Almonty Sharpens Its US Focus with Sangdong Output, 21-Year Plansee Pact, and TSX Withdrawal
Published on 07/20/2026 at 20:31 | Redaktion boerse-global.de
Almonty Industries has begun processing stockpiled ore at its Sangdong mine in South Korea, marking the transition from developer to producer. The company started feeding 139,700 tonnes of material — grading 0.25% tungsten trioxide and carrying an estimated gross value of roughly $68 million — through its plant in June 2026, producing its first batch of marketable tungsten concentrate. Output is initially ramping on lower-grade stockpiles to ensure a smooth start, with higher-grade material to follow as the operation stabilizes.
The timing of the ramp-up dovetails with a historic supply squeeze. Ammonium paratungstate prices in Rotterdam now exceed $3,000 per tonne, a record driven by Chinese export restrictions that have tightened Western supply of the critical mineral, used extensively in defence, aerospace and electronics. Sangdong is one of the few meaningful deposits outside China, giving the project strategic weight that Almonty is now leveraging commercially.
That commercial leverage is on full display in a dramatically expanded offtake agreement with Global Tungsten & Powders, a subsidiary of Austria's Plansee Group. The contract has been extended from 15 to 21 years, the volume lifted by 40% to 4.41 million metric tonne units, and the price base improved by 6.3%. GTP, which supplies US defence and industrial supply chains, will take roughly 90% of Phase I production. At current prices, the pact is expected to generate annual revenue of around $490 million, with the higher price base alone contributing an extra $30 million per year. CEO Lewis Black has locked in revenue visibility stretching to 2047, underpinning the expansion of Sangdong's capacity and a planned molybdenum project.
Should investors sell immediately? Or is it worth buying Almonty?
Parallel to the operational ramp, Almonty is rationalising its listing structure. It will voluntarily delist from the Toronto Stock Exchange effective July 31, 2026, a move communicated to the SEC on July 17 via Form 6-K. Trading will continue on Nasdaq, the Australian Securities Exchange and in Frankfurt, but the TSX exit reflects a shift in liquidity: the bulk of share turnover now flows through the US ticker ALM. The company did not disclose cost savings from the withdrawal but noted the move aligns with its growing US footprint, including the relocation of its corporate headquarters to Dillon, Montana, earlier this year.
The capital markets side of the story has been equally active. In early June, Almonty issued $700 million in convertible notes maturing in 2031, generating net proceeds of roughly $772.7 million — enough to fund Phase II and the molybdenum project. The stock was also added to the Russell 1000 and Russell 3000 indices at the end of June, and DA Davidson raised its price target by $8 on July 10. At Sphene Capital, analyst Peter Thilo Hasler reaffirmed a buy recommendation on July 20, nudging his 36-month price target up to C$38.90 from C$37.40, implying more than 100% upside from the C$19.25 close that Friday.
Despite the flurry of positive news, the stock remains under near-term pressure. After touching a 52-week high of C$33.35 in mid-April, the shares have retreated 41.68%, closing at C$19.45 in the latest session — a modest 1.04% gain for the day but a 27.07% decline over the past month. The pullback partly reflects broader market turbulence: a semiconductor sell-off and geopolitical tensions in the Middle East around July 20 weighed on risk appetite, hitting resource stocks in particular. Longer-term metrics tell a different story: the stock is still up more than 61% year-to-date and has more than tripled — gaining over 214% — over the past twelve months.
Financially, the company is making progress. Its first-quarter loss narrowed to $0.02 per share from $0.13 a year earlier, and a separate sampling program for 42 tungsten ore samples is now underway, which Almonty describes as a critically important phase for further development. With production revenue set to begin flowing, a two-decade sales contract locking in price premiums, and a simplified listing structure that funnels liquidity to the Nasdaq, the pieces are in place for Sangdong to become a cash-flow story. The stock's recent slide may test patience, but the underlying operational milestones are coming in on schedule.
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