The numbers are almost hard to reconcile. A net loss of 58.2 million dollars flipped to a net gain of 181.8 million dollars. Revenue surged 498 percent. And a cash position that stood at 268.4 million Canadian dollars at the end of December 2025 ballooned to roughly 1.23 billion Canadian dollars by the end of June. Almonty Industries is no longer a development-stage story — it is a producer with a balance sheet to match.
Shares of the tungsten-focused miner closed Friday at 15.17 US dollars on the Nasdaq, having traded in a range between 14.00 and 15.47 dollars before finishing near the session’s high. The stock has climbed more than 220 percent over the past twelve months, though the three-month picture tells a more tempered story: a decline of roughly 22 percent. Friday’s session saw 1.41 million shares change hands, well below the recent average of 7.54 million.
The Catalyst Behind the Rally
The immediate spark came from two directions. Diamond Equity Research published a bullish assessment on August 14, arguing that Almonty has completed its transition from a capital-hungry developer to a well-funded producer of critical metals. That note landed days after the company’s second-quarter report on August 11, which showed revenue of 43 million dollars on the back of record tungsten prices. Adjusted EBITDA swung from minus 4.8 million dollars in the year-ago quarter to positive 17.6 million dollars.
The balance sheet transformation is the headline story. Almonty placed an oversubscribed convertible bond worth 800 million US dollars, carrying a 2.25 percent coupon and maturing in 2031. The initial conversion price sits at roughly 27.40 dollars per share — comfortably above current trading levels. Management frames the raise as a strategic enabler: instead of financing projects sequentially, the company can now advance multiple large-scale initiatives simultaneously, including the Phase II expansion at Sangdong and the Gentung project in Montana.
The mining division’s operating result reached 26.1 million Canadian dollars in the quarter, against a loss of 0.9 million dollars a year earlier. Gross margin in the mining business climbed to 60.7 percent.
A Market That Rewrites the Math
None of this would matter much without the extraordinary move in tungsten prices. The European APT average price for ammonium paratungstate hit 3,075 US dollars per metric ton unit in the second quarter of 2026 — up from 453 dollars in the same period last year. Tightening Western supply and rising demand from the defense sector, which classifies tungsten as a critical material, have combined to create a pricing environment that transforms the economics of every ton the company ships.
Almonty has also moved to lock in demand visibility. A longer and larger offtake agreement with Global Tungsten & Powders LLC adds planning certainty on the sales side, particularly as production ramps in coming quarters.
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Streamlining the Listing Footprint
The operational story is matched by a quieter corporate restructuring. Almonty delisted from the Toronto Stock Exchange at the close of trading on July 31, 2026, and has received approval from the Australian Securities Exchange for withdrawal, effective around September 1, 2026. The company is concentrating its listing on the Nasdaq.
In August, Almonty filed for a shelf registration program that would permit the issuance of new common shares worth approximately 246.79 million dollars, including a component for employee equity participation plans. The flexibility is earmarked for optimizing the initial expansion phase at Sangdong, a potential second phase, and the adjacent molybdenum project.
The company also repaid its KfW loan in full after the quarter ended, a move consistent with its broader effort to tighten the balance sheet as production scales.
The Watch Item: Sangdong
The centerpiece of the growth narrative remains the Sangdong mine in South Korea. Phase I is still in commissioning and ramp-up, with a target capacity of roughly 640,000 tons of ore per year at full operation. An already-approved second phase could eventually lift capacity to as much as 1.2 million tons. Technical analysts see immediate support near 14.20 dollars, with resistance forming in the 16.50-to-17.00-dollar zone.
There are caveats worth acknowledging. The convertible bond improves liquidity but carries dilution risk if conversion occurs; if it does not, ongoing interest obligations apply. The company’s history of heavy losses and capital consumption argues for measured expectations. The three-month share price decline is a reminder that the recent strength only partially offsets earlier weakness.
With the ASX delisting set for September 1 and Sangdong’s ramp-up continuing, the focus now shifts to execution: how quickly the enlarged cash position translates into stable production volumes and sustainable margins. The balance sheet is ready. The market is cooperating. The mine now has to deliver.
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