AlphaCharge
Sep 25, 6:53 PM
$ALM What I find difficult to understand is the timing of the selling. Many Almonty investors waited roughly 3.5 years through construction, capex and project development, only to exit 4–5 weeks before Sangdong entered production. Economically, this is precisely when the investment thesis transitions from development toward revenue and cash-flow generation. The relevant metrics now become output, recovery rates, operating costs, margins and free cash flow. Compared with established tungsten players such as
$CMCL,
$WOLF and
$EQX, Almonty is only beginning to demonstrate its earnings potential. If the ramp-up progresses as planned, future quarters should increasingly reflect operational performance rather than construction expenditure. The development phase is ending; the cash-generation phase is beginning. Does anyone have a plausible explanation for why so many investors chose to exit at exactly this stage?
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