Almonty Industries stock gains 1.67 percent as Sangdong expands into Phase II units? No, wait

Published on 10/04/2026 at 13:51 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Almonty Industries stock gained 1.67 percent to USD 13.40 on October 2, 2026. Sangdong has started production and Phase II is underway.

Isometrisches Low-Poly-Diorama einer Mine mit Tagebau, Förderband und Aufbereitungsanlage — Almonty Industries Inc veranschaulicht den Minenbetrieb CA0203987072 als isometrisches Low-Poly-Diorama mit Förderanlage, Illustration mit AI erstellt.

Almonty Industries stock (ISIN CA0203987072) gained 1.67 percent to USD 13.40 on Nasdaq on October 2, 2026, after the company said Sangdong had started producing tungsten concentrate and Phase II was officially underway. The operational update dated September 29, 2026, gives the stock a concrete production milestone as investors assess the next stage of the South Korean mine.

Sangdong moves into production

According to Almonty Industries on September 29, 2026, the company produced its first bags of tungsten concentrate at Sangdong, the first production from the mine since 1993. The mill was running 13 hours a day, seven days a week, with a planned increase to 24 hours a day, seven days a week.

The same company update says Phase II development has started underground and that equipment orders are being placed with Metso. Almonty expects the expansion to be completed in 2027, with capacity of up to 1.2 million tonnes per year and potential output above 460,000 MTU annually.

Analyst target stays well above price

According to MarketBeat on September 26, 2026, eight analysts gave Almonty a Moderate Buy consensus, with an average 12-month price target of USD 24.21. That target lies 80.7 percent above the October 2 reference price of USD 13.40.

MarketBeat also reported on September 25, 2026, that Stifel initiated coverage with a Buy rating and a USD 25.00 price target. The contrast between a production milestone and the wide gap to analyst targets leaves execution and the speed of the Sangdong ramp as the central market questions.

Almonty stock remains below yearly high

Almonty stock traded at USD 13.40 on Nasdaq at 4:00:01 p.m. ET on October 2, 2026, with a session range of USD 13.19 to USD 13.76 and volume of 5,716,361 shares. The USD 3.8 billion market capitalization places the stock 45.1 percent below its 52-week high of USD 24.41, while it remains above the USD 5.43 low.