Almonty's Balance Sheet Has a New Look — and a $300 Million Buyback to Prove It
Published on 08/25/2026 at 02:52 | Redaktion boerse-global.de
When a company's cash position nearly quintuples in six months, the strategic calculus changes. For Almonty Industries, that shift is now playing out in public: a freshly launched US$300 million share repurchase program, a streamlined listing structure, and a renegotiated offtake agreement that locks in better economics for years to come.
The tungsten producer ended the first half of 2026 with roughly C$1.23 billion in cash, a dramatic leap from the C$268.4 million on its books at the close of 2025. The catalyst was an oversubscribed convertible bond issuance — US$800 million at a 2.25% coupon, maturing in 2031 — that closed on June 9. With that war chest in place, the board greenlit a buyback of up to 14.4 million shares, representing about 5% of outstanding equity, to be executed over a 36-month window.
Management frames the repurchase as a response to what it sees as a disconnect between the share price and the underlying value of its tungsten assets, particularly with the Sangdong mine in South Korea now ramping up. The operational numbers give that argument some weight.
From Build Phase to Cash Generation
Second-quarter revenue hit C$43.0 million, up 498% from C$7.2 million in the same period a year earlier. Mining gross margin came in at 60.7%. Net income swung from a C$58.2 million loss to a C$181.8 million profit — though roughly C$173.1 million of that figure stems from non-cash valuation gains on derivatives and warrants. The underlying cash picture is arguably more telling: operating cash flow for the first half reached C$31.6 million, reversing a C$14.9 million outflow in the prior-year period.
Adjusted EBITDA climbed from negative C$4.8 million to positive C$17.6 million.
Should investors sell immediately? Or is it worth buying Almonty?
The production story is just getting started. Early July marked the first time Almonty began feeding stockpiled ore through the newly commissioned processing plant at Sangdong, producing saleable tungsten concentrate. Phase I of the operation is still in commissioning, targeting throughput of 640,000 tonnes per year, with a fully permitted Phase II designed to double that to 1.2 million tonnes annually.
A Renegotiated Offtake With Better Terms
On July 14, Almonty renegotiated its long-standing offtake agreement with Global Tungsten & Powders, a Plansee Group company. The revised contract extends the term by six years, increases contracted volumes by 40%, and improves pricing conditions by roughly 6.3%. At current spot prices, the annualized revenue from this agreement is heading toward US$490 million — more than US$30 million per year above the previous arrangement.
The timing matters: the contract secures offtake for a substantial portion of Sangdong's future output just as the mine transitions from construction to production.
Consolidating Listings, Expanding Index Presence
Almonty has also been tidying up its corporate structure. The Toronto Stock Exchange delisting took effect at the close of trading on July 31, with the company citing that the vast majority of daily trading volume already flows through the Nasdaq. The Australian Securities Exchange has approved a voluntary delisting; trading in the CDIs — which represented just 0.80% of outstanding shares — is set to be suspended on August 28, with the final delisting expected September 1.
Going forward, trading concentrates on the Nasdaq under the ticker ALM and in Frankfurt under ALI1. Late June brought another milestone: inclusion in both the Russell 1000 and Russell 3000 indices, reflecting the company's expanded market capitalization and broader institutional ownership.
Not every signal has been uniformly bullish, however. Insider Mark Trachuk sold roughly 200,000 shares in early July at around US$16.97 each — the largest insider disposal in three months. Over the past twelve months, insiders have been net sellers to the tune of US$6.4 million.
Still, the combination of a fortified balance sheet, a renegotiated offtake contract, and a mine now producing saleable concentrate paints a picture of a company that has crossed a threshold — from development-stage venture to operating producer with contractual certainty underpinning its growth.
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