Almonty Industries Clears the Decks: Positive Cash Flow Meets a Post-Delisting Rebound
Published on 08/07/2026 at 09:27 | Redaktion boerse-global.de
The tungsten producer Almonty Industries has entered a pivotal chapter. With commercial production now underway at its Sangdong mine in South Korea, the company has flipped its operating cash flow positive for the first time — a milestone that arrives just as it completes a sweeping overhaul of its stock exchange listings.
The operational turnaround is striking. Revenue surged 221% year-over-year to $25.4 million, propelled by elevated tungsten prices and the ramp-up at Sangdong. Operating cash flow swung to a positive $9.7 million, a dramatic reversal from the negative $4.4 million recorded in the same quarter last year. The net loss narrowed to $5.3 million from a hefty $34.6 million a year earlier. The balance sheet offers further comfort: cash stands at $259.9 million, with working capital of $169.5 million.
The shares have responded in kind. After a turbulent stretch tied to the company's voluntary delisting from the Toronto Stock Exchange — formally completed on July 31, 2026 — the stock has recovered decisively. The Toronto exit forced several Canadian and global small-cap indices to liquidate their positions automatically, triggering a temporary sell-off that drove the shares to an interim low of roughly €9.14. Since August 6, however, the trend has reversed. Gains of 5.40% on August 4 and 4.17% on August 5 helped lift the price into the €11.91–€12.00 range, with the stock up nearly 40% from its recent trough.
Market participants view the technical overhang from the index-driven selling as largely cleared. The stock has now broken above the 38.2% Fibonacci retracement level at €11.45, setting up the next resistance zone between €12.37 and €12.71. A sustained move beyond that could open the door to the 61.8% retracement at €13.36, followed by the longer-term descending trendline and targets at €14.56 and potentially €16.07. Support now sits at €11.45, with a deeper floor at €10.82.
Should investors sell immediately? Or is it worth buying Almonty?
The corporate restructuring extends beyond Toronto. Almonty is also withdrawing voluntarily from the Australian Securities Exchange, with the final trading day set for August 28, 2026, and formal delisting on September 1. Going forward, trading will be concentrated on the Nasdaq Capital Market and the Frankfurt Stock Exchange. The Toronto exit, meanwhile, generated a final burst of activity: over 13.7 million shares changed hands in the last sessions there, far exceeding the average daily volume of roughly 933,730. The company's market capitalization now stands at about $3.7 billion.
In a related strategic move, Almonty is relocating its corporate headquarters to Dillon, Montana. The shift positions management closer to its Gentung project and to key partners within the US government, underscoring a clear focus on the American defense sector. Supporting this direction is an expanded offtake agreement with Global Tungsten & Powders. At current prices, the contract is expected to generate roughly $490 million in annual revenue — nearly twenty times the most recently reported quarterly sales. The secondary article notes the agreement carries a 21-year term and adds around $30 million in annual revenue.
Analysts remain constructive. DA Davidson maintains a "Buy" rating with a price target of $33, while Oppenheimer reiterates "Outperform" with a $25 target. Both firms point to a tightening global tungsten market and Sangdong's strategic importance as one of the few Western sources of the metal.
Almonty at a turning point? This analysis reveals what investors need to know now.
Investors will get the next update on August 17, 2026, when Almonty reports quarterly results. The key questions: how quickly Sangdong's processing throughput — which began on July 1 — scales up, and whether the expanded supply contract starts showing up in the top line.
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