Almonty Streamlines Listings to Two Venues as Tungsten Supply Chain Tightens

Almonty exits ASX and TSX to focus on Nasdaq and Frankfurt, backed by record Q2 revenue and a fortified balance sheet as Sangdong ramps up production.

Almonty Industries is closing the book on its Australian chapter this week. Trading in the tungsten producer's depositary interests on the ASX will be suspended at Thursday's close, with the formal delisting taking effect on September 1. The move follows the company's voluntary exit from the Toronto Stock Exchange in late July, leaving the Nasdaq — where it trades under "ALM" — and Frankfurt's exchange under "ALI1" as its sole remaining venues.

The consolidation arrives at a moment when the company's operational story has rarely looked stronger. Second-quarter revenue came in at 43.0 million Canadian dollars, a 498 percent surge from the year-ago period, when the European APT tungsten price hovered around 453 US dollars per MTU. That benchmark has since climbed to roughly 3,075 US dollars per MTU, and the price tailwind shows no sign of slackening.

Net income swung to 181.8 million Canadian dollars from a loss of 58.2 million in the same quarter last year — though the headline figure was flattered by roughly 173.1 million Canadian dollars in non-cash valuation gains tied to derivatives and warrants. Operating cash flow for the first half reached 31.6 million Canadian dollars, a marked turnaround from the 14.9 million outflow recorded a year earlier.

A Fortified Balance Sheet

The company's financial position has been transformed by the previously placed 800 million US dollar convertible bond. As of June 30, Almonty held a cash position of approximately 1.23 billion Canadian dollars — hardly the profile of a company retreating under pressure. The delistings look less like a defensive maneuver and more like a deliberate effort to streamline the capital structure around the two venues where institutional liquidity and visibility are strongest.

Management has also armed itself with additional flexibility on the capital front. A share buyback program of up to 300 million US dollars — covering as many as 14.4 million shares — was launched roughly a week and a half ago and is slated to run until August 2029. The company frames the repurchase as a way to close the gap between the market price and the underlying value of its tungsten assets. Nearly simultaneously, Almonty filed a shelf registration for a potential issuance of common shares worth approximately 246.79 million US dollars, which also includes a component for an employee participation scheme.

Sangdong Moves Into Production Gear

The expanded contract with Global Tungsten & Powders — announced in July — extends the agreement from 15 to 21 years, increases contracted volumes by 40 percent, and improves pricing by around 6.3 percent. It lands at a pivotal moment: the Sangdong mine has been producing tungsten concentrate from stockpiled ore since June, marking the transition from construction-phase narrative to measurable operational output.

Almonty began processing roughly 139,700 tonnes of ore at a grade of about 0.25 percent WO3, drawing down material accumulated over months while ongoing mining continues to feed the plant. This shift toward tangible production metrics was highlighted by GBC AG in its initial assessment on August 20, when the research house issued a buy recommendation with a price target of 25.87 euros.

Mining operating profit reached 26.1 million Canadian dollars, against a loss of 0.9 million in the prior-year period, with the mining business posting a gross margin of 60.7 percent.

Washington's Supply Curbs Add Tailwind

The regulatory environment is also tilting in Almonty's favor. On August 6, the Bureau of Industry and Security published a temporary rule restricting exports of tungsten waste and scrap, limiting allocations to US persons going forward. While the measure targets secondary materials rather than primary tungsten concentrate, it reinforces the broader policy push to anchor tungsten supply chains within the US and among non-Chinese partners — a dynamic that tends to benefit producers like Almonty.

The Chinese domestic market tells a different story. The SMM China reference price for APT fell to 79,731.63 US dollars per tonne by early August, down roughly 24.6 percent from 105,775.02 US dollars in July. The internationally relevant CIF Rotterdam benchmark, however, remained largely unaffected at 3,075 US dollars per MTU, easing only slightly from 3,100 US dollars. The correction has been confined almost entirely to China's domestic market, leaving the western pricing that drives Almonty's export business stable.

Volatility Persists

The share price continues to reflect the sector's volatility. The stock closed at 15.65 euros on Wednesday, down 3.2 percent from the prior session — though it remains up 332 percent over the past twelve months. Over the last 30 days, the shares have gained 46 percent, and they have nearly doubled since the start of the year. Wednesday's dip could not be tied to any specific catalyst and appears consistent with routine profit-taking following a strong run.

The near-term delistings will likely trigger some technical trading adjustments, but they do little to alter the fundamental picture: a company with rapidly expanding revenue, a billion-dollar liquidity cushion, and a focused presence on two exchanges instead of four.