Almonty's Nasdaq Pivot: How a $1.23 Billion War Chest Is Rewriting the Tungsten Playbook

Almonty Industries posts 498% revenue jump, holds C$1.23B cash, and consolidates on Nasdaq as Sangdong ramps up.

The tungsten market has a new gravity well, and it is pulling capital, listings, and investor attention toward a single point: Sangdong. Almonty Industries has spent the summer consolidating its corporate footprint while simultaneously assembling a balance sheet that would look more at home in a mid-cap tech company than a specialty metals producer. The two moves are not unrelated.

By the end of June, the company was sitting on 1.23 billion Canadian dollars in cash, a dramatic leap from the 268.4 million Canadian dollars it held at the close of 2025. That war chest was filled through an oversubscribed convertible bond offering of 800 million US dollars, carrying a 2.25 percent coupon and maturing in 2031. The underwriting syndicate exercised its full option for an additional 100 million US dollars, a detail that speaks volumes about institutional appetite for the Sangdong story.

A Listing Strategy Built for Scale

The financial firepower arrived just as Almonty was streamlining its public market presence. The company delisted from the Toronto Stock Exchange at the end of July, and its CHESS Depositary Interests were suspended on the Australian Securities Exchange in late August, with the full ASX delisting following in early September. What remains is a single listing on the Nasdaq — a deliberate concentration of liquidity that aligns with where the company's investor base has shifted.

That shift became visible in late June, when Almonty was added to both the Russell 1000 and Russell 3000 indices. For a company now trading in US benchmark territory, maintaining secondary listings in Toronto and Sydney had become administrative overhead rather than strategic advantage. The consolidation simplifies reporting, pools trading volume, and positions Almonty as a global player rather than a Canadian miner with offshore ambitions.

The Numbers Behind the Narrative

The second-quarter results give the corporate restructuring its substance. Revenue reached 43.0 million Canadian dollars, up 498 percent year over year, propelled by record tungsten prices. Net income swung to 181.8 million Canadian dollars from a loss of 58.2 million Canadian dollars in the prior-year quarter. Adjusted EBITDA flipped from negative 4.8 million to positive 17.6 million Canadian dollars.

The operational engine behind these figures is Sangdong, the South Korean tungsten mine that sat dormant for 32 years before Almonty brought it back to life. The processing plant entered throughput operation in July, and the workforce has been scaling accordingly. From just 39 employees in 2023, headcount grew to 65 in 2024, then 82 last year. By the end of August, the team stood at 133, with roughly 70 more hires planned before year-end.

The ramp-up has not gone unnoticed on the sell side. Jefferies initiated coverage with a buy recommendation, citing the "long-term leverage" inherent in Western tungsten supply chains as reshoring efforts gather pace. DA Davidson raised its price target from 25 to 33 US dollars following a meeting with CEO Lewis Black. The broader analyst consensus sits at "Strong Buy," with an average target roughly 46 percent above the current share price.

Two Stories, One Stock

The equity itself has become a tale of two narratives. The operational story is one of a mine transitioning from development to production, with cash flowing for the first time in three decades. The symbolic story is that of a Canadian company abandoning its home exchanges to trade where the capital for strategic metals actually lives.

The market has rewarded both. The stock has gained 108 percent since the start of the year and 335 percent over twelve months. The most recent session saw shares climb 9.2 percent to 16.52 euros, adding to a weekly gain of 8.3 percent — a move that arrived without any fresh corporate announcement, suggesting momentum is carrying the tape. The shares currently trade around 20 percent below their 52-week high of 20.61 euros, reached in April, and roughly 349 percent above the year-ago low from September.

There was also a change in the finance function: Jorge Beristain took over as CFO on June 1, succeeding Brian Fox, who departed in early May. The transition lands at a moment when the company is, in its own telling, entering the next growth phase at Sangdong.

What the Cash Actually Buys

The 1.23 billion Canadian dollars on the balance sheet is not idle. It represents the fuel for scaling Sangdong from throughput operation to full production capacity, and it signals that the capital markets believe the mine will deliver on its promises. For a tungsten producer — a metal embedded in everything from military hardware to industrial drill bits and turbine blades — that confidence carries strategic weight.

Western governments have spent years trying to reduce their dependence on Chinese tungsten supply chains. Almonty's positioning as a non-Chinese source of a critical metal, now backed by a Nasdaq listing and a billion-dollar cash position, makes it one of the more tangible expressions of that policy push.

The remaining question is execution. Sangdong has cleared the hardest hurdle — the leap from development to operating mine — but the coming quarters will test whether the processing plant can sustain throughput and whether the workforce expansion translates into reliable output. The stock's wide trading range this year, from the April peak to the September lows of last year, reflects how much of the story is still in motion.

For now, the market is betting that the balance sheet, the listing strategy, and the operational ramp-up are all pointing in the same direction. The next few quarters will show whether that bet was well placed.