Almonty's Two-Exchange Pivot Arrives as Sangdong Finally Starts Selling Concentrate
Published on 08/26/2026 at 14:41 | Editorial boerse-global.de
The tungsten producer's corporate structure is quietly shrinking even as its operational footprint expands. Almonty Industries has confirmed that its Australian listing will be formally removed on September 1, with trading in the CHESS Depositary Interests ceasing at the close of business on August 28. That follows the company's voluntary departure from the Toronto Stock Exchange, which was completed at the end of July. What remains is a leaner, two-venue setup: Nasdaq and Frankfurt.
Management's rationale is straightforward. The bulk of daily trading volume had already migrated to the US listing, leaving the Canadian and Australian boards to generate administrative overhead without meaningfully adding liquidity. The consolidation is designed to sharpen the company's profile for international investors at a moment when the underlying business is undergoing its most significant transition in years.
The Second Quarter Tells Two Stories
The numbers for the April-to-June period capture a company in mid-transformation. Group revenue climbed 498 percent year-on-year to C$43.0 million, and the bottom line swung from a net loss to a profit of C$181.8 million. But dig into the composition and a more nuanced picture emerges: the vast majority of that revenue — C$42.9 million — came from the Panasqueira mine in Portugal, helped along by European ammonium paratungstate prices that reached US$3,075 per MTU. The swing to profitability was also flattered by C$173.1 million in non-cash gains on derivative valuations, while adjusted EBITDA turned positive at C$17.6 million, reversing a C$4.8 million loss.
Sangdong, the South Korean project that has anchored the investment thesis for years, was still in its commissioning phase during the quarter. That changed in early July, when the processing plant began throughput operations, converting stockpiled ore into saleable tungsten concentrate. By mid-August, the operation had officially transitioned to commercial production — a milestone CEO Lewis Black framed in a shareholder letter as the shift toward producing marketable concentrate.
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Capacity Targets and a Fortified Balance Sheet
The first expansion stage at Sangdong is designed to process roughly 640,000 tonnes of ore annually, with a second phase intended to lift that figure to 1.2 million tonnes. Funding for that build-out now sits comfortably on the balance sheet. Almonty closed an oversubscribed US$800 million convertible note offering — carrying a 2.25 percent coupon and maturing in 2031 — which helped push the cash position to C$1.23 billion as of June 30. The company has said this removes any near-term need to tap external capital markets.
The offtake picture has also strengthened. A supply agreement with Global Tungsten & Powders LLC, part of Austria's Plansee group, was extended by six years, with contracted volumes raised 40 percent and price terms improved by roughly 6.3 percent.
A Pricing Tailwind and a Volatile Tape
Market conditions are cooperating as well. The APT price in Rotterdam stood at US$3,087.50 per MTU in mid-August — several times its level at the start of 2025 — which bolsters the economics of existing supply contracts for one of the few significant tungsten producers outside China.
Investor attention, however, has translated into pronounced share-price swings. The stock's 30-day volatility sits at 90 percent, reflecting its sensitivity to news flow from both the Sangdong ramp-up and the broader commodities complex. The shares currently trade at €15.99, roughly 22 percent below the 52-week high of €20.61 set in April.
Analyst Views Diverge
The Street is not speaking with one voice. Diamond Equity Research trimmed its fiscal 2026 EPS estimate on August 19 from US$0.55 to US$0.39, citing softer near-term results while maintaining an overall constructive stance. Weiss Ratings, by contrast, upgraded its assessment on August 12 from "Sell (D-)" to "Hold (C-)".
For shareholders, the delisting mechanics are secondary to a more consequential question: how quickly Sangdong's contribution shows up in reported revenue. The coming quarterly results should provide the first concrete evidence of whether the Korean operation can deliver on its promised throughput — and whether the streamlined listing structure gives the market a cleaner view of a company that now runs two active mines on opposite sides of the globe.
