Almonty Industries Tightens Its Corporate Structure as Tungsten Cash Flows Finally Turn Positive
Published on 08/06/2026 at 12:32 | Redaktion boerse-global.de
The tungsten miner Almonty Industries is closing the book on a sweeping global listing overhaul, with the final chapter now set for late August. The company's departure from the Australian Securities Exchange marks the last step in a consolidation drive that has reshaped how and where its shares trade.
The End of the Australian Chapter
Australia's ASX has formally signed off on Almonty's voluntary delisting. The final session for the company's CHESS Depositary Interests will be August 28, 2026, with the official removal from the exchange's register following on September 1. Shareholders holding Australian depositary interests face a straightforward choice: sell on the ASX before the close of trading on that date, or convert their holdings into regular Nasdaq shares under the ticker ALM on a 1:1 basis.
For those who take no action, there is a safety net. Almonty is establishing a Voluntary Sale Facility running from September 8 through November 6, 2026, allowing remaining holders to dispose of their positions through an orderly broker-managed process. The move follows the company's earlier exit from the Toronto Stock Exchange on July 31, 2026, which triggered some technical selling pressure as passive funds adjusted their portfolios. By the first week of August, however, the stock was already showing signs of recovery. Almonty's trading is now concentrated on the Nasdaq Capital Market, with its Frankfurt listing remaining intact.
A Cash Flow Inflection Point
The corporate restructuring coincides with a meaningful shift in the company's operating fortunes. Almonty reported positive operating cash flow of $9.7 million for the first quarter of 2026, a dramatic swing from the negative $4.4 million recorded in the same period a year earlier. Revenue surged 221 percent to $25.4 million, propelled by record tungsten prices.
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The sources of this improvement, however, are not what some market observers initially assumed. The official quarterly figures attribute the cash flow turnaround squarely to the strong performance of the Panasqueira mine in Portugal and the sharp rise in global tungsten prices — not to the Sangdong mine in South Korea, whose financial contribution will only become visible in later quarters. The company's net loss narrowed to $5.3 million from $34.6 million in the first quarter of 2025, though it remains in the red.
Almonty ended the quarter with a solid liquidity position: $259.9 million in cash reserves and working capital of $169.5 million, funds earmarked to support the transition to full commercial production at the Korean operation.
The $800 Million Question
Alongside the quarterly results, Almonty completed a substantial capital raise. The company placed convertible bonds carrying a 2.25 percent coupon and maturing in 2031. Initial plans called for $700 million, but strong demand — which significantly exceeded supply — allowed the underwriting banks to exercise their over-allotment option in full, pushing the final volume to $800 million. After fees and expenses, Almonty receives approximately $772.7 million in net proceeds.
Management intends to use the funds to refinance existing debt and provide working capital for the Sangdong project's path to full production. A portion of the proceeds is earmarked for capped-call transactions designed to limit dilution for existing shareholders should the bonds eventually be converted.
Sangdong Ramps Up
The Sangdong mine, which resumed operations on July 1, 2026, remains the centerpiece of Almonty's long-term growth strategy. Phase 1 of the processing plant is currently handling around 640,000 tonnes of ore annually, expected to yield approximately 2,300 tonnes of high-grade tungsten concentrate per year. The plant currently draws on an ore stockpile of roughly 139,700 tonnes, with an estimated gross value of about $68 million at prevailing market prices.
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The processing facility officially commenced operations on June 2, 2026, initially feeding stockpiled ore through the newly commissioned plant sections to produce saleable tungsten concentrate. At the start of the second quarter, approximately 120,000 tonnes of ore were stockpiled on site; that figure has since grown. Phase 2 of the expansion, planned for 2027, would double processing capacity to 1.2 million tonnes of ore annually.
The combination of a cleaner listing structure, a fortified balance sheet, and an improving operational profile leaves Almonty positioned differently than it was just a year ago — a miner transitioning from development-stage enterprise to revenue-generating producer, with the market's attention now fixed on whether Sangdong can deliver on its promised contribution in the quarters ahead.
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