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ASX (delisted September 1 2026); Nasdaq ALM; Frankfurt ALI1
Almonty Industries Inc.
v8 · aii-20261024t184304-full- Last 2026-09-02
- A$25.89
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$7.4B
- EV
- A$7.4B
- Cash
- A$1.3B
- Debt
- A$827.9M
Investment view
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Investment view
Our rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 0All sources ▸- No announcements are linked to this research.
Event calendar · next 12 months
6 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| October19,2026 at9amEastern | Investor Day operational update | Results | Confirmed | High | Seek mine-by-mine throughput, recovery, receipts, PhaseII capex and updated capital count. |
| October31,2026 maturity | DRAG loan and convertible maturity | Financing | Confirmed | High | Observe repayment versus conversion and update actual shares and cash without double counting. |
| December31,2026 | Panasqueira Sumitomo offtake expiry | Economic Arrangement | Confirmed | High | Renewal terms determine commodity exposure and customer placement. |
| 2027 company target; next12months monitoring window only | Sangdong Phase II completion target | Construction Or Commissioning | Company Guided | High | Do not treat October13 window end as issuer completion promise; full year2027 target extends beyond this horizon. Capex and delivery evidence needed. |
| January31,2027 | Panasqueira WBH offtake expiry | Economic Arrangement | Confirmed | High | Test whether exceptional price-linked margins persist on customer renewal. |
| Next disclosed operating periods | Recurring Sangdong shipments and cash receipts | Production | Company Guided | High | Certificate and first bags need to become sustained output, recovery and customer cash receipts. |
Executive roster
As of 2026-10-13Background checks ▸Current September deck and AugustMD&A replace departed BrianFox; includes disclosed executive directors and officers. No independent background investigations claimed.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Lewis Black | Chairman · President · Chief Executive Officer | Executive Director · Chief Executive | 2011-09-23 | Almonty aif · September 2026 investor presentation observed October 13 2026 |
| Jorge Beristain | Chief Financial Officer | Finance | 2026-06-01 | Almonty q2mda · September 2026 investor presentation observed October 13 2026 |
| Steven L. Allen | Chief Operating Officer | Operations | 2025-12-01 | Almonty aif · September 2026 investor presentation observed October 13 2026 |
| Guillaume Alain Wiesenbach de Lamaziere | Chief Development Officer | Senior Management | 2026-01-12 | Almonty aif · September 2026 investor presentation observed October 13 2026 |
| Daniel D’Amato | Executive Director | Executive Director | 2011-09-23 | September 2026 investor presentation observed October 13 2026 |
| David Hanick | Executive Director | Executive Director | — | September 2026 investor presentation observed October 13 2026 |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Sangdong Tungsten Mine
KR
Ramping Producer100% ownedTungsten
Ramping concentrate producer with September processing certification
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- —
- Head grade
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVUS$282.7M8% discount
IRR49.5%Published return
Operating cost136.3USD/MTU WO3 AISC study
Onwards 2025-2037 after tax; whole project IRR49.5%; NPV5 onwards343.7m; 14year horizon; average production231,200MTU excludes final year, true total3,071,900MTU.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 8M t ore | 0.51% WO3; 0.06% MoS2 | Tungsten | 2025-02-28 |
| Mineral Resource | Inferred | 50.7M t ore | 0.43% WO3; 0.05% MoS2 | Tungsten | 2025-02-28 |
| Ore Reserve | Probable | 8.6M t ore | 0.42% WO3 | Tungsten | 2025-02-28 |
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Processing and crushing mining facility inspection certificates | South Korea | Granted | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| NI43-101 updated technical report February28 2025 | Updated Feasibility | Current | 2025-02-28 | 14-year Phase I mine plan; onward 2025-2037 base NPV8 US282.7m at APT450;78% realized-price factor;85% recovery; excludes corporate and finance costs. |
Material
Panasqueira Mine
PT
Producer100% ownedTungsten
Operating producer; absolute latest output and mine-life update absent
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- —
- Head grade
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Historical Measured + Indicated | 10M t ore | 0.23% WO3 | Tungsten | 2016-09-30 |
| Ore Reserve | Historical Proven + Probable | 2M t ore | 0.20% WO3 | Tungsten | 2016-09-30 |
Material
Los Santos Mine
ES
Care And Maintenance100% ownedTungsten
Tailings restart proposed; new offtake announced; readiness unproven
- Nameplate capacity
- —
- Restart capex
- —
- Contained metal (attributable)
- —
- Last production year
- —
- Target restart
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Material
Gentung Tungsten Project
US
Resource Stage100% ownedTungsten
Undeveloped optionality; no complete current funded economic plan
- Contained metal (attributable)
- —
- Resource grade
- —
- % Measured + Indicated
- —
- Resource tonnes
- —
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Other
Valtreixal Project
ES
PFS Developer100% ownedTungstenTin
Undeveloped optionality; no complete current funded economic plan
- Study
- —
- Post-tax NPV (study prices, attributable)
- —
- NPV restated at our deck (attributable)
- Locked
- IRR
- —
- Initial capex (100%)
- —
- Capital intensity
- —
- LoM AISC
- —
- Mine life
- —
Other
Sangdong Molybdenum Project
KR
Resource Stage100% ownedOthers
Undeveloped optionality; no complete current funded economic plan
- Contained metal (attributable)
- —
- Resource grade
- —
- % Measured + Indicated
- —
- Resource tonnes
- —
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Other
Tungsten Oxide Plant
KR
PFS Developer100% ownedTungsten
Undeveloped optionality; no complete current funded economic plan
- Product and spec
- —
- Nameplate capacity
- —
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- —
- Offtake contracted
- —
Other
Rwanda Tungsten Platform
RW
Early Explorer75% ownedTungsten
Undeveloped optionality; no complete current funded economic plan
- Ownership
- 75%r
- Commodity
- WO3r
- Country
- RWr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Reported June30 cash CAD1227.242m translated at balance-date FX remains the factual balance. Valuation-date cash is separately estimated using elapsed operations, capital expenditure, debt repayment, interest income and completed buybacks; not reported current cash. Senior note face USD800m and dated coupon/principal are modeled, not the IFRS host value.
