Almonty's Stock Retreats From a 51% Run as Three Mines Move Toward Full Operation

Almonty stock slips 4.6% to EUR 11.96 despite 51% YTD gains, as DA Davidson keeps USD 33 target and Sangdong starts commercial output.

A pullback is rippling through Almonty Industries shares just as the tungsten specialist shifts from project developer to active producer on three continents. The stock changed hands at EUR 11.96 on the day covered by the primary report, a 4.6% decline, while the secondary source put the price at EUR 11.80 with a 5.9% drop. Both readings land against a backdrop of striking year-to-date strength: gains of 51% and 49% respectively, depending on the measurement point.

That divergence in the daily and annual figures captures the tension now shaping the Almonty story — a stock that has already priced in a great deal of optimism, meeting a steady stream of operational news.

DA Davidson Sticks With a Target More Than Double the Current Price

Institutional conviction remains intact. DA Davidson reaffirmed its buy rating on Almonty on 15 September and set a price target of USD 33.00, according to media reports. From the current level, that implies the analysts expect the company's market value to more than double.

The call rests on tangible progress at Almonty's production sites rather than on speculation. The company kicked off commercial tungsten output roughly a week before the primary report was written, and the shares have slipped 2.8% since that milestone.

Sangdong Clears Its Last Regulatory Hurdle

The trigger for commercial operations was the issuance of final inspection certificates by South Korean authorities for the processing and crushing facilities at the Sangdong mine. With that approval in hand, the first phase of the site formally entered commercial operation, opening the door to sales of tungsten concentrate.

Demand for that output appears well secured. A 21-year offtake agreement with Global Tungsten & Powders LLC covers more than 90% of first-phase production, according to media reports. The contract totals 4,410,000 MTU and provides for a minimum annual volume of 210,000 MTU once the ramp-up phase is complete. The arrangement locks in firm purchase commitments and moves the Asian flagship asset steadily into routine industrial operation.

Spain Adds a Second Revenue Stream From Existing Stockpiles

On the European side, Almonty signed a multi-year take-or-pay supply agreement for tungsten concentrate with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik group. The deal covers reprocessing of existing tailings at the Los Santos mine in Spain.

The agreement encompasses roughly 1,720 tonnes of contained WO? and includes a conditional one-time payment of USD 3.0 million for the offtake rights. By monetizing waste material, management is opening an additional revenue channel from ground already developed — without having to build new mining capacity in Europe.

Rwanda Venture Anchors the African Leg

The geographic footprint extends further with a binding agreement on the African continent. Under the contract, the joint venture Almonty Rwanda Pty Ltd holds the mining rights: the Rwandan government takes a 25% stake in exchange for the Shyorongi exploration concession and a mineral processing license, while Almonty controls the remaining 75%.

Through this cooperation, the company sources ore, pre-concentrate and wash residues from local mine license holders. Almonty also secured access to an exploration area of roughly 32 square kilometers. Together, these moves build a diversified raw material base alongside the Asian facilities and establish contractual access to African mining regions — pairing long-term large-scale contracts with more flexible processing and exploration projects.

For a company whose shares have already climbed sharply this year, the coming months will test whether operational execution across South Korea, Spain and Rwanda can justify the market's re-rating.