Goldman Sachs Downplays Almonty as Tungsten Prices Expected to Normalize

Almonty Industries (ALM) has received a Neutral rating from Goldman Sachs, which initiated coverage on the company. The analyst behind this decision is Nick Cash.

The price target set by Goldman for Almonty is $13 per share. According to Goldman's analysis, tungsten prices are expected to normalize as new mine supply, recycling, and refining capacity respond to current economics.

Goldman Sachs believes that the Sangdong mine in South Korea will ramp up production gradually, contrary to market expectations. This is because policy actions taken by China have resulted in global supply concerns, causing tungsten prices to increase 8x since the beginning of 2025.

The valuation of Almonty already reflects a continuation of the current exceptional tungsten market and an aggressive production profile for Sangdong, according to Goldman's analyst. The company is seen as sitting at the center of the Western tungsten investment narrative due to global supply concerns caused by China's policy actions.