Almonty Industries: A $773 Million Cash Injection, a Russell Debut, and a Stock That Keeps Falling
27.06.2026 - 21:54:11 | boerse-global.de
Almonty Industries enters Monday’s trading session as a member of the Russell 1000 and Russell 3000 for the first time, yet its shares closed Friday at C$23.00 — down nearly 14% in a single week and roughly 31% below the April high of C$33.35. That disconnect between operational momentum and market price is becoming hard to ignore.
The company just reported a blockbuster first quarter. Revenue surged 221% year-on-year to C$25.4 million, driven by higher tungsten prices and strong output from the Panasqueira mine in Portugal. Adjusted EBITDA swung to C$6.1 million from a loss of C$2.4 million a year earlier, while operating cash flow turned positive at C$9.7 million. The net loss of C$5.3 million was almost entirely attributable to non-cash revaluation effects on derivatives and warrants.
Then came the financing. On June 4, Almonty placed an upsized C$800 million convertible bond — originally targeted at C$700 million but fully allocated due to oversubscription. The notes carry a 2.25% coupon, mature in 2031, and include the full exercise of the underwriters’ over-allotment option. Net proceeds of roughly C$772.7 million landed in the corporate treasury, earmarked for hedging, refinancing existing liabilities, and growth investments. At the end of March the company already held C$259.9 million in cash.
That war chest is being deployed primarily at the Sangdong complex in South Korea’s Gangwon Province. Phase 1 of the tungsten mine has been ramping up since March 2026, processing about 640,000 tonnes of ore per year to produce roughly 2,300 tonnes of tungsten concentrate. Phase 2, targeted for 2027, would double capacity to 1.2 million tonnes and, at full tilt, cover an estimated 40% of non-Chinese global tungsten demand.
Should investors sell immediately? Or is it worth buying Almonty?
Alongside tungsten, Almonty is advancing a molybdenum drilling campaign on the same site. About 37% of the planned 26 holes have been completed, and assay results so far confirm grades in line with historical drill data. South Korea is facing a molybdenum supply crunch, with national inventories running low and the government urging private firms to secure supplies. Almonty already has an offtake agreement with SeAH M&S — South Korea’s largest molybdenum processor and the world’s second-largest moly oxide smelter — covering 100% of Sangdong’s future molybdenum output at a guaranteed floor price of $19.00 per pound. First production is penciled in for late 2026 or early 2027, with an expected mine life of up to 60 years. Spot molybdenum prices have climbed roughly 23.5% over the past year, further boosting project economics.
Management refers to the combination of tungsten production, the planned tungsten oxide plant, and the molybdenum project as the “Korean Trinity” — an integrated raw-materials hub with multi-decade potential. The geopolitical tailwind is equally powerful: from January 2027, US Department of Defense procurement rules will prohibit Chinese tungsten in American armaments supply chains. The US has not commercially mined tungsten since 2015, leaving Almonty as one of the few Western producers capable of filling the gap. The company has already relocated its corporate headquarters to Dillon, Montana and acquired the nearby Gentung tungsten project, which is expected to reach production readiness in the second half of 2026.
Monday’s Russell index inclusion adds a structural layer of demand. Passively managed funds tracking the Russell 1000 and Russell 3000 collectively oversee roughly $12.2 trillion in assets. They must now hold Almonty shares regardless of analyst sentiment, while active managers benchmarking against the Russell gain a fresh reason to evaluate the stock. Analyst coverage typically follows such milestones.
Almonty at a turning point? This analysis reveals what investors need to know now.
Despite all this, the stock remains under pressure. The relative strength index sits at 40.9, signalling neutral-to-slightly-oversold territory, and the share price has fallen below its 50-day moving average. Yet on a 12-month basis the equity has still gained roughly 296%, and year-to-date it’s up over 91%. The transformation from a development-stage explorer to a producing mining group is undeniable — but the market, for now, appears to be looking past the catalysts and focusing on the near-term slide.
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Almonty Stock: New Analysis - 27 June
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
