Almonty's Sangdong Ramp-Up and Expanded GTP Contract Signal Revenue Inflection — But the Stock Is Still De-Rating
Published on 07/21/2026 at 13:42 | Redaktion boerse-global.de
July has brought a cluster of transformative events for Almonty Industries. The tungsten producer has officially begun processing ore at its Sangdong mine in South Korea, deepened its supply agreement with a key Plansee Group subsidiary, and set a date for its voluntary departure from the Toronto Stock Exchange. Yet the share price continues to shed value, caught between solid operational progress and a set of market-specific headwinds.
The processing plant in Sangdong started throughput on July 1, following the completion of the first expansion phase earlier in the year. Almonty is feeding the facility from its own stockpile, which stood at approximately 139,700 tonnes at the end of the second quarter. Sangdong is currently the only large-scale tungsten project outside China that is actively processing ore, positioning Almonty as a rare non-Chinese supplier in a market where Beijing controls more than 80% of global production.
That strategic positioning was reinforced by an expanded offtake agreement with Global Tungsten & Powders (GTP), a unit of Plansee Group. The revised pricing formula in the contract raises the realised sales price by an average of 6.3%, and the deal runs into the late 2040s. Sphene Capital analyst Peter Thilo Hasler responded by lifting his price target to 38.90 Canadian dollars from 37.40, reaffirming a buy rating. Based on the Monday closing price of C$19.53, that implies upside of roughly 99%.
Despite these milestones, the stock has been trending sharply lower. Almonty shares fell more than 26% over the past 30 trading days and now trade about 41% below their 52-week high of C$33.35 hit in April. The pullback reflects a mix of factors: insider selling, dilution from a US$700 million convertible bond completed in June, and the market's digestion of the upcoming TSX delisting, effective July 31. Management cited the shift of the majority of trading volume to the Nasdaq — where Almonty trades under the ticker ALM — and cost savings from eliminating the dual listing as reasons for the move. No shareholder vote is required, and Canadian investors will still be able to access the stock through their brokers.
Should investors sell immediately? Or is it worth buying Almonty?
The geopolitical backdrop for tungsten has rarely been more supportive. The wars in Ukraine and Iran have exposed Western defence industries' heavy reliance on Chinese tungsten for armour, ammunition and high-performance alloys. The International Energy Agency, in its Global Critical Minerals Outlook 2026, noted that the tungsten price has sextupled while China deepened its dominance in refining. The agency warned that export controls could threaten production chains valued at US$6.5 trillion outside China. Similar dynamics are playing out elsewhere: cobalt prices jumped 130% after export restrictions from the Democratic Republic of the Congo, and lithium has more than doubled. Yet global investment in critical minerals fell 9% in 2025, even as public funding quadrupled from 2023 levels to roughly US$65 billion.
The growing search for non-Chinese supply chains is attracting big capital. Australian billionaire Andrew Forrest recently acquired a 16.8% stake in fellow tungsten producer EQ Resources from Oaktree Capital for around US$190 million, sending that company's shares sharply higher. Such moves underscore the structural demand shift that Almonty is positioned to capture.
Financially, the company is already showing signs of recovery. Almonty generated a positive operating cash flow of US$9.7 million in the first quarter of 2026, compared with a negative reading in the year-ago period. The next catalyst is Phase 2 of Sangdong, expected to begin in 2027, which will double annual throughput.
Almonty at a turning point? This analysis reveals what investors need to know now.
For now, the stock is consolidating after a powerful year-to-date run. It remains 2.36% above its 200-day moving average, suggesting the long-term uptrend is intact even as short-term momentum has faded. The central questions for investors in the coming weeks are how smoothly trading activity shifts to the Nasdaq and whether the structural demand drivers for tungsten outside China continue to strengthen.
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Almonty Stock: New Analysis - 21 July
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