Almonty's Three-Continent Push Meets a Wall Street Split
Published on 09/27/2026 at 13:40 | Editorial boerse-global.de
Almonty Industries closed out last week with an 11% surge, settling at EUR 12.09 on Friday, as a fresh buy recommendation from Stifel collided with a more guarded take from Goldman Sachs. The gain lifted the tungsten miner's year-to-date advance to 52%. Reuters reported that the stock was already climbing in pre-market trading before the rally carried through into the regular session, with media accounts pointing to Stifel's initiation as the main catalyst behind the week-ending jump.
Stifel began covering the company on Friday with a Buy rating and a price target of USD 25. The endorsement landed just a day after Goldman Sachs opened its own coverage with a Neutral stance and a USD 13 target, citing an expected normalization in tungsten prices and a slower ramp-up at Almonty's Sangdong mine in South Korea than the market is currently pricing in. The two calls frame the debate now swirling around the stock: whether the company's global expansion justifies the optimism, or whether tungsten's price trajectory and Korean production timing warrant patience.
Sangdong Restarts After Three Decades
The operational backdrop is substantial. Almonty kicked off commercial tungsten production roughly two weeks ago and reported the first tungsten output at Sangdong since 1993. On September 17, the processing and crushing facilities at the site secured South Korean inspection certificates, formally clearing commercial operation of Phase I and the sale of tungsten concentrate. More than 90% of Phase I production is locked up under an offtake agreement running 21 years, according to the company.
Should investors sell immediately? Or is it worth buying Almonty?
Spain and Rwanda Round Out the Map
A second pillar rests on reprocessing legacy material. Also on September 17, Almonty signed a multi-year take-or-pay offtake contract with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik group, covering the retreatment of tailings at the Los Santos mine in Spain. The deal commits a minimum volume of roughly 1,720 tonnes of contained tungsten trioxide (WO?) and includes a conditional upfront payment of USD 3.0 million tied to the offtake rights. For Almonty, the contract secures a fixed outlet for the Spanish tailings material while reinforcing the financial footing of its reprocessing operations there.
On the African continent, the company broadened its footprint through a partnership that hands the Rwandan state a 25% stake in subsidiary Almonty Rwanda Pty Ltd. Rwanda contributes the Shyorongi tungsten project's exploration concession and a minerals processing license to the joint venture, while Almonty retains the remaining 75%.
Taken together, the Korean certification, the Spanish offtake and the Rwandan tie-up sketch a company executing on several fronts at once — a story that has clearly split the analyst community even as the shares have rewarded the bulls so far this year.
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