Infinitely mendable.
However, do NOT take to it with an adjustable spanner as suggested. That will kill the rim. If you position the spanner as suggested, you'll notice that the pushing mandible of the spanner fulcrums against the brake track, just a couple of mills off the edge of the rim. Putting pressure on it now to bend the rim back will put a dent in the rim and create a very uneven 50mm or rim. Don't do it. Further, the temptation is then to try and correct the newly-induced mess and soon you have a train smash of a rim.
Take a deep breath, open a beer. Then take a step-by step approach to it. It may take you a few days to get everything you need together, but it is worth it and deeply satisfying.
You will need.
1) A flat anvil. That means any flat, steel surface strong enough to bang on. A real anvil is too cured. You need a piece of I-bar or such.
2) A hammer. Any hammer will do.
3) A 20mm nylon rod 300mm thick. This can be ordered off e-bay or from engineering plastics supply companies. It is cheap. A broomstick does not work. It is not hard enough and splits with the first blow.
4) A friend with a steady hand.
Method:
Examine the rim and mark, on the inside, the area of the dent. Place the rim with the brake track flat on the anvil and let your helper lift or raise the wheel so that the brake track is absolutely flat and level with the anvil.
Now position your nylon rod (called a rim whacker in our workshop) at the best upright angle allowed by the situation on the dent and bang the rod once only. The first bang will be in the middle of the dent. Now inspect, re-align (helper is instructed to move up or down as you eyeball the flatness at anvil-level). Whack again, this time focusing either side of the centre of the dent.
The whacking is quite complicated in that you have to apply pressure to the rim whacker in two directions before striking it with the hammer. You have to push it towards the hub and, hold it very firmly against the rim. Do not tap tap tap. The rod will then move around. Tell the helper to push towards you and you push back in that direction with the rod before striking.
That's all. Never attempt to re-correct. Besides, this will not be necessary because the flat anvil will prevent an over-corrected situation.
Aluminium work-hardens with bending and by attempting to bend it with some sort of spanner and fulcrum, you will induce a bend into the adjacent soft area, causing a ripple. By hammering directly onto the hardened dent you prevent this and focus the correction where it is needed.
There is ZERO risk of the rim failing on you provided the brake track isn't already worn away.
I've done hundreds of these and 99% were successful.
If the initial pothole impact has induced a bulge into the hollow (spoke-side) of the rim, that too can be corrected but it is a bit more complicated.
Because the rim is in compression from spoke tension, by panelbeating on that side of the rim will cause the rim to relax and shrink towards spoke tension. You first have to loosen the 6 or so spokes adjacent to the bulge before panelbearing it. The method is the same, using a rim whacker, hammer and anvil. If your rim doesn't have a brake track, you have to be extra careful in holding it in the right position on the anvil.
This is NOT a one-man job.
Drink a beer afterwards and go for a ride.
Flat anvil, nylon rod and ball-peen hammer.
Position the wacker nicely in the middle of the dent. You will have to have the rim against the edge of the anvil so that the wacker's lower edge can be positioned lower than the anvil level.
The rim is held with the brake track flat on the anvil and the helper will be holding it steady and pushing towards you. You will counter the push with the wacker.
This is the damage done by someone who attempted to bend it with a shifting spanner. Yet, we still managed to get this brake track flat again and save the rim. If the rim itself made contact with tarmac, there will be rough edges what will interfere with the brake blocks. File, sand and hone them out.
The wacker has to hang over the edge of the anvil in order to reach inside properly. That's why you need an anvil with a flat top and perpendicular edge. A standard anvil does not have such a surface.