Almonty's Korean mine starts production; stock undervalued amid tungsten price risks.

Almonty's Sangdong mine in Korea recently began producing tungsten concentrate and received final operating certificates. Despite this progress and approval of Phase II, the company's stock remains near half its previous high, largely due to market concerns over tungsten prices influenced by China's export controls. The author values the stock at a $15.85 target, expecting about 17% annual returns through 2030 if prices remain stable, but advises a small position due to price risks. Overall, Almonty is rated a buy based on asset quality and valuation rather than market sentiment.

Almonty Industries trades with a market cap of $3.49 billion and an enterprise value of $3.20 billion, showing a 1-day price decline of 0.91% as of Oct 08, 2026 19:04 WIB on Pluang. The stock price stands at USD 11.99, reflecting ongoing market caution despite recent operational progress at the Sangdong mine. Trading volume reached 4,836,380 shares, indicating active investor interest in the company amid tungsten price uncertainties.