Inventory composition1
LosSantos tailings carrying value is an existing cost basis. Future sales and operating/capital/closure costs are valued once in the tailings DCF; no separate inventory value is added to equity.
- Los Santos tailings carrying value
- C$33.7M carrying
Capital structure
Ownership and dilution
- Ordinary shares
- 288.5M
- Fully diluted
- 329M
July31 exact global basic288480741 from1:1 CDI plus common. September29 issuer reports2914739 shares repurchased for cancellation; economic basic estimate285566002 assumes completed purchases removed from common participation. Exact later legal cancellation count and intervening awards not published in selected evidence; July legal count retained above. Valuation tests this difference separately, uses free awards3556469 and conditional cashless option dilution, and cash-settles all convertible claims without also adding their if-converted shares.
Security classes4
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Post consolidation global shares including 1:1 ASX CDIs | Ordinary Share | 288.5M | — | — |
| All July31 options warrants RSUs DSUs; July vintage includes later expired 66666 options as conservative denominator | Other | 5.7M | — | — |
| US800m note initial if-converted shares; cash/share settlement and capped call terms are contingent | Convertible | 29.2M | A$27.401 | 2031-07-01 |
| Legacy DRAG principal-only potential shares at disclosed conversion prices; interest shares are not fixed | Convertible | 5.7M | — | 2026-10-31 |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|
| Reported cash balance | CAD | 259,853,000 | 1,227,242,000 | |
| Reported quarterly revenue | CAD | 25,400,000 | 42,989,000 |
Operating metric source table11
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Reported cash balance | Company | 2025-12-31 | Point In Time | 268,409,000 CAD | Reported |
| Reported cash balance | Company | 2026-03-31 | Point In Time | 259,853,000 CAD | Reported |
| Reported cash balance | Company | 2026-06-30 | Point In Time | 1,227,242,000 CAD | Reported |
| Reported quarterly revenue | Company | 2026-03-31 | Quarter | 25,400,000 CAD | Reported |
| Reported quarterly revenue | Company | 2026-06-30 | Quarter | 42,989,000 CAD | Reported |
| Reported H1 revenue | Company | 2026-06-30 | Half Year | 68,389,000 CAD | Reported |
| Carrying debt including leases; not economic face obligation | Company | 2026-06-30 | Point In Time | 813,148,000 CAD | Reported |
| Panas reported revenue | Panasqueira | 2026-06-30 | Half Year | 68,269,000 CAD | Reported |
| Panas pretax income, not cash or normalized earnings | Panasqueira | 2026-06-30 | Half Year | 39,095,000 CAD | Reported |
| Reported operating cash flow | Company | 2026-06-30 | Half Year | 31,606,000 CAD | Reported |
| Reported cash additions to mining assets | Company | 2026-06-30 | Half Year | 36,893,000 CAD | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Target Ore Throughput Capacity | sangdong | Phase I steady state; not realized production guidance | 640,000 | 640,000 t ore/year | Current |
| Potential Phase Ii Ore Throughput | sangdong | 2027 company target subject execution | 1,200,000 | 1,200,000 t ore/year | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-29 | Buyback | US$48M | — | — | Ongoing | — |
| 2026-07-15Ann. 2026-08-11 | Debt | €14.7M | — | — | Completed | — |
| 2026-06-09 | Debt | US$800M | — | — | Completed | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Live issuer-reported commercial, JV and indicative downstream arrangements identified; exact tiered payability, support-premium balance, some terms and costs are undisclosed. Each receives one treatment.
PhaseI floor-price offtake extended to21years and4.41mMTU; capture percentage decreases asAPT rises. Support premiums may be reimbursed from receipts aboveUSD222.43/MTU; exact outstanding balance and tier schedule undisclosed.
Offtake · Active- Counterparties
- Global Tungsten & Powders · Plansee
- Applies to
- Sangdong Tungsten Mine · Tungsten
- Economic direction
- Mixed
- Period
- From 2026-07-14; no end date stated
- Key terms
- Term: 21 years
Total contracted: 4,410,000 MTU WO3
Annual minimum: 210,000 MTU WO3/year
How it affects our valuation
No valuation treatment is available for this arrangement.
Significant portion of wolframite concentrate contracted; exact payability and volume not fully disclosed.
Offtake · Active- Counterparties
- Sumitomo Electric Industries
- Applies to
- Panasqueira Mine · Tungsten
- Economic direction
- Mixed
- Period
- 2026-01-01 to 2026-12-31
How it affects our valuation
No valuation treatment is available for this arrangement.
Significant portion of Panasqueira tungsten output contracted; customer concentration and renewal risk remain.
Offtake · Active- Counterparties
- Wolfram Bergbau und Hütten
- Applies to
- Panasqueira Mine · Tungsten
- Economic direction
- Mixed
- Period
- 2026-01-16 to 2027-01-31
How it affects our valuation
No valuation treatment is available for this arrangement.
New tailings supply offtake supports restart planning; full commercial payability and duration unavailable.
Offtake · Active- Counterparties
- Wolfram Bergbau und Hütten · Sandvik
- Applies to
- Los Santos Mine · Tungsten
- Economic direction
- Mixed
- Period
- From 2026-09-17; no end date stated
- Key terms
- Minimum recoverable tailings WO3: 1,720 t WO3
How it affects our valuation
No valuation treatment is available for this arrangement.
Potential entire molybdenum output until exhaustion; no current reserve conversion or full financed economic plan.
