Almonty's Sangdong Mill Nears Round-the-Clock Output as Analysts Set Divergent Price Targets

Almonty Industries has cleared the final regulatory hurdle at its flagship South Korean tungsten operation, securing operating certification for the crushing and processing circuits at Sangdong and moving the site into commercial production. The company confirmed in a shareholder letter that the first bags of tungsten concentrate are packaged and ready for export, including an initial one-tonne bulk bag of saleable material.

The certification, granted in mid-September, followed inspections that verified the plant's operational readiness. With the paperwork in hand, Almonty is now formally cleared to produce tungsten concentrate for domestic buyers and international customers alike. It marks the first tungsten output at the historic site since 1993.

Mill Ramp-Up Targets Continuous Operation

The processing facility currently runs seven days a week, logging 13 hours of daily operation. Management's stated objective is to shift to a three-shift, round-the-clock schedule, a step executives view as the primary lever for stabilizing throughput and bringing production up to plan. The gradual extension of operating hours is central to the company's strategy for smoothing technical processes at the plant.

Longer-term expansion is advancing in parallel. Development work on Phase II has already begun, with equipment orders placed with manufacturer Metso. Completion is targeted for 2027, at which point processing capacity is expected to reach up to 1.2 million tonnes of ore annually.

A significant share of future output is already committed under a long-term arrangement with Global Tungsten & Powders, a subsidiary of Plansee.

Two Research Houses, Two Price Targets

The operational momentum has drawn attention from analysts, though their valuations do not move in lockstep. Stifel's Brock Cannon initiated coverage on September 25 with a Buy rating and a price target of USD 25, describing the Sangdong restart as a clear operational turning point and a key driver of future business development. In Stifel's view, resuming output opens doors to international industrial markets and durably strengthens Almonty's position in the raw materials sector.

Sphene Capital struck a similar tone but arrived at a different number, reaffirming its Buy recommendation on September 28 with a price target of USD 26.40. The analysts highlighted the supply agreement with Wolfram Bergbau und Hütten AG, a Sandvik Group subsidiary, as a supporting factor. That long-term contract for processing tailings material could, according to Sphene, also pave the way for restarting the Los Santos mine.

Buyback and Share Performance

Alongside the operational build-out, management has been repurchasing stock, acquiring a total of 2,914,739 shares for approximately USD 48 million.

The equity closed Friday's session at EUR 11.91, a daily gain of 1.5 percent, bringing its year-to-date advance to 50 percent.