On July 2, Almonty Industries rose 8.34% in regular trading, trading at $17.005/share, with turnover of $13.04 million. The rally was driven by the company's announcement that its Sangdong mine in South Korea has officially started processing plant throughput operations, marking a pivotal transition to saleable tungsten concentrate production.

According to the filing, the company had stockpiled approximately 139,700 tonnes of ore at a blended grade of about 0.3% tungsten trioxide ahead of the plant's commissioning. At prevailing tungsten prices, the contained tungsten represents around 2.6 months of phase one throughput feed, with an illustrative gross in-process value of approximately $68 million.

The milestone builds on a series of recent catalysts, including the company's inclusion in both the Russell 1000 and Russell 3000 indices effective June 29, and the completion of a significantly oversubscribed $700 million convertible senior notes offering. Oppenheimer maintains an Outperform rating with a $25 price target, citing strong tungsten pricing supported by semiconductor and defense demand amid limited new global supply.

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