Almonty's Triple Pivot: A 21-Year Supply Deal, a $1.2 Billion War Chest, and a Nasdaq-Only Future
Published on 08/14/2026 at 08:31 | Redaktion boerse-global.de
The tungsten market has a new heavyweight on its hands. Almonty Industries has spent the last six months reshaping nearly every facet of its business — from where it's headquartered to how its shares trade — and the numbers coming out of its second-quarter report show just how much momentum sits behind that overhaul.
At the center of it all is Sangdong, the company's flagship mine in South Korea, and the customer that has now committed to buying its output for more than two decades.
A Contract That Just Got 40% Bigger
On July 14, Almonty renegotiated its offtake agreement with Global Tungsten & Powders (GTP), a subsidiary of Austria's Plansee Group and the single most important buyer for Sangdong's production. The revised terms extend the contract by six years, pushing the delivery window to 21 years from first shipment. The contracted volume jumps 40%, from 3.15 million to 4.41 million Metric Tonne Units (MTU) of tungsten concentrate.
GTP has also guaranteed a minimum annual take of 210,000 MTU once the mine reaches full ramp-up — roughly 90% of Sangdong's planned Phase I output. On top of that, Almonty secured a price bump of about 6.3% across the entire contract volume. Together, those changes are expected to lift annual contract revenue by at least $30 million. At current ammonium paratungstate (APT) prices, the deal projects to roughly $490 million in yearly sales from this single agreement.
Should investors sell immediately? Or is it worth buying Almonty?
A Balance Sheet Transformed
The contract news landed just as Almonty's financial position underwent its own dramatic shift. As of June 30, the company held 1.2 billion Canadian dollars in liquid assets — nearly five times the 268.4 million it reported at the end of 2025. The bulk of that came from an oversubscribed $800 million convertible bond placed in June, supplemented by 31.6 million Canadian dollars in operating cash flow generated during the first half.
Almonty isn't done raising capital. It has filed shelf registrations for roughly $246.8 million in common shares, with proceeds earmarked for the Gentung tungsten project in Montana and an expansion at its Panasqueira mine in Portugal.
The company has also been chipping away at its debt. On July 15, it fully repaid a KfW loan of 14.66 million euros, following a broader deleveraging effort.
The US Pivot Accelerates
Almonty's transformation extends beyond the balance sheet. The company completed its headquarters relocation from Toronto to Dillon, Montana — a move first announced on April 13 — positioning itself closer to US government agencies and defense contractors, both key buyers of strategic metals.
The executive suite saw changes too. Jorge Beristain, CFA, took over as chief financial officer on June 1, succeeding Brian Fox, with the succession announced back on May 6.
The US focus is also reshaping how the stock trades. Almonty voluntarily delisted from the Toronto Stock Exchange at the close of trading on July 31, with a similar exit from the Australian Securities Exchange scheduled for August 28. Going forward, the Nasdaq will be the company's sole primary listing — a consolidation aimed at attracting a broader base of international institutional investors. The ASX-listed Chess Depository Interests last changed hands at A$19.59.
Late June brought another milestone: inclusion in the Russell 1000 and Russell 3000 indices, adding visibility alongside the Nasdaq listing.
Almonty at a turning point? This analysis reveals what investors need to know now.
The Price Tailwind Behind the Numbers
These structural moves coincide with a remarkable market environment. Second-quarter revenue hit 43.0 million Canadian dollars, up 498% from 7.2 million in the year-ago period. The European average APT price surged to $3,075 per MTU in the quarter, versus $453 a year earlier.
The bottom line also swung into positive territory. Almonty reported net income of $181.8 million for Q2, though $173.1 million of that came from non-cash valuation gains on derivative instruments. The more telling operational metric: adjusted EBITDA climbed to $17.6 million, reversing a $4.8 million loss in the prior-year quarter.
What Comes Next
Sangdong's Phase I is designed to process 640,000 tonnes of ore annually, with a fully permitted Phase II capable of doubling that to 1.2 million tonnes. With the expanded GTP contract locking in a buyer for most of that first phase, and a war chest large enough to fund multiple projects simultaneously, Almonty has effectively removed two of the biggest uncertainties facing any mining developer: demand and financing.
Whether that liquidity translates into production milestones will become clearer in the coming quarterly updates from South Korea.
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