Almonty’s Sangdong Mine Fires Up as a 21-Year Offtake Deal Locks in Revenue Through the 2040s
Published on 07/22/2026 at 09:40 | Redaktion boerse-global.de
The transformation of Almonty Industries from a tungsten developer into a producing miner is now fully underway, with the company’s flagship Sangdong project in South Korea beginning commercial processing this month. The milestone has drawn fresh attention to a stock that has already delivered spectacular returns, though the market appears to be waiting for proof of consistent output before fully re-rating the shares.
Shares of the tungsten producer closed at C$21.15 on Tuesday, up 8.29 percent on the session. The move extends a blistering run that has seen the stock gain 75.23 percent since the start of 2026 and an eye-popping 245.02 percent over the past twelve months. The rally has been fueled by a series of catalysts that are reshaping the investment case for a company that until recently was viewed as a pure project developer.
Sangdong’s Processing Plant Begins Ramp-Up
The most significant development came on July 1, when Almonty officially started processing ore at the Sangdong concentrator. The facility is now working through an accumulated stockpile of roughly 139,700 tonnes of run-of-mine material, which includes ore extracted during the second quarter of 2026. At prevailing tungsten prices, that inventory carries a gross value of approximately US$68 million — enough to feed the Phase I plant for about 2.6 months as the company fine-tunes its flotation circuits and works toward consistent concentrate quality.
The underground development advanced 214.6 meters during the second quarter, with the focus squarely on the Main Vein, a high-grade zone that management expects will gradually replace the lower-grade feed that characterizes the initial commissioning phase. Sangdong ranks among the largest tungsten deposits outside China, giving it strategic importance for defense, aerospace, and semiconductor supply chains that are increasingly looking to diversify away from Chinese sources.
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A Deeper Offtake Pact and a Sharper Listing Strategy
Almonty’s long-term revenue visibility received a major boost from the expanded offtake agreement with Global Tungsten & Powders, a subsidiary of the Plansee Group. The contract has been extended from 15 to 21 years, locking in a buyer for roughly 90 percent of Phase I production through the late 2040s. The revised terms also include a 40 percent increase in volume commitments and a 6.3 percent improvement in pricing, underpinning the economics that led Sphene Capital to reaffirm its positive stance and raise its price target to C$38.90.
On the corporate side, Almonty is streamlining its listing structure. The company will voluntarily delist from the Toronto Stock Exchange at the close of trading on July 31, reflecting the fact that the vast majority of daily volume now flows through the Nasdaq Capital Market under the ticker ALM. The move eliminates the administrative and compliance costs of a dual listing, while secondary listings on the Australian Securities Exchange and Frankfurt Stock Exchange will remain in place. The consolidation of trading onto a single North American exchange was preceded by Almonty’s inclusion in the Russell 1000 and Russell 3000 indices in early July, a milestone that has likely boosted liquidity and attracted new institutional buyers.
Room to Run Despite the Rally
For all the momentum, the stock still trades 36.58 percent below its 52-week high of C$33.35, reached in April 2026. That gap suggests the market has not yet fully priced in the transition to steady-state production from Sangdong, particularly once higher-grade Main Vein material begins flowing through the plant. On a 30-day view, the shares have actually pulled back 20.89 percent, and the relative strength index sits at a neutral 44.7, indicating that the recent consolidation has worked off some of the earlier overbought conditions.
Almonty at a turning point? This analysis reveals what investors need to know now.
The next concrete milestone on the calendar is the TSX delisting on July 31, but the more important catalyst will be the first commercial concentrate sales from Sangdong. As the company shifts from processing its stockpile to live mine production, the market will be watching closely for evidence that the ramp-up is on track — and that the strategic narrative around a non-Chinese tungsten supply chain is finally translating into earnings.
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