Tungsten Titan Almonty Splits Analysts as Stifel and Goldman Clash on Valuation

Almonty Industries has sparked a divided analyst debate after two major investment banks issued conflicting views on its valuation. Stifel Nicolaus initiated coverage of the tungsten producer with a buy rating and a $25 price target, while Goldman Sachs took a more cautious approach, issuing a neutral stance with a $13 target.

The split verdicts come as Almonty's stock has experienced significant trading activity, with shares up 4.3% in Friday's session at EUR 11.35 and appreciating 41% since the start of the year.

Underpinning the bull case for Stifel's $25 target are concrete operational advances made by Almonty, including a multi-year supply agreement with Wolfram Bergbau und Hütten AG covering the reprocessing of tailings material at its Spanish Los Santos mine. The contract includes a conditional advance payment of US$3.0 million and lends the project financial predictability.

The company has also reported the start of commercial tungsten production at Phase I of its Sangdong mine in South Korea, while an arrangement granting the state a 25% stake in Almonty Rwanda adds an African dimension to its operations.