Almonty's CHESS Wind-Down Takes Shape as Sangdong Output and Auditor Switch Redraw the Equity Story

Almonty shares fell 3.8% to EUR 11.59 with no company news, as the Sangdong mine began producing tungsten concentrate and a CDI forced-sale facility was set.

Almonty's Toronto-quoted shares slipped 3.8% on Tuesday, closing at EUR 11.59, with no company-specific announcement or operational development behind the move. The pullback slots into a broader consolidation phase as the tungsten producer works through a set of strategic and structural adjustments — the most unusual of which concerns the trading mechanics of its Australian-listed securities.

Forced-Sale Facility for Residual CHESS Depositary Interests

Holders of leftover CHESS Depositary Interests are facing a compulsory disposal process. Almonty has laid out plans for a forced-sale facility covering the remaining CDIs, scheduled to open on 9 November and run through 9 December 2026, allowing the affected certificates to be wound down in an orderly fashion rather than left in limbo.

The stock's softer tone fits a pattern that has played out repeatedly this year. Even after the latest decline, the equity remains up 47% year-to-date, and the day's weakness at EUR 11.65 during the session looks largely technical in nature. No negative analyst reports or warnings from management accompanied the drop, and profit-taking after such a strong run is a familiar rhythm in the mining space.

Sangdong Ships First Concentrate

Far more consequential is what is happening on the ground in South Korea. Almonty confirmed roughly a week ago that its flagship Sangdong mine has begun producing tungsten concentrate ready for export, with the first sacks filled on site. At the time of the announcement, the mill was running seven days a week in 13-hour shifts. Phase II expansion work is already under way alongside the restart.

The milestone carries historical weight: Sangdong marks the first tungsten output at the site since 1993. Management, led by CEO Lewis Black in a shareholder letter, framed the development as a shift from development-stage status to active production, while the company deepens its supply strategy across South Korea, Europe and Rwanda. That transition is widely viewed as the central value driver for the equity.

Buyback and Auditor Change Tighten the Corporate Frame

Alongside the operational ramp-up, Almonty has been putting its balance sheet and governance in order. The company disclosed roughly a week ago that it had repurchased 2,914,739 of its own shares for subsequent cancellation, deploying about USD 48 million for the buyback.

On the reporting side, PricewaterhouseCoopers LLP took over as auditor effective 29 September, succeeding Zeifmans LLP. According to the company, the handover involved no disagreements over accounting or audit methods, and no modified audit opinions were issued for either of the two preceding fiscal years. The appointment of a globally recognized firm underscores the intent to align internal structures with a growing corporate profile.

Legal Loose End Closed with Pure Tungsten

A settlement with Pure Tungsten has also brought clarity on a lingering personnel question. Almonty secured a corrective statement confirming that Tiger Kim never served as an officer, board member or director of the company. His role as an independent contractor had already ended on 31 December 2015.

With a market capitalization equivalent to roughly EUR 2.75 billion, Almonty continues to press ahead on its strategic path. For investors, the autumn wind-down of the depositary certificates and the next steps in the Sangdong tungsten ramp-up now sit at the center of the story — and neither the day's modest decline nor the administrative housekeeping around it appears to have altered the underlying operational trajectory.