Almonty Draws Institutional Heavyweights as Tungsten Producer's Balance Sheet Bulks Up
Published on 08/23/2026 at 06:30 | Redaktion boerse-global.de
The tungsten market's newest major producer is attracting some of the biggest names in US asset management, with filings showing a wave of institutional accumulation that coincides with a pivotal operational shift at its flagship Korean mine.
Bank of America emerged as a notable buyer in the first quarter of 2026, expanding its stake in Almonty Industries by 309.6 percent to 908,911 shares, valued at roughly $13.2 million. Cooper Creek Partners Management followed suit, boosting its position by 110.4 percent to 4.78 million shares worth approximately $69.2 million, while Encompass Capital Advisors added 47.9 percent to reach 4.3 million shares at an estimated $62.3 million.
The most dramatic repositioning came from Van Eck, which had increased its holding by a staggering 13,294.7 percent in the fourth quarter to 11.24 million shares — worth around $99 million at the time — before trimming that position by 23.7 percent in the subsequent quarter. Even after the reduction, the scale of these combined purchases signals that multiple independent fund houses view the wolfram producer as a strategic commodity play rather than a speculative wager.
A Balance Sheet Transformed
The buying spree lands against a backdrop of extraordinary financial firepower. Almonty ended the first half of 2026 with $1.23 billion in cash, largely the product of an oversubscribed $800 million bond placement completed in early June. That war chest underpins a newly announced share buyback program of up to $300 million — roughly 5 percent of outstanding shares — slated to run from late August through 2029. The repurchase plan reads less as a defensive measure and more as a declaration of financial confidence.
The second-quarter numbers justify that swagger. Revenue surged 498 percent year over year to $43.0 million, while net income swung from a loss of $58.2 million to a profit of $181.8 million. Adjusted EBITDA came in at $17.6 million.
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Sangdong Comes Online
These financial milestones trace back to a single operational catalyst: the official start of throughput operations at the Sangdong mine's processing plant in South Korea's Gangwon province on July 1. With the transition to commercial production of saleable tungsten concentrate now complete, Almonty has crossed the threshold from developer to operating producer — a transformation that has been years in the making.
The operational momentum extends to the commercial side as well. In mid-July, Almonty extended its supply agreement with Global Tungsten & Powders by six years, stretching the contract to 21 years in total and lifting contracted Phase-I volumes by 40 percent.
Washington's Tailwind
Regulatory developments are adding another layer of support. The US Commerce Department announced a one-year export ban on tungsten-bearing scrap and lithium-ion battery "black mass," effective August 27, aimed at shoring up domestic supply chains for critical minerals. For producers operating outside China's dominant tungsten ecosystem, the policy shift represents a structural advantage.
Almonty is also streamlining its market presence. The company plans to voluntarily delist from the Australian Securities Exchange and the Toronto Stock Exchange, consolidating its primary listing on the NASDAQ. The move is designed to deepen liquidity at its most active trading venue and should ease access for US institutional investors. Inclusion in the Russell 1000 and Russell 3000 indices at the end of June adds further visibility.
The Valuation Gap
Despite the progress, the stock trades at $18.51 — well below the analyst consensus target of $27. The bullish camp spans a wide range: Oppenheimer sees fair value at $25, while DA Davidson is markedly more optimistic at $33. With a market capitalization of $5.33 billion, the shares have come a long way from their 52-week low of $3.97, though they remain shy of the $24.41 peak reached during the same period.
That gap between price and analyst targets leaves room for debate about whether the market has fully digested Almonty's transformation. The breadth of institutional buying — spanning multiple independent asset managers acting on their own timetables — suggests conviction that runs deeper than any single quarter's price action. Whether the recent accumulation marks the beginning of a broader re-rating or simply reflects positioning ahead of the Sangdong ramp remains the open question.
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