A tungsten developer hitting its biggest operational milestone in years while its stock goes into a tailspin might seem contradictory. Almonty Industries has spent the past week caught between two forces: the long-awaited startup of its Sangdong mill in South Korea and a market-driven selloff that sliced more than a third off its value from the April peak.
The Vancouver-based company announced on July 1 that it had begun feeding stockpiled ore through the newly commissioned processing plant in Gangwon Province. The mill is now churning out tungsten concentrate, shifting Sangdong from a development project into a revenue-generating asset. Almonty has roughly 139,700 tonnes of ore stockpiled at site, representing about 2.6 months of Phase 1 throughput at current tungsten prices, with a gross value estimated at $68 million.
That operational breakthrough came just as the stock was absorbing a sharp technical correction. The 52-week high of C$33.35, set in April, now looks distant after a week that saw the shares slide to an intraday low of $14.30 in US trading. The catalyst was not a company-specific setback but a broader rout in South Korea’s KOSPI index, which has slipped into a bear market amid tech-sector jitters over AI capacity. Almonty’s primary asset sits in South Korea, which left it exposed to local market sentiment despite its global revenue base.
The selloff accelerated as the convertible note Almonty placed in June — a $700 million, 2.25% senior unsecured instrument maturing in 2031 — stoked dilution fears among investors. Analysts note that the note, combined with the company’s simultaneous inclusion in the Russell 1000 and Russell 3000 indices (effective June 29), created a two-pronged technical drag. The index rebalancing triggered portfolio repositioning, while the convertible’s conversion feature added an overhang that has weighed on the stock even as the company’s operational outlook improves.
By the end of the week, the stock had recovered sharply, jumping 7.98% on Friday to close at C$22.46. That bounce came after it found support near the C$20 level earlier in the session. The 14-day relative strength index, which had dipped below 40, climbed back to 44.2 — still below the neutral mark but off the most oversold territory.
That volatility has left the stock trading at a split personality: 11.50% below its 50-day moving average of C$25.38, yet 20.19% above its 200-day average of C$18.69. The longer-term picture remains striking — the stock is up 86.70% year to date and has nearly tripled over the past 12 months. The current market capitalization stands at roughly €3.78 billion.
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The operational narrative, meanwhile, continues to strengthen. In the fiscal year ended 2025, Almonty’s revenue rose 13% to $32.5 million, with the fourth quarter contributing a 39% jump to $8.7 million, driven by higher APT prices and stable output from the Panasqueira mine in Portugal. The company acknowledged that the 2025 results carried significant non-cash accounting charges related to the IFRS revaluation of financial instruments, reflecting the surge in its share price — a phenomenon that masked the underlying operational progress.
CEO Lewis Black described the current tungsten pricing environment as “extremely favorable” and pointed to Sangdong’s startup as the key inflection point. Western buyers, seeking alternatives to Chinese supply, are actively increasing offtake agreements. Almonty is positioning itself as one of the few non-Chinese sources of tungsten concentrate.
The financial leadership changed alongside the operational milestone. Brian Fox stepped down as CFO immediately, and Almonty appointed Jorge Beristain as his successor, effective June 1, 2026. Chief Development Officer Guillaume de Lamaziere will serve as interim CFO until Beristain takes the reins. Black said Beristain is the right person to guide the company through the next stage of growth as Sangdong transitions from development into cash generation.
Despite the stock’s recent turbulence, analysts see meaningful upside. One firm rates Almonty a “Buy” with a price target of C$25, while a broader consensus estimate sits at roughly $19.88 per share in US dollars — both implying double-digit gains from current levels.
The next real test comes in mid-August, when Almonty reports its second-quarter 2026 results. Investors will then get their first detailed look at Sangdong’s throughput rates, the margin profile of the initial concentrate sales, and the actual dilution impact from the convertible note. For now, the company’s most important single asset is running — and the market is still deciding how to value that shift.
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