Almonty Ties Up Legal and Audit Loose Ends While Sangdong Restart and $48 Million Buyback Anchor the Story

Almonty named PwC auditor, retired 2.9M shares for ~$48M, and saw first Sangdong tungsten concentrate in 33 years; analysts rate Buy.

Almonty Industries has spent the past several days closing out the kind of housekeeping items that rarely make headlines but matter to institutional investors: a legal correction, a change at the auditor's desk, and a capital return that shrinks the share count. Together with the long-awaited restart of tungsten output in South Korea, the moves give the company a cleaner profile as it heads into its next growth phase.

A settlement in Ontario draws a line under a personnel dispute

Pure Tungsten Inc. issued a corrective statement on Friday as part of a settlement, making clear that Tiger Kim never at any point held a senior executive role, board position or directorship at Almonty. The clarification resolves a question over how Kim had been associated with the company. Almonty had previously pressed a case in the Canadian province of Ontario seeking a correction of earlier claims, and the settlement delivers that outcome.

PwC takes over the audit mandate

On the accounting front, Almonty appointed PricewaterhouseCoopers LLP as its new auditor effective 29 September. The change follows the resignation of Zeifmans LLP. According to the company, the switch was not prompted by any disagreement over accounting principles, disclosure obligations or the scope of the audit. PwC's mandate runs until the next annual general meeting.

Sangdong ships its first concentrate in 33 years

The operational headline remains the restart at Sangdong, where Almonty reported the first production of tungsten concentrate in 33 years roughly a week ago. Initial bags of the material are already staged for export. Work on Phase II of the project is proceeding on schedule, with completion targeted for 2027. Bringing the mine into regular operation is seen as the pivotal factor in securing the company's future raw material supply and setting the course for coming fiscal years.

Buyback retires nearly 3 million shares

Alongside the mine news, Almonty disclosed on 29 September the repurchase of 2,914,739 of its own common shares for approximately $48 million. All of the acquired stock is to be cancelled, permanently reducing the total number of shares outstanding — a step that can lift each remaining holder's proportional stake in the business. The company also intends to put an automatic buyback plan in place.

Analysts line up behind the equity story

The repositioning has not gone unnoticed on the market. Matthew O'Keefe of Cantor Fitzgerald reportedly reaffirmed his "Buy" rating on Thursday, with a twelve-month price target of $25.50. Stifel added its own vote of confidence, initiating coverage on 24 September with a buy recommendation and a $25.00 target.

In trading, the stock closed yesterday at EUR 12.04. Since the operational announcements about a week ago, the shares have added 3.5%, bringing the year-to-date advance to 52%.