Almonty Rallies 11% as Stifel Backs Tungsten Supply Story, Goldman Stays on the Sidelines
Published on 09/27/2026 at 16:10 | Editorial boerse-global.de
Shares of Almonty jumped 11% on Friday to close at EUR 12.09, powered by a fresh bullish call from Stifel that cast the mining company as a linchpin of the global tungsten supply chain. The stock had already been climbing in pre-market trading before extending gains through the regular session, according to Reuters.
Stifel initiated coverage with a Buy rating and a US$25 price target, pointing to the launch of Phase I production at Almonty's Sangdong mine in South Korea and the expansion steps planned there. In the analysts' view, the capacity build-out should substantially strengthen the company's market position.
A Korean Mine Restarts After Three Decades
The operational backdrop is just as significant as the analyst endorsement. Almonty resumed mining at Sangdong for the first time since 1993, after the processing and crushing facilities at the South Korean site received their final regulatory certifications on September 17. Those approvals formally cleared commercial Phase I operation and the sale of tungsten concentrate.
Demand for the output is largely locked up. More than 90% of Phase I production is committed under a long-term offtake agreement with Global Tungsten & Powders — a contract running 21 years, per company statements — giving Almonty a dependable sales base as the mine ramps up.
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Spain and Rwanda Add New Revenue Streams
Beyond South Korea, Almonty has been assembling additional resources. Roughly a week ago, the company signed a multi-year take-or-pay supply agreement with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik group. The deal covers reprocessing of tailings material at the Los Santos site in Spain and encompasses a minimum volume of around 1,720 tonnes of contained WO?, along with a conditional advance payment of US$3.0 million for the offtake rights.
The partnership also hands Rwanda a 25% stake in Almonty Rwanda, with the country contributing mining rights to the Shyorongi tungsten exploration area in return.
Goldman Takes the Other Side
Not everyone on the sell side shares Stifel's enthusiasm. Goldman Sachs had stepped in a day earlier, on Thursday, launching coverage with a neutral rating and a US$13 price target. The bank cited an expected normalization in tungsten prices and forecast a slower ramp-up at Sangdong than the market is currently pricing in.
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That divergence leaves the stock caught between two very different visions of how quickly Almonty can convert its Korean restart into steady output. What is not in dispute is the momentum: the shares have gained 52% since the start of the year. How far that run extends now hinges on operational execution at Sangdong and the company's ability to serve the global tungsten market reliably.
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