After a staggering 840% rally throughout 2025, shares of tungsten producer Almonty Industries are now consolidating as the company undergoes a significant structural realignment. Profit-taking has introduced recent pressure on the stock, but a reshaped shareholder base and the operational launch of a key mine are creating a new foundation for the business. The declining stake of a major investor, Deutsche Rohstoff AG, raises questions about the strategic path forward.
Operational Milestone: Sangdong Mine Begins Commercial Production
The core of Almonty’s transformation is operational. In mid-December 2025, the company initiated commercial production at its Sangdong mine in South Korea. This event marks a pivotal shift from a pure-play development company to a producing mining entity—a change considered fundamental for justifying its current market capitalization of approximately $2.33 billion.
To manage this transition, Almonty has strategically bolstered its executive team. The appointments of Brigadier General (Ret.) Steven L. Allen as Chief Operating Officer and Guillaume Wiesenbach de Lamaziere as Chief Development Officer are aimed at optimizing the supply chain and refining corporate strategy. Beyond the flagship operation in South Korea, the company continues to advance projects in Portugal, Spain, and the United States.
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A Shift in Capital Structure and Ownership
Parallel to its operational evolution, Almonty’s capital structure has been reconfigured. A crucial development is the changed position of Deutsche Rohstoff AG, whose shareholding has officially fallen below the key reporting threshold of 10%. This reduction was not the result of a sell-off but a direct consequence of dilution following a capital increase finalized in December.
Through the placement of new shares worth about $129 million, Deutsche Rohstoff AG continues to hold over 20 million shares. However, its proportional stake in the company has decreased to roughly 7.97% on an undiluted basis, highlighting the scale of the recent financing round funding Almonty’s expansion. Additional shares were issued in January under employee programs, and convertible bonds were exchanged for equity, increasing the total number of outstanding shares to over 255 million.
Market Perspective and Investor Focus
Following the substantial share price advances of the previous year, the stock is currently trading between 15% and 19% below its 52-week high. For investors, the focus in the coming weeks will be on the company’s efficiency in ramping up production at Sangdong and the seamless integration of its broader project portfolio. The market is watching to see if the operational cash flow can begin to substantiate the ambitious valuation achieved during last year’s remarkable run.
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