The tungsten producer has spent the past week clawing back ground lost to a structural quirk of its own making. Almonty Industries saw its share price jump 13.6 percent after confirming the start of ore processing at its Sangdong mine in South Korea’s Gangwon province — a milestone that shifts the company from construction phase to operating reality.
That gain follows an even more dramatic recovery from recent lows. The stock had been dragged down by forced selling after Almonty voluntarily delisted from the Toronto Stock Exchange, a move formally completed on July 31, 2026. The exit triggered automatic disposals by several Canadian and global small-cap index funds, pushing the shares to a trough of roughly €9.14 before stabilizing. Since August 6, the stock has staged a dynamic rally, with gains of 5.40 percent on August 4 and 4.17 percent the following day, lifting the price to between €11.91 and €12.00.
Market observers now view the technical overhang from the Toronto withdrawal as largely cleared. The stock is once again trading on operational fundamentals rather than index mechanics — a shift that has refocused attention on the Sangdong production ramp-up, which began throughput operations on July 1, 2026.
Analysts See a Threefold Earnings Leap on the Horizon
The consensus among the eleven analysts covering the stock is decidedly bullish, with 84 percent issuing buy recommendations. Projections call for earnings per share growth of 300 percent year over year, accompanied by substantial revenue expansion. For the next quarterly report due August 17, 2026, the consensus estimate stands at $0.12 earnings per share on revenue of roughly $78.53 million.
Price targets have been climbing in tandem. One data provider cites an average target of $16.29, implying upside of 22.68 percent from current levels, while another source puts the figure at $21.88. A separate survey of nine analysts goes further, assigning a consensus “Strong Buy” rating with a twelve-month target of $23.71.
Institutional voices have been equally emphatic. DA Davidson reaffirmed a “Buy” rating with a price target of $33.00, while Oppenheimer maintained an “Outperform” rating at $25.00. Both houses anchor their optimism in a tightening global tungsten market and Sangdong’s strategic positioning as a non-Chinese source of supply.
The Numbers Before the Big Reveal
The August 17 earnings date looms as the first genuine test of whether the anticipated profit inflection is on schedule. Ahead of that report, the company’s scale is considerable: a market capitalization of $4.40 billion (Morningstar calculates $3.70 billion on 283.74 million shares outstanding), a cash position of $259.85 million, and trailing twelve-month revenue of $50.01 million.
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The profit picture, however, still reflects the pre-ramp-up phase. Fiscal 2025 revenue rose 12.75 percent to $32.51 million from $28.84 million the prior year, but the net loss ballooned to $161.91 million — a staggering 893.5 percent increase over 2024. That combination of widening losses and aggressive forward earnings projections is precisely what makes the upcoming quarterly report so consequential.
A Structural Supply Argument
Management points to a durable tailwind: China is not expected to alter its dual-use policy on tungsten, meaning the raw material shortage in Western markets should persist and support prices over the medium to long term. Spot prices for ammonium paratungstate (APT) currently range between $3,000 and $3,200 per metric tonne unit of WO₃, delivered to Rotterdam and Baltimore, with management reporting stable pricing across raw material and downstream products in recent weeks.
Additional planning security comes from an extended off-take agreement with Global Tungsten & Powders. The 21-year arrangement is expected to generate roughly $30 million in additional annual revenue, underpinning the demand side of the growth equation.
Chart Levels to Watch
Technically, the breakout above the 38.2 percent Fibonacci retracement at €11.45 has opened the path toward the next resistance zone between €12.37 and €12.71. A sustained move beyond that level would set up a test of the 61.8 percent retracement at €13.36 and the long-term descending trendline. Further upside targets sit at €14.56 and potentially €16.07. Support now rests at €11.45, with a deeper floor at €10.82.
A Two-Exchange Future Takes Shape
The corporate restructuring continues apace. Following the Toronto exit, Almonty is also voluntarily delisting from the Australian Securities Exchange, with the last trading day for Australian shares set for August 28, 2026, and formal removal on September 1. Going forward, trading will concentrate on the Nasdaq Capital Market and the Frankfurt Stock Exchange — a consolidation that management frames as aligning with the stock’s recent strength.
With Sangdong’s processing plant now running and Phase 2 planning underway to nearly double throughput, the August 17 earnings report will show whether the operational momentum can translate into the financial turnaround analysts are betting on.
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