Almonty's Capital Markets Overhaul: Buybacks, Delistings, and a Korean Mine in Full Swing

Almonty exits ASX, focuses on Nasdaq/Frankfurt; Sangdong ramps up, Q2 revenue surges 498% to C$43M.

The tungsten producer's corporate calendar has been unusually dense this summer, with a string of capital markets decisions and operational milestones reshaping its profile. The latest move in that sequence lands this week: Almonty Industries is severing its final ties with the Australian Securities Exchange, where trading in its CHESS Depositary Interests halts at Friday's close before the formal delisting takes effect on September 1.

That exit from Sydney marks the second venue Almonty has vacated in roughly five weeks, following its withdrawal from the Toronto Stock Exchange at the end of July. What remains is a two-market structure — Nasdaq under the ticker ALM and Frankfurt under ALI1 — a consolidation that executives hope will concentrate liquidity where institutional interest is deepest, even as it removes a familiar access point for Australian shareholders.

A War Chest Built for Expansion

The streamlining of listings has unfolded alongside a dramatic strengthening of the balance sheet. In early June, Almonty closed an oversubscribed convertible bond offering — 2.25 percent coupon, maturing 2031 — that raised gross proceeds of 800 million US dollars, with initial purchasers exercising their option for additional notes in full. Cash on hand at June 30 stood at 1.2 billion Canadian dollars, a steep climb from the 268.4 million reported at the end of 2025.

That liquidity buffer helps explain the board's decision last Monday to authorize a share repurchase program of up to 300 million US dollars, covering as many as 14.4 million common shares over a 36-month window. The announcement was met with a modest 1.2 percent dip in the stock, suggesting investors took the buyback in stride rather than as a signal of limited growth opportunities.

August also brought shelf registrations for potential equity issuance totaling roughly 246.79 million US dollars, including a component earmarked for an employee share plan — a reminder that the company is keeping its financing options open as it pursues a second phase of development at its flagship asset.

Sangdong Shifts From Construction to Commercial Output

The operational centerpiece of this period has been the Sangdong mine in South Korea's Gangwon Province, which formally began processing its ore stockpile on July 1. What had been a development-stage project is now generating saleable tungsten concentrate from an ore stack of approximately 139,700 tonnes — a transition that carries both strategic and financial weight.

Once the processing plant reaches full utilization, throughput capacity is expected to hit around 640,000 tonnes of ore annually, with an already-approved Phase II expansion potentially lifting that figure to 1.2 million tonnes. The company is also planning a tungsten oxide facility in South Korea, part of a broader effort to position Sangdong as a non-Chinese supply source for a metal critical to semiconductor manufacturing, given tungsten hexafluoride's role in chip fabrication.

The offtake picture has solidified as well. On July 14, Almonty confirmed an expanded long-term supply agreement with Global Tungsten & Powders (GTP), extending the term to 21 years and increasing contracted volumes by 40 percent to 4.41 million MTU. The revised terms also carried an improvement of roughly 6.3 percent in pricing conditions, according to the secondary report.

The Numbers Tell a Story of Transition

Second-quarter results captured the scale of the transformation. Revenue surged 498 percent year over year to 43.0 million Canadian dollars, while net income reached 181.8 million Canadian dollars — a sharp reversal from prior losses. The Panasqueira mine in Portugal contributed a gross margin of 60.7 percent, buoyed by European ammonium paratungstate prices that averaged around 3,075 US dollars per MTU, up dramatically from 453 US dollars per MTU in the same quarter of 2025.

Investors should note, however, that the net income figure includes roughly 173.1 million Canadian dollars in non-cash valuation gains from derivatives and warrants — a distinction that separates the headline profit from underlying operating earnings. Mining operations themselves generated 26.1 million Canadian dollars in the quarter.

Not every assessment has kept pace with the operational momentum. Diamond Equity trimmed its fiscal 2026 earnings per share estimate on August 14 from 0.55 to 0.39 US dollars, citing near-term earnings prospects below the consensus figure of 0.48 US dollars. The revision suggests the shift from construction to production is not entirely frictionless, even as milestones are being met.

Where the Stock Stands

The market's response to the recent news flow has been measured. The shares last traded around 15.79 euros in Frankfurt, roughly 19 percent above their 50-day average of 13.25 euros but still about 23 percent below the April peak of 20.61 euros — the 52-week high. The distance to the 200-day average, meanwhile, is roughly 23 percent to the upside, a technical signal that the medium-term trend remains constructive despite recent consolidation.

The next catalyst on the calendar is November 1, when Almonty is scheduled to report third-quarter results. By then, the company will have completed its exchange consolidation, and investors will have a clearer read on whether Sangdong's ramp-up is translating into the kind of earnings power that the balance sheet strength and buyback authorization would seem to anticipate.