares jumped 13.6 percent on the day, closing at $12.56. A subsequent session saw the stock trade between $13.33 and $14.04 before settling at $13.44 — a modest cooling that still leaves the equity well above its early-summer levels.
Should investors sell immediately? Or is it worth buying Almonty?
The Wolfram Price Shock
Behind the rally sits a commodity phenomenon. The reference price for ammonium paratungstate has surged nearly nine-fold since the beginning of 2025, a move driven largely by China's tightening grip on supply. For Almonty, which is already generating revenue from its Panasqueira operation in Portugal, the price environment has translated directly into financial results. First-quarter revenue jumped 221 percent to $25.4 million, supported by strong prices and steady production at that site.
The company has also locked in commercial security. Its supply agreement with Global Tungsten & Powders has been extended from 15 to 21 years, with contracted volumes rising 40 percent. Total contracted revenue now stands at approximately $490 million at current prices.
Bank of America recently raised its price target to $23 and reiterated a buy recommendation ahead of the quarterly results — a vote of confidence despite the stock's volatility since production began. That turbulence saw shares dip to around C$15.51 in late July before recovering.
A Listing Overhaul Reaches Its Final Phase
While operations accelerate, Almonty is completing a structural shift in how its shares trade. The Australian Securities Exchange has approved a voluntary delisting, with CDI trading ending on August 28, 2026, and the delisting taking effect September 1, 2026. The company cited low and declining trading volumes on the ASX relative to the Nasdaq.
CDI holders received a letter on July 29 initiating a one-month notice period. They can either sell their interests on the market or convert them into Nasdaq shares on a 1:1 basis. Those wishing to retain their stake can convert at any time until the sale facility closes on November 6, 2026.
The move follows the already-completed delisting from the Toronto Stock Exchange, which took effect July 31, 2026. Once both are finalized, trading liquidity will be concentrated on the Nasdaq and in Frankfurt.
Analyst Sentiment Holds Firm
The production momentum has done little to dent analyst enthusiasm. Nine analysts rate the stock "Strong Buy" on average, with a mean 12-month price target of $23.71. Zacks Investment Research assigns a Rank #2 (Buy) within the Mining - Miscellaneous industry.
Almonty at a turning point? This analysis reveals what investors need to know now.
The upcoming quarterly report, expected in mid-August, is seen as the next potential catalyst. Analysts project earnings of $0.10 per share — a 300 percent increase year-over-year — on revenue of $52.66 million, representing growth of 912.6 percent.
Growth Pains on the Balance Sheet
The rally masks a company still deep in a capital-intensive expansion. The balance sheet structure appears sound: the current ratio stands at roughly 2.5, with debt-to-equity below 0.5. Cash flow, however, remains irregular as Almonty invests heavily in plant and equipment — typical for a mine in ramp-up.
Full-year 2025 results illustrate the tension. Revenue reached $32.51 million, up 12.75 percent from $28.84 million the prior year. But the loss widened to $161.91 million, an increase of 893.5 percent. The figure serves as a reminder that the current milestones — the stockpile, the offtake agreements, the price surge — all precede the path to sustainable profitability.
The coming weeks will test how quickly Sangdong's processing capacity can be scaled. The mid-August earnings report offers the first indication of whether the growth assumptions priced into the stock are justified. With the ASX and TSX delistings winding down, trading liquidity is set to shift decisively toward the Nasdaq and Frankfurt in the weeks ahead.
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