Almonty Neutral Rating
Goldman Sachs Initiates Almonty Coverage With A Neutral Rating And Price Target
Anonymous
Goldman Sachs initiated coverage of Almonty Industries with a Neutral rating and a $13 price target, saying the company’s strategic tungsten assets are valuable but much of their potential may already be reflected in the share price. The firm expects tungsten prices to ease as new supply and processing capacity come online, and sees the Sangdong mine’s production ramp progressing more slowly than investors anticipate. Other analysts are more bullish: Oppenheimer, Jefferies and D.A. Davidson have issued Buy or Outperform ratings, with price targets ranging from $25 to $33, leaving the overall analyst consensus at Moderate Buy.
Key Points
1
Goldman Sachs said China’s policy actions have intensified global tungsten-supply concerns and that tungsten prices had risen eightfold since the beginning of 2025.
2
Almonty announced a multi-year, take-or-pay tungsten offtake agreement with a Sandvik Group subsidiary to recycle existing mine tailings at its Los Santos mine in Spain.
3
Almonty formed a strategic partnership with Rwanda’s government to acquire ore and panning tailings from local mining license holders, and received a greenfield exploration block of about 32 square kilometers.
4
Almonty says its Sangdong mine could supply more than 40% of global non-China tungsten production once it reaches full capacity, positioning it to address supply vulnerabilities.
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