Almonty's Tungsten Bet Pays Off in Cash Terms as Buyback and Delistings Reshape the Equity

Almonty posts record Q2 revenue and profit as tungsten prices surge; launches $300M buyback and streamlines listings to Nasdaq and Frankfurt.

The numbers coming out of Almonty Industries' second quarter tell a story that was barely imaginable a year ago. Revenue hit 43.0 million Canadian dollars for the three months ended June 30, 2026, against just 7.2 million in the same period of 2025. The bottom line swung from a net loss of 58.2 million to a profit of 181.8 million, while adjusted EBITDA flipped from negative 4.8 million to positive 17.6 million.

Those figures land as the tungsten market enters what looks like a structural repricing. According to the International Energy Agency, tungsten prices have climbed 622 percent between January 2025 and April 2026. Washington is adding further pressure on supply dynamics: from August 27, all domestic tungsten scrap must be sold to US buyers, a rule that strengthens the hand of producers like Almonty, whose Sangdong mine in South Korea's Gangwon province began operations in July.

A Buyback Backed by a Bulging War Chest

The company's board has approved a share repurchase program covering up to 14.4 million common shares, worth as much as 300 million US dollars, to be executed over 36 months. Purchases start on Monday, August 24. Management frames the move as a response to what it sees as a disconnect between the current share price and the value of the company's tungsten assets, particularly with Sangdong now moving into its operational phase.

The timing is deliberate. Just a day before the buyback announcement, Almonty disclosed that the processing plant at Sangdong had begun throughput operations — the moment the project transitions from long-promised value driver to functioning asset. The buyback is meant to signal that the board considers the market valuation too low given that milestone.

The financial firepower behind the program is substantial. Almonty has completed a convertible bond issuance of 800 million US dollars and holds cash of 1.2 billion Canadian dollars. The offtake agreement with Global Tungsten & Powders has been extended by six years, with volumes rising 40 percent and prices up 6.3 percent. A KfW loan was repaid in full just over a month ago — since then, the stock has gained 31.8 percent. The buyback announcement itself has added another 3.6 percent.

Streamlining the Listing Structure

The repurchase program runs parallel to a significant restructuring of Almonty's exchange presence. The company has already announced a voluntary delisting from the Toronto Stock Exchange, effective July 31, 2026. On the ASX in Australia, trading in CDIs is expected to be suspended at the close of August 28, with a final delisting on September 1. That leaves Nasdaq, under the ticker ALM, and Frankfurt, under ALI1, as the remaining venues — a consolidation that should concentrate liquidity in fewer trading books.

Not every observer shares the board's conviction. Diamond Equity Research trimmed its earnings forecast for the current fiscal year on August 14, cutting estimates from 0.55 to 0.39 US dollars per share. The revision landed in the same week as the delisting news and the production start, a reminder that the ramp-up phase at Sangdong is being watched with varying degrees of confidence.

Analyst Targets and Market Positioning

The broader tungsten market is projected to expand from 6.66 billion US dollars this year to 9.62 billion by 2030, a compound annual growth rate of 9.6 percent. Against that backdrop, sell-side coverage remains largely constructive. DA Davidson carries a "Buy" rating with a price target of 33 US dollars, while Oppenheimer rates the stock "Outperform" with a 25 US-dollar target. The consensus sits near 27 US dollars, implying meaningful upside from current levels.

At 16.15 euros, the shares trade 22 percent above their 50-day average of 13.26 euros but remain 22 percent below the 52-week high of 20.61 euros. The earnings per share for the quarter came in at 0.64 US dollars on an unadjusted basis.

The question now is whether the operational momentum can be sustained. Sangdong's ramp-up toward full capacity will determine whether the second-quarter revenue jump becomes a trend rather than a one-off. The buyback, the balance sheet strength, and the tightening tungsten market all support the bull case — but the production curve at the mine will ultimately decide whether the market closes the valuation gap management has identified.