Almonty Enters a New Era: Buyback Launch Coincides With Production Ramp and Listing Consolidation

Almonty starts $300M share repurchase, backed by C$1.2B cash, as Sangdong mine ramps output and Q2 revenue jumps 498%.

The tungsten producer Almonty Industries is about to put its financial firepower to work. A share repurchase program of up to $300 million kicks off Monday, August 24, following board authorization in mid-August for the buyback of as many as 14.4 million common shares over a 36-month window.

The timing is no accident. Almonty is emerging from a period of intensive restructuring that has reshaped both its balance sheet and its market presence, and the buyback is the latest signal in a sequence of moves designed to reposition the company for its next phase of growth.

A War Chest Built on Convertible Debt

The repurchase program is backed by a cash position that would have been unthinkable just a year ago. As of June 30, Almonty held C$1.2 billion in cash, a dramatic leap from the C$268.4 million on hand at the end of 2025. The jump traces back to early June, when the company closed a convertible bond issuance carrying a 2.25 percent coupon and maturing in 2031. The deal raised $800 million gross, including full exercise of the over-allotment option by the underwriting banks.

That capital cushion gives management unusual flexibility. Rather than signaling distress, the buyback — which represents roughly 5 percent of outstanding shares and is slated to run from late August through 2029 — reads more as a statement of confidence in the company's own trajectory.

Sangdong Shifts From Development to Delivery

The financial engineering has a production story to back it up. Almonty's Sangdong mine in South Korea's Gangwon province officially began throughput operations at its newly commissioned processing plant on July 1, marking the transition to commercial output of saleable tungsten concentrate. The company had already started feeding stockpiled ore through the facility in June, but the July 1 milestone formalized the shift from developer to producer.

The numbers are beginning to reflect that transformation. Second-quarter revenue surged 498 percent year over year to C$43.0 million, while net income swung from a loss of C$58.2 million in the prior-year period to a profit of C$181.8 million. Adjusted EBITDA came in at $17.6 million.

Institutional Backing Grows

The operational momentum has not gone unnoticed among larger investors. Bank of America expanded its stake in the tungsten producer by 309.6 percent during the first quarter of 2026, lifting its holdings to 908,911 shares. Cooper Creek Partners Management and Encompass Capital Advisors also added to their positions, increasing their stakes by 110.4 percent and 47.9 percent, respectively.

These accumulations come as the regulatory environment shifts in favor of non-Chinese tungsten producers. The U.S. Commerce Department announced Thursday a one-year export ban on tungsten-bearing scrap and so-called "black mass" from lithium-ion batteries, effective August 27. The measure aims to strengthen domestic supply chains for critical minerals — a tailwind for producers operating outside China's orbit.

A Streamlined Listing Structure

Almonty has also been consolidating its trading venues. The company's listing on the Toronto Stock Exchange ended in late July, and it has received formal approval from the Australian Securities Exchange for a voluntary delisting. Trading in CHESS Depositary Interests is set to be suspended at the close of business on August 28, with the delisting itself expected on September 1.

The retreat from smaller exchanges is paired with a push into the U.S. mainstream. Late June brought inclusion in the broader-based Russell 1000 and Russell 3000 indices, a move that should raise the company's profile among American institutional investors. The primary listing now centers on the NASDAQ, a structure designed to concentrate liquidity where it matters most.

Contract Certainty for the Long Haul

On the offtake side, Almonty strengthened its hand in mid-July when it extended its supply agreement with Global Tungsten & Powders, a member of the Plansee Group. The contract now runs six years longer — to 21 years in total — with contracted Phase I volumes increased by 40 percent and pricing terms improved by roughly 6.3 percent.

For a company that has only recently crossed from development into production, that kind of multi-decade visibility is rare. It provides a planning anchor that extends well beyond the immediate market cycle.

What investors are left with is a confluence of forces: a high-volume buyback about to test the market's appetite, a radically simplified exchange footprint, and an operating business generating real revenue for the first time. Whether the repurchase program gains meaningful traction starting Monday will likely show up in the trading volumes over the coming sessions.