Almonty's Sangdong Transition Reshapes the Investment Case as Buybacks and Delistings Take Center Stage

Almonty shares up 92% YTD but 26% below high. Q2 revenue surged 498% as Sangdong ramps up; analyst target $30.

The tungsten producer's shares have climbed 92 percent since the start of the year, yet the stock still sits 26 percent below its 52-week high of 20.61 euros — a gap that management is betting its own balance sheet can close.

Almonty Industries has entered a distinctly new phase. The construction and financing chapter at its Sangdong mine in South Korea is firmly in the rearview mirror, replaced by the operational grind of throughput, ore grades, recovery rates and concentrate quality. First ore was delivered to the site back in December 2025, and by July 2026 the plant had begun processing accumulated run-of-mine stockpiles.

That operational inflection point has been accompanied by a deliberate reshaping of how the company presents itself to the market. The delisting from the Toronto Stock Exchange took effect on July 31, following the earlier exit from the Australian bourse. Trading now runs exclusively through the Nasdaq and Frankfurt — a consolidation designed to pool liquidity and sharpen visibility among US investors.

A fortified balance sheet precedes the production ramp

The financial groundwork for this transition was laid well before the first concentrate left Sangdong. In early June, Almonty closed an oversubscribed offering of convertible notes carrying a 2.25 percent coupon and maturing in 2031, raising 800 million US dollars gross including the full exercise of the underwriters' over-allotment option.

The impact on the company's cash position has been pronounced. As of June 30, Almonty held 1.2 billion Canadian dollars, a substantial increase from the 268.4 million Canadian dollars recorded at the end of 2025.

That war chest, combined with improving operations, has produced a striking set of second-quarter numbers. Revenue surged 498 percent year over year to 43.0 million US dollars, while income from mining operations reached 26.1 million US dollars. Net income came in strongly, boosted in part by non-cash valuation effects on derivatives and warrants. The shares have added 32.1 percent since those results were published roughly three weeks ago.

Contract renegotiation and a vote of confidence from the board

Momentum in the underlying business extends beyond the quarterly figures. In mid-July, Almonty renegotiated its long-term offtake agreement with Global Tungsten & Powders LLC, extending the contract by six years, increasing committed volumes by 40 percent and improving pricing terms by approximately 6.3 percent. The revised arrangement provides planning certainty for a substantial portion of Sangdong's future tungsten output.

Around the same time, the board authorized a share buyback program covering up to 14.4 million common shares — roughly 5 percent of outstanding stock — with a maximum value of 300 million US dollars spread over 36 months. Management framed the decision as a response to what it sees as a disconnect between the current market valuation and the strategic worth of the company's tungsten assets ahead of first revenues from Sangdong.

Analyst coverage arrives with ambitious projections

The GBC AG initiated coverage in mid-August with a buy rating and a price target of 30 US dollars, dated to the end of December 2027. The research house pointed to the Sangdong production start as an exceptional milestone and highlighted the tungsten price of 3,087.50 US dollars per MTU — a level roughly 9.4 times higher than at the start of 2025.

GBC's forecasts are notably aggressive. Revenue is projected at 365.9 million US dollars for 2026, climbing to 1.32 billion US dollars in 2027 and 1.49 billion US dollars in 2028. Adjusted EBITDA is expected to jump from 329.7 million US dollars to 1.22 billion and then 1.30 billion US dollars over the same period. Despite the bullish outlook, the analysts maintain a high-risk designation on the stock.

The shares closed at 15.28 euros, nearly flat on the day, and remain comfortably above their 50- and 200-day moving averages. The stock has more than quadrupled from its September low, though the past seven trading sessions have brought modest pullbacks. With annualized volatility running at 86 percent, the market is clearly still pricing in substantial swings as the Sangdong ramp-up delivers its first real test of execution.