RE: I hope. . . Yes, although I'd hate to see what would happen in the event of bad news! --maybe the price would go up?
To the extent that SP is rational (correlation not very direct IMHO), perhaps the elephant in the room, as the Fortune article indicates, is still China. This stock has an additional risk (compared to others) in that China could bugger the price up whenever they wanted--making it very difficult for independent (of China) producers to win.
On the other hand, I assume that IMC's interest here is to have a supply of tungsten available at a *known* price, which allows them to do business regardless what China does. They may be willing to pay a premium (relative to a potential Chinese firesale price) for the metal in order to secure supply precisely to avoid "contrived" fluctuations in the market price. Again, this means WOF is in a good position relative to a producer simply trying to sell to the open market--since China can cause that market to collapse whenever it wants. It may be that the risk of China being able to manipulate the price will be related to the undisclosed "discount" that IMC pays for the product--I assume there must be a sweet spot that allows WOF to make a profit but allows IMC to hedge their discount relative to potential market highs against a potential depressed price that could be caused by China temporarily flooding the market. In order for that "sweet spot" to make sense, it may mean that there is a (as yet unkown to us) cap on how profitable WOF can be (i.e., they can't capitalize on the full potential price of tungsten), which is what they will sacrifice in return for secure sales.
Don't get me wrong, I still think this is a very good investment--maybe just not as pie in the sky as we might greedily wish--at the same time, the China factor may be what is dampening the market generally, until we get everything sealed with that BFS.
All of the above is pure speculation on my part, and may be utter bs. I'd tell you to due your own DD, but relative to my arguments, I don't really see how you could unless you are privy to a lot more information than the average investor.... :)