Almonty's Korean Mine Reaches Production as the Company Streamlines Its Listing Structure

Almonty transitions to tungsten producer at Sangdong, delists from ASX, and launches buyback amid surging stock and analyst divergence.

The tungsten producer Almonty Industries has crossed a critical operational threshold. Its Sangdong mine in South Korea's Gangwon province has moved beyond the construction phase, with the processing plant now handling ore stockpiles and producing saleable tungsten concentrate. That transition from developer to producer is reshaping how investors value the company — and how the company positions itself in global markets.

The operational milestone comes alongside a deliberate thinning of Almonty's corporate footprint. Trading in the company's CHESS Depositary Interests on the Australian Securities Exchange was suspended at yesterday's close, with the formal delisting taking effect on September 1. That follows the voluntary withdrawal from the Toronto Stock Exchange at the end of July, leaving Almonty with a leaner listing structure that management expects to concentrate liquidity and trim administrative costs.

A Stock in Overdrive

The market has responded enthusiastically to the Sangdong ramp-up. The share price gained 3.1 percent on the production news, and the stock has more than doubled since the start of the year. Over the past 30 days alone, the shares have climbed roughly 70 percent, closing Thursday at 16.20 euros. The stock remains about 21 percent below its 52-week high of 20.61 euros, reached in April — but it still trades a staggering 372 percent above its September low of 3.42 euros.

That kind of range tells the story of a re-rating already well underway. The question now is whether the operational momentum can justify the valuation, particularly given the stock's annualized 30-day volatility of 91 percent. This remains a high-octane investment in both directions.

The Numbers Behind the Narrative

Almonty's second-quarter results for 2026 show just how dramatically the business profile has changed. Revenue jumped 498 percent year over year to 43.0 million Canadian dollars. Net income reached 181.8 million Canadian dollars, though that figure was flattered by a 173.1 million Canadian dollar non-cash revaluation of derivatives — a reflection of the company's shifting balance sheet structure following its financing rounds rather than a pure measure of operational profitability.

The expansion has been bankrolled in part by an oversubscribed convertible bond worth 800 million US dollars, which is funding both the transition to producer status and the build-out of downstream processing capacity.

Buybacks and Analyst Divergence

Adding to the momentum, the board approved a share buyback program in mid-August that allows for the repurchase of up to 14.4 million common shares — roughly five percent of outstanding stock — for as much as 300 million US dollars, running through August 2029. The announcement itself nudged the stock up 2.9 percent.

Analyst opinion, however, is not uniformly bullish. GBC AG issued a buy recommendation on Tuesday, citing the operational progress and the broader strategic picture. Diamond Equity Research struck a more cautious tone, cutting its 2026 earnings estimate to 0.39 US dollars per share from 0.55 US dollars in a mid-August update, even while acknowledging the Sangdong progress. The firm maintained its 27.00 US dollar price target and "Buy" rating. Notably, regulatory filings show no insider transactions over the past twelve months — management has not cashed in despite the rally.

A Western Counterweight in Tungsten

Almonty's strategic positioning extends beyond the mine itself. As Chinese export restrictions tighten global tungsten supply, the company is emerging as one of the few Western-oriented suppliers for defense and industrial customers. Sangdong is also gaining attention as a non-Chinese source of tungsten hexafluoride, a gas essential to semiconductor manufacturing whose demand is rising with the artificial intelligence boom.

The stock last traded at 16.13 euros, roughly 22 percent below its April peak. With the listing cleanup complete, the buyback underway, and production now flowing, the coming quarters will test whether the optimistic view from GBC or the more measured earnings outlook from Diamond Equity proves closer to the mark.