Almonty's Two-Exchange Exit: Inside the Tungsten Miner's $1.23 Billion Balance-Sheet Transformation
Published on 08/14/2026 at 17:53 | Redaktion boerse-global.de
Almonty Industries is betting that less is more when it comes to stock listings. The tungsten producer has voluntarily delisted from the Toronto Stock Exchange, effective July 31, 2026, with an exit from Australia's ASX slated to follow by September 1 of the same year. That leaves just two venues for investors: Nasdaq, where the shares trade under "ALM," and Frankfurt, under "ALI1."
The streamlining is part of a broader corporate makeover that has reshaped everything from the company's headquarters to its balance sheet. Management frames the delistings as a way to deepen ties with US capital markets and defense-sector players — a strategy that aligns with the relocation of the corporate base to Dillon, Montana, completed in April. The appointment of Jorge Beristain as CFO on June 1 adds further US-focused financial expertise to the C-suite.
A Cash Position Transformed in Six Months
The operational pivot arrives alongside a dramatic liquidity buildup. As of June 30, 2026, Almonty held 1.23 billion Canadian dollars in cash — nearly five times the 268.4 million it reported at the end of 2025. The primary driver was an oversubscribed convertible bond issuance of US$800 million, carrying a 2.25% coupon and maturing in 2031. That capital also allowed the company to fully draw down its KfW IPEX-Bank credit facility in January 2025.
Operating cash flow added another 31.6 million Canadian dollars in the first half. And the company isn't done raising funds: shelf registrations for common shares worth roughly US$246.8 million have been filed, with proceeds earmarked for the Gentung tungsten project in Montana and an expansion of the Panasqueira mine in Portugal.
The war chest gives Almonty the flexibility to finance the Sangdong Phase II expansion and Gentung without tapping equity markets in the near term — a meaningful advantage for a capital-intensive mining operation.
Record Prices Fuel a Landmark Quarter
The second quarter of 2026 delivered numbers that would have seemed implausible a year earlier. Revenue hit 43.0 million Canadian dollars, a 498% jump year over year, propelled by an extraordinary rally in tungsten prices. The European APT (ammonium paratungstate) benchmark averaged roughly US$3,075 per MTU during the period, versus just US$453 in the same quarter of 2025.
Net income swung to 181.8 million dollars from a loss of 58.2 million in Q2 2025. But that headline figure warrants scrutiny: 173.1 million of the profit came from non-cash valuation gains on derivatives and warrants. The adjusted EBITDA figure of 17.6 million dollars offers a more grounded view of operational performance — still a substantial improvement over the prior-year adjusted loss of 4.8 million.
Sangdong Ramps Up, Supply Deal Expands
Phase I of the Sangdong mine in South Korea remains in commissioning, targeting an initial throughput of 640,000 tonnes of ore annually. Phase II, already fully permitted, would double that capacity to 1.2 million tonnes per year.
The company has also strengthened its commercial foundation. A renegotiated long-term offtake agreement with Global Tungsten & Powders (GTP), a member of Austria's Plansee Group, extends the contract by six years and increases total volumes by 40%. Pricing improves by roughly 6.3% across all contracted volumes — a meaningful boost to revenue visibility.
A Caveat in the Fine Print
Despite the strong results, Almonty has acknowledged that its internal controls over financial reporting were not fully effective as of the end of the second quarter. Management says it is working to remedy the issue as the company's international operations grow in complexity.
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The company's inclusion in the Russell 1000 and Russell 3000 indices at the end of June, alongside its Nasdaq listing, has raised its profile among US institutional investors. At the ASX, the chess depository interests last traded at A$19.59 — though that listing's days are numbered.
Whether the massive liquidity translates into tangible production milestones will become clearer in the coming quarterly updates on the Korean ramp-up. For now, Almonty has both the capital and the strategic positioning to pursue its ambitions on multiple fronts simultaneously.