Offtake · Active- Counterparties
- SeAH
- Applies to
- Sangdong Molybdenum Project · Others
- Economic direction
- Mixed
- Period
- From 2025-01-21; no end date stated
- Key terms
- Floor price: 19 USD/lb
How it affects our valuation
No valuation treatment is available for this arrangement.
Binding agreement for material collection and upgrading plus Shyorongi exploration; no budgeted cash-flow economics or confirmed resource.
Joint Venture · Announced- Counterparties
- Government of Rwanda
- Applies to
- Rwanda Tungsten Platform · Tungsten
- Economic direction
- Mixed
- Period
- From 2026-09-14; no end date stated
- Key terms
- Almonty: 75 %
Government: 25 %
How it affects our valuation
No valuation treatment is available for this arrangement.
Site MOU and indicative financing letter; downstream feed and project economics not finalized.
Strategic Partnership · Announced- Counterparties
- Gangwon Province · KfW
- Applies to
- Tungsten Oxide Plant · Tungsten
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Plant capacity: 4,000 t WO3/year
Finance letter: 50,000,000 USD
How it affects our valuation
No valuation treatment is available for this arrangement.
Capped call strike USD27.40, capUSD41.36 and2031 expiry offset part of note conversion spread; paid premium is sunk in reported cash. Book derivative values are not additional independent debt or equity claims.
Other · Active- Counterparties
- Convertible-note capped-call counterparties
- Applies to
- Company-wide
- Economic direction
- Mixed
- Period
- 2026-06-09 to 2031-07-01
- Key terms
- Cash cost: 132,310,000 CAD
How it affects our valuation
No valuation treatment is available for this arrangement.
Issuer production-cost table discloses a material royalty charge but full legal schedule and counterparty are unavailable. Distinct from concentrate payability; treated as variable project expense with explicit estimated effective-rate bounds.
Royalty · Active- Counterparties
- Royalty recipients not identified in selectedMD&A cost table
- Applies to
- Panasqueira Mine · Tungsten
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- H1 group royalty charge within production costs: 11,326,000 CAD
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
The leadership combines tungsten, corporate finance and military logistics experience. Sangdong’s first reported concentrate is a company milestone, while Wolfram Camp’s closure, environmental matters and disputed historical contribution litigation are material context; individual wrongdoing is not established.
Decision-relevant facts
Material summary
Lewis Black
Chairman; President; Chief Executive Officer
FailureDocumented · High materiality
Wolfram Camp closure and liquidation
Almonty acquired Wolfram Camp operators in 2014 and its board decided in 2018 to stop funding refurbishment and place the subsidiaries into liquidation. The liquidator reported that the mine was on care and maintenance, funds were insufficient for continued care, and environmental protection orders had been issued for financial and technical breaches. Almonty later said liquidation completed in fiscal 2023.
Role overlaps event; causation unproven · Black and D’Amato were Almonty and WCM directors; their individual causal responsibility for site events was not established.
Wolfram Camp creditors notice · Pages 1–2, appointment, EPOs and financial position
2023 Annual Information Form · Page 1, acquisition and completed liquidation
Almonty ASX prospectus · Section 10.7, pages 127–128: WCM directorships and disputed claims
LegalDisputed · High materiality
Disputed former-director superannuation contribution claim
Almonty disclosed in its 2021 ASX prospectus that former WCM director Darcy Milburn sought contribution from Black and D’Amato after the Australian Taxation Office sued him over alleged unpaid WCM superannuation. Milburn also alleged misleading conduct by Black. The prospectus says all respondents disputed the claims and filed defences; no final outcome was located in targeted searches. The 2026 annual information form reports no material company proceedings but does not resolve this particular case.
Individual involvement documented · The claims name the individuals, but allegations and a contribution claim do not establish misconduct or liability.
Almonty ASX prospectus · Sections 10.6–10.7, pages 126–127
Almonty 2025 Annual Information Form, SEC-hosted copy · Legal Proceedings section, SEC-hosted HTML
EnvironmentDisputed · Medium materiality
Wolfram Camp environmental authority and rehabilitation dispute
The liquidator reported environmental protection orders involving financial and technical breaches. Almonty’s 2022 accounts describe separate environmental-authority allegations against WCM and Tropical Metals, state both subsidiaries denied liability, and report court proceedings seeking further rehabilitation financial assurance. The eventual action and remediation outcomes were not established.
Role overlaps event; causation unproven · Evidence concerns subsidiaries and their regulatory matters; individual culpability has not been established.
Wolfram Camp creditors notice · Pages 1–2
2022 audited consolidated financial statements · Contingencies note: environmental action and financial assurance
Company SuccessIssuer Reported · Medium materiality
First Sangdong concentrate reported during tenure
On 29 September 2026 Almonty reported the first bags of Sangdong tungsten concentrate and said the mill was running 13 hours per day during ramp-up. Further ramp-up and Phase II expansion were forward plans, not established delivery.
Role overlaps event; causation unproven · The officer or director held a position during the milestone; sources do not establish individual causation or personal contribution.
Shareholder letter and corporate update · Sangdong first concentrate and operating hours
September 2026 investor presentation · Page 16, leadership roles
Evidence gaps · 5
- Degrees and professional credentials were not independently verified with awarding institutions or membership registers.
- Historical employment dates and individual contributions remain incomplete; sources are predominantly issuer disclosures.
- This is limited open-web research, not an exhaustive court, criminal, sanctions, regulatory, reference or employment verification.
- No final outcome of the Milburn contribution proceedings was located; their current status cannot be determined.
- Final outcome of the environmental proceedings and site remediation is not established by the reviewed records.
Jorge Beristain
Chief Financial Officer
LegalDocumented · Medium materiality
Piedmont derivative claims dismissed with prejudice
A 2022 US shareholder derivative complaint named Beristain and other Piedmont directors in claims relating to statements about the Carolina Lithium permitting process. Piedmont reported that the parties stipulated to dismiss the derivative cases with prejudice in March 2024, following dismissal of the related securities case, and the court closed them. Allegations are not findings of personal wrongdoing.
