Almonty Industries Reaches Key Milestone with Sangdong Mine Commencement

South Korea's Sangdong tungsten mine begins production amid Chinese export controls. Analysts see strategic potential as it targets 40% of non-Chinese global demand.

A significant ceremony on April 1, 2026, marked the official opening of the Sangdong tungsten mine in Yeongwol, South Korea. This event signals the asset's full transition from development into active production, a pivotal moment long anticipated by the company's shareholders.

Analyst Sentiment Strengthens on Supply Chain Developments

The shift in the global supply landscape is being reflected in updated research notes from financial institutions. The consensus rating among five covering firms currently stands at "Moderate Buy," with four issuing explicit buy recommendations. B. Riley Financial increased its price target to $23.00, while DA Davidson reaffirmed a buy rating with a $25.00 target. Oppenheimer assigned an "Outperform" rating with a $19.00 price objective. The average 12-month price target across analysts is $18.38.

Despite a substantial rally since its low of CAD $2.96 in April, the stock, trading around CAD $21.39, remains approximately 30% below its 52-week high recorded in March 2026. Market observers note that the mine's ability to help close this valuation gap will largely depend on the speed at which it ramps up to its planned output, with a crucial Phase 2 expansion still pending.

Strategic Timing Amidst Material Shortages

The commencement of operations appears strategically well-timed. Japanese producers of tungsten hexafluoride, including Kanto Denka and Central Glass, have reportedly warned South Korean semiconductor manufacturers such as Samsung Electronics and DB HiTek about potential raw material shortages. These concerns stem from tightened Chinese export controls on tungsten, which are restricting Japanese suppliers' access to key inputs.

While existing inventories are expected to support production until June, guaranteed supply for the second half of 2026 remains uncertain. The Sangdong mine is poised to enter this potential void. At full projected capacity, the operation is slated to meet an estimated 40% of the global tungsten demand originating from outside China.