Almonty's Sangdong Mine Enters Commercial Service, but Analyst Price Targets Diverge Sharply

Almonty shares rose 3.6% to EUR 12.12 as final inspection certificates cleared concentrate sales from Sangdong, its first tungsten output since 1993.

Almonty has crossed the line from development into commercial operation at its Sangdong tungsten mine in South Korea, and the market is still working out what that milestone is worth. Shares changed hands at EUR 12.12 on Tuesday, up 3.6% on the day, as investors digested the arrival of the final inspection certificates for the site's processing and crushing circuits.

Those permits clear the way for the company to sell concentrate from the operation, and the first shipment has already gone out. It marked the first tungsten output from Sangdong since 1993, a gap of more than three decades. Regular customer deliveries are expected to follow once throughput stabilizes.

Long-Term Contracts Underpin the Ramp-Up

Roughly 90% of first-phase production is locked into a 21-year offtake arrangement with Global Tungsten & Powders, giving management a predictable revenue base as it works to demonstrate that the mine can hit its planned output rates in day-to-day operation. That proof point matters: after years of permitting and construction, the coming quarters will show whether Sangdong performs to spec.

Almonty has been building out its footprint beyond Korea as well. About two weeks ago it signed a multi-year offtake agreement with Wolfram Bergbau und Hütten AG, a subsidiary of Sandvik, covering at least 1,720 tonnes of WO? recovered from reprocessing tailings at the Los Santos mine in Spain. The deal operates on a take-or-pay basis and includes a contingent one-time payment of USD 3.0 million for the offtake rights.

A Wide Spread in Analyst Targets

The sell-side is far from unanimous. Sphene Capital reaffirmed its buy rating on Monday and set a fresh price target of USD 26.40, replacing an earlier target of CAD 38.90. The stock closed that session at EUR 11.70, down 2.8%.

Goldman Sachs took the opposite tack on September 24, initiating coverage with a neutral rating and a USD 13.00 target. The US bank pointed to a possible normalization in global tungsten prices and flagged the risk that Sangdong's ramp-up could run slower than planned. Stifel, by contrast, issued a buy recommendation the same day with a USD 25.00 target.

The gap between those numbers captures the debate now shaping Almonty's valuation. Bulls point to growth potential across South Korea and Portugal; skeptics counsel patience while new capacity is brought online. How the first production months actually unfold will likely settle the argument.

For the year to date, the shares remain firmly in positive territory. Almonty has gained 53% since the start of 2025, though the pace of that advance will depend heavily on whether the company meets its delivery commitments on schedule.