Almonty's Dual Momentum: Korean Plant Certification Lifts Shares as Rwanda Partnership and Spanish Offtake Redraw the Tungsten Map

Almonty shares rose 11% to EUR 12.12 as Sangdong won commercial clearance, a Spanish supply deal was signed and Rwanda took 25% of Almonty Rwanda.

Almonty Industries finds itself at a pivotal juncture, with regulatory clearances in South Korea, a freshly inked Spanish supply deal, and a landmark equity arrangement in Rwanda collectively reshaping its position in the global tungsten market. The market's response has been swift: on Friday, the stock changed hands at EUR 12.12, a gain of 11% on the day.

Sangdong Cleared for Commercial Operation

At the heart of the company's expansion blueprint lies the Sangdong project in South Korea. Final inspection certificates are now in place for the processing facility and crushing units, formally authorizing commercial operation and the sale of tungsten concentrate. Management had laid the commercial groundwork well in advance — according to company statements, more than 90% of Phase I output is already locked up under binding contracts.

The timing of the certification follows roughly a week after commercial tungsten production began at the site. In the interim period between the production start and Friday's session, the shares had slipped 9.2%, underscoring how sensitive the equity has been to operational milestones.

Spanish Tailings Agreement Anchors European Supply

Parallel to its Korean ramp-up, Almonty is advancing the reprocessing of legacy stockpiles at its Los Santos mine in Spain. On September 17, the company concluded a multi-year take-or-pay supply agreement with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik group.

The contract covers the offtake of at least approximately 1,720 tonnes of contained WO? derived from reprocessing tailings at the Spanish site, and includes a conditional advance payment of USD 3.0 million. For Almonty, the arrangement delivers predictable revenue streams from historical residues while shielding its Spanish operations from market-side risk through a firm purchase commitment. The buyer, in turn, secures contractual access to tungsten concentrate.

Rwanda Takes 25% Stake in Local Venture

The company's African footprint is also taking concrete form. Under the terms of a partnership agreement, the Rwandan state will hold a 25% interest in Almonty Rwanda, with the company retaining the remaining 75%. In exchange, Rwanda contributes the Shyorongi exploration concession along with a mineral processing license to the joint venture.

The arrangement fits into a broader strategic objective: building reliable supply chains for Western buyers and gradually reducing dependence on dominant Asian producers of the critical raw material.

Goldman Sachs Initiates With Cautious Stance

Analysts, however, are not uniformly enthusiastic. On Thursday, Goldman Sachs initiated coverage of the stock with a "Neutral" rating and a price target of USD 13.00. According to media reports, the investment bank's stance rests on the view that the current valuation already prices in extraordinary conditions in the tungsten market as well as a particularly aggressive ramp-up of Sangdong production.

The cautious call arrives during a period of pronounced valuation momentum. Following the recent operational steps, investor attention now centers on whether the mining operations can deliver the projected output volumes without delays.

Supply-Side Pressures Keep Alternative Sources in Focus

The broader market backdrop lends support to Almonty's positioning. According to media reports, China has named 15 tungsten exporters for the year 2026, a move that keeps strategic pressure on alternative procurement channels outside Asia. Year-to-date, the stock has posted a gain of 41%, reflecting investor appetite for diversified tungsten supply even as questions linger over execution timelines.

What ultimately determines the next leg of the story is whether processing capacities at the company's Asian and European sites can reach their targeted throughput volumes on schedule — a test that will weigh Goldman's cautious thesis against the optimism embedded in the share price.