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    Why Almonty Industries (TSX:AII) Is Up 12.1% After Sangdong Ships First Ore To ROM Pad

    Simply Wall St·12/17/2025 10:42:50
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    • Almonty Industries Inc. recently reported that the first truckload of ore has been delivered to the Run-of-Mine pad at its Sangdong Mine, marking the shift from mine development to active operations and the final stage before commercial production begins.
    • This milestone reinforces Sangdong’s role as a future source of non-China tungsten for defense, semiconductor, AI hardware, aerospace, and other high-technology supply chains seeking greater security.
    • Next, we’ll look at how this move into active mining at Sangdong shapes Almonty’s investment narrative and long-term positioning.

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    What Is Almonty Industries' Investment Narrative?

    To own Almonty, you really have to believe in its evolution from a capital-hungry tungsten developer into a reliable producer feeding Western defense and tech supply chains. The first ore delivered to the Sangdong ROM pad is important here: it turns a key short term catalyst from “construction and funding risk” into “ramp-up and execution risk,” and ties directly into earlier equity raises that heavily diluted shareholders but strengthened the balance sheet. With production now edging closer, the focus shifts to whether Almonty can bring Sangdong through commissioning smoothly, control costs and validate its processing flowsheet while integrating new leadership and the Montana project. At the same time, the share price’s very large run-up means any hiccup in the start-up phase could matter more than before.

    However, there is a separate funding and dilution risk that investors should not overlook. Almonty Industries' shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

    Exploring Other Perspectives

    TSX:AII 1-Year Stock Price Chart
    TSX:AII 1-Year Stock Price Chart

    Twelve fair value estimates from the Simply Wall St Community span about CA$0.62 to CA$36.12, showing very different opinions on Almonty’s upside. Set that against the recent step into active mining at Sangdong and the company’s history of dilution, and it is clear you are weighing real commissioning and capital risks alongside the potential benefits of a non China tungsten supply position.

    Explore 12 other fair value estimates on Almonty Industries - why the stock might be worth less than half the current price!

    Build Your Own Almonty Industries Narrative

    Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.