Almonty's Tungsten Transition: From Developer to Producer as Asian Listing Era Ends

Almonty completes ASX delisting, posts 498% revenue jump on first Sangdong sales, and unveils $300M buyback amid strong Western tungsten prices.

The tungsten producer's transformation has reached a decisive juncture. Almonty Industries has completed its delisting from the Australian Securities Exchange, with trading in its CDIs suspended at the close on Friday and formal removal from the ASX official list slated for September 1. The move concentrates liquidity in Nasdaq and Frankfurt listings, capping a structural cleanup that began with the Toronto Stock Exchange departure roughly a month ago.

That Toronto exit has coincided with a remarkable run — shares have advanced 61.6 percent since — though Friday brought a 3.9 percent pullback to EUR 15.57. The stock still sits 24 percent below its April 52-week high of EUR 20.61, even after gaining 63 percent over the past month and 96 percent year-to-date.

Sangdong's First Revenues Reshape the Financials

The real narrative driver, however, is operational rather than structural. Since early July, Almonty has been feeding stockpiled ore through its newly commissioned processing facility at the Sangdong mine in South Korea, marking the company's shift from mine developer to revenue-generating producer. Phase I is targeting roughly 2.3 kilotonnes of tungsten concentrate.

The second-quarter results, released in late July, capture the magnitude of this transition. Revenue surged to CAD 43.0 million from CAD 7.2 million in the year-ago period — a 498 percent jump. Net income swung to CAD 181.8 million from a CAD 58.2 million loss, though approximately CAD 173.1 million of that figure reflects non-cash valuation gains on derivatives and warrants. The mining operation's margin came in at 60.7 percent.

That profitability is underpinned by a European APT price of roughly USD 3,075 per MTU against USD 453 in the prior-year quarter. The balance sheet has kept pace: following the June completion of a USD 800 million convertible bond issuance, Almonty held approximately CAD 1.23 billion in cash as of June 30 — ample firepower to fund the Sangdong ramp-up while servicing the USD 300 million share buyback program approved in August.

A Divided Tungsten Market

August has exposed a notable divergence in tungsten pricing. The Chinese domestic APT price has fallen from approximately USD 105,775 to USD 79,731 per tonne — a drop of roughly 24.6 percent versus July, following an earlier correction in wolframite concentrate that began in May. Yet the Western benchmark that matters for Almonty's export business, APT CIF Rotterdam, has held steady at around USD 3,075 per MTU.

That resilience reflects a broader strategic reality: China still accounts for roughly 79 percent of global mine production, according to GBC AG, making Western supply sources like Sangdong increasingly valuable. The company's management views the demand for Western tungsten — including AI-driven applications — as structural rather than cyclical.

Contracts and Capital Returns Signal Confidence

The July renegotiation of Almonty's long-term off-take agreement with Global Tungsten & Powders underscores that conviction. The contract's term extends from 15 to 21 years from first delivery, volumes increase by 40 percent, and pricing improves by approximately 6.3 percent — securing contracted deliveries into the late 2040s. Shares have gained 27.1 percent since that announcement.

The buyback, approved the previous Wednesday, authorizes repurchases of up to 14.4 million shares or USD 300 million over 36 months. Management cited a perceived gap between the market valuation and the worth of the company's tungsten assets as Sangdong scales its processing capacity. Since the buyback announcement, the stock has eased 0.5 percent. In a parallel move, Almonty has filed shelf registrations for potential share issuances of approximately USD 246.79 million, including an ESOP component.

Friday's share price dip appears unattributable to any specific corporate event, coming after a period that already absorbed multiple catalysts — the buyback decision and the ASX withdrawal. With the broader tungsten market projected by Business Research Company to grow from roughly USD 6.66 billion to about USD 9.62 billion by 2030, the focus now rests squarely on Sangdong's ability to sustain its production trajectory and convert the second quarter's momentum into a durable earnings stream.