Almonty Streamlines Listings and Launches $300M Buyback as Sangdong Transitions to Production
Published on 08/25/2026 at 16:42 | Redaktion boerse-global.de
The tungsten producer's corporate structure is catching up with its operational transformation. Almonty Industries is shedding its dual listings in Toronto and Sydney to concentrate trading on the Nasdaq and Frankfurt, a consolidation that coincides with a US$300 million share repurchase program and the start of throughput operations at its flagship Sangdong mine in South Korea's Gangwon province.
The Australian Securities Exchange has formally approved the voluntary delisting, with trading in the company's CDI instruments set to end on August 28 and the delisting taking effect on September 1. That follows the company's exit from the Toronto Stock Exchange at the end of July. Almonty now trades on the Nasdaq under the ticker ALM and in Frankfurt under ALI1.
The administrative rationale is straightforward: parallel listings in Toronto and Sydney consume resources without meaningfully boosting liquidity at the US venues where institutional investors now concentrate their activity. Almonty joined the Nasdaq in recent months and was added to the Russell 1000 and Russell 3000 indices at the end of June. Australian and Canadian holders will need to make alternative custody arrangements for their positions.
Buyback Signals Management Conviction
The share repurchase program, approved for up to 14.4 million common shares over 36 months, begins Monday, August 24, 2026. Management frames the buyback as a response to a perceived gap between the current share price and the underlying value of the company's tungsten assets — particularly with Sangdong now moving into its operational phase.
The timing pairs the capital return initiative with a production milestone: the processing plant at Sangdong has begun throughput operations, processing ore from an intermediate stockpile of roughly 139,700 tonnes at an average grade of about 0.25 percent WO3. For the company, this marks the transition from construction to revenue generation — a shift already visible in the latest quarterly results.
The shares currently trade at EUR 15.86, roughly 27 percent above the 200-day average of EUR 12.53. That leaves the stock about 23 percent below its 52-week high of EUR 20.61. The recent upward move was driven primarily by the buyback announcement, which lifted the shares sharply within a single trading day.
Financial Firepower Behind the Strategy
The delisting and buyback plans rest on a substantially strengthened balance sheet. Following an oversubscribed convertible bond offering of US$800 million completed in June, Almonty held cash of C$1.23 billion at the end of the first half.
Operating cash flow swung to an inflow of C$31.6 million in the first six months, against an outflow of C$14.9 million in the comparable year-earlier period. Second-quarter revenue jumped 498 percent year over year to C$43.0 million, with a mining gross margin of 60.7 percent.
Investors should note, however, that the reported net income of C$181.8 million includes roughly C$173.1 million in non-cash valuation gains from derivatives and warrants — a distortion that separates the headline figure from underlying operational earnings. The diluted earnings per share came in at US$0.64 on a net profit of US$181 million, with adjusted EBITDA of US$17.6 million for the June quarter.
Long-Term Offtake Secured
The company has also locked in its sales channel for the long haul. A supply agreement with Global Tungsten & Powders, expanded in July, extends the contract term to 21 years and increases contracted volumes by 40 percent. At current ammonium paratungstate prices, that translates to an annual contract value of approximately US$490 million.
While Almonty's management is confident in its strategic repositioning, investors know that operational transitions come with their own set of risks — from workplace safety to regulatory compliance. A free Risk Assessment Toolkit with 41 ready-to-use templates and checklists can help you document and manage workplace hazards effectively, protecting both your team and your business. Download the free Risk Assessment Toolkit
Not all external observers share management's confidence in the valuation story. Diamond Equity Research cut its earnings forecast for the current fiscal year on August 14 from US$0.55 to US$0.39 per share — a revision that landed in the same week as the delisting and production announcements, underscoring that the operational ramp-up at Sangdong is not being viewed uncritically by all analysts.
The dual delisting, then, reads less as a retreat than as a repositioning — a company aligning its market presence with its strategic center of gravity in US capital markets, backed by a buyback that puts US$300 million behind management's view of the stock's worth. Whether that view proves correct will depend on Sangdong's ability to deliver on its throughput potential.
