Almonty's Two-Front Transformation: Sangdong Goes Live as Trading Shifts to New York
Published on 08/22/2026 at 16:02 | Redaktion boerse-global.de
The tungsten producer that spent years as a development-stage story has crossed a threshold that changes how investors must value it. Almonty Industries has begun feeding ore into the processing plant at its Sangdong mine in South Korea, with a stockpile of 139,700 tonnes grading 0.25 percent tungsten trioxide now moving through the newly commissioned mill. The company has effectively left the construction phase behind and entered commercial production.
That operational milestone lands alongside a structural overhaul of where and how Almonty's shares trade. The company has already completed its voluntary exit from the Toronto Stock Exchange, completed at the end of July, and received clearance to delist from the Australian Securities Exchange. Trading in Australian CDI instruments is slated to cease at the end of August, with the formal ASX withdrawal following in early September. What remains is a two-market footprint: Nasdaq, which has become the primary venue, and Frankfurt.
The consolidation makes sense when measured against the shareholder register. During the second quarter, several large US asset managers built positions with notable conviction. BlackRock added roughly 6.1 million shares, valued at an estimated $100.6 million. T. Rowe Price, through two affiliated entities, accumulated more than 10.7 million shares worth close to $178 million. The institutional gravity has clearly shifted across the Atlantic, validating the decision to concentrate liquidity on the Nasdaq listing.
Not every insider move points in the same direction. Mark Trachuk sold approximately 200,000 shares at around $16.97 each, the largest insider transaction of the past three months. That disposal represented about 7.4 percent of his direct holdings — a meaningful trim, though modest when set against the scale of institutional accumulation.
The production ramp at Sangdong gives the financial narrative its substance. Almonty reported second-quarter results on August 11 showing revenue of C$43.0 million, a 498 percent jump year over year. Net income swung to C$181.8 million from a loss of C$58.2 million in the prior-year quarter, while adjusted EBITDA reached C$17.6 million. Earnings per share of C$0.62 blew past the consensus estimate of C$0.10, although revenue came in slightly below the expected C$45.7 million.
Should investors sell immediately? Or is it worth buying Almonty?
That balance sheet strength traces back to a heavily oversubscribed convertible bond placement completed on June 9: $800 million in notes carrying a 2.25 percent coupon and maturing in 2031. The proceeds left Almonty with C$1.23 billion in cash as of June 30, liquidity that has since been deployed to clean up the financing structure. A KfW IPEX-Bank loan of €14.661 million was repaid in full roughly a month ago — a move that coincides with a 21.3 percent decline in the share price since then.
The company has also extended its offtake agreement with Global Tungsten & Powders LLC, stretching the term to 21 years and increasing contracted volumes by 40 percent. That long-dated commitment provides revenue visibility that few juniors can claim.
On the capital markets front, Almonty filed shelf registrations in August for the potential issuance of common shares worth approximately $246.79 million, including a component tied to employee incentive programs. The company also amended its stock option plan and restricted share unit plan earlier in the month. These moves sit alongside the convertible issuance and an ongoing share buyback program, painting a picture of a company actively managing its capital structure across multiple levers.
The operational and financial shifts have been accompanied by index recognition. At the end of June, Almonty was added to both the large-cap Russell 1000 and the broader Russell 3000 as part of the annual index reconstitution.
For investors holding Australian CDIs, the practical takeaway is immediate: positions must be rearranged before the end of August, when trading in those instruments winds down. The Nasdaq listing now serves as the central trading venue, with Frankfurt as the secondary market.
The delistings from Toronto and Sydney are not a retreat from capital markets but a concentration of them. Almonty is positioning its shares where the institutional demand has demonstrably migrated, while Sangdong's transition from project to producer gives those investors a revenue-generating asset to underwrite. Whether the mill's throughput translates into sustained earnings will become clear over the coming quarters, but the company has already reshaped both its operating profile and its market presence in a matter of weeks.
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