Almonty Industries at 20th International Investment Forum: sangdong turns to output

On Wednesday, 07 October 2026, Almonty Industries (ALM) shared updates from the 20th International Investment Forum. The company's CEO, Lewis Black, announced that their flagship Sangdong tungsten mine in South Korea is now producing. However, Black warned that execution, rather than promotion, will ultimately determine how the market perceives the stock.

ALM highlighted a stronger contract book, an extensive international asset base, and supportive tungsten prices as contributing factors to the mine's production. The first vessel shipment of concentrates is scheduled for October 24. The company's tungsten business is bolstered by tight supply and an average APT price of $2,700 per metric ton unit, down slightly from $3,050 but still significantly higher than the $1,000 average seen two to three years ago.

ALM emphasized its focus on execution, liquidity, and long-term customer relationships. The company's average daily trading volume of 6.51 million shares aligns with Black's preference for a balance between price and liquidity. Black stated that he would rather see 6.5 million to 6.6 million shares traded each day than have a higher share price with thin volume.

The company's Panasqueira mine in Portugal serves as a strong example of ALM's operating model. Operating for 136 years, Panasqueira has the highest recoveries of any gravity plant in the world. The mine produces the most sought-after tungsten variant due to its homogeneity and high grade. With a gross margin exceeding 63% in the last quarter, Panasqueira demonstrates the company's processing efficiency.

In Spain, ALM is pursuing a first-of-its-kind commercial-scale tungsten tailings recovery project at Los Santos. The project aims to recover tungsten from tailings instead of opening a new mine, which could reduce permitting resistance in Europe. The company has government support for this environmentally focused approach, with no expectation of opposition.