Almonty's Two-Front Reset: Delisting From Toronto and Sydney While a Korean Mine Rewrites the P&L

Almonty's Q2 profit jumps to C$181.8M on tungsten rally, but non-cash gains dominate; Sangdong begins revenue generation in July.

The tungsten producer's second-quarter numbers were always going to turn heads — revenue up 498%, net income swinging from a C$58.2 million loss to a C$181.8 million profit. But strip away the headline fireworks and a more deliberate story emerges: Almonty Industries is simultaneously scaling up its flagship Korean asset while shrinking its public-market footprint.

That twin-track approach came into sharper focus on Friday, when shares climbed as much as 8.9% to close at US$15.09 on the Nasdaq. The move followed an updated research note from Diamond Equity Research published August 14, which argued the company has crossed a threshold — no longer a development-stage risk, but a question of operational execution and cash generation.

The Fine Print Behind the Profit

The earnings themselves, reported August 11, deserve a closer read. Revenue for the quarter ended June 30 reached C$43.0 million, up from C$7.2 million a year earlier. The European ammonium paratungstate price averaged US$3,075 per metric tonne unit during the period, against US$453 in the comparable 2025 quarter — a historic rally that accounts for most of the top-line surge.

Yet a substantial chunk of the bottom-line improvement is non-cash in nature. C$173.1 million of the C$181.8 million net profit came from fair-value gains on derivatives and warrants. Adjusted EBITDA still swung decisively into positive territory at C$17.6 million, versus a C$4.8 million loss the prior year. On a diluted per-share basis, the profit worked out to US$0.62.

The second-quarter figures remain largely a Panasqueira story — the Portuguese mine that has long been Almonty's workhorse. Sangdong in South Korea was still in its commissioning and ramp-up phase through June, only shifting into revenue-generating operations at the start of July. Analysts expect the mine to become the central earnings driver through the remainder of 2026 and into 2027, though the true test arrives in the third quarter, when Sangdong's first meaningful contribution to consolidated sales becomes visible.

A Balance Sheet Transformed

The operational turnaround came with a parallel financial overhaul. A heavily oversubscribed US$800 million convertible bond closed in June, swelling cash from C$268.4 million at the end of 2025 to C$1.23 billion by June 30. Management framed the war chest as flexibility to advance multiple projects simultaneously — including Sangdong's Phase II and the Gentung tungsten project in Montana.

Post-quarter, Almonty used the improved liquidity to retire its KfW loan in full. It also extended its offtake agreement with Global Tungsten & Powders LLC, adding six years to the term, increasing volume by 40%, and improving pricing by 6.3%.

Streamlining the Listing Structure

The balance-sheet strength is also enabling a cleaner corporate structure. Almonty voluntarily withdrew from the Toronto Stock Exchange on July 31, and the exit from the Australian Securities Exchange is now underway. Trading in Australian CDIs will be suspended at the close of business on August 28, with the official delisting effective September 1.

The rationale is straightforward: only about 0.80% of outstanding shares sat on the Australian register, and the costs of maintaining the listing no longer justified the benefit. After the withdrawal, the Nasdaq (ticker: ALM) and the Frankfurt Stock Exchange (ticker: ALI1) remain the primary venues. The goal is consolidated trading volume and reduced administrative overhead.

Chart Levels and Analyst Conviction

Friday's close of US$15.09 sits just beneath the 50-day moving average of US$15.17 and well below the 200-day average of US$16.82, leaving the stock testing immediate resistance zones. The 52-week range remains wide — from US$3.97 to US$24.41 — reflecting both the sector's volatility and the magnitude of the recent repricing.

Wall Street, for now, is undeterred by the technical picture. The consensus rating stands at "Buy" with an average price target of US$27.00, nearly double the current level. The Russell 1000 and Russell 3000 inclusions announced recently add a further tailwind for passive flows.

The coming quarter will determine whether the enthusiasm is justified. Sangdong's ramp-up trajectory, tungsten prices holding near historic highs, and the first full quarter of the streamlined listing structure will all factor into the equation. The pieces are in place — now the execution begins.