Almonty's Capital Returns and Exchange Exit Converge as Sangdong Transforms the Income Statement

The tungsten producer Almonty Industries has drawn its Australian chapter to a close, with trading in its CHESS Depositary Interests on the ASX ceasing at Friday's market close ahead of a formal delisting on 1 September. The move leaves the Nasdaq and Frankfurt listings as the company's two remaining venues, a consolidation that management expects to have little impact on liquidity given that the bulk of turnover already flows through the North American and German exchanges.

Australian shareholders will now need to route their positions through alternative channels, though the operational heart of the business continues unchanged. The exit marks the end of a secondary venue for Almonty rather than any shift in corporate strategy, with the company's centre of gravity now firmly fixed on its US listing.

A Buyback Backed by a Bulging Balance Sheet

The ASX departure lands in the middle of a period of unusual financial activity for the Toronto-headquartered group. On 17 August, the board authorised a share repurchase programme of up to US$300 million, covering as many as 14.4 million common shares — equivalent to 5 percent of issued capital. The buyback, which began on 24 August and runs for 36 months, has already helped lift the stock by 7.2 percent since its announcement.

Management framed the repurchase as a response to what it sees as an undervaluation of the equity despite the advancing development of the Sangdong tungsten mine in South Korea. Almonty has positioned itself as one of the leading non-Chinese suppliers of the strategically significant commodity, and the buyback signals confidence that the market has yet to fully price in that status.

The financial firepower behind the programme is considerable. A convertible bond issue in June raised US$800 million — oversubscribed, with a 2.25 percent coupon and 2031 maturity — swelling cash balances from C$268.4 million at the end of 2025 to C$1.2 billion by 30 June 2026. That liquidity cushion means the repurchase can proceed without endangering Sangdong's ongoing development.

From Development Phase to Cash Generation

The buyback arrives at a moment when Almonty has finally crossed the threshold from pure project developer to operating producer. Second-quarter 2026 revenue came in at C$43.0 million, a 498 percent jump from the C$7.2 million recorded in the same period a year earlier. Net income swung to C$181.8 million from a loss of C$58.2 million, while the mining operation posted a 60.7 percent operating margin on revenue.

The catalyst was the production start at Sangdong in early July, when Almonty began feeding the ore processing plant from an inventory of roughly 139,700 tonnes of run-of-mine material. That transition is visible in the cash flow statement: operating results swung from an outflow of C$14.9 million in the prior-year half to an inflow of C$31.6 million.

Chief executive Lewis Black, writing in a mid-August newsletter, pointed to structural supply constraints in the tungsten market — strategic stockpiling by individual states, semiconductor manufacturing bottlenecks and a widening gap between announced projects and actual output. Those dynamics underpin the company's view that its own trajectory is not yet reflected in the share price.

A Contract Book That Reinforces the Thesis

The picture is rounded out by the offtake agreement with Global Tungsten & Powders LLC, extended in July with higher volumes and improved pricing terms over a considerably longer horizon. The stock has gained 8.0 percent since that announcement, and the contract serves as a reminder that demand visibility extends well beyond the current production ramp.

The share price has been something of a mixed bag in the near term. At the latest close the stock stood at €15.07, down 1.6 percent on the day — though the 30-day view shows a 38 percent advance, and the year-to-date gain approaches double. The equity currently trades roughly 27 percent below its 52-week high of €20.61, reached in April. The ASX delisting itself has prompted little reaction, with the shares hovering around €15.14, up 0.5 percent on the prior session.

Over a 12-month horizon the stock has climbed 91 percent, a rally built on Sangdong's operational turnaround and the capital measures supporting it. With the Australian interlude now behind it, Almonty's narrative narrows to a single, cleaner storyline: a company with a fortified balance sheet, a functioning mine and a commodity that geopolitics has made newly indispensable.