Almonty's Tungsten Momentum Draws a 128 Million Euro Exit From a Founding Shareholder

Almonty exits TSX/ASX, holds $1.23B cash, starts Sangdong output, extends tungsten deal to 2040s, as early backer books €128M profit.

The tungsten producer's transformation from development-stage miner to cash-generating operator is now visible in its shareholder register as much as its income statement. Deutsche Rohstoff AG, one of Almonty Industries' earliest backers, has trimmed its stake and banked a €128 million book profit on the sale — a transaction disclosed last Wednesday that underscores just how far the equity has traveled.

The German resource investor's partial exit lands in the middle of a defining period for Almonty, which has spent recent months restructuring both its balance sheet and its public-market footprint. The company's shares now trade primarily on Nasdaq and in Frankfurt, following a deliberate retreat from two other venues. The voluntary delisting from the Toronto Stock Exchange took effect at the close of trading on July 31, while the withdrawal from Australia's ASX became official just this week.

A Listing Strategy Aligned With a New Investor Base

The consolidation of Almonty's listings into two primary markets is no accident of timing. Late June brought inclusion in both the Russell 1000 Large-Cap Index and the broader Russell 3000 — a milestone that signals growing recognition among US institutional investors. With that shift in mind, the company has streamlined its exchange presence to match where its shareholders actually are.

For German investors, the practical impact is minimal: Frankfurt trading continues unchanged. The administrative rationale is straightforward — fewer parallel reporting obligations and deeper liquidity concentrated at the remaining venues.

Record Cash, a Buyback, and a Ramping Mine

The delistings coincide with a period of extraordinary financial expansion. Almonty closed the first half with a cash position of $1.23 billion as of June 30, a dramatic leap from the $268.4 million on hand at year-end 2025. That war chest was substantially filled by a convertible bond issuance that drew $800 million in orders — oversubscribed to the point that underwriters exercised their greenshoe option in full. The notes carry a 2.25% coupon and mature in 2031.

That liquidity gave the board room to authorize a share repurchase program of up to $300 million in mid-August, covering as many as 14.4 million shares — roughly 5% of issued capital. The market's response has been measured but positive, with the stock adding 8.0% since the buyback was unveiled.

Underpinning the financial engineering is genuine operational momentum. The processing plant at the Sangdong mine in South Korea's Gangwon Province began throughput operations on July 1, and second-quarter revenue surged 498% to $43.0 million. The growth story is not confined to Korea, either: Almonty also reported year-on-year revenue gains at its Panasqueira operation in Portugal during the second quarter and first half of 2026.

A Contract Book Stretching Into the 2040s

Long-term visibility has strengthened alongside the production ramp. In July, Almonty extended its supply agreement with Global Tungsten & Powders by six years, pushing the contract horizon into the 2040s. The renewed deal also increased contracted volumes by 40% and improved pricing terms by approximately 6.3% — a combination that secures offtake for the company's tungsten output well into the future.

What the Numbers Say About Sentiment

The share price tells a story of sustained appreciation. Frankfurt-listed shares closed Wednesday at €15.26, up 1.2% on the day, with a 33% gain over the past month and a 92% advance since the start of the year. The stock remains 26% below its 52-week high of €20.61, reached in April.

The secondary article's figures, captured slightly earlier, showed the stock at €14.92 with a 36% monthly gain and an 88% year-to-date rise — with a 5.6% post-buyback advance and a 6.4% gain following the contract extension. The trajectory is consistent across both data points: steady, compounding appreciation driven by operational delivery.

For Deutsche Rohstoff, that trajectory translated into a profitable exit window. Early investors typically realize gains once a flagship project — in this case Sangdong — transitions into an operational phase with credible revenue figures. The partial sale reflects the completion of an investment cycle, not skepticism about what comes next.

Almonty's positioning in the tungsten market remains central to Western supply-chain diversification efforts beyond Chinese control — a geopolitical tailwind that helps explain both the operational growth in Portugal and the deepening interest from institutional investors on the other side of the Atlantic.