Almonty Adds Six Years to Global Tungsten Deal While Rwanda Venture Redraws Its Supply Map

Almonty Industries extends tungsten offtake agreements, forms a Rwanda joint venture, and posts Q2 2026 revenue of $43.0 million as Sangdong ramps up.

Almonty Industries is steadily converting its tungsten resource base into contracted revenue, pairing long-dated offtake commitments with new production capacity and a fresh African joint venture. The moves reflect a broader push by Western industrial buyers to lock in supplies of the metal outside established Asian supply chains.

Offtake Book Thickens on Two Continents

The company's marketing strategy rests on multi-year purchase agreements with established industrial partners. On July 15, Almonty amended its existing offtake arrangement with Global Tungsten & Powders, extending the terms by six years and lifting the contracted volumes by 40 percent. The revision ties a significant slice of future concentrate output to a long-standing counterparty.

A second deal followed last Friday, covering the reprocessing of existing tailings at the Los Santos mine in western Spain. The long-term contract with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik Group, is built on a fixed purchase principle and covers at least roughly 1,720 tonnes of contained tungsten trioxide. It also includes a conditional advance payment of $3.0 million.

Those European arrangements sit alongside a new African structure. Under the agreement, Rwanda will take a one-quarter stake in Almonty Rwanda, while the mining rights to the Shyorongi tungsten exploration area and a mineral processing licence flow into the joint venture. Almonty retains a three-quarters majority of the entity.

Sangdong Ramp-Up Underpins the Numbers

The contract expansion builds on the industrial base at the Sangdong mine in South Korea, where Phase 1 production started just over a month ago. The processing plant there is designed for an annual throughput of about 640,000 tonnes of ore, from which roughly 2,300 tonnes of tungsten concentrate are expected each year. First ore had been delivered to the Asian site in December of last year, with mining proper beginning in the summer.

Financially, the groundwork showed through in second-quarter 2026 results released more than a month ago. Revenue for the period climbed 498 percent year on year to $43.0 million, while operating profit from mining operations came in at $26.1 million and adjusted EBITDA reached $17.6 million. The bottom line swung to a net profit of $181.8 million, reversing a loss in the comparable quarter a year earlier. An oversubscribed convertible bond placement of $800 million rounded out the financing picture.

Buyback and Analyst Coverage Round Out the Story

Management has also moved on shareholder returns. About a month ago — a period in which the stock has since shed 14.5 percent — the board approved a buyback programme authorising the purchase of up to 14,400,000 common shares for a total price of no more than $300,000,000 over a multi-year window. The decision signals confidence in the balance sheet and the earning power of the company's resource base, marrying growth-oriented mine investment with targeted support for the share price.

Analyst coverage has followed the project milestones. Jefferies initiated coverage a little over three weeks ago — the stock has lost 20.9 percent since — with a Buy rating and a price target of $26.25. The bullish case rests on Almonty's role in building a dependable Western supply chain, a pitch that resonates because global tungsten supply is seen as heavily concentrated, leaving room for alternative development projects to attract international buyers.

Market Consolidates After a Strong Run

Trading has reflected the operational momentum with considerable volatility. The shares closed Friday at EUR 12.07. Despite the recent consolidation, the stock is up 52 percent since the start of the year, holding onto the gains built in the first half. Following the latest declines, it sits 41 percent below its 52-week high. How quickly the contracted concentrate volumes actually reach delivery will likely shape the next leg of the share price.