The tungsten producer’s capital return plan is no longer just a boardroom resolution. Almonty Industries will begin repurchasing its own shares on Monday, August 24, 2026, having secured approval for a program covering up to 14.4 million common shares — roughly five percent of the share capital as of August 14 — with a ceiling of $300 million spread across 36 months.
Management has framed the buyback as a direct response to what it sees as a disconnect between the market’s valuation and the intrinsic worth of its tungsten assets, particularly with the Sangdong mine in South Korea’s Gangwon province now transitioning into its operational phase. The timing is deliberate: the announcement landed the same weekend the company confirmed its processing plant had entered throughput operations.
Execution will run through the open market on the Nasdaq and alternative trading venues rather than a tender offer, giving Almonty latitude on both timing and price. That flexibility may prove useful — the stock has retreated 21.4 percent since fully repaying its KfW loan just over a month ago, a pullback that arguably improves the economics of the repurchase from the company’s perspective.
The Numbers Behind the Confidence
The financial foundation for the buyback rests on a quarter that showed dramatic year-on-year acceleration. Revenue for the three months ended June 30 climbed 498 percent to C$43.0 million, while adjusted EBITDA swung from a C$4.8 million loss in the prior-year period to a positive C$17.6 million.
Net income reached C$181.8 million, though a substantial portion — C$173.1 million — came from non-cash revaluation gains on derivatives. On a per-share basis, diluted earnings came in at $0.64.
The operational story at Sangdong is also taking on substance. Commercial processing began in early July, and by the end of the second quarter the site had accumulated an ore stockpile of 139,700 tonnes at an average grade of roughly 0.25 percent WO₃ — inventory that should become visible in upcoming quarterly reports as the plant continues its ramp-up.
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Analyst Reactions Split
External assessments of the company’s trajectory remain mixed. Diamond Equity trimmed its fiscal 2026 earnings-per-share estimate to $0.39 from $0.55, citing softer near-term earnings prospects, though it maintained an overall positive stance. The revision was dated August 19 in one account and August 14 in another, landing in the same week as the delisting and production announcements.
Weiss Ratings, meanwhile, lifted its rating from “sell (d-)” to “hold (c-)” on August 12 — a move best read as cautious stabilization rather than a ringing endorsement.
A Streamlined Listing Structure
The buyback coincides with a deliberate consolidation of Almonty’s exchange footprint. The voluntary delisting from the Toronto Stock Exchange took effect July 31, and the Australian Securities Exchange will follow — trading in the CDIs is expected to be suspended at the close on August 28, with the formal delisting slated for September 1.
That leaves the Nasdaq (ticker: ALM) and Frankfurt (ALI1) as the primary venues, a concentration that should deepen liquidity at both.
The corporate calendar has been busy on other fronts as well. The off-take agreement with Global Tungsten & Powders was extended by six years in July, with volumes increased 40 percent and terms improved by roughly 6.3 percent. Late June brought inclusion in the Russell 1000 and Russell 3000 indices, following an oversubscribed $800 million bond placement.
Investors will get their next read on progress when third-quarter results land on November 17. Between now and then, the market’s focus is likely to settle on how quickly Almonty works through its repurchase authorization — and whether the Sangdong ramp-up delivers the operational momentum that the buyback thesis ultimately depends on.
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