Tungsten's New Math: How Almonty's Shareholder Base Got a $300 Million Vote of Confidence
Published on 08/20/2026 at 11:10 | Redaktion boerse-global.de
The tungsten market has a way of concentrating minds. When the European benchmark price for ammonium paratungstate climbed from $453 to roughly $3,075 per metric tonne unit in the space of a year, it didn't just transform Almonty Industries' income statement — it reshaped who owns the company.
That shift became visible in the second quarter of 2026, when a rotating cast of institutional investors redrew the share register. BlackRock added roughly six million shares, an outlay estimated at $100.6 million. T. Rowe Price Associates and its investment management arm together accumulated more than ten million shares, spending around $178 million. On the other side of the trade, Cooper Creek Partners and Encompass Capital Advisors exited entirely, while Goldman Sachs Group cut its position by more than four-fifths.
The pattern — short-term players out, long-duration asset managers in — typically reads as a marker of growing institutional conviction in a company's operational trajectory. The numbers behind that conviction are striking. Revenue for the second quarter jumped 498 percent year over year to C$43.0 million. Net income swung to C$181.8 million from a loss of C$58.2 million in the prior-year period. Adjusted EBITDA flipped from a negative C$4.8 million to a positive C$17.6 million.
A Buyback With a Message
Against that backdrop, the board's approval of a share repurchase program carries particular weight. The plan authorizes the buyback of up to 14.4 million common shares — roughly 5 percent of shares outstanding as of August 14 — over a 36-month window beginning August 24 and running through August 24, 2029. The company has earmarked up to $300 million for the effort.
Should investors sell immediately? Or is it worth buying Almonty?
Management's stated rationale is straightforward: the stock price does not adequately reflect the value of the company's tungsten assets. A repurchase of this magnitude is a direct assertion of that view, putting capital behind the claim rather than leaving it as commentary.
The financial firepower for such a program comes from a June convertible note placement of $800 million, which helped swell cash balances to approximately C$1.23 billion as of June 30, 2026 — up from C$268.4 million at the end of 2025. That cushion means the buyback need not compete with operational priorities at the Sangdong mine.
The Mine Takes Shape
Sangdong, located in South Korea's Gangwon province, is the operational heart of the story. The processing plant has begun operations, moving toward the production of saleable tungsten concentrate. Alongside it, the Sangdong molybdenum project has completed roughly 37 percent of a planned 12,000-meter drilling program, with sample grades matching historical results.
On the offtake side, Almonty extended its long-standing supply agreement with Global Tungsten & Powders, part of Austria's Plansee Group. The contract term for tungsten concentrate from Sangdong Phase I stretches from 15 to 21 years, while contracted volumes rise 40 percent to 4.41 million MTU. The improved terms are expected to lift annual contract revenue by at least $30 million, bringing total expected revenue over the contract's life to $490 million at current prices.
Structural Housekeeping
The company is also tidying up its listing structure. The voluntary delisting from the TSX is complete, and the ASX exit is scheduled for September 1, with CDI quotation suspension and trading cessation set for August 28. Going forward, the shares will trade on the Nasdaq and in Frankfurt. An independent research note from the prior Friday grouped this listing consolidation with the quarterly results and Sangdong's expansion as the summer's defining developments.
For investors, the question is whether the buyback will do what management expects. The program gives the company a mechanism to test its own valuation thesis in the market — and the institutional rotation suggests a growing constituency is inclined to agree. Whether that translates into sustained demand for the shares is a matter the coming months will settle.
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