Individual involvement documented · He was named in a derivative complaint; the record reviewed shows a stipulated dismissal and does not establish personal misconduct.
Thomascik v. Phillips docket · Parties and July 5 2022 initial filing
Piedmont quarterly report legal contingencies · Legal contingencies: Thomascik and Varbaro actions and March 2024 closure
Company SuccessDocumented · Medium materiality
Carolina Lithium mining permit during Piedmont board tenure
North Carolina’s environmental department issued Piedmont Lithium a mining permit in 2024, with operational limits and further air, wastewater and local zoning requirements. The permit was a project milestone, not construction or production.
Role overlaps event; causation unproven · Beristain was a Piedmont director at the time. The reviewed evidence does not establish an individual contribution to the permit.
Elevra 2025 meeting materials filed with SEC · Director biography and board service
Mining permit issued for Piedmont Lithium operation · Permit announcement and additional requirements
LegalIssuer Reported · Medium materiality
Piedmont disclosed SEC inquiry closure
Piedmont reported an SEC investigative subpoena in February 2024 concerning mining investments and operations outside the United States. In November 2024 it said the SEC informed the company the investigation was concluded and, based on information supplied at that time, the SEC did not intend to recommend further enforcement action. The reviewed disclosure does not name Beristain as an investigation target.
Role overlaps event; causation unproven · Beristain was a Piedmont director during the inquiry; the company disclosure does not identify him as a subject or establish any personal wrongdoing.
Piedmont 2024 annual report · Notes to consolidated financial statements, legal contingencies, SEC investigation
Evidence gaps · 4
- Degrees and professional credentials were not independently verified with awarding institutions or membership registers.
- Historical employment dates and individual contributions remain incomplete; sources are predominantly issuer disclosures.
- This is limited open-web research, not an exhaustive court, criminal, sanctions, regulatory, reference or employment verification.
- Personal attribution of Ryerson market-capitalisation and Central Steel improvements was not independently established.
Steven L. Allen
Chief Operating Officer
Company SuccessIssuer Reported · Medium materiality
First Sangdong concentrate reported during tenure
On 29 September 2026 Almonty reported the first bags of Sangdong tungsten concentrate and said the mill was running 13 hours per day during ramp-up. Further ramp-up and Phase II expansion were forward plans, not established delivery.
Role overlaps event; causation unproven · The officer or director held a position during the milestone; sources do not establish individual causation or personal contribution.
Shareholder letter and corporate update · Sangdong first concentrate and operating hours
September 2026 investor presentation · Page 16, leadership roles
Evidence gaps · 4
- Degrees and professional credentials were not independently verified with awarding institutions or membership registers.
- Historical employment dates and individual contributions remain incomplete; sources are predominantly issuer disclosures.
- This is limited open-web research, not an exhaustive court, criminal, sanctions, regulatory, reference or employment verification.
- Independent evidence of individual mine operating delivery before Almonty was not established.
Guillaume Alain Wiesenbach de Lamaziere
Chief Development Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Degrees and professional credentials were not independently verified with awarding institutions or membership registers.
- Historical employment dates and individual contributions remain incomplete; sources are predominantly issuer disclosures.
- This is limited open-web research, not an exhaustive court, criminal, sanctions, regulatory, reference or employment verification.
- AIG restructuring amounts and the individual’s causal contribution were not independently verified.
Daniel D’Amato
Executive Director
FailureDocumented · High materiality
Wolfram Camp closure and liquidation
Almonty acquired Wolfram Camp operators in 2014 and its board decided in 2018 to stop funding refurbishment and place the subsidiaries into liquidation. The liquidator reported that the mine was on care and maintenance, funds were insufficient for continued care, and environmental protection orders had been issued for financial and technical breaches. Almonty later said liquidation completed in fiscal 2023.
Role overlaps event; causation unproven · Black and D’Amato were Almonty and WCM directors; their individual causal responsibility for site events was not established.
Wolfram Camp creditors notice · Pages 1–2, appointment, EPOs and financial position
2023 Annual Information Form · Page 1, acquisition and completed liquidation
Almonty ASX prospectus · Section 10.7, pages 127–128: WCM directorships and disputed claims
LegalDisputed · High materiality
Disputed former-director superannuation contribution claim
Almonty disclosed in its 2021 ASX prospectus that former WCM director Darcy Milburn sought contribution from Black and D’Amato after the Australian Taxation Office sued him over alleged unpaid WCM superannuation. Milburn also alleged misleading conduct by Black. The prospectus says all respondents disputed the claims and filed defences; no final outcome was located in targeted searches. The 2026 annual information form reports no material company proceedings but does not resolve this particular case.
Individual involvement documented · The claims name the individuals, but allegations and a contribution claim do not establish misconduct or liability.
Almonty ASX prospectus · Sections 10.6–10.7, pages 126–127
Almonty 2025 Annual Information Form, SEC-hosted copy · Legal Proceedings section, SEC-hosted HTML
EnvironmentDisputed · Medium materiality
Wolfram Camp environmental authority and rehabilitation dispute
The liquidator reported environmental protection orders involving financial and technical breaches. Almonty’s 2022 accounts describe separate environmental-authority allegations against WCM and Tropical Metals, state both subsidiaries denied liability, and report court proceedings seeking further rehabilitation financial assurance. The eventual action and remediation outcomes were not established.
Role overlaps event; causation unproven · Evidence concerns subsidiaries and their regulatory matters; individual culpability has not been established.
Wolfram Camp creditors notice · Pages 1–2
2022 audited consolidated financial statements · Contingencies note: environmental action and financial assurance
Company SuccessIssuer Reported · Medium materiality
First Sangdong concentrate reported during tenure
On 29 September 2026 Almonty reported the first bags of Sangdong tungsten concentrate and said the mill was running 13 hours per day during ramp-up. Further ramp-up and Phase II expansion were forward plans, not established delivery.
