Almonty Taps PwC as Auditor While Sangdong Concentrate Heads for Export

Almonty appointed PwC as auditor after Zeifmans resigned, reported first Sangdong tungsten concentrate ready to ship, and disclosed a $48 million buyback.

Almonty Industries has reshuffled its external accounting oversight, naming PricewaterhouseCoopers LLP as its independent auditor effective September 29. The appointment follows the resignation of predecessor Zeifmans LLP, and the tungsten producer was quick to stress that the handover stemmed from no disagreement over accounting methods, disclosure obligations or the scope of the audit.

That assurance matters to market participants, who often read auditor changes as a possible warning sign of friction between management and its accountants. Almonty pushed back on such speculation directly in a mandatory filing, underlining that the transition was completed by mutual consent and without substantive conflict over reporting matters or the review framework.

First Concentrate Bags Ready to Ship

The auditor switch lands amid a run of operational milestones at the company's mining assets. On September 29, Almonty reported that the first sacks of tungsten concentrate had been produced at its Sangdong mine in South Korea and were ready for export. That followed the September 21 granting of final operating certification for the processing and crushing facilities, clearing Phase I for commercial operation.

Attention now turns to expanding the deposit further. Underground development work for Phase II is already under way, with completion of that construction stage targeted for 2027.

Sangdong's revival carries historical weight: the company announced on September 23 the first tungsten ore mined there since 1993. Offtake for the initial stage is largely locked up, with more than 90% of Phase I volumes committed to Global Tungsten & Powders under a 21-year agreement.

Revenue Base Widens Beyond Korea

Almonty is also broadening its earnings base through additional contracts. On September 17 it signed a multi-year supply deal with Wolfram Bergbau und Hütten, a subsidiary of the Sandvik group, covering the reprocessing of tailings stockpiles at the Los Santos mine in Spain. The arrangement spans at least roughly 1,720 tonnes of WO? and includes a contingent one-time payment of USD 3.0 million for the offtake rights.

The speed with which operational agreements have followed one another underscores the company's ambition to claim a meaningful role in the global tungsten market. For investors, that shifts the focus increasingly onto actual production performance, with the steady stabilization of the processing plants seen as a key test of whether the corporate targets hold up.

Wall Street Splits on the Upside

Even with those advances, market observers remain divided. According to media reports, Stifel initiated coverage on September 24 with a buy rating and a $25 price target, signaling expectations of a substantial re-rating. Goldman Sachs took a more restrained stance the same day, reportedly starting with a neutral rating and a $13.00 target. The analysts cited risks of tungsten price normalization and a potentially slower ramp-up at Sangdong than the market had hoped for.

Alongside the operational progress, the company is putting liquid funds to work in the capital markets. Almonty disclosed the repurchase of 2,914,739 common shares for about USD 48 million, earmarked for subsequent cancellation. It also intends to establish an automatic buyback plan allowing transactions during regular blackout periods.

With a market capitalization of EUR 3.36 billion, investors are already pricing in tangible operational success. The stock closed Friday at EUR 11.91, a gain of 1.5% on the day, bringing its advance since the start of the year to 50%. The coming months will show how smoothly the company can scale output and meet its contractually fixed delivery obligations — the pairing of PwC's appointment with the first concentrate exports marking another step in cementing its institutional framework while underground development at Sangdong proceeds on schedule.