Almonty's ASX Exit Caps a Month of Milestones as Tungsten Producer Reshapes Its Market Footprint

Almonty completes ASX delisting, posts strong Q2 results, and gains from US tungsten export ban as Sangdong ramps up.

The tungsten producer's retreat from Sydney is nearly complete, with the formal delisting from the Australian Securities Exchange set for September 1 following Friday's suspension of its CHESS Depositary Interests at the close of trading. The move marks the final leg of a consolidation that began roughly a month ago when Almonty pulled its listing from the Toronto Stock Exchange — a period that has coincided with a 62.1 percent surge in the share price.

Investors tracking the company's corporate filings have also noted a flurry of activity on the insider-trading front. According to SEDI disclosures, Kyungrok Kwon has submitted nine new reports, pointing to ongoing transactions within the corporate orbit, though the filings do not disclose the size or direction of those moves.

Trade Policy Adds Tailwind

The market-structure cleanup is running parallel to a shifting regulatory landscape that increasingly favors Western tungsten supply chains. Last Thursday marked the start of a one-year US Commerce Department export ban covering tungsten scrap and battery waste, a measure designed to keep strategic raw materials within American borders.

For Almonty, which is targeting the North American market through its Sangdong mine in South Korea and its supply relationship with Global Tungsten & Powders, the policy shift strengthens the case for non-Chinese supply chains. Sangdong has now been in commercial operation for over a month, and the stock has gained 11.4 percent since production began. The supply agreement with GTP — extended to 21 years and expanded by 40 percent just over a month ago — remains a structural anchor, with the shares up 27.5 percent since that deal was announced.

Analyst Attention Turns to the Numbers

The equity research community has been recalibrating its models as the company transitions from development-stage risk to measurable operational metrics. GBC AG weighed in on August 20 with a "Buy" rating and a 12-month price target of $30.00, set against a horizon extending to December 31, 2027. The Bonn-based research house framed its thesis around Sangdong's ramp-up, noting that the facility began processing stockpiled ore in July — a shift that moves the investment story away from construction and financing concerns toward hard operating data.

Diamond Equity Research had already taken a more cautious pencil to its estimates on August 19, trimming its full-year 2026 earnings forecast from $0.55 to $0.39 per share and its third-quarter projection from $0.18 to $0.12, while maintaining a constructive long-term view.

The second-quarter results, published August 24, underscore the operational momentum but also demand careful reading. Revenue for the quarter reached C$43.0 million, up 498 percent year over year. Net income came in at C$181.8 million — a dramatic swing from the C$58.2 million loss posted in the year-ago quarter — yet C$173.1 million of that figure consisted of non-cash gains from derivative revaluations. Strip those out, and the underlying picture is still a marked improvement: mining operating earnings hit C$26.1 million versus a C$0.9 million loss a year earlier, with gross margins in the mining segment running at 60.7 percent.

The balance sheet has undergone an equally pronounced transformation. Following the US$800 million convertible note completed in June, Almonty held roughly C$1.23 billion in cash at the end of the first half. Operating cash flow swung from an outflow of C$14.9 million in the prior-year period to an inflow of C$31.6 million.

A Pause After the Rally

Friday brought a modest pullback, with the shares closing 3.9 percent lower at €15.57. No company announcement explains the dip, and the more plausible read is profit-taking after a strong August run. Over the trailing 30 days, the stock remains up 62 percent, suggesting the retreat is a breather rather than a reversal.

The longer-term chart tells a similar story of resilience. At €15.62, the shares trade 18 percent above their 50-day moving average and have multiplied several times over since touching a 52-week low of €3.42 in early September. They still sit 24 percent below the year's high of €20.61, reached in April.

The company retains considerable financial firepower to navigate whatever comes next: a share buyback authorization of up to US$300 million approved in mid-August, alongside that C$1.2 billion cash position. With the operational ramp at Sangdong now delivering measurable results and the listing structure simplified, Almonty enters its next phase with both the balance sheet and the narrative firmly under its own control.