Role overlaps event; causation unproven · The officer or director held a position during the milestone; sources do not establish individual causation or personal contribution.
Shareholder letter and corporate update · Sangdong first concentrate and operating hours
September 2026 investor presentation · Page 16, leadership roles
Evidence gaps · 5
- Degrees and professional credentials were not independently verified with awarding institutions or membership registers.
- Historical employment dates and individual contributions remain incomplete; sources are predominantly issuer disclosures.
- This is limited open-web research, not an exhaustive court, criminal, sanctions, regulatory, reference or employment verification.
- No final outcome of the Milburn contribution proceedings was located; their current status cannot be determined.
- Final outcome of the environmental proceedings and site remediation is not established by the reviewed records.
David Hanick
Executive Director
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Degrees and professional credentials were not independently verified with awarding institutions or membership registers.
- Historical employment dates and individual contributions remain incomplete; sources are predominantly issuer disclosures.
- This is limited open-web research, not an exhaustive court, criminal, sanctions, regulatory, reference or employment verification.
Company ownership
Investors & shareholders
Registered shareholder list unavailable
The available disclosures below do not provide a complete ranked register.
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 11.10%Issued shares | 2026-07-31 | |
| 9.78%Issued shares | 2026-06-16 | |
| 5.70%Issued shares | 2026-07-31 |
Other named investors
Issuer-confirmed investors whose existing holding is not quantified in the reviewed disclosure
| Investor | Disclosed holding | Confirmed at |
|---|---|---|
| 10.5M shares | 2026-03-31 | |
| Not quantified | 2026-08-04 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- No coherent up-to-date registered-holder or top-20 register was located; this is a partial disclosure-based snapshot.
- The SEC filings report different measurement dates and beneficial ownership; FMR and its fund overlap. Positions may have changed without a subsequent filing.
- Almonty left the ASX in September 2026; disclosures after removal were checked via issuer and US SEC sources, not a current ASX ticker.
- Lewis Black’s August beneficial total may include derivatives; no current ordinary-share-only total was established. The S-8 describes a potential resale, not evidence of executed sales.
- Deutsche Rohstoff’s last 13G/A reported 5% or less; it is retained as a dated historical disclosed investor, not asserted to remain substantial.
Sources
- Schedule 13G/A amendment no. 2: FMR LLC and Abigail P. Johnson
US Securities and Exchange Commission · Published 2026-08-07 · Accessed 2026-10-31
Reports July 31 FMR holding and included Fidelity fund interest.
Cover pages and item 6
- Schedule 13G: Plansee Holding AG
US Securities and Exchange Commission · Published 2026-06-17 · Accessed 2026-10-31
Reports the Plansee position as at the signed report date and its subsidiary holding structure.
Cover page, item 4 and signature
- Schedule 13G/A: Deutsche Rohstoff AG
US Securities and Exchange Commission · Published 2026-04-01 · Accessed 2026-10-31
Distinguishes actual shares from convertible securities and reports 5% or less.
Items 4 and 5
- Form S-8 reoffer prospectus
Almonty Industries Inc., filed with the US Securities and Exchange Commission · Published 2026-08-05 · Accessed 2026-10-31
Confirms Black and D’Amato shared control of Almonty Partners shares; beneficial totals may include derivative securities.
Selling shareholders, pages 4–5, footnotes 1 and 4–5
- Removal of Almonty Industries from official list
ASX · Published 2026-09-01 · Accessed 2026-10-31
ASX removal and historical AII listing context.
downloads/AII/2026/2026-09-01-AII-delist.pdf
Disclosed activity
Insider transactions
Trading activity0 buys · 2 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-07-01 | Mark Trachuk
Details & evidence for Mark Trachuk on 2026-07-01Direct issue of deferred share units for nil consideration. As disclosed: Direct issue of deferred share units for nil consideration.
Change of Director's Interest Notice x 6 ↗ Change of Director's Interest Notice x 6 ↗ | GrantDeferred share units | 7,152 | —Non Cash | — | 7,152 |
| 2026-07-01 | Gustave F. Perna
Details & evidence for Gustave F. Perna on 2026-07-01Issue and immediate conversion of RSUs into common shares; no cash market purchase. As disclosed: Issue and immediate conversion of RSUs into common shares; no cash market purchase.
Change of Director's Interest Notice x 6 ↗ Change of Director's Interest Notice x 6 ↗ | VestingCommon shares | 1,442 | —Non Cash | — | 89,968 |
| 2026-07-01 | David Hanick
Details & evidence for David Hanick on 2026-07-01Direct issue of deferred share units for nil consideration. As disclosed: Direct issue of deferred share units for nil consideration.
Change of Director's Interest Notice x 6 ↗ Change of Director's Interest Notice x 6 ↗ Change of Director's Interest Notice x 6 ↗ | GrantDeferred share units | 6,116 | —Non Cash | — | 6,116 |
| 2026-07-01 | Daniel D’Amato
Details & evidence for Daniel D’Amato on 2026-07-01Direct issue of deferred share units for nil consideration. As disclosed: Direct issue of deferred share units for nil consideration.
director · Start not disclosed Almonty Partners LLC · partner of Change of Director's Interest Notice x 6 ↗ Change of Director's Interest Notice x 6 ↗ Change of Director's Interest Notice x 6 ↗ | GrantDeferred share units | 3,134 | —Non Cash | — | 3,134 |
| 2026-07-01 | Andrew Frazer
Details & evidence for Andrew Frazer on 2026-07-01Direct and indirect interest disclosed; account for newly granted units not specified. As disclosed: Direct and indirect interest disclosed; account for newly granted units not specified.
