Almonty's Quiet Restructuring Masks a Loud Quarter: Tungsten Miner Posts Record Numbers While Slimming Down Its Exchange Listings
Published on 08/15/2026 at 17:32 | Redaktion boerse-global.de
The tungsten producer Almonty Industries is executing a two-pronged strategy that, on the surface, appears contradictory: it is simultaneously shrinking its corporate footprint while expanding its financial firepower. The company has spent the summer streamlining its stock exchange presence, yet the operational momentum coming out of its second quarter tells a far more aggressive growth story.
A Sharper Listing Strategy
Almonty's decision to consolidate its trading venues marks a deliberate shift toward a more US-centric investor base. The company voluntarily exited the Toronto Stock Exchange on July 31, 2026, and is now preparing to sever ties with the Australian Securities Exchange. Trading in its CHESS Depositary Interests is slated to halt on August 28, with the official delisting following on September 1.
What remains is a focused dual listing: the Nasdaq under the ticker ALM and the Frankfurt Stock Exchange under ALI1. The rationale, as outlined by Diamond Equity Research in its August 14 assessment, is straightforward — concentrating liquidity on fewer exchanges reduces costs and sharpens visibility among institutional investors, particularly those in the United States.
The timing aligns with a broader repositioning. Almonty relocated its global headquarters from Toronto to Dillon, Montana, a move that coincided with its late-June inclusion in both the Russell 1000 and Russell 3000 indices. The company is clearly positioning itself as the Western world's answer to tungsten supply security.
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The Numbers Behind the Narrative
The financial results released on August 11 provide the substance beneath the strategic surface. Revenue for the quarter ending June 30 surged to 43.0 million Canadian dollars, a 498 percent jump from the 7.2 million posted in the same period last year. The catalyst: European APT (ammonium paratungstate) prices climbed to roughly 3,075 US dollars per MTU, compared with just 453 US dollars a year earlier.
Net income swung to a positive 181.8 million Canadian dollars, or 0.62 dollars per diluted share, against a loss of 58.2 million in the prior-year quarter. However, the headline figure warrants scrutiny — 173.1 million of that profit came from non-cash gains on derivatives and warrants. Adjusted EBITDA still turned positive at 17.6 million, a marked improvement from the 4.8 million loss recorded a year earlier.
The balance sheet tells an equally compelling story. A heavily oversubscribed convertible bond offering in June raised 800 million US dollars, lifting cash reserves from 268.4 million Canadian dollars at the end of 2025 to 1.23 billion by June 30. Management has signaled that this war chest provides the flexibility to advance multiple projects concurrently, including the Phase II expansion of Sangdong and the Gentung tungsten project in Montana.
Post-quarter, Almonty used its improved liquidity to fully repay its KfW loan and extended its offtake agreement with Global Tungsten & Powders LLC — adding six years to the term, increasing volume by 40 percent, and securing a 6.3 percent price improvement.
Chart Position and Analyst Sentiment
The stock closed the trading week at 15.09 US dollars on Friday, having climbed between 6.9 and 8.9 percent during the final session. That advance came as the market digested the quarterly figures alongside the Russell index inclusions, though the shares remain slightly below their 50-day moving average of 15.17 dollars and their 200-day average of 16.82 dollars.
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Analyst consensus remains firmly bullish, with a "Buy" rating and price targets ranging from 27 to 33 US dollars — implying substantial upside from current levels. Technical support sits around 13.50 dollars, where the stock stabilized earlier in the month, while the 52-week high of 24.41 dollars represents the key resistance level.
The Real Test Ahead
The second-quarter results were largely driven by the Panasqueira mine in Portugal, as Sangdong was still in its commissioning phase through June. The South Korean operation officially transitioned to revenue-generating status on July 1, with the first expansion phase targeting an annual ore throughput of 640,000 tonnes.
The market's attention now shifts to the third quarter, when Sangdong's contribution will appear on the books for the first time. That will be the genuine measure of whether Almonty's ambitious expansion — and the premium valuation the market has assigned to it — is justified. The infrastructure is in place, the balance sheet is fortified, and the listings are streamlined. What remains is execution.
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