Almonty Ends Legal Ambiguity in Ontario While Restarting Korean Tungsten Output

Almonty says a former contractor held no leadership role, reports first tungsten output at Sangdong since 1993, and signs a Spain offtake deal.

Almonty Industries has drawn a firm line under an old chapter of its corporate history, disclosing that a former contractor never held any leadership role at the company. The clarification, published by Pure Tungsten Inc. and prompted by proceedings before the Ontario Superior Court, states that Mr. Kim never served as an officer, corporate representative or board member of Almonty. His work as an independent contractor came to an end on 31 December 2015.

The mining group had sought a binding separation from the former contractor after representations made by Pure Tungsten. With the court-ordered notice now on the record, any lingering questions about the company's leadership structure have been resolved, and Almonty stressed that its contractual ties to Kim were fully terminated at the end of 2015.

Sangdong Produces Tungsten Again

Far from the Canadian courtroom, the operational story in South Korea has moved to centre stage. Almonty recorded the first tungsten output at its Sangdong mine since 1993 — a milestone the company reported on 23 September, with the processing and crushing circuits having previously secured regulatory clearance for commercial operation.

More than 90% of Phase I volumes are already committed to Global Tungsten & Powders under a 21-year offtake arrangement, giving the restart a secured buyer for the bulk of its initial production. Phase I is now in production, while development of Phase II runs in parallel and is expected to be completed in 2027, at which point Almonty intends to expand its processing capacity in the country further.

A Second Revenue Pillar in Spain

The Korean flagship is not the only leg of the strategy. On 17 September, Almonty signed a multi-year supply contract with Wolfram Bergbau und Hütten, a subsidiary of the Sandvik group, covering the reprocessing of tailings stockpiles at the Los Santos mine in Spain. The agreement covers at least roughly 1,720 tonnes of WO? and includes a contingent one-off payment of USD 3.0 million for the offtake rights.

That rapid sequence of operational agreements underscores the company's ambition to take a meaningful position in the global tungsten market. For investors, attention is shifting toward actual output levels, with the steady stabilisation of the plants seen as the key test of whether the corporate targets hold up.

Stifel and Goldman Take Opposite Views

Market observers remain divided. According to media reports, Stifel initiated coverage on 24 September with a buy rating and a price target of $25, implying substantial upside. Goldman Sachs struck a more cautious tone the same day, reportedly starting with a neutral rating and a $13.00 target, citing risks of tungsten price normalisation and a slower-than-hoped ramp-up at Sangdong.

Shares closed Friday at EUR 11.91, a gain of 1.5% on the day, bringing the year-to-date advance to 50%. With a market capitalisation of EUR 3.36 billion, investors are already pricing in considerable operational success. How smoothly Almonty scales production and meets its contractual delivery obligations over the coming months will determine whether that confidence is justified.