Change of Director's Interest Notice x 6 ↗ Change of Director's Interest Notice x 6 ↗ | GrantDeferred share units | 4,662 | —Non Cash | — | 4,662 |
| 2026-07-01 | Alan Estevez
Details & evidence for Alan Estevez on 2026-07-01Issue and immediate conversion of RSUs into common shares; no cash market purchase. As disclosed: Issue and immediate conversion of RSUs into common shares; no cash market purchase.
director · Start not disclosed Change of Director's Interest Notice x 6 ↗ Change of Director's Interest Notice x 6 ↗ | VestingCommon shares | 2,711 | —Non Cash | — | 75,189 |
| 2026-06-16 | Lewis BlackAlmonty Partners LLC
Details & evidence for Lewis Black on 2026-06-16Cashless exercise of unlisted options. As disclosed: Cashless exercise of unlisted options.
director · Start not disclosed Almonty Partners LLC · partner of Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | ExerciseUnlisted options (CAD 3.75; 2030-04-30) | 666,666 | —Non Cash | — | 0 |
| 2026-06-16 | Lewis BlackAlmonty Partners LLC
Details & evidence for Lewis Black on 2026-06-16Cashless exercise; 566,865 common shares acquired. As disclosed: Cashless exercise; 566,865 common shares acquired.
director · Start not disclosed Almonty Partners LLC · partner of Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | ExerciseCommon shares | 566,865 | —Non Cash | — | 15,669,173 |
| 2026-06-12 | Mark Trachuk
Details & evidence for Mark Trachuk on 2026-06-12Cashless option exercise; nil consideration; not an on-market purchase. As disclosed: Exercise of unlisted options via a cashless exercise facility.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseCommon shares | 1,545,206 | —Non Cash | — | 2,924,764 |
| 2026-06-12 | Mark Trachuk
Details & evidence for Mark Trachuk on 2026-06-12Cashless option exercise; nil consideration; not an on-market purchase. As disclosed: Exercise of unlisted options via a cashless exercise facility.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 1.05; expiry 2030-10-27) | 66,666 | —Non Cash | — | 0 |
| 2026-06-12 | Mark Trachuk
Details & evidence for Mark Trachuk on 2026-06-12Cashless option exercise; nil consideration; not an on-market purchase. As disclosed: Exercise of unlisted options via a cashless exercise facility.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 3.75; expiry 2030-04-30) | 333,333 | —Non Cash | — | 0 |
| 2026-06-12 | Mark Trachuk
Details & evidence for Mark Trachuk on 2026-06-12Cashless option exercise; nil consideration; not an on-market purchase. As disclosed: Exercise of unlisted options via a cashless exercise facility.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 0.99; expiry 2029-07-04) | 333,333 | —Non Cash | — | 0 |
| 2026-06-12 | Mark Trachuk
Details & evidence for Mark Trachuk on 2026-06-12Cashless option exercise; nil consideration; not an on-market purchase. As disclosed: Exercise of unlisted options via a cashless exercise facility.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 0.78; expiry 2028-11-16) | 366,666 | —Non Cash | — | 0 |
| 2026-06-12 | Mark Trachuk
Details & evidence for Mark Trachuk on 2026-06-12Cashless option exercise; nil consideration; not an on-market purchase. As disclosed: Exercise of unlisted options via a cashless exercise facility.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 1.305; expiry 2028-06-28) | 66,666 | —Non Cash | — | 0 |
| 2026-06-12 | Mark Trachuk
Details & evidence for Mark Trachuk on 2026-06-12Cashless option exercise; nil consideration; not an on-market purchase. As disclosed: Exercise of unlisted options via a cashless exercise facility.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 0.495; expiry 2027-08-17) | 133,333 | —Non Cash | — | 0 |
| 2026-06-12 | Mark Trachuk
Details & evidence for Mark Trachuk on 2026-06-12Cashless option exercise; nil consideration; not an on-market purchase. As disclosed: Exercise of unlisted options via a cashless exercise facility.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 1.305; expiry 2027-07-21) | 233,333 | —Non Cash | — | 0 |
| 2026-06-12 | Mark Trachuk
Details & evidence for Mark Trachuk on 2026-06-12Cashless option exercise; nil consideration; not an on-market purchase. As disclosed: Exercise of unlisted options via a cashless exercise facility.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 1.47; expiry 2026-08-24) | 66,666 | —Non Cash | — | 0 |
| 2026-06-12 | Mark Trachuk
Details & evidence for Mark Trachuk on 2026-06-12Cashless option exercise; nil consideration; not an on-market purchase. As disclosed: Exercise of unlisted options via a cashless exercise facility.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 1.41; expiry 2026-08-18) | 66,666 | —Non Cash | — | 0 |
| 2026-05-15to 2026-05-19 | Andrew FrazerVerido Holdings Pty Ltd <The Frazer S/F A/C>
Details & evidence for Andrew Frazer on 2026-05-15On-market disposal within disclosed date range; consideration 26.00 per share, currency not stated. As disclosed: On-market disposal within disclosed date range; consideration 26.00 per share, currency not stated.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | SaleCommon shares | 70,666 | — | — | — |
| 2026-05-15to 2026-05-19 | Andrew FrazerVerido Holdings Pty Ltd <The Frazer S/F A/C>
Details & evidence for Andrew Frazer on 2026-05-15Options disposed via cashless exercise; no on-market sale inferred. As disclosed: Options disposed via cashless exercise; no on-market sale inferred.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 3.75; expiry 2030-04-30) | 100,000 | —Non Cash | — | 0 |
| 2026-05-15to 2026-05-19 | Andrew FrazerVerido Holdings Pty Ltd <The Frazer S/F A/C>
Details & evidence for Andrew Frazer on 2026-05-15Options disposed via cashless exercise; no on-market sale inferred. As disclosed: Options disposed via cashless exercise; no on-market sale inferred.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 0.99; expiry 2029-07-04) | 266,666 | —Non Cash | — | 0 |
