Almonty's Tungsten Story Enters a New Phase as Listings Shrink and Washington Tightens Supply

Almonty gains from US tungsten export curbs, posts 498% revenue jump, and advances Sangdong as shares double YTD.

The tungsten market is sending Almonty Industries a clear message: being one of the few producers outside China now carries geopolitical weight that no amount of marketing could buy. With the US government set to impose a one-year export restriction on tungsten scrap from August 27, requiring all monthly sales to go to domestic buyers to secure American defense supply chains, the Vancouver-based miner finds itself at the intersection of resource policy and industrial strategy.

Shares closed Tuesday at €16.18 in Frankfurt, up 3.8% on the day, though the stock has drifted roughly 22% below its 52-week high of €20.61 set in April. That pullback has done little to dent the longer-term picture: the equity remains 383% above its 52-week low of €3.33 and has roughly doubled since the start of the year.

A Streamlined Trading Structure Takes Shape

Almonty is quietly consolidating its market presence. The company voluntarily left the Toronto Stock Exchange at the close of trading on July 31, and its exit from the Australian Securities Exchange is now imminent. The CHESS Depositary Interests listed in Sydney — representing approximately 0.80% of issued shares — will see their final trading day on August 28, with the formal delisting expected on September 1.

That leaves two listing venues: Nasdaq under the ticker "ALM" and Frankfurt under "ALI1." Management has framed the move as a liquidity play, concentrating trading activity in North America and Europe while the Asia-Pacific venue fades into the background. The timing is no coincidence — Almonty was added to the Russell 1000 and Russell 3000 indices at the end of June, a milestone that typically draws institutional flows and makes a fragmented listing structure harder to justify.

The Numbers Behind the Transition

The corporate housekeeping arrives alongside a dramatic improvement in the fundamentals. Second-quarter revenue surged 498% year-over-year to C$43.0 million, while net income swung to C$181.8 million from a loss of C$58.2 million in the same period a year earlier. Operating cash flow turned positive in the first half, generating an inflow of C$31.6 million against an outflow of C$14.9 million in the prior-year period.

The balance sheet has also been fortified. Following the completion of a US$800 million convertible note in June, Almonty holds a cash position of C$1.23 billion. A US$300 million share buyback program announced last month remains in the background as a potential catalyst, with the stock up 3.0% since its launch.

Perhaps more significant for the long-term valuation is the expanded offtake agreement with Global Tungsten & Powders, signed in July. The contract extension adds six years to the term, increases contracted volumes by 40%, and improves pricing by roughly 6.3%. Management estimates the deal lifts annual revenue visibility to approximately US$490 million.

Sangdong Moves From Blueprint to Output

The strategic picture is sharpened by the fact that Sangdong — the South Korean mine that has long been the centerpiece of Almonty's growth narrative — has finally crossed the threshold from construction to operation. The processing plant began throughput operations with stockpiled ore in June, with Phase 1 capacity targeted at approximately 640,000 tonnes of ore per year. Since July, the facility has been processing accumulated raw material, marking the first time the project is delivering actual output rather than promises.

That operational milestone matters because the market backdrop has turned exceptionally favorable. Tungsten prices climbed 622% between January 2025 and April 2026 — more than triple the gain of the next-best performer among 27 tracked minerals — driven by strong demand and Chinese export restrictions. The price environment, however, is showing some signs of two-way movement. In Guangdong, long-term procurement offers for wolframite and scheelite concentrates were raised by 1,000 yuan per tonne, while ammonium paratungstate (APT) offers were cut by 6,000 yuan per tonne. That divergence suggests some uncertainty in pricing along the processing chain, even as Western buyers seek to reduce their dependence on Chinese supply.

A Company in Transition

The second quarter still leaned heavily on the Panasqueira mine in Portugal for revenue, with Sangdong in its ramp-up phase. But the combination of US export restrictions, the start of production in Korea, and the streamlined listing structure paints a coherent picture: Almonty is repositioning itself as a producer with growing strategic relevance, not a development story awaiting its moment.

Whether the structural tailwinds translate into more stable commodity prices will depend in part on how Chinese APT quotations evolve in the coming months. For now, the market appears to be pricing in the transition — and rewarding it.