Almonty Rewrites Its Playbook: Rwanda Venture, Spanish Tailings Deal and a 498% Revenue Surge

Almonty signed a Rwanda tungsten JV, secured a Los Santos tailings offtake and delisted from the ASX after Q2 revenue rose 498% to $43.0 million.

Almonty is in the middle of a sweeping overhaul that touches every corner of its business — from the ore it pulls out of the ground to the exchanges where its shares trade. The tungsten producer has simultaneously locked in a long-term buyer for old mine waste in Spain, struck a binding partnership with the Rwandan government, and pulled its depositary receipts from the Australian Securities Exchange. Each move feeds into the same strategy: concentrate operations, widen access to raw material, and simplify how investors can own the stock.

A Rwandan Platform for African Tungsten

The most far-reaching of the recent steps came on Monday, when Almonty signed a binding agreement with the government of Rwanda to create a joint venture called Almonty Rwanda. The company will hold 75% of the entity, with the Rwandan state taking the remaining 25%. According to Reuters, Rwanda is contributing the Shyorongi exploration concession along with a mineral processing license.

The venture is designed to serve as a central trading and processing hub. It will buy raw ore, pre-concentrates and processing residues from local license holders and small-scale miners, then either resell or upgrade that material. Until a dedicated processing plant is built in the country, the agreement calls for the material to be exported. The arrangement widens Almonty's operational reach into African tungsten deposits and gives it a foothold in a region where artisanal output has long been fragmented.

Spain: Turning Old Tailings Into Contracted Revenue

On the Iberian peninsula, Almonty secured a multi-year take-or-pay offtake agreement for its Los Santos tungsten mine. The counterparty is Wolfram Bergbau und Hütten AG, a subsidiary of Sandvik. The contract covers the reprocessing of tailings that already sit on the mine site — material left over from earlier extraction work.

The deal guarantees a minimum volume of roughly 1,720 tonnes of contained tungsten trioxide (WO?) and includes a conditional advance payment of US$3 million. In plain terms, Almonty has converted waste piles into a contracted revenue stream with a fixed buyer, removing some of the price and demand uncertainty that typically hangs over junior miners.

A Sharper Listing Footprint

Alongside the operational moves, management has been trimming its exchange presence. The company ended the issuance of CDIs on the ASX and halted trading there, roughly two weeks after completing its withdrawal from the Toronto Stock Exchange. The ordinary shares continue to trade on the Nasdaq under the ticker ALM and on the Frankfurt Stock Exchange under ALI1.

The consolidation follows Almonty's inclusion in the Russell 1000 and Russell 3000 indices, which took effect at the start of US trading on June 29. By concentrating its listings on fewer venues, the company aims to pool liquidity rather than scatter it across four markets.

The Numbers Behind the Restructuring

These initiatives rest on a markedly improved financial base. In the second quarter of 2026, Almonty posted revenue of $43.0 million — a jump of 498% from the same period a year earlier. Mining operating income reached $26.1 million, reversing an operating loss of $0.9 million in the prior-year quarter. Adjusted EBITDA climbed to $17.6 million, compared with a shortfall of $4.8 million twelve months before.

The balance sheet has been transformed as well. As of the June 30, 2026 reporting date, the company held roughly C$1.23 billion in cash, and it reported a net profit of C$181.8 million for the quarter. That liquidity gives Almonty room to fund the Rwandan venture and the Spanish tailings program without leaning heavily on external financing.

Where the Stock Stands

Investors have taken a measured view of the transformation. The shares closed Friday at €12.07 in German trading, up 52% since the start of the year but still 41% below the 52-week high of €20.61. The gap between the annual gain and the peak suggests the market is weighing the operational momentum against the execution risk that comes with any multi-front expansion. Whether the coming quarters can sustain the earnings trajectory will determine if the stock closes that distance.