| 2026-05-15to 2026-05-19 | Andrew FrazerVerido Holdings Pty Ltd <The Frazer S/F A/C>
Details & evidence for Andrew Frazer on 2026-05-15Options disposed via cashless exercise; no on-market sale inferred. As disclosed: Options disposed via cashless exercise; no on-market sale inferred.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 0.84; expiry 2029-01-09) | 666,666 | —Non Cash | — | 0 |
| 2026-05-15to 2026-05-19 | Andrew FrazerVerido Holdings Pty Ltd <The Frazer S/F A/C>
Details & evidence for Andrew Frazer on 2026-05-15Options disposed via cashless exercise; no on-market sale inferred. As disclosed: Options disposed via cashless exercise; no on-market sale inferred.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 0.78; expiry 2028-11-16) | 266,666 | —Non Cash | — | 0 |
| 2026-05-15to 2026-05-19 | Andrew FrazerVerido Holdings Pty Ltd <The Frazer S/F A/C>
Details & evidence for Andrew Frazer on 2026-05-15Options disposed via cashless exercise; no on-market sale inferred. As disclosed: Options disposed via cashless exercise; no on-market sale inferred.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 1.305; expiry 2027-07-21) | 116,666 | —Non Cash | — | 0 |
| 2026-05-15to 2026-05-19 | Andrew FrazerVerido Holdings Pty Ltd <The Frazer S/F A/C>
Details & evidence for Andrew Frazer on 2026-05-15Options disposed via cashless exercise; no on-market sale inferred. As disclosed: Options disposed via cashless exercise; no on-market sale inferred.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (CAD 1.41; expiry 2026-08-18) | 133,333 | —Non Cash | — | 0 |
| 2026-05-15to 2026-05-19 | Andrew FrazerVerido Holdings Pty Ltd <The Frazer S/F A/C>
Details & evidence for Andrew Frazer on 2026-05-15Common shares from cashless exercise of all six unlisted option classes; notice gives aggregate date range. Aggregate prior 70,666 common shares and final 1,476,240 incorporate the separate 70,666 disposal in the same interval. As disclosed: Common shares from cashless exercise of all six unlisted option classes; notice gives aggregate date range.
Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseCommon shares | 1,476,240 | —Non Cash | — | — |
| 2026-04-01 | Daniel D’AmatoAlmonty Partners LLC
Details & evidence for Daniel D’Amato on 2026-04-01Cash exercise payment is recorded on the issued-common-shares event. As disclosed: 740,740 US$0.675 warrants disposed on exercise.
director · Start not disclosed Almonty Partners LLC · partner of Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | ExerciseWarrants (US$0.675; 2026-10-27) | 740,740 | —Not Disclosed | — | 0 |
| 2026-04-01 | Daniel D’AmatoAlmonty Partners LLC
Details & evidence for Daniel D’Amato on 2026-04-01Cash consideration is retained once on the corresponding common-share issuance event; it is not duplicated on the two warrant-surrender events. As disclosed: Number acquired: 859,369 common shares. C$857,603 total consideration. Exercise of Warrants.
director · Start not disclosed Almonty Partners LLC · partner of Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | ExerciseCommon shares | 859,369 | CAD 857,603.00 | — | 4,731,817 |
| 2026-04-01 | Daniel D’AmatoAlmonty Partners LLC
Details & evidence for Daniel D’Amato on 2026-04-01The corrected 118,629 disposal is supported by the exact aggregate share conversion; source’s printed 118,269 value is preserved in this note. As disclosed: 118,629 CAD$1.11 warrants held before; table reports 118,269 disposed; no warrants listed after.
director · Start not disclosed Almonty Partners LLC · partner of Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | ExerciseWarrants (CAD$1.11; 2026-04-19) | 118,629 | —Not Disclosed | — | 0 |
| 2026-03-31 | Gustave F. Perna
Details & evidence for Gustave F. Perna on 2026-03-31Conversion of 66,666 existing RSUs plus issue and immediate conversion of 6,067 new RSUs. As disclosed: Conversion of 66,666 existing RSUs plus issue and immediate conversion of 6,067 new RSUs.
Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | VestingCommon shares | 72,733 | —Non Cash | — | 88,526 |
| 2026-03-30 | Daniel D’AmatoAlmonty Partners LLC
Details & evidence for Daniel D’Amato on 2026-03-30The source’s quantity labels are retained verbatim; the RSU balance is reduced to zero on conversion. As disclosed: Class: 1. Restricted Share Units; 2. Common Shares. Number acquired 1. 433,333; number disposed 2. 433,333. Nil, conversion of Restricted Share Units.
director · Start not disclosed Almonty Partners LLC · partner of Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | VestingRestricted Share Units | 433,333 | —Non Cash | — | 0 |
| 2026-03-30 | Daniel D’AmatoAlmonty Partners LLC
Details & evidence for Daniel D’Amato on 2026-03-30The common-share increase of 433,333 exactly reconciles from 3,439,115 to 3,872,448. As disclosed: Class: 1. Restricted Share Units; 2. Common Shares. Number acquired 1. 433,333; number disposed 2. 433,333. Nil, conversion of Restricted Share Units.
director · Start not disclosed Almonty Partners LLC · partner of Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | VestingCommon shares | 433,333 | —Non Cash | — | 3,872,448 |
| 2026-03-27 | Alan Estevez
Details & evidence for Alan Estevez on 2026-03-27The source reports the RSU disposal with the common-share conversion; no new RSU grant is inferred. As disclosed: 66,666 Restricted Share Units disposed; nil consideration, conversion of Restricted Share Units.
director · Start not disclosed Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | VestingRestricted Share Units | 66,666 | —Non Cash | — | 0 |
| 2026-03-27 | Alan Estevez
Details & evidence for Alan Estevez on 2026-03-27The common shares were issued on conversion of existing RSUs; this is not a cash market purchase. As disclosed: 66,666 common shares acquired; nil consideration, conversion of Restricted Share Units.
