Almonty's Korean Milestone Coincides With a Two-Exchange Retreat
Published on 08/17/2026 at 07:31 | Redaktion boerse-global.de
The tungsten producer's transformation is now visible in hard numbers. Almonty Industries swung to a net profit of 181.8 million Canadian dollars in the second quarter of 2026, against a loss of 58.2 million in the same period a year earlier, as revenue climbed to 43 million Canadian dollars from just 7.2 million — a jump of roughly 498 percent. Diluted earnings per share came in at 0.62 Canadian dollars.
The driver is Sangdong. The South Korean mine's processing facility entered active commissioning in July, converting previously extracted ore into saleable tungsten concentrate. Phase I is designed to handle around 640,000 tonnes of ore annually, with an already-approved Phase II expansion that could lift total capacity to 1.2 million tonnes per year.
A Streamlined Listing Strategy
The operational ramp-up coincides with a deliberate retreat from two exchanges. Almonty voluntarily left the Toronto Stock Exchange at the close of trading on July 31, 2026. The formal green light for delisting from the Australian Securities Exchange has now been secured, with the final day of trading for CHESS Depositary Interests set for August 28, 2026, and removal from the official ASX list slated for September 1.
CEO Lewis Black frames the move in terms of where liquidity actually sits. The bulk of daily volume now flows through the Nasdaq under the ticker ALM, making four separate listings an administrative burden that no longer justifies its cost. Going forward, Almonty will concentrate on the Nasdaq and the Frankfurt Stock Exchange (ALI1). The timing also reflects a structural shift: late June saw the company added to the Russell 1000 and Russell 3000 indices, which brings automatic institutional attention — precisely the audience the streamlined listing strategy is meant to court.
Should investors sell immediately? Or is it worth buying Almonty?
A Balance Sheet Transformed
The financial picture has changed dramatically. As of June 30, 2026, Almonty held total cash of 1.2 billion US dollars (1.23 billion Canadian dollars), up from 268.4 million US dollars at the end of 2025. The leap came from an oversubscribed convertible bond offering: 800 million US dollars in notes carrying a 2.25 percent coupon and maturing in 2031.
That war chest is earmarked for three projects: the Sangdong Phase II expansion, a tungsten oxide plant in South Korea, and the Gentung tungsten project in Montana. Management now has the funding to pursue its growth path without external financing.
The operational turnaround is equally stark. First-half 2026 operating cash flow came in at 31.6 million US dollars, versus a cash burn of 14.9 million in the year-earlier period.
Contractual Backing
Almonty has also locked in demand. In July, the company expanded its off-take agreement with Global Tungsten & Powders, a member of the Plansee Group. The contract term extends by six years, contracted volumes rise by 40 percent, and pricing improves by roughly 6.3 percent across all contracted volumes. That secures a buyer for approximately 90 percent of Phase I production over the next 21 years.
The pricing environment supports the economics. Ammonium paratungstate averaged around 3,075 US dollars per metric tonne unit in the second quarter of 2026.
Almonty at a turning point? This analysis reveals what investors need to know now.
Market Response and Strategic Signals
The market has taken notice. On Friday, August 14, 2026, the Nasdaq-listed shares rose 8.9 percent to 15.09 US dollars, extending a weekly climb from roughly 13.00 dollars to above 15.00 dollars on the production news and the quarterly report.
Two additional signals point to strategic intent: the relocation of the corporate headquarters to Dillon, Montana, and the appointment of Jorge Beristain as chief financial officer. Both are read as aligning the company with US defense and technology sectors that increasingly seek domestic tungsten sources.
Sangdong is positioned to supply up to 40 percent of global tungsten demand outside China over the long term. The immediate question is whether the second-quarter revenue growth can be sustained — with Phase II progress at Sangdong and the Gentung project's development in the US serving as the next markers.
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