Almonty Weighs Korean Listing While Analysts Rework Sangdong Timelines
Published on 11/02/2026 at 16:21 | Editorial boerse-global.de
Almonty is exploring a possible secondary listing in South Korea through Korean Depositary Receipts, according to media reports dated October 26. The disclosure sits alongside a genuine operational milestone — the first tungsten shipment to leave Sangdong in more than three decades — yet the two carry very different degrees of certainty, and investors would do well to keep them apart.
Reports describe talks about a potential listing, not a completed admission or an approved capital measure. Nor do the discussions amount to a funding commitment for the mine's further expansion. The Korean question concerns market access; the Sangdong news concerns operations and the planned build-out. Both threads run in parallel, but they are at different stages of execution.
A thirty-year gap closed
CEO Lewis Black said in his company newsletter on October 25 that the first tungsten container had departed Sangdong, bound for a customer. It was the first delivery from the mine in over 30 years — a completed shipment rather than a planned one.
That distinction matters when set against the analyst community's more cautious read on what comes next. A single container answers a different question from the one posed by the ramp-up: whether the restart works, versus how quickly volumes will scale. Treating the shipment as a rebuttal of analyst concerns conflates one milestone with longer-range modelling assumptions.
Should investors sell immediately? Or is it worth buying Almonty?
Almonty had already laid out operations and next steps at its investor event. Phase I was running at an annual processing capacity of 640,000 tonnes, according to media reports from October 20, while equipment orders and underground planning for Phase II had begun. Capacity figures are not the same as declared sales volumes, and the start of ordering and planning does not equal a finished expansion.
Two targets trimmed, two recommendations held
Stifel analyst Brock Cannon cut his price target to US$21 from US$25 on October 20, keeping his buy rating, media reports indicated. In his model, he pushed back the expected delivery timing for Sangdong's first and second phases following the investor day. That is a recalibration of schedule, not a retreat from a positive investment view.
B. Riley's Nick Giles followed on October 27, lowering his target to US$20 from US$25 while also maintaining a buy recommendation and pointing to the anticipated Sangdong ramp-up.
The pattern is consistent: the shipment start is documented, while the pace of what follows is being marked down. Neither reaction overturns the other.
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Contract extension adds price, not a forecast
Separately, Almonty has described a six-year extension of its GTP offtake agreement, with higher prices applying across the extended term — a concrete contractual gain sitting alongside the expansion work. What the investor event did not supply was a quantitative bridge to future earnings: no quarterly or annual guidance was issued, according to coverage of the event. Better contract prices are not the same as a numbered profit forecast.
Weighing it all up, the Korean depositary receipt plan remains an option on the table. The firmer ground for assessing Almonty lies in the reported shipment, the state of the expansion and the extended offtake terms — none of which substitutes for hard earnings guidance.
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