Almonty's Sangdong Revival Gains Wall Street Backing as Buyback and Ontario Settlement Reshape the Equity Story

Cantor Fitzgerald keeps Buy on Almonty with USD 25.50 target as Sangdong ships first tungsten concentrate since 1993 and Phase II targets 2027.

Cantor Fitzgerald analyst Matthew O'Keefe reaffirmed a "Buy" rating on Almonty on Thursday, attaching a 12-month price target of USD 25.50 to the stock. The endorsement landed as the tungsten producer's shares changed hands at EUR 11.97 in German trading, with the equity carrying a market valuation of roughly EUR 3.42 billion.

The reaffirmation caps a stretch in which Almonty has moved decisively from mine development into commercial production, settled a lingering legal dispute and repositioned its balance sheet.

Sangdong Returns to Production After Three Decades

Roughly a week ago, Almonty reported its first tungsten concentrate output at the Sangdong mine in South Korea — the first such yield from the site since 1993. The milestone followed the final operational certification of the processing and crushing circuits, which cleared Phase I for commercial operation. The initial concentrate bags are packed and ready for export and shipment to industrial customers abroad.

According to CEO Lewis Black, the grinding circuit is currently running 13 hours a day, seven days a week, with a gradual ramp toward full 24-hour operation planned. The company's Korean unit, Almonty Korea Tungsten, is preparing its first foreign deliveries, positioning the group as a fresh supplier in a market where supply chains remain tight. The restart also carries weight for the local economy in Yeongwol.

Phase II Aims for 1.2 Million Tonnes by 2027

Even as Phase I ramps up, development of the second stage is already under way. Almonty targets completion in 2027, at which point processing capacity is slated to reach up to 1.2 million tonnes of ore annually, with potential output of more than 460,000 MTU per year. The orderly transition into commercial Phase I is viewed internally as the precondition for delivering on those expansion targets.

Ontario Dispute Closed, Auditor Swapped

Away from the mine site, Almonty disclosed on Friday that a legal dispute with Pure Tungsten, which began in 2025 in the Canadian province of Ontario, has been resolved. In a corrective statement issued as part of the settlement, Pure Tungsten clarified that Tiger Kim never held a position as an executive officer, managing functionary or director at Almonty.

The company also reshuffled its accounting oversight. On Wednesday it appointed PricewaterhouseCoopers LLP as its new auditor, after Zeifmans LLP resigned the mandate effective 29 September. PwC will handle the audit until the next annual general meeting.

Buyback and Stifel Initiation Add Momentum

Management reinforced its confidence in the balance sheet and future cash flows from mining operations by repurchasing 2,914,739 of its own shares for approximately USD 48 million. On the analyst front, Stifel initiated coverage on 25 September with a Buy rating and a USD 25.00 price target — a debut that media reports credited with providing noticeable momentum for the stock. On Friday, the shares rose 1.5% to EUR 11.91.