Almonty's Sangdong Ramp-Up Draws a Split Verdict From Wall Street

Almonty's Sangdong mine bags first tungsten concentrate as Phase II targets 2027; Stifel and Goldman split on the stock with USD 25 and USD 13 targets.

First tungsten concentrate is now bagged and awaiting export from Almonty Industries' Sangdong mine in South Korea, yet the real test for the Toronto-listed miner lies further out. Phase II development at the site is already under way, with completion targeted for 2027 — a timeline that will determine whether the operation can scale into one of the most significant tungsten sources outside China.

The company has not confined its activity to the pit. On the administrative front, PricewaterhouseCoopers LLP took over as auditor effective 29 September, succeeding Zeifmans LLP. Almonty said the handover stemmed from no disagreement over accounting methods, disclosure obligations or the scope of audit work.

A separate legal loose end was also tied off. As part of a settlement, Pure Tungsten Inc. published a corrective notice confirming that Tiger Kim never held a management or board position at Almonty and that his work as a freelance contractor ended on 31 December 2015. With that clarification, legacy questions from earlier contractual ties are formally closed.

Two Banks, Two Very Different Targets

Analysts began coverage of the stock on 24 September, and their price targets lay bare the disagreement over how much of the Sangdong story is already priced in. Stifel issued a buy rating with a USD 25.00 target. Goldman Sachs, on the same day, opted for a neutral stance and a USD 13.00 target.

Goldman's caution rests on valuation rather than operations. The bank argues that current market levels already discount extraordinary tungsten prices alongside an aggressive production ramp. It expects commodity prices to normalize over the medium term and sees the expansion of output at Sangdong proceeding more gradually than the market consensus assumes.

Offtake in Place as Output Builds

Feeding the ramp-up is an existing partnership on the processing side. On 17 September, Almonty signed a long-term supply agreement with Wolfram Bergbau und Hütten AG, a Sandvik subsidiary, covering the reprocessing of historic tailings. According to media reports, deliveries to customers are to begin once the first tonne of concentrate has been produced and the processes run reliably.

The equity closed Friday at EUR 11.91. That leaves the shares 22% lower over the past 30 days, though they remain up 50% since the start of the year and still sit some distance below the 52-week high of EUR 20.61.

What happens next hinges on execution. A smooth transition into regular export operations — and whether the Phase II schedule holds through 2027 — will shape the stock's path from here.