Three Catalysts Converge for Almonty: Index Inclusion, $800M Convertible, and a Western Supply Pivot
10.06.2026 - 13:35:41 | boerse-global.de
The stars are aligning for Almonty Industries in an unusually tight window. On June 29, the tungsten producer will join the Russell 1000 and Russell 3000 indices, triggering mandatory buying from the roughly $12.2 trillion benchmarked against those indexes. Passive funds that were previously barred from holding the stock now have no choice — and that mechanical demand arrives just days after the company closed an oversubscribed $700 million convertible note, with the full $100 million greenshoe exercised.
The note, priced at a 2.25% coupon and maturing in July 2031, netted Almonty approximately $772.7 million after expenses. Investors converted at an initial price of $27.40 per share, a 32.5% premium over the $20.68 closing price on June 4. To cap dilution, Almonty executed a series of capped-call transactions with a ceiling of $41.36 per share — a 100% premium to the same reference price. The first interest payment is due on January 1, 2027.
Proceeds are earmarked for three uses: refinancing roughly $50 million in existing debt, funding working capital, and pursuing potential acquisitions. The company is already mapping out a second expansion phase at its Sangdong mine in South Korea, targeting a doubling of capacity to 1.2 million tonnes of ore and 460,000 MTU of concentrate by 2027.
Should investors sell immediately? Or is it worth buying Almonty?
That mine sits at the center of a geopolitical shift that amplifies Almonty’s strategic value. Starting January 1, 2027, the U.S. DFARS rule will prohibit Chinese tungsten in defense supply chains. Once Sangdong reaches full production, management expects it to supply more than 80% of the world’s non-Chinese tungsten output — a position that has drawn attention from both Washington and institutional investors.
Operational momentum is already building. First-quarter 2026 revenue surged 221% to C$25.4 million, driven by higher spot prices for ammonium paratungstate and strong output from the Panasqueira mine in Portugal. At the end of March, Almonty held C$259.9 million in cash.
Shareholders at the annual general meeting on June 9 approved a seven-member board of directors, all of whom were nominated in the company’s April information circular. The board signaled it would continue to refine its skill set and diversity as Almonty’s presence in U.S. capital markets grows.
With index inclusion locked in, a freshly fortified balance sheet, and a regulatory deadline that turns Sangdong into a de facto monopoly supplier for the U.S. defense industry, Almonty has packed more catalysts into a single month than most miners see in years.
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