Almonty's Sangdong Mine Wins Commercial Clearance as Buyback and Auditor Change Reshape the Story

Almonty Industries wins final certification for Sangdong's crushing and processing circuits, staging first tungsten concentrate shipments for export.

Almonty Industries has crossed the threshold from mine developer to commercial producer in South Korea. With the final operating certification now in hand for the crushing and processing circuits at its Sangdong tungsten mine, the Toronto-listed company is preparing its first concentrate shipments — a transition that has kept the stock firmly in investors' sights.

Shares closed Friday at EUR 11.91, a gain of 1.5% on the day and a 50% advance since the start of the year. The paper remains well below its 52-week high of EUR 20.61, leaving room that bulls and skeptics alike are weighing against the pace of the remaining ramp-up.

From First Output Since 1993 to Export-Ready Bags

The regulatory sign-off gives Almonty formal authorization to process and sell material commercially, and the company has already moved past the symbolic stage. Bags of tungsten concentrate are staged for export, including an initial one-tonne bulk bag of saleable product. The plant recently ran seven days a week at 13 hours per day, with management targeting a shift to round-the-clock operation.

CEO Lewis Black detailed the progress in a shareholder letter, noting that Sangdong had recorded its first tungsten production since 1993. Phase II expansion is running in parallel, with equipment orders placed with manufacturer Metso. Once that phase wraps up in 2027, processing capacity is expected to reach as much as 1.2 million tonnes of ore annually.

A Long-Term Offtake and a Los Santos Option

Sphene Capital reaffirmed its buy rating on September 28 with a price target of USD 26.40, pointing to the supply agreement with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik group. That long-term contract for processing tailings material could also support a restart of the Los Santos mine, according to the analysts.

The endorsement lands alongside a more divided view from larger institutions. Stifel initiated coverage with a Buy rating and a USD 25.00 target, citing the deposit's substantial potential. Goldman Sachs took a neutral stance with a far more conservative USD 13.00 target. The gap between the two camps underscores how differently market participants weigh the remaining development risk against future earnings power.

Buyback, Auditor Swap and a Name Cleared

Almonty has also been active on the capital markets, repurchasing 2,914,739 of its own shares for roughly USD 48 million. On the administrative side, PricewaterhouseCoopers LLP has been appointed as auditor after Zeifmans LLP resigned the mandate. The company said the change was not prompted by any disagreement over accounting, audit scope or accounting principles.

A separate legal matter has been put to rest. As part of a settlement, Pure Tungsten published a corrective notice regarding earlier personnel disclosures, clarifying that Tiger Kim never held any governing body or management position at Almonty and that his work as an independent contractor ended in 2015.

With the administrative housekeeping complete and the 2027 expansion timeline in place, attention now turns to whether Sangdong can deliver on its production targets on schedule.