Almonty Industries stock consolidates after strong Q2 2026 tungsten surge

Almonty Industries stock has more than quadrupled over the past year as the Sangdong tungsten mine ramps up, and investors are now watching how the company digests a sharp Q2 2026 revenue and profit jump while the share price consolidates after recent gains.

Almonty Industries stock (ISIN CA0203987072) recently traded at around 16.73 USD on the Nasdaq as of September 2, 2026, after a 5.2 percent decline in that session that still left the shares more than four times higher than a year earlier, according to a market overview by MarketBeat.

Q2 2026 numbers highlight Sangdong ramp-up

In the second quarter of 2026, Almonty Industries reported a revenue increase of 498 percent year on year to 42.989 million Canadian dollars, driven by the production start of the Sangdong tungsten mine in South Korea, as summarized by a German-language analysis on Stock-World.

According to the same report, net income swung from a loss of 58.209 million Canadian dollars in the prior-year quarter to a profit of 181.797 million Canadian dollars in Q2 2026, marking a significant turnaround as Sangdong moved from development into early production.

Adjusted EBITDA also improved sharply, moving from a negative 4.8 million Canadian dollars in the prior-year quarter to a positive 17.6 million Canadian dollars in the second quarter of 2026, underlining the operating leverage that the new mine can add as volumes rise.

Financing, balance sheet and listing focus

An additional analysis of the recent developments notes that Almonty Industries completed an 800 million USD convertible bond issue in August 2026 with a coupon of 2.25 percent and maturity in 2031, providing long-term funding for the expansion of Sangdong and other projects, as detailed by the portal Trading-Treff.

The same source reports that after the quarter-end Almonty repaid a term loan from KfW, simplifying its debt structure, and filed shelf registrations in the United States for a potential issuance of common shares with a total volume of about 246.79 million USD, which gives the company flexibility for future equity financing without obligating it to issue new shares immediately.

Trading-Treff also points out that Almonty instituted a share repurchase program with a volume of 300 million USD for up to 14.4 million common shares and has refocused its listings by delisting from the Toronto Stock Exchange at the end of July 2026 and from the Australian Securities Exchange shortly thereafter, leaving the Nasdaq under the ticker ALM and the Frankfurt Stock Exchange as the main trading venues.

Analyst interest and tungsten market position

The strong share price performance and the strategic role of Sangdong in the tungsten market have attracted new analyst coverage, with Jefferies initiating coverage of Almonty Industries with a Buy rating and a price target of 26.25 USD per share, which implies more than 50 percent upside from recent levels, as highlighted in a tungsten sector article on Zerohedge.

Zerohedge describes Almonty as controlling the Sangdong mine in South Korea, one of the largest and highest-grade tungsten deposits outside China, and the Panasqueira mine in Portugal, and notes that at planned Phase II capacity Sangdong could produce around 4,000 tons of tungsten annually, representing about 4 to 5 percent of global mine production and roughly 20 percent of output outside China.

An additional sector report on a mining-focused education site characterizes Almonty Industries as one of the largest tungsten producers outside China and stresses that the company is positioning itself as a Western-aligned supplier of tungsten for defense and industrial customers in the United States and allied countries, while also mentioning that the company recently expanded a long-term offtake agreement and concentrated its stock listings on Nasdaq and Frankfurt as of 2026, according to Mining Stock Education.

Sangdong and a representative tungsten product

A central product of Almonty Industries is the tungsten concentrate produced at its Sangdong mine in South Korea, which is processed from ore via a newly commissioned processing plant and sold under long-term offtake agreements to industrial customers and downstream processors who convert it into tungsten powder, carbides and alloys for cutting tools, drilling equipment and defense applications.

Almonty Industries stock on Nasdaq and Frankfurt

According to MarketBeat, Almonty Industries shares on the Nasdaq under the ticker ALM traded around 16.73 USD during the session on September 2, 2026, down 5.2 percent on the day, with an intraday low near 16.82 USD and a last trade at approximately 16.7290 USD, while German-language portals report recent prices around 15.34 euros on the Frankfurt Stock Exchange, leaving the stock about 16 percent above its 50-day moving average and more than four times higher than twelve months ago.

Almonty Industries at a glance

• Company: Almonty Industries Inc.
• ISIN: CA0203987072
• Ticker: ALM
• Trading venue: Nasdaq, Frankfurt Stock Exchange
• Price (as of September 2, 2026): 16.73 USD
• Sector / Industry: Materials / Metals and Mining
• Index membership: None