Almonty Trades Higher as Sangdong Concentrate Ships and Ontario Dispute Closes
Published on 10/05/2026 at 12:01 | Editorial boerse-global.de
Almonty Industries has crossed the line from mine developer to active seller of tungsten concentrate, and the market has taken notice. Shares of the Toronto-listed miner changed hands at EUR 12.01 on Monday, up 0.8%, extending a run that began roughly a week ago when the company announced the first packaged drums of tungsten concentrate at its Sangdong operation in South Korea — the site's first such output since 1993.
The advance since that disclosure amounts to 3.2%. On Friday alone, the stock added 1.5% to close at EUR 11.91.
Mill Running Seven Days a Week
According to CEO Lewis Black, the grinding circuit is currently operating 13 hours a day, seven days a week, with management intending to stair-step the schedule up to full 24-hour operation. Roughly 4.6 months of material inventory sits on hand to feed that ramp-up. The processing plant had already secured its regulatory operating certification on 17 September, clearing the way for the transition from construction and commissioning into commercial marketing.
Almonty Korea Tungsten, the subsidiary running the site, is now preparing initial shipments to industrial customers abroad. Phase II expansion work is proceeding in parallel, with completion targeted for 2027. For the surrounding Yeongwol region, the restart carries weight well beyond the company's own balance sheet.
Should investors sell immediately? Or is it worth buying Almonty?
Pure Tungsten Corrects the Record
The operational news has been accompanied by the quiet resolution of a legal matter that had been running since 2025 in the Canadian province of Ontario. On Friday, Almonty disclosed that litigation with Pure Tungsten has ended through a settled agreement, under which Pure Tungsten issued a corrective disclosure. That statement confirms Tiger Kim never at any point held a leadership role at Almonty — whether as a senior officer, officer, or director. His work for the company as an independent contractor had already concluded on 31 December 2015.
Clearing that ambiguity removes a potential source of investor confusion just as the commercial story takes shape.
Buyback, New Auditor, and a Stifel Nod
Management has also been active on the capital side. Almonty repurchased 2,914,739 of its own shares for approximately USD 48 million, a move that signals confidence in the balance sheet and in the cash flows expected to flow from mining operations.
On the reporting front, PricewaterhouseCoopers LLP was appointed independent auditor about a week ago, succeeding Zeifmans LLP, which had resigned its mandate. PwC will serve until the next annual general meeting. Regulatory filings show no disagreements with the outgoing auditor prior to the change.
Analyst coverage has followed. On 25 September, Stifel initiated coverage with a Buy rating and a price target of USD 25.00. Media reports credit that debut rating with providing a noticeable lift to the stock. Almonty's market capitalization currently stands at EUR 3.42 billion.
What market watchers are tracking now is how quickly Sangdong's processing capacity can be brought to full utilization — the pivot on which the company's new identity as a supplier to a tightly supplied tungsten market will ultimately rest.
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