Almonty's Triple Pivot: Nasdaq Consolidation, a $300 Million Buyback, and a Mine That's Finally Paying Off

Almonty exits TSX and ASX, launches $300M buyback, and boosts tungsten output at Sangdong as Q2 revenue jumps 498%.

The tungsten producer rewriting its own script is doing so at speed. Almonty Industries is pulling its shares from two of the three exchanges where they trade, launching a buyback worth up to $300 million, and betting its future on a single listing — the Nasdaq. The moves, announced in quick succession, amount to a deliberate consolidation of the company's capital markets presence at a moment when its flagship Korean mine is transitioning from construction project to cash-generating operation.

The board's buyback authorization covers up to 14.4 million common shares, roughly 5 percent of the outstanding float, with purchases running from August 24 through August 24, 2029. That's a meaningful signal of management's conviction in the company's valuation, particularly as the shares have shed around 21.4 percent since mid-July, when Almonty repaid a €14.66 million loan to KfW IPEX-Bank in full.

A Two-Front Delisting

The share repurchase lands alongside a coordinated retreat from secondary listings. Almonty's stock was removed from the Toronto Stock Exchange at the close of trading on July 31, and the Australian Securities Exchange is next: trading in the company's CDIs will be suspended at the close of business on August 28, with the formal delisting taking effect September 1. The Nasdaq becomes the company's primary and sole listing.

The financial cushion for this strategic narrowing is unusually thick. Almonty ended the second quarter with a cash position of C$1.23 billion, up sharply from C$268.4 million at the end of 2025. The leap traces back to the June closing of a US$800 million convertible notes offering — capital that makes the exit from two smaller exchanges far less consequential for shareholders who can now focus on a single, more liquid venue.

Sangdong Shifts Into Gear

Underpinning the confidence is the operational transformation at the Sangdong mine in South Korea. The processing plant was completed in March, and since June the facility has been running stockpiled ore through the mill to produce marketable tungsten concentrate. July marked the transition to commercial processing of those ore stockpiles — a shift that GBC AG analyst Matthias Greiffenberger, in a study published August 20, characterized as a significant milestone in reducing the company's risk profile. He reaffirmed his buy recommendation with a price target of US$30.00 through the end of 2027.

The numbers are beginning to reflect the ramp-up. Second-quarter revenue came in at C$43.0 million, a 498 percent jump year over year. Net income reached C$181.8 million, though C$173.1 million of that figure consisted of non-cash gains from the revaluation of derivatives. A year earlier, the company had posted a loss of C$58.2 million.

Contract Wins and Index Entries

Two further developments have reinforced the bullish case. In mid-July, Almonty amended its long-term offtake agreement with Global Tungsten & Powders LLC, extending the term by six years to a total of 21 years and lifting the contracted volumes for the first expansion phase by 40 percent to 4.41 million MTU. Late June brought inclusion in both the Russell 1000 and the broader Russell 3000 indices during the annual reconstitution — a move that typically triggers passive fund inflows as index-tracking portfolios adjust their holdings.

Not Everyone Is Convinced

The picture is not uniformly rosy. Diamond Equity cut its fiscal 2026 earnings estimate to US$0.39 per share in mid-August, down from a prior US$0.55. Weiss Ratings upgraded Almonty from "sell (d-)" to "hold (c-)" — an improvement, but still firmly in the lower end of its rating scale. Automated scoring models acknowledge the company's growth potential while flagging profitability as a continuing weak spot.

For investors, the coming week brings the two structural events into focus: the buyback's August 24 launch and the parallel withdrawal from the Australian exchange. Together, they signal a company that is narrowing its public footprint while concentrating its capital — and its message — on a single market.