Almonty's Tungsten Rally Hands Early Backers a 128 Million Euro Exit Window

Deutsche Rohstoff trims Almonty stake, booking €128M profit; shares up 88% YTD as Sangdong ramps and Nasdaq becomes sole listing.

The tungsten producer's remarkable run has reached a point where even its most patient shareholders are deciding to bank some gains. Deutsche Rohstoff AG, one of Almonty Industries' earliest investors, has trimmed its stake and booked a €128 million profit on the sale — a transaction that says as much about the stock's trajectory as any analyst note or production update.

The partial exit comes as Almonty shares consolidate after a powerful advance. The equity, which trades on the Nasdaq under the ticker ALM, has climbed 88 percent since the start of the year and remains up roughly 33 to 36 percent over the past month, depending on the day's close. That momentum has been punctuated by a recent pullback of about 3.4 percent, with the stock settling at €14.92 to €15.07 in recent sessions — a modest breather following a seven-day slide of 6.9 percent that has done little to dent the broader uptrend.

A Structural Shift Takes Effect

Today marks a formal milestone in Almonty's corporate restructuring: the delisting from the Australian Securities Exchange becomes effective, closing a chapter that began in late August when trading in the company's CHESS Depositary Interests was suspended following exchange approval. The move follows the company's exit from the Toronto Stock Exchange at the end of July, leaving Nasdaq as the sole listing venue.

The dual delisting has not, however, triggered the kind of selling pressure that sometimes accompanies such transitions. A share buyback program announced in late August — authorizing the repurchase of up to 14.4 million shares, roughly 5 percent of outstanding capital — has supported the stock, contributing a 3.1 percent gain since its unveiling. A separate buyback initiative of up to $300 million was also approved roughly two weeks ago, with shares advancing 5.6 percent on that news.

Contract Wins and a Wall Street Endorsement

The company's commercial momentum has proven equally supportive. A long-term supply agreement with Global Tungsten & Powders was extended to 21 years with volumes increased by 40 percent, a development announced just over a month ago that has added 3.9 percent to the share price. The contract now stretches into the 2040s, anchoring Almonty's revenue visibility well into the future.

Jefferies recently initiated coverage with a Buy rating and a $26.25 price target. Analyst Laurence Alexander cited the company's positioning at the heart of Western tungsten supply-chain development, underpinned by the Sangdong, Panasqueira and Browns Lake projects, along with planned downstream processing capacity for oxide production.

The Numbers Behind the Narrative

The fundamental story has shifted dramatically. Almonty reported second-quarter 2026 revenue of $43 million — a 498 percent increase year over year — driven primarily by a surge in tungsten APT prices. Mining segment profit swung from a $0.9 million loss to $26.1 million, while adjusted EBITDA jumped from negative $4.8 million to $17.6 million.

The inflection point came with the production start at the Sangdong mine in South Korea, which processed its first ore in June and delivered its first saleable concentrates in July. The operation is also hosting an extensive drilling program targeting molybdenum deposits, with roughly 37 percent of the planned 26 holes completed and grades matching historical expectations — a potential hedge given national supply constraints for that metal.

Growth is not confined to Korea. The company's half-year reporting highlighted year-on-year revenue increases at the Panasqueira operation in Portugal, demonstrating that existing assets are contributing to the expansion story alongside the flagship Korean development.

What the Shareholder Exit Signals

For Deutsche Rohstoff, the sale represents the culmination of an investment thesis that began years ago. Early-stage investors typically realize gains once a project transitions into operational phase with credible revenue figures — and Sangdong has now crossed that threshold. The partial nature of the exit suggests the seller retains confidence in the remaining position while locking in returns at current valuation levels.

For other shareholders, the transaction reads less as a warning sign and more as validation of the company's maturation. The combination of rising tungsten prices, ramping production, a diversified project portfolio and now a profitable exit by a long-standing backer paints a picture of a company that has delivered on its promises — even as the stock takes a momentary pause to digest those gains.