Almonty's Sangdong Ramp-Up: $68 Million Stockpile Built as Shares Consolidate Below Peak

Almonty Industries amasses $68M tungsten stockpile, Q1 revenue surges 221%, shares pull back 30% from peak. Board receives equity compensation amid production ramp.

Almonty Industries has amassed roughly $68 million worth of tungsten ore at its Sangdong mine in South Korea, providing a buffer of about two and a half months as the transition from developer to producer gets underway. The stockpile, built from pre-mining development material, gives the company a running start as it shifts to underground ore extraction and aims to convert that inventory into cash sales.

The ramp-up arrives at a time when Almonty's shares, despite a blistering 92.35% year-to-date gain and a 246% advance over twelve months, have pulled back sharply from their April peak of CAD 33.35. At Friday's close of CAD 23.14, the stock trades 30% below that record high and sits 11.33% under its 50-day moving average of CAD 26.10. The one-month slide of 16.73% suggests that the market is taking a "show me" stance on the mine's ability to deliver consistent throughput and grades.

Board Compensation Signals Long-Term Commitment

Amid the production milestone, three board members received equity-based compensation on July 1, 2026. Daniel D'Amato received deferred share units, Gustave F. Perna converted restricted share units into common stock, and Mark Trachuk obtained additional deferred share units. All transactions were non-cash and involved no share sales, pointing to a scheduled, company-wide compensation plan rather than ad hoc awards. The moves, reported under Australian exchange rules, come during a period when insiders are typically barred from trading.

D'Amato now holds 3,134 additional deferred share units and, through Almonty Partners LLC, controls approximately 4.73 million common shares directly plus a further 6.76 million indirectly. Perna holds 89,968 common shares directly after converting 1,442 restricted share units.

Financial Turnaround Gathers Pace

That operational progress is reflected in Almonty's first-quarter results. Revenue surged 221% to $25.4 million, propelled by record tungsten prices and the March 17 startup of Sangdong. Operating cash flow swung to positive $9.7 million from a negative result a year earlier, and the net loss narrowed dramatically to $5.3 million from $34.6 million, helped by the absence of a large non-cash warrant revaluation charge that had weighed on the prior-year period.

At the end of March, the company held $259.9 million in cash and $169.5 million in working capital, bolstered by a $700 million convertible senior note placement that was oversubscribed. The capital raise, described by analysts as outsized relative to the company's market cap at the time, provides a cushion for the Sangdong ramp-up and potential expansion. For the full year 2025, revenue grew 13% to $32.5 million from $28.8 million.

Index Inclusion and Technical Support

Almonty's addition to several Russell indices in mid-2026 is expected to boost liquidity and attract institutional attention, though the stock's elevated 30-day annualized volatility of 90.65% underscores the risk. The 14-day relative strength index stands at 43.4, indicating neither overbought nor oversold conditions.

From a chart perspective, the stock has found support above its 200-day moving average of CAD 18.34, a level that remains 26.14% below the current price and represents a key floor should selling pressure intensify. A recovery above the 50-day average near CAD 26 would suggest renewed buying momentum, but the analyst consensus price target of CAD 25.00 implies limited upside from current levels in the near term.

What Comes Next

With no quarterly earnings or shareholder meetings scheduled in the immediate future, investor attention will center on Sangdong's production ramp. The key metric is the transition from processing stockpiled material to freshly mined underground ore, which will test the mine's head grades and throughput reliability. Almonty CEO Lewis Black has called the production start a historic milestone, but the company must now prove it can sustain output and convert its $68 million inventory into revenue while widening margins.

Global tungsten prices remain elevated, and Western governments continue to push for supply chain alternatives to China, providing a favorable macro backdrop. For Almonty, the next few months will determine whether the stock can regain its highs or whether the pullback deepens toward the 200-day moving average.