Almonty Industries stock gains on Rwanda tungsten venture and Sangdong ramp-up

Published on 09/15/2026 at 14:54 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Almonty Industries stock fell 6.52 percent to USD 15.49 on Nasdaq on September 11, 2026, amid volatility around its new Rwanda tungsten venture. Q2 2026 revenue jumped 498 percent year on year as Sangdong mine processing ramped up, reshaping the growth story.

Tagebau-Mine mit gestuften Felswänden und schweren Muldenkippern im Tageslicht — Almonty Industries Inc betreibt Wolfram-Tagebau CA0203987072 mit Stufenwänden und Muldenkippern im Tageslicht, Illustration mit AI erstellt.

Almonty Industries stock (ISIN CA0203987072) closed at USD 15.49 on Nasdaq on September 11, 2026, down 6.52 percent from the prior session in a volatile reaction to the company’s new tungsten venture in Rwanda and progress at its Sangdong mine in South Korea as of September 11, 2026.

Rwanda tungsten deal reshapes Almonty’s growth profile

According to GuruFocus on September 14, 2026, Almonty Industries Inc. reported a pre-market price increase of 4.5 percent after signing a binding agreement with the Rwandan government to source and process tungsten under a critical minerals framework backed by the United States.

As Reuters reported on September 14, 2026, the company agreed to develop and process tungsten in Rwanda, giving the country a 25 percent stake in the project as part of the 2025 U.S.-Rwanda Framework for Shared Economic Prosperity, which aims to diversify U.S. critical mineral supply chains away from China.

The agreement positions Almonty as a strategic supplier of tungsten concentrate, expanding its asset base beyond existing operations in South Korea, Portugal and Spain and aligning its growth with U.S. policy support for African critical mineral projects.

Sangdong mine processing ramp-up drives revenue surges

Almonty’s operational progress at the Sangdong mine in Gangwon Province, South Korea, is a key driver behind the fundamental re-rating of the company. According to Baystreet on September 14, 2026, Almonty began feeding stockpiled run-of-mine ore through its newly commissioned processing plant at Sangdong during June 2026, producing saleable tungsten concentrate and marking the transition from mine development into revenue-generating operations.

As Baystreet detailed, Almonty exited the first quarter of 2026 with approximately 120,000 tonnes of ore stockpiled at an average grade of 0.24 percent tungsten trioxide, and mined an additional roughly 19,700 tonnes of development ore at an average grade of 0.35 percent tungsten trioxide in the second quarter of 2026, bringing total stockpiled ore to around 139,700 tonnes at a blended grade near 0.25 percent ahead of the plant commissioning.

According to ad-hoc-news on September 14, 2026, Almonty Industries said Q2 2026 revenue rose 498 percent year on year, underscoring how the ramp-up at Sangdong and higher tungsten pricing are now feeding through to the income statement compared with the same quarter a year earlier.

In the same report, ad-hoc-news noted that Almonty Industries stock traded between USD 14.94 and USD 17.10 on Nasdaq on September 11, 2026, before closing at USD 15.49, and cited a market capitalization of USD 4.46 billion as of September 14, 2026, which highlights the scale investors now assign to the company following the Sangdong ramp-up and the Rwanda venture.

Valuation, financing and risk considerations

The rapid share price appreciation has pushed Almonty’s valuation metrics to elevated levels. According to GuruFocus on September 14, 2026, the GF Value metric estimates Almonty’s intrinsic value at USD 4.95 per share, implying the stock was approximately 213 percent overvalued at a referenced price of USD 15.49, a gap that underlines how much future tungsten demand and project execution investors are pricing in.

Financing for the ongoing expansion is substantial. As IT-Boltwise reported on September 14, 2026, Almonty has secured an 800 million USD convertible bond maturing in 2031 with a 2.25 percent annual coupon to support scaling of its tungsten operations, a structure that provides long-term funding but could eventually dilute shareholders if converted.

The same article from IT-Boltwise highlighted that in a reported quarter, Almonty generated revenue of USD 43.0 million, higher than the prior-year period, and that the company has streamlined its capital-market presence by withdrawing from Toronto and Australian listings to concentrate liquidity on Nasdaq, moves that can improve trading efficiency but reduce regional investor access.

For investors, the main risk factor is the dependency on successful execution at Sangdong and the Rwanda venture, combined with tungsten price volatility: with stockpiled ore of roughly 139,700 tonnes at Sangdong and revenue growth of 498 percent year on year in Q2 2026, a slowdown in demand or operational setbacks could have an outsized impact on Almonty’s high valuation and leveraged balance sheet.

Almonty Industries stock and recent trading levels

Almonty Industries stock is listed on Nasdaq under the ticker ALM, with Nasdaq serving as the primary reference venue in United States dollars. According to price data as of September 11, 2026, the shares closed at USD 15.49 on Nasdaq, representing a 6.52 percent decline from the prior close of around USD 16.57, after trading in a daily range between USD 14.94 and USD 17.10 on that session.