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Material beat and cash buildup support near-term upside; de-leveraging via the $800m notes and $1.2b cash enhances growth optionality. Positive off take terms and Russell inclusion may lift analyst sentiment and liquidity, though commodity price sensitivity (tungsten) remains a key risk.
What happened, with direct paths to the underlying reporting
Almonty reported a strong Q2 2026, with revenue of CAD 43.0m and net income of CAD 181.8m, aided by non-cash gains and a favorable tungsten price environment. The company closed an US$800m convertible notes offering, boosting cash to CAD 1.23b and enabling growth capex, including Sangdong Phase II and related facilities. An amended GTP offtake extends six years and raises volumes by 40% with about 6.3% higher pricing, while Russell index inclusion improves liquidity.
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