Almonty Streamlines Listings and Launches Buyback as Tungsten Ramp-Up Reshapes Its Investment Case

Almonty exits ASX, focuses on Nasdaq/TSX, and approves a 5% buyback after Q2 revenue surged 498% to $43M.

The tungsten producer Almonty Industries has spent the past several months tidying up its corporate structure, and the moves are sending a clear signal about where management believes the company's future lies. The shares now trade almost exclusively on the Nasdaq and the TSX after the company's securities were removed from the Australian bourse at the start of September, with trading in the CHESS Depositary Interests having already ceased on 28 August. The delisting followed a similar exit from the TSX at the end of July, leaving the company with a leaner, more focused market presence.

The rationale for the Australian departure was straightforward: the CHESS Depositary Interests had dwindled to roughly 0.80 percent of all issued shares as of 14 July, making the administrative burden of maintaining the listing increasingly difficult to justify against the backdrop of declining volumes. The company pointed to weaker trading activity in Australia relative to its primary venues as the deciding factor.

A Three-Year Buyback Program Takes Shape

Just days before the ASX delisting took effect, the board approved a new share repurchase program on 24 August that authorizes the company to buy back up to 14.4 million common shares — approximately five percent of the shares outstanding as of 14 August. The program extends over 36 months through 24 August 2029, with purchases to be executed on the Nasdaq and through alternative trading systems at prevailing market prices.

For a company that has only recently crossed into profitability, the scale of the buyback is notable. Management's willingness to return capital at this juncture suggests confidence in the current valuation, even as the shares have already delivered substantial gains. The program also complements the listing cleanup by concentrating liquidity — and now buyback activity — on the two exchanges where the bulk of trading already occurs.

The Numbers Behind the Transition

The operational backdrop to these corporate actions has shifted dramatically. Second-quarter revenue surged 498 percent year over year to $43.0 million, while profit from mining operations reached $26.1 million. Adjusted EBITDA came in at $17.6 million, an improvement of more than $22 million compared with the year-earlier quarter. The balance sheet has likewise been transformed: cash stood at $1.2 billion as of 30 June, up sharply from $268.4 million at the end of December 2025.

These figures reflect a company in the midst of a fundamental transition from niche tungsten developer to profitable supplier with strategic relevance to Western supply chains. The centerpiece of that story remains the Sangdong mine in South Korea, which at full capacity is expected to cover more than 80 percent of global tungsten production outside China — a direct answer to the supply constraints created by US procurement bans and Chinese export restrictions.

A Stock That Has Already Priced in Much of the Story

The market has not been idle while these developments unfolded. The shares have gained roughly 90 percent since the start of the year, and over a twelve-month horizon the advance stands at an even more striking 284 percent. At the time of the primary article's writing, the stock was quoted at €15.11, though the secondary source noted a slightly lower price of €14.96 following a 27 percent pullback from the 52-week high of €20.61 reached on 17 April. On a 30-day view, the shares still showed a gain of 23 percent, underscoring how forcefully the market has begun pricing in the Western tungsten narrative.

The recent volatility has not deterred sell-side enthusiasm. Jefferies initiated coverage in early September with a buy recommendation, while D.A. Davidson raised its price target. That said, the valuation remains demanding: with a market capitalization in the billions and revenue still in the tens of millions, investors are clearly underwriting the Sangdong ramp-up rather than current earnings.

Corporate Housekeeping and Insider Activity

The company has also addressed its leadership ranks. Jorge Beristain took over as chief financial officer on 1 June, following the resignation of predecessor Brian Fox in early May. Meanwhile, the corporate headquarters has been relocated from Toronto to Dillon, Montana — a move that reinforces the company's positioning around secure, Western-anchored supply chains for critical materials.

One insider transaction from July bears watching for context. A company representative sold roughly 200,000 shares at approximately $16.97, a disposal that represented 7.4 percent of that individual's direct holdings at the time. Given the subsequent share price performance, the sale looks more like profit-taking than a signal of wavering confidence.

For investors, the converging storylines are relatively clear: the delisting cleanup concentrates trading liquidity on the Nasdaq and TSX, the buyback program demonstrates capital discipline at a moment of operational strength, and the quarterly results provide the fundamental underpinning for the dramatic share price movement of the past year. The question now is whether the Sangdong ramp-up can continue to justify the valuation that the market has already assigned to it.