Almonty's Two-Continent Exit Caps a Quarter of Record Cash and Surging Tungsten Output

Almonty exits ASX, consolidates on Nasdaq amid record Q2 revenue of $43M, $300M buyback, and Sangdong mine ramp-up.

The tungsten producer's retreat from the Australian Securities Exchange became official on September 1, completing a two-step withdrawal that began with the Toronto delisting in late July. Trading in Almonty Industries shares is now consolidated on the Nasdaq, where the company says volumes run considerably deeper than at its former secondary listings.

The timing is no accident. Almonty is exiting its smaller venues at a moment when its balance sheet and operations have never looked stronger, and the structural housekeeping is being executed against a backdrop of record quarterly figures and a freshly authorized capital return program.

A $300 Million Vote of Confidence

On August 17, the board signed off on a share buyback of up to $300 million, covering as many as 14.4 million shares — roughly 5 percent of the outstanding float. The program, which runs for 36 months from August 24, was justified by CEO Lewis Black on the grounds that the current share price fails to reflect the value of the company's assets.

That self-assessment carries weight given what the second-quarter numbers show. Revenue climbed 498 percent year over year to $43.0 million, while operating profit from the mining business reached $26.1 million. Net income swung from a loss of $58.2 million in the year-ago period to a profit of $181.8 million.

The cash position tells an equally dramatic story: from $268.4 million at the end of 2025, Almonty's coffers swelled to $1.23 billion by June 30, propelled by the gross proceeds of an $800 million convertible bond completed in June. A subsequent debt issuance — an oversubscribed $800 million note carrying a 2.25 percent coupon and maturing in 2031 — closed in mid-August, pushing cash to roughly $1.2 billion in Canadian dollar terms.

Sangdong Moves From Development to Delivery

The engine behind this financial transformation is the Sangdong mine in South Korea's Gangwon province. The first phase of the operation remains in commissioning, with the processing plant having begun converting ore stockpiles into saleable tungsten concentrate in early July — a milestone marking Almonty's transition from mine developer to active, revenue-generating producer.

Once fully ramped, the facility is designed to process around 640,000 tonnes of ore annually. A second, already-approved expansion stage would lift that capacity to as much as 1.2 million tonnes per year.

Strong tungsten prices have amplified the impact of the operational shift. The company has also locked in demand: in July, it expanded its long-standing off-take agreement with Global Tungsten & Powders, a member of Austria's Plansee Group. The contract now guarantees annual revenue of $490 million from tungsten concentrate, extends the agreement by six years, and increases contracted volumes by 40 percent.

A Rally That's Already Priced In

The market has not waited for the fundamentals to catch up. At €15.20, the shares sit roughly 26 percent below the April 52-week high of €20.61 but trade at more than four times their September low. The stock is up 91 percent since the start of the year and 292 percent over twelve months.

The recent 6 percent pullback on the week — and a further 2.0 percent dip to €14.96 on the day the ASX delisting took effect — reads more like a breather than a reversal. The shares remain comfortably above the 200-day moving average of €12.77.

What matters next is how quickly Sangdong reaches its planned throughput and whether the improved supply terms negotiated over the summer translate into stable revenue streams in the coming quarters. The June inclusion in the Russell 1000 and Russell 3000 indices had already raised the company's profile among institutional investors; the consolidation of trading onto the Nasdaq now concentrates that visibility on a single venue.