Almonty's Nasdaq Pivot Gathers Pace as Analysts and Institutions Circle Tungsten's Geopolitical Moment
Published on 09/01/2026 at 16:41 | Editorial boerse-global.de
The tungsten producer Almonty Industries is executing a quiet but consequential restructuring of its public-market footprint, and the investment community is responding with a notable show of confidence. As the company's delisting from the Australian Securities Exchange takes effect today — following its removal from the Toronto Stock Exchange at the end of July — trading in the equity is now concentrated almost entirely on US venues, where the stock has been a member of the Russell 1000 and Russell 3000 indices since late June.
That consolidation of liquidity comes at a moment when the company's fundamentals are shifting as dramatically as its listing structure. Early July marked the start of ore processing at the Sangdong mine in South Korea's Gangwon province, transitioning Almonty from mine developer to revenue-generating operator. The financial impact was immediate: second-quarter revenue leapt to 43.0 million Canadian dollars from 7.19 million a year earlier, while net income swung from a loss of 58.21 million Canadian dollars to a profit of 181.8 million. Surging tungsten prices provided the primary tailwind.
A Hefty Institutional Stamp of Approval
The strategic repositioning has not gone unnoticed among large asset managers. Van Eck, the prominent investment house, expanded its stake in Almonty by a staggering 13,294.7 percent, lifting its holding to 11,239,482 shares — a position valued at roughly 99 million US dollars. The scale of that accumulation underscores the gravitational pull that critical-minerals producers are exerting on institutional capital, particularly those with exposure to tungsten.
That pull is being reinforced from Washington and Brussels. Subsidy programs for critical raw materials — including US funding packages and the European Critical Raw Materials Act — have thrust companies like Almonty into the spotlight, alongside names such as Aurubis and MP Materials. The geopolitical recalibration around supply chains for strategic minerals has effectively created a policy-driven bid for the sector.
Sell-Side Enthusiasm Meets a Demanding Valuation
Wall Street has taken notice. Five research houses currently cover Almonty with a consensus rating of "Buy," including one "Strong Buy" and just a single hold. The average price target stands at 27.00 US dollars, a meaningful premium to the stock's most recent Nasdaq close of 17.80 dollars.
Should investors sell immediately? Or is it worth buying Almonty?
Two firms have revised their outlooks upward in recent months. Oppenheimer lifted its target from 22 to 25 US dollars in early June while reaffirming an "Outperform" rating. DA Davidson went further, raising its price objective from 25 to 33 US dollars in July and keeping a "Buy" recommendation.
Yet the bullish analyst posture sits against an already demanding valuation. Almonty trades at a price-to-earnings ratio of 111.26, a multiple that embeds substantial growth expectations and raises the bar for operational delivery. Market capitalization at the Nasdaq is pegged at 5.13 billion US dollars.
A Fortified Balance Sheet and Locked-In Demand
The company has moved to underpin its growth ambitions with a substantially stronger financial base. Mid-August brought the closing of an oversubscribed bond issue worth 800 million US dollars, carrying a 2.25 percent coupon and maturing in 2031. Cash reserves subsequently swelled to approximately 1.2 billion Canadian dollars, providing ample firepower for the continued expansion of Sangdong production and potential further growth initiatives.
Demand visibility has also improved markedly. In July, Almonty extended its long-standing off-take agreement with Global Tungsten & Powders, a member of Austria's Plansee Group. The contractually secured annual revenue from tungsten concentrate rose to 490 million US dollars, the agreement's term was extended by six years, and contracted volumes were increased by 40 percent.
Short-Term Drift, Longer-Term Trajectory
In German trading, the shares have shown some softness of late. The stock was recently quoted at 15.05 euros, down 1.3 percent on the day, and had shed 6.9 percent over the prior seven sessions. Tuesday brought a further 2.0 percent decline to 14.96 euros. The equity remains roughly 27 percent below its 52-week high of 20.61 euros, set in April.
That near-term drift, however, sits within a broader uptrend that has seen the stock nearly double since the start of the year and post a 37 percent gain over the past 30 days. Given that the shares have roughly tripled over twelve months, the current consolidation reads more as a pause than a reversal.
The gap between the prevailing share price and the analysts' average target leaves room for interpretation in the weeks ahead. But with production now underway at Sangdong, contracted revenue locked in, a fortified balance sheet, and a streamlined listing structure focused on the US market, Almonty enters its next phase with a combination of operational momentum and policy tailwinds that few critical-minerals peers can match.
Ad
Almonty Stock: New Analysis - 1 September
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
