Almonty's Triple Play: A Korean Mine in Profit, a Slimmer Listing, and a $300 Million Buyback
Published on 08/29/2026 at 04:21 | Editorial boerse-global.de
The tungsten producer that spent years as a development story is now telling a different one. Almonty Industries swung to a net profit of 181.797 million Canadian dollars in the second quarter of 2026, a dramatic reversal from the 58.209 million Canadian dollar loss it posted in the same period a year earlier. Revenue for the quarter hit 42.989 million Canadian dollars, up from just 7.192 million in the year-ago quarter.
The inflection point traces directly to the Sangdong mine in South Korea's Gangwon province, which began delivering processable tungsten concentrate in early July. The operational ramp-up, which stretched over several weeks, is already visible in the half-year figures — a sign that Almonty has largely completed its transition from explorer to producer.
A Buyback Backed by a Full Coffers
The board's decision on August 24 to authorize a buyback of up to 300 million US dollars — covering as many as 14.4 million shares, or roughly five percent of outstanding capital, over a 36-month window — rests on a balance sheet that has transformed in short order. Cash stood at 1.2 billion Canadian dollars as of June 30, a sharp jump from 268.4 million at year-end. That build was fueled by the June completion of a 800 million US dollar convertible bond issuance and by operational progress at Sangdong.
The company's internal financing engine has also flipped. Operating cash flow turned positive at 31.6 million Canadian dollars in the first half, against an outflow of 14.9 million in the same period last year. That self-funding capacity should support the buyback without straining liquidity for ongoing mining operations.
Management frames the repurchase as a response to a perceived disconnect between the share price and the value of the company's tungsten assets. The timing, however, is layered: nearly simultaneously, Almonty filed a shelf registration of approximately 246.79 million US dollars for the potential issuance of new common shares, including a component tied to employee equity participation programs. Buyback and potential dilution are thus running in parallel — a structure that signals financial flexibility without committing to a single funding path.
Contractual Ballast
The capital allocation decision gains further weight from the July extension of the offtake agreement with Global Tungsten & Powders. The contract's term was lengthened by six years, contracted volumes increased by 40 percent, and pricing terms improved by roughly 6.3 percent. A long-term secured sales channel of this kind provides the planning certainty that underpins investment decisions like the buyback.
Market Sentiment Stays Cautious
The mixed signal — repurchase here, potential dilution there — has so far drawn a muted response. The stock closed Friday at 15.57 euros, down 3.4 percent on the day. Over the past 30 days, however, the shares have gained 63 percent, and since the start of the year the price has nearly doubled. The stock sits about 24 percent below its 52-week high of 20.61 euros, reached in April.
The recent hesitation may owe something to the commodity backdrop. The Chinese APT price has fallen roughly a quarter since a July peak, following a correction in wolframite concentrate that began in May on weak downstream demand. For Almonty, with its long-term fixed offtake terms, the impact should be cushioned — but not entirely absent from the valuation.
Streamlining the Ticker Tape
The buyback arrives amid a broader structural overhaul. Almonty's withdrawal from the ASX took effect this Friday, following the previously announced delisting from the Toronto Stock Exchange at the close of trading on July 31. Once both steps are complete, the shares will trade on the Nasdaq under the ticker ALM and in Frankfurt under ALI1. The company cites cost savings and a sharper concentration of liquidity at the remaining venues as the rationale.
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Diamond Equity Research weighed in on August 14 with an assessment of the quarterly results and the upcoming listing changes, noting the structural consolidation Almonty is pursuing alongside its operational turnaround.
The stock currently trades at 15.94 euros, up 101 percent year-to-date and 319 percent over twelve months. Its distance from the April high stands at 23 percent. With annualized volatility of 91 percent, this remains a high-risk equity whose trajectory is tightly coupled to progress at Sangdong and the ongoing reorganization of its exchange listings.
