Almonty Industries: A Pivotal Week as Tungsten Momentum Meets Structural Change
Published on 08/09/2026 at 09:31 | Redaktion boerse-global.de
The tungsten producer's shares are on the move again, but the real story lies beneath the surface — a company in the midst of a fundamental transformation that touches everything from its corporate domicile to its listing structure.
A Sharp Rebound Ahead of Earnings
Shares of Almonty Industries surged nearly 10 percent in a single session on August 8, 2026, closing at $14.36 after trading in a range between $13.07 and $14.38. The advance came just days before the company's next quarterly report, which financial platforms tentatively date to August 10, 2026, though listings vary slightly by provider.
Trading volume for the session reached 9.33 million shares, comfortably above the recent average of 8.05 million. The stock's 52-week range of $3.97 to $24.41 underscores just how volatile this name remains — a characteristic that has defined Almonty throughout its transition from mine developer to producing company.
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The Revenue Story Is Already Compelling
The first quarter of 2026 offered a glimpse of what the new Almonty could look like. Revenue jumped 221 percent year-over-year to $25.4 million, propelled by record tungsten prices. Adjusted EBITDA swung to a positive $6.1 million, a stark reversal from the $2.4 million loss recorded in the same period a year earlier.
That said, the company still operates without a profit — the first quarter produced a loss of $0.02 per share. The market's enthusiasm, then, is built on trajectory rather than current earnings power.
Institutional Positioning Tells Two Stories
The shareholder register paints a divided picture. Sei Investments Co. slashed its Almonty stake by 56 percent during the first quarter, leaving the asset manager with 216,039 shares. Yet a cluster of smaller institutional investors — including several US and Swiss firms, some with family-office ties — built new or expanded positions over the same stretch.
This divergence isn't necessarily a referendum on the company's prospects. Institutional moves of this kind frequently reflect portfolio allocation rules or risk mandates rather than a fundamental view on a specific equity. What matters more for investors is the operating environment Almonty now finds itself in.
Tungsten's Structural Tightness
The global tungsten market has experienced a historic repricing, with prices reportedly climbing as much as 800 percent. The catalyst is a supply squeeze out of China, the dominant producing nation, which has rippled through industries ranging from artificial intelligence to defense — sectors that depend on tungsten for hard metals and high-performance alloys. One Australian mining operator was transformed into a multibillion-dollar company almost overnight by the price surge.
For producers outside China, the shortage represents a strategic opening. Ammonium parawolframate (APT) currently trades at $3,000 to $3,200 per metric ton unit of WO?, cif Rotterdam and Baltimore, with prices holding largely steady in recent weeks. Analysts expect China's dual-use policy on tungsten to remain unchanged, suggesting the Western supply deficit will persist over the medium to long term and keep prices supported.
Sangdong Comes Online
Almonty's operational pivot is now tangible. In July, the company announced the start of processing at its Sangdong mine in South Korea, marking the first time it has sold finished tungsten concentrate.
The ore position ahead of commissioning is substantial. At the end of the first quarter, roughly 120,000 tonnes of ore sat in inventory with a tungsten trioxide grade of 0.24 percent. The second quarter added another 19,700 tonnes at 0.35 percent, bringing the total stockpile to approximately 139,700 tonnes at a blended grade of around 0.25 percent.
Streamlining the Corporate Structure
The operational shift has been accompanied by a deliberate simplification of Almonty's financial architecture. On August 7, 2026, the company filed an amendment to a Form S-8 with the US Securities and Exchange Commission, detailing adjustments to its equity compensation arrangements — specifically the fourth amended stock option plan and the amended restricted share unit plan, both approved by the board on August 4, 2026. The filing lists a Dillon, Montana address, reflecting the company's relocated corporate base.
The listing overhaul is equally notable. The Australian Securities Exchange has approved Almonty's voluntary delisting, with trading in CDI interests ending August 28, 2026, and the delisting taking effect September 1, 2026. The company cited low and declining trading volumes in Australia relative to the Nasdaq as the rationale. This follows the termination of its Toronto Stock Exchange listing on July 31, 2026.
The result: Almonty's shares will trade on just two venues — the Nasdaq and Frankfurt — concentrating liquidity where it matters most.
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Analysts Remain Constructive
Wall Street's view on Almonty skews positive. DA Davidson rates the stock "Buy" with a price target of $33, while Oppenheimer assigns "Outperform" with a $25 target. The consensus sits at "Moderate Buy" with an average price target of $21.88 — a level that implies meaningful upside from current trading.
The stock also garners attention beyond traditional sell-side coverage. In a weekly portfolio review by investor Kissig, Almonty ranked among the top performers alongside names like Rocket Lab, Texas Pacific Land, Vincorion, and Deutsche Rohstoff AG. The broader context: oil, commodities, and space-related equities have dominated recent resource market action, and tungsten — as a critical material — benefits directly from that tailwind.
What to Watch
The upcoming quarterly report will test whether Friday's rally has fundamental backing. The key variables are straightforward: production progress at Sangdong, the trajectory of tungsten prices, and continued clarity on the streamlined listing structure centered on the Nasdaq. With the stock still well below its early-2026 highs, the market is waiting for evidence that the operational transformation can deliver sustained results — not just a single quarter of momentum.
