[REVISION HISTORY]

Almonty Industries transitions to producer; expands globally

Updated 13 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-26 02:38 UTC → 2026-10-13 05:23 UTC · added ~~removed~~

Almonty Industries has transitioned from a mining developer to a producer following the commencement of active operations at its Sangdong mine in South Korea in mid-2026. This operational milestone is bolstered by significant long-term supply contracts, including an expanded 21-year agreement with Global Tungsten & Powders that increases committed delivery volumes by 40%. Following the start of operations, Almonty reported a massive surge in financial performance; second-quarter revenue rose 498% year-over-year to 43 million Canadian dollars. While the company reported a net profit of 181.8 million Canadian dollars, approximately 173.1 million Canadian dollars of that figure was attributed to non-cash revaluation gains from derivatives and warrants. Investor interest has been further driven by a share buyback program announced in mid-August, authorizing the repurchase of up to 14.4 million common shares valued at approximately $300 million through August 2029. CEO Lewis Black stated the move is intended to reflect the company’s “true value,” noting that Almonty controls one of the largest tungsten deposits outside of China. Despite previous rallies, Almonty’s stock experienced a significant decline in mid-September 2026, losing 23 percent of its value over a seven-day period due to market concerns regarding financing and capital procurement. In late September, the company announced a dual expansion strategy involving tailings reprocessing in Spain and a joint venture in Rwanda. As of late September, the company is seeing increased interest from investment firms like Goldman Sachs and Stifel due to its role as a strategic alternative to China, which reportedly controlled approximately 80 percent of global mine production in 2025. While the Sangdong mine has entered Phase I commercial production with plans to double throughput by 2027, the stock continues to face downward pressure, recently testing key support levels after a daily loss of nearly 9 percent.

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