Almonty's Institutional Stampede: $178 Million in Fresh Capital Arrives as Tungsten Producer Reshapes Its Future
Published on 08/20/2026 at 13:51 | Redaktion boerse-global.de
The tungsten market has a new heavyweight on its hands, and America's largest money managers are taking notice. Almonty Industries, the Toronto-born miner now pivoting its listing strategy toward the United States, has pulled in a wave of institutional capital that underscores just how far the company has traveled from its development-stage roots.
T. Rowe Price, through two of its investment vehicles, added positions worth nearly $178 million during the second quarter, while BlackRock boosted its stake by more than six million shares, valued at approximately $100.6 million. Combined with other purchases, the two asset managers accounted for buying activity exceeding 16 million shares in the April-to-June period — a striking vote of confidence for a producer that only recently crossed the threshold from mine development into commercial operations.
A Perfect Storm of Catalysts
The timing of these inflows is anything but coincidental. Late June brought Almonty's inclusion in both the Russell 1000 and Russell 3000 indices, a mechanical shift that typically funnels passive capital toward newly eligible names. The company's decision to delist from the TSX and ASX — completed on the former, with the latter scheduled to take effect September 1 — has concentrated trading on the Nasdaq and Frankfurt, making the equity more accessible to U.S.-based institutions.
What makes the buying particularly notable is the price action surrounding it. Almonty fully repaid a KfW loan of roughly €14.7 million about a month ago, and since that repayment the stock has shed approximately 21.3 percent. The institutional accumulation therefore reads as a bet against the recent softness — one grounded in hard operational numbers rather than momentum.
Should investors sell immediately? Or is it worth buying Almonty?
The Numbers Behind the Conviction
Those numbers are, by any measure, transformative. Second-quarter revenue surged 498 percent year-over-year to C$43.0 million, with mining segment earnings reaching C$26.1 million. Adjusted EBITDA swung to C$17.6 million, an improvement of more than C$22 million against the prior-year quarter. Net income of C$181.8 million — versus a loss of C$58.2 million a year earlier — was flattered by roughly C$173.1 million in non-cash gains from derivatives and warrants, but the underlying cash story is equally compelling.
Operating cash flow for the first half turned positive at C$31.6 million, a sharp reversal from the C$14.9 million outflow recorded in the same period last year. Following an oversubscribed convertible notes offering that raised $800 million, the company ended June with approximately C$1.23 billion in cash — the war chest that makes the recently announced buyback possible.
Sangdong Comes Alive
The operational engine behind this turnaround is the Sangdong mine in South Korea's Gangwon Province, where ore processing to saleable tungsten concentrate began in June. The ramp-up has been complemented by a parallel molybdenum project at the same site, with roughly 37 percent of a 12,000-meter drilling program completed and grades matching historical results.
On the commercial front, Almonty has locked in its customer base for decades to come. The long-term offtake agreement with Global Tungsten & Powders, a member of Austria's Plansee Group, was extended in July from 15 to 21 years, with contracted volumes increased 40 percent to 4.41 million MTU and pricing terms improved by around 6.3 percent. At current prices, the contract is expected to generate approximately $490 million in revenue over its full term.
A Buyback With a Message
The board's approval of a share repurchase program — up to 14.4 million common shares, representing roughly 5 percent of outstanding stock as of August 14 — carries an explicit valuation thesis. Management has signaled that the current share price fails to reflect the underlying value of the company's tungsten assets. Running from August 24 through August 24, 2029, the program authorizes up to $300 million in repurchases, a scale that would have been unthinkable before the convertible bond placement transformed the balance sheet.
For investors, the elements now in place form a coherent narrative: a producing mine with decades of contracted demand, a cash position that funds both growth and shareholder returns, and a shareholder register that now includes some of the most influential names in institutional investing. Whether the market ultimately agrees with management's valuation assessment will become apparent as the buyback program unfolds over the coming months.
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