Almonty's Two-Exchange Exit Coincides With a Tripling of Tungsten Revenue

Almonty exits ASX and TSX, consolidating on Nasdaq, as Q2 revenue surges 498% and tungsten prices remain robust.

The tungsten producer Almonty Industries is closing a chapter on its dual-listing structure this week, with the final session for its CDI securities on the Australian Securities Exchange set for Thursday. The delisting takes effect September 1, leaving investors in Sydney with a binary choice: sell at market or convert into Nasdaq-listed shares. The move follows Almonty's departure from Toronto at the close of trading on July 31, a consolidation that funnels all liquidity toward the US exchange — and positions the company closer to the Russell 1000 and Russell 3000 indices, into which it was already admitted in late June.

The structural shift likely explains Wednesday's 3.2 percent dip to EUR 15.65, a decline that arrived without any identifiable fundamental catalyst. The ASX had formally approved the delisting process back in July, so the mechanics were well telegraphed. The retreat from two venues leaves the Nasdaq as the sole trading home, a simplification that some investors may be repositioning around.

A Contract Extension That Locks in Demand

The corporate restructuring, however, is secondary to what's happening in the underlying business. On July 14, Almonty extended its long-term offtake agreement with Global Tungsten & Powders LLC by six years, with contracted volumes rising 40 percent and price terms improving by roughly 6.3 percent. The deal extends revenue visibility deep into the next decade — a meaningful anchor for a company transitioning from construction phase to commercial production.

That transition is now visible in hard numbers. Almonty reported on August 14 that second-quarter revenue surged 498 percent year over year to CAD 43.0 million, up from CAD 7.2 million in the prior-year period and CAD 25.4 million in the first quarter. Net income swung to CAD 181.8 million from a CAD 58.2 million loss a year earlier. Mining operating profit reached CAD 26.1 million versus a CAD 0.9 million loss, with a gross margin of 60.7 percent in the mining segment.

The engine behind these figures is the European APT price, which averaged USD 3,075 per MTU in the quarter — a dramatic leap from USD 453 a year earlier. Notably, the western reference price at CIF Rotterdam has held steady at around USD 3,075 per MTU, barely moving from USD 3,100 previously, even as the Chinese domestic market experienced significant turbulence. The SMM China reference price for APT fell roughly 24.6 percent to USD 79,731.63 per tonne by early August from USD 105,775.02 in July. That correction stayed almost entirely within China's domestic market, leaving the export-oriented pricing that matters for Almonty largely unscathed.

Washington's Supply Curbs Add a Policy Tailwind

The regulatory environment is also shifting in Almonty's favor. On August 6, the Bureau of Industry and Security issued a temporary rule restricting exports of tungsten waste and scrap, limiting allocations to US persons. The measure targets secondary materials rather than primary tungsten concentrate, but it reinforces a broader political push to anchor tungsten supply chains within the US and among non-Chinese partners — a backdrop that structurally benefits western producers.

The operational story is anchored at the Sangdong mine in South Korea, where processing of stockpiled ore began in June. Almonty started with roughly 139,700 tonnes of ore at a grade of about 0.25 percent WO3, working through material accumulated over months while ongoing mining continues to feed fresh ore into the circuit. This shifts the investment narrative away from construction and financing risk toward measurable operating metrics — a point emphasized by GBC AG in its August 20 initiation, which set a EUR 25.87 price target with a buy rating.

Valuation Still Stretched After a Powerful Run

The stock's momentum has been formidable. Over 30 days, shares have gained 46 percent; year to date, the advance stands at 97 percent, and over twelve months the stock has appreciated 332 percent. Even after Wednesday's pullback, the share price trades 24 percent above its 200-day moving average and sits 24 percent below the 52-week high of EUR 20.61 reached in April.

DA Davidson raised its price target to USD 33 in July with a buy rating, a level well above the prevailing share price at the time, reflecting optimism around Sangdong's production ramp and tungsten prices.

The combination of a revenue multiple expansion, extended offtake commitments, and a simplified listing structure gives Almonty a distinctive profile: high volatility, but with a clearly identifiable fundamental growth trajectory. The delisting process now underway removes a layer of administrative complexity, while the underlying business continues to deliver on the operational promises made over the past year.