Almonty's Tungsten Story Gains Momentum as Sangdong Ramps Up and ASX Exit Nears

Almonty exits ASX and TSX, boosts cash reserves via $800M bond, and starts processing at Sangdong mine, shifting to operational delivery.

The tungsten market's most closely watched growth story is entering a defining phase. Almonty Industries is simultaneously winding down its Australian listing, ramping up production at its flagship Korean mine, and drawing fresh attention from institutional investors — a convergence that analysts say marks a shift from construction risk to operational delivery.

A Streamlined Market Presence

Australian shareholders have until the close of trading on August 28 to trade Almonty's depositary interests on the ASX, with the official delisting scheduled for September 1. The voluntary removal, approved by the Australian exchange under Listing Rule 17.11 in late July, follows the company's exit from the Toronto Stock Exchange at the end of July.

The consolidation leaves two trading venues for investors: the Nasdaq under the ticker "ALM" and the Frankfurt Stock Exchange under "ALI1." For Australian holders wanting to maintain their positions, the transition requires moving to one of the remaining exchanges.

Capital Strategy in Motion

The listing cleanup runs alongside an ambitious capital program. Almonty's board has authorized a buyback of up to 14.4 million common shares — roughly five percent of outstanding stock as of August 14 — worth up to $300 million, executable over 36 months starting August 24.

In a seemingly counterintuitive move, the company also filed shelf registrations in August for potential future equity issuance totaling approximately $246.79 million, including an ESOP-related component. The dual-track approach — buying back shares while keeping the door open for new issuance — reflects the balance sheet strength Almonty has built over recent months.

That financial firepower traces back to June, when the company closed an oversubscribed $800 million convertible bond offering with a 2.25 percent coupon maturing in 2031. The proceeds helped swell cash reserves to roughly C$1.23 billion as of June 30.

The Sangdong Story Takes Shape

The corporate restructuring coincides with tangible operational progress at Sangdong, the South Korean tungsten mine that anchors Almonty's growth thesis. Processing of stockpiled ore began in July at the newly commissioned plant — a milestone that moves the operation from development into active production.

The raw material for that processing run had been accumulating for some time. By the end of the first quarter of 2026, Almonty had stockpiled around 120,000 tonnes of ore averaging 0.24 percent tungsten trioxide. The second quarter added nearly 19,700 tonnes at a richer grade of 0.35 percent, bringing total inventory to approximately 139,700 tonnes at a blended grade of roughly 0.25 percent.

GBC AG, which issued a buy rating and a €30 price target for end-2027 on Thursday, sees this as the pivotal moment. The investment case, the analysis house argues, has shifted from financing and construction concerns to measurable operating metrics.

Commercial and Financial Tailwinds

The production ramp is supported by strengthening market conditions. Second-quarter revenue surged 498 percent to C$43.0 million, propelled by European APT tungsten prices climbing to roughly $3,075 per MTU — a dramatic jump from $453 in the year-ago quarter.

The bottom line told a more nuanced story: net income of C$181.8 million was substantially boosted by non-cash revaluations of derivatives and warrants totaling around C$173.1 million.

Commercial momentum extends beyond pricing. In July, Almonty extended its long-term supply agreement with Global Tungsten & Powders by six years, increased contracted volumes by 40 percent, and improved price terms by approximately 6.3 percent.

Institutional Interest Builds

The operational narrative is drawing heavyweight investors. Second-quarter filings show 136 institutional investors increased their positions, with BlackRock adding roughly six million shares — an estimated investment of about $100.6 million. T. Rowe Price Associates and its investment management unit each added more than five million shares, with a combined estimated value of nearly $178 million.

On the selling side, Cooper Creek Partners exited its entire position of nearly 4.8 million shares — a move best understood as an individual decision rather than a reflection on company fundamentals.

Part of the institutional influx likely stems from index mechanics: Almonty joined the Russell 1000 and Russell 3000 indices in June, triggering automatic purchases from benchmark-tracking funds.

For shareholders, the ASX departure is largely administrative housekeeping. The real action — as GBC AG's assessment and the institutional flows suggest — is playing out in Sangdong, in the supply contracts, and on a balance sheet that now carries substantial cash reserves against modest debt costs.