Almonty's Q2 Revenue Jumps 498% as Ohio Pension Fund Builds a Stake

Almonty's Sangdong tungsten mine began processing ore in July 2026, driving Q2 revenue up 498% to CAD 43.0 million as Ohio pension fund buys shares.

Almonty Industries has crossed the line from developer to producer, and the market is still working out what that transition is worth. The tungsten miner's Sangdong operation in South Korea began processing ore in July 2026, a milestone that underpins a set of second-quarter figures showing revenue up 498% year over year to CAD 43.0 million.

Mine operating earnings for the same period came in at CAD 26.1 million, with adjusted EBITDA of CAD 17.6 million — numbers that reflect the first meaningful contribution from ramped-up output at Sangdong. For a company that spent years in the development phase, the shift is structural rather than cosmetic.

A Pension Fund Steps In

Institutional money appears to be taking notice. The Public Employees Retirement System of Ohio acquired 109,121 Almonty shares during the second quarter of 2026, a position valued at roughly USD 1.81 million according to a published fund report. Purchases of that kind by large public pension plans are typically read as a sign of growing institutional conviction, even if they do little to explain week-to-week price action.

That price action has been wild. The stock fell 6.1% on Friday to close at EUR 13.40, hovering just above its 50-day average of EUR 13.34. Over seven trading sessions the decline reached 11%, yet shares remain up 69% year to date. Earlier in the same stretch, the stock had surged more than 10% before giving ground — swings that media coverage could not tie to any company-specific news in either direction. Sentiment, persistent analyst support and operational progress at Sangdong are the explanations on offer.

Analyst Coverage Stacks Up

Jefferies initiated coverage on September 2 with a Buy rating and a price target of USD 26.25, citing Almonty's strategic role in building an independent Western tungsten supply chain. As of a September 1 tally, five analysts covered the name with a consensus Buy rating and an average twelve-month target of USD 27.00 — well above recent trading levels.

The strategic case rests on tungsten itself. Valued in industry and defense applications for its hardness and heat resistance, the metal has historically been sourced from a narrow set of producing nations. Western buyers are actively hunting for dependable supply outside traditional jurisdictions, which pushes projects already in operation onto the radar of institutional investors.

Listing Footprint Trimmed

Alongside the operational shift, Almonty has been consolidating where its shares trade. The delisting from the Toronto Stock Exchange took effect after the close on July 31, and the exit from the Australian Securities Exchange followed after trading ended on September 1. The moves leave the miner listed on fewer venues.

Technically, the picture is mixed. A 30-day annualized volatility reading of 75% and an RSI of 43 place the stock in neutral-to-slightly-oversold territory, roughly 35% below its 52-week high of EUR 20.61. The shares last changed hands at EUR 13.51, up 70% since the start of the year but 34% off that peak following an intervening consolidation.

Whether Sangdong's production ramp can outrun the short-term noise is now the central question for holders. The Ohio stake and the constructive analyst consensus suggest part of the market is already betting it will.