Almonty's Sangdong Pivot Pays Off: Positive Cashflow and Molybdenum Discovery Drive Surge
Published on 06/21/2026 at 08:52 | Redaktion boerse-global.de
Investors who bought Almonty Industries a year ago are sitting on gains of roughly 460%, but the rally is no longer just about tungsten. The South Korea-focused miner has flipped its operating cash flow into positive territory for the first time, while a parallel drilling programme on the same property is unlocking a second critical metal: molybdenum.
Almonty took its flagship Sangdong tungsten mine into commercial production in March 2026, with Phase 1 processing around 640,000 tonnes of ore annually. The first-quarter numbers for 2026 confirmed the ramp-up is on track: revenue surged 221% to $25.4 million, and operating cash flow swung to plus $9.7 million from a negative reading a year earlier. Management is targeting further throughput optimisation by the third quarter of 2026.
A second metal stream takes shape
Right next door to the tungsten operation, Almonty has accelerated a molybdenum drilling campaign that is already 37% complete. The programme covers 26 planned holes for a total of roughly 12,000 metres, and assay results so far confirm high-grade mineralisation consistent with historical data. Once the deposit is fully delineated, the company plans to begin extraction without delay.
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South Korea faces a supply squeeze on molybdenum — the metal improves heat and corrosion resistance in steel and specialty alloys used in aerospace, defence, nuclear energy and petrochemicals. The government has publicly urged companies to secure strategic metals, and the spot price of molybdenum has climbed about 23.5% over the past year, adding to the project’s urgency.
Almonty has long been known as a tungsten concentrate producer, but the molybdenum push at the Sangdong complex broadens the company’s exposure to critical minerals that Western governments are keen to source outside China. That geopolitical tailwind also played into the company’s decision in April 2026 to relocate its headquarters from Toronto to Dillon, Montana — putting management closer to US defence circles and the company’s Gentung tungsten project in North America.
Stock still has room from recent highs
Almonty shares closed on Friday at C$26.67, more than 51% above their 200-day moving average of C$17.59. The relative strength index stood at 53, a level that signals neither overbought nor oversold conditions. The stock is still about 20% below its 52-week high of C$33.35, reached in mid-April, and annualised 30-day volatility of nearly 99% indicates the ride remains choppy.
Looking ahead, the next key catalyst is completion of the molybdenum drilling programme, after which a resource estimate will determine the pace of development. While the tungsten price remains a factor, success in the molybdenum effort could deliver the next leg of upside independent of any swings in the primary metal.
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