Almonty Prices Oversubscribed US$90M Offering, Starts Trading on Nasdaq
Almonty Industries has successfully priced a US$90 million upsized public offering and commenced trading on the Nasdaq, positioning itself as a key tungsten supplier for U.S. defense needs.
- US$90 million oversubscribed public offering priced at US$4.50 per share
- Concurrent uplisting to Nasdaq under ticker 'ALM'
- Offering includes 30-day over-allotment option for 3 million additional shares
- Proceeds primarily to fund Sangdong tungsten oxide facility development
- Shares continue trading on TSX, ASX, and Frankfurt exchanges
Almonty’s Strategic Capital Raise
Almonty Industries Inc., a global tungsten concentrate producer, has announced the pricing of a significant US$90 million public offering, which was notably oversubscribed and upsized. The offering consists of 20 million common shares priced at US$4.50 each, with an additional 30-day over-allotment option allowing underwriters to purchase up to 3 million more shares. This capital raise is a pivotal move for Almonty as it coincides with the company’s uplisting to the Nasdaq Capital Market, where shares began trading under the ticker symbol "ALM" on July 14, 2025.
Uplisting and Market Presence
The uplisting to Nasdaq marks a strategic milestone for Almonty, reflecting its growing stature as a key tungsten supplier, particularly to the United States and its allies. The company’s CEO, Lewis Black, highlighted that the U.S. listing aligns with Almonty’s ongoing redomiciling initiatives and underscores its ambition to become a leading defense-related tungsten supplier. Despite the new listing, Almonty’s shares will continue to trade on the Toronto Stock Exchange (TSX), Australian Securities Exchange (ASX), and Frankfurt Stock Exchange, maintaining a broad international investor base.
Funding the Sangdong Facility
The net proceeds from the offering are earmarked primarily for the development of Almonty’s Sangdong tungsten oxide facility in South Korea. The Sangdong Mine is historically one of the world’s largest and highest-grade tungsten deposits outside China, and its development is critical to Almonty’s growth strategy. The funds will also support working capital and general corporate purposes, providing the company with financial flexibility as it advances its projects.
Oversubscription and Underwriting
The offering was underwritten by a syndicate led by Oppenheimer & Co. and Cantor Fitzgerald & Co., with D.A. Davidson & Co. and Scotiabank also participating. The oversubscription indicates strong investor confidence in Almonty’s strategic direction and the tungsten market’s outlook. The closing of the offering is expected around July 15, 2025, subject to customary conditions, including the listing of the newly issued shares on the TSX.
Looking Ahead
Almonty’s move to uplist on Nasdaq and raise substantial capital signals its intent to solidify its position in the critical materials sector, especially given tungsten’s strategic importance in defense and industrial applications. The company’s diversified operations, including mines in Portugal, South Korea, and Spain, position it well to meet growing global demand. However, execution risks remain, particularly around project development timelines and market conditions.
Bottom Line?
Almonty’s Nasdaq debut and capital raise set the stage for its emergence as a strategic tungsten supplier amid evolving global supply dynamics.
Questions in the middle?
- How will the development timeline of the Sangdong facility impact Almonty’s production capacity?
- What are the implications of Almonty’s redomiciling initiatives for its global operations and investor base?
- How might fluctuations in tungsten prices and geopolitical tensions affect Almonty’s growth prospects?