director · Start not disclosed Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | VestingCommon shares | 66,666 | —Non Cash | — | 72,478 |
| 2026-03-24 | Lewis Black
Details & evidence for Lewis Black on 2026-03-24RSUs granted for nil consideration; unchanged indirect share balance differs from the immediately preceding disposal notice. As disclosed: RSUs granted for nil consideration; unchanged indirect share balance differs from the immediately preceding disposal notice.
director · Start not disclosed Almonty Partners LLC · partner of Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | GrantRestricted share units | 94,531 | —Non Cash | — | 3,361,195 |
| 2026-03-23 | Almonty Partners LLC
Details & evidence for Almonty Partners LLC on 2026-03-23One underlying sale by the shared LLC-level interest is recorded. The filing repeats it in each partner’s 3Y with identical date, quantity, price and before/after balances. As disclosed: D’Amato and Black each report 2,500,000 common shares disposed on-market at US$15.25 per share from an indirect holding.
Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | SaleCommon shares | 2,500,000 | — | USD 15.25Disclosed price | 6,762,613 |
| 2025-12-04 | Mark Trachuk
Details & evidence for Mark Trachuk on 2025-12-04Warrants exercised; cash consideration recorded on corresponding shares event only. As disclosed: Warrants exercised; cash consideration recorded on corresponding shares event only.
Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | ExerciseWarrants (CAD 1.11; 2026-03-28) | 333,333 | —Not Disclosed | — | 0 |
| 2025-12-04 | Mark Trachuk
Details & evidence for Mark Trachuk on 2025-12-04Exercise of unquoted warrants, not an on-market purchase. As disclosed: Exercise of unquoted warrants, not an on-market purchase.
Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | ExerciseCommon shares | 333,333 | CAD 369,999.63 | — | 1,379,558 |
| 2025-12-01 | Gustave F. Perna
Details & evidence for Gustave F. Perna on 2025-12-01RSUs issued and immediately vested and converted to common shares for nil consideration. As disclosed: RSUs issued and immediately vested and converted to common shares for nil consideration.
Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | VestingCommon shares | 12,374 | —Non Cash | — | 12,374 |
| 2025-12-01 | Alan Estevez
Details & evidence for Alan Estevez on 2025-12-01RSUs issued and immediately vested and converted to common shares for nil consideration. As disclosed: RSUs issued and immediately vested and converted to common shares for nil consideration.
director · Start not disclosed Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | VestingCommon shares | 5,812 | —Non Cash | — | 5,812 |
| 2025-11-28 | Thomas Gutschlag
Details & evidence for Thomas Gutschlag on 2025-11-28Warrants exercised; cash consideration recorded on corresponding shares event only. As disclosed: Warrants exercised; cash consideration recorded on corresponding shares event only.
Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | ExerciseWarrants (CAD 1.125; 2026-02-19) | 100,000 | —Not Disclosed | — | 0 |
| 2025-11-28 | Thomas Gutschlag
Details & evidence for Thomas Gutschlag on 2025-11-28Warrants exercised; source layout of Kooiker account is ambiguous. As disclosed: Warrants exercised; source layout of Kooiker account is ambiguous.
Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | ExerciseCommon shares | 100,000 | CAD 112,500.00 | — | 866,538 |
| 2025-11-21 | Thomas Gutschlag
Details & evidence for Thomas Gutschlag on 2025-11-21Cashless option exercise. As disclosed: Cashless option exercise.
Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | ExerciseUnlisted options (CAD 1.20; 2025-12-23) | 66,666 | —Non Cash | — | 0 |
| 2025-11-21 | Thomas Gutschlag
Details & evidence for Thomas Gutschlag on 2025-11-21Cashless option exercise; source layout of Kooiker account is ambiguous. As disclosed: Cashless option exercise; source layout of Kooiker account is ambiguous.
Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ Change of Director’s Interest Notice ↗ | ExerciseCommon shares | 56,539 | —Non Cash | — | 766,538 |
| 2025-09-08 | Lewis BlackLewis Black
Details & evidence for Lewis Black on 2025-09-081,131,453 common shares acquired via cashless exercise of unlisted options. As disclosed: 1,131,453 common shares acquired via cashless exercise of unlisted options.
director · Start not disclosed Almonty Partners LLC · partner of Change of Director's Interest Notice ↗ | ExerciseCommon shares | 1,131,453 | —Non Cash | — | 13,778,236 |
| 2025-09-08 | Lewis BlackLewis Black
Details & evidence for Lewis Black on 2025-09-08666,666 unlisted options exercised via cashless exercise facility. As disclosed: 666,666 unlisted options exercised via cashless exercise facility.
director · Start not disclosed Almonty Partners LLC · partner of Change of Director's Interest Notice ↗ | ExerciseOptions (CAD 0.99; expiry 2029-07-04) | 666,666 | —Non Cash | — | 0 |
| 2025-09-08 | Lewis BlackLewis Black
Details & evidence for Lewis Black on 2025-09-08666,666 unlisted options exercised via cashless exercise facility. As disclosed: 666,666 unlisted options exercised via cashless exercise facility.
director · Start not disclosed Almonty Partners LLC · partner of Change of Director's Interest Notice ↗ | ExerciseOptions (CAD 0.945; expiry 2029-04-30) | 666,666 | —Non Cash | — | 0 |
| 2025-06-09 | Alan EstevezAlan Estevez
Details & evidence for Alan Estevez on 2025-06-09Grant of 66,666 restricted share units, post-consolidation; nil consideration. As disclosed: Grant of 66,666 restricted share units, post-consolidation; nil consideration.
director · Start not disclosed Change of Director's Interest Notice ↗ | GrantRestricted Share Units | 66,666 | —Non Cash | — | 66,666 |
Disclosed holding observations10