Almonty's Strategic Pivot: From Toronto Exit to Record Tungsten Contracts

Almonty secures expanded offtake, exits TSX, and posts 498% revenue growth amid surging tungsten prices.

The tungsten producer Almonty Industries has spent the past several weeks methodically restructuring both its commercial foundation and its capital markets presence, with the net effect being a company that looks markedly different than it did at the start of the year.

The most consequential development came in mid-July, when the company renegotiated its long-term offtake agreement with Global Tungsten & Powders LLC. The revised contract extends the term by six years, increases contracted volumes by 40 percent, and secures roughly 6.3 percent improved pricing. For a miner whose Sangdong operation in South Korea has only recently transitioned into throughput production, the agreement locks in offtake for a growing output stream over an extended horizon.

A Market Awash in Tungsten Strength

The timing of the contract expansion coincides with a remarkable run in raw material prices. The APT tungsten price tracked by Fastmarkets in Rotterdam stood at an average of $3,087.50 per MTU in mid-August, trading within a range of $2,900 to $3,275. That level represents roughly 9.4 times the value seen at the start of 2025, according to press reports. For Almonty, the pricing environment has translated directly into a meaningfully improved revenue base.

The second-quarter figures released in July underscore the impact. Revenue climbed to $43.0 million, a 498 percent increase year over year. Operating results from the mining business swung from a loss of $0.9 million to a profit of $26.1 million, while adjusted EBITDA jumped from negative $4.8 million to positive $17.6 million. Since those numbers were published, the share price has advanced 31.1 percent.

A Cleaner Listing Structure

Alongside the operational momentum, Almonty has streamlined its corporate structure. The company completed its delisting from the Toronto Stock Exchange on July 31, following its earlier departure from the Australian exchange. Management now concentrates entirely on the US listing, a move designed to consolidate trading liquidity and raise visibility among American investors.

The restructuring extends to the balance sheet as well. In late June, Almonty closed an oversubscribed issuance of 2.25 percent convertible notes maturing in 2031, raising gross proceeds of $800 million, including full exercise of the greenshoe option by the initial purchasers. Cash holdings reached C$1.2 billion as of June 30, compared with C$268.4 million at the end of 2025. The company has also authorized a buyback program of up to $300 million.

The same period brought inclusion in the Russell 1000 and Russell 3000 indices, reflecting the company's expanded market capitalization and likely enhancing its appeal to index-tracking institutional investors.

Analyst Validation and the Road Ahead

GBC AG initiated coverage in mid-August with a Buy rating and a price target of $30, dated to the end of December 2027. The analysts pointed to the Sangdong production start as an exceptional milestone and highlighted the tungsten price environment. Their projections call for revenue of $365.9 million in 2026, rising to $1.32 billion in 2027 and $1.49 billion in 2028. Adjusted EBITDA is expected to jump from $329.7 million to $1.22 billion and then $1.30 billion in successive years. Despite the optimistic forecasts, GBC continues to classify the stock as high-risk.

The share price performance offers some context for the renewed analyst interest. The stock has gained roughly 92 percent since the start of the year, trading at €15.28 in the latest session. Over twelve months, the advance reaches approximately 320 percent. The current price sits about 26 percent below the 52-week high of €20.61 reached in April, though it remains comfortably above the 200-day moving average of €12.92. The 30-day volatility reading of 86 percent, however, serves as a reminder of the stock's speculative character.

What ultimately matters for investors is whether the increased production volumes from Sangdong translate into the contractually committed tonnage. The offtake agreement with Global Tungsten & Powders, the supportive pricing environment, and the fortified capital structure all point in that direction — but the proof will come in the delivery numbers.