Almonty's Two-Front Reset: Delisting From Toronto and Sydney While a Korean Mine Rewrites the P&L
Published on 08/14/2026 at 22:32 | Redaktion boerse-global.de
The tungsten producer Almonty Industries is closing a chapter on its capital-markets history even as its operating story enters a far more consequential one. The company has now pulled its shares from two of the three exchanges where it previously traded, leaving investors with a leaner listing structure just as its flagship Korean asset begins to generate serious revenue.
A Streamlined Listing
Almonty's departure from the Toronto Stock Exchange took effect at the close of trading on July 31, 2026. The follow-up move came swiftly: the Australian Securities Exchange has approved a similar delisting under Rule 17.11, with trading in the company's Australian depositary interests ending on August 28, 2026, and the formal removal from the ASX register scheduled for September 1, 2026.
What remains is a two-market footprint — the Nasdaq, where the stock trades under "ALM," and the Frankfurt exchange under "ALI1." Management frames the retrenchment as a cost-and-clarity exercise: a simpler corporate structure, no duplicated regulatory expenses, and investor attention concentrated on the US and European venues. The shift also aligns with a broader geographic repositioning. Almonty has already relocated its corporate headquarters from Toronto to Dillon, Montana, and on June 1, 2026, brought Jorge Beristain aboard as chief financial officer to shepherd the next growth phase.
The Numbers Behind the Narrative
The balance sheet supporting this transition carries a fresh weight. As of June 30, 2026, Almonty held roughly C$1.23 billion in cash — a dramatic build from the C$268.4 million on hand at the end of 2025. The bulk of that liquidity came from an oversubscribed convertible notes offering: US$800 million in paper, carrying a 2.25% coupon and maturing in 2031.
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That war chest coincides with an operating inflection point. Second-quarter 2026 revenue jumped 498% to C$43.0 million, up from C$7.2 million in the same period a year earlier. The catalyst was the start of processing at the Sangdong mine in South Korea on July 1, 2026, aided by favorable prices for ammonium paratungstate, the key tungsten intermediate.
The profit-and-loss statement tells a story of two very different layers. Mining operating income swung from a C$0.9 million loss in the year-ago quarter to a C$26.1 million gain. Adjusted EBITDA reached C$17.6 million, a sharp reversal from the negative C$4.8 million posted in the prior-year quarter. The headline net income figure of C$181.8 million, however, deserves closer scrutiny: C$173.1 million of that total came from non-cash gains on the revaluation of derivatives and warrants. The company is quick to note these bookkeeping effects touched neither operations nor liquidity.
The first quarter of 2026 offers a useful contrast. Almonty recorded a net loss of C$5.3 million in Q1, an improvement from the C$34.6 million loss a year earlier, largely because a C$25.8 million warrant-liability revaluation loss did not repeat. Adjusted EBITDA in that quarter came in at just C$6.1 million — underscoring how much of the Q2 momentum is tied to the Sangdong ramp-up.
Market Response and the Dilution Question
The equity market's reaction to the earnings release was initially enthusiastic — the stock jumped 8.3% on August 11 — but the follow-through has been uneven. On the Friday after the report, shares gained 6.9% to roughly US$14.81. Over a three-month window, however, the stock remains down about 22%, suggesting the recent strength has only partially offset earlier weakness.
Analysts point to a structural tension embedded in the financing strategy. The US$800 million convertible strengthens liquidity today, but if bondholders eventually convert into equity, dilution looms. If they decline to convert, the company carries ongoing interest expense. That uncertainty is shaping how the market prices the rally: investors must separate one-time derivative gains from the underlying operational trajectory, which is visible in the more modest but genuinely rising EBITDA figures across both quarters.
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Sangdong's Next Stage
The improving financials arrive while Almonty's most important project is still in its early operational phase. Phase I of the Sangdong mine in South Korea's Gangwon province remains in commissioning, with full capacity targeted at roughly 640,000 tonnes of ore per year. A Phase II expansion, already approved, could eventually double processing capacity to 1.2 million tonnes annually.
The company has also been locking in demand. On July 14, 2026, Almonty extended its offtake agreement with Global Tungsten & Powders by six years and increased the contracted volume by 40%.
The investment thesis has clearly shifted. Record tungsten prices have pushed Almonty into profitability on paper, and the freshly raised billion-dollar cash position provides financial flexibility. The open question is whether the market's renewed enthusiasm can hold as investors weigh the operational progress at Sangdong against the potential dilution embedded in the convertible structure.
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