Almonty Shares Soar on Stifel's Bullish Call Amid Global Tungsten Demand

Shares of Almonty surged 11% on Friday to close at EUR 12.09, buoyed by a new bullish call from Stifel that highlighted the mining company's crucial role in the global tungsten supply chain.

Stifel initiated coverage with a Buy rating and a US$25 price target, citing the launch of Phase I production at Almonty's Sangdong mine in South Korea. The analysts expect the capacity build-out to significantly strengthen the company's market position.

The operational backdrop is also significant, as Almonty resumed mining at Sangdong for the first time since 1993, after receiving final regulatory certifications on September 17. Over 90% of Phase I production is committed under a long-term offtake agreement with Global Tungsten & Powders.

Meanwhile, Goldman Sachs has taken a more cautious approach, launching coverage with a neutral rating and a US$13 price target. The bank expects normalization in tungsten prices and forecasts a slower ramp-up at Sangdong than the market is currently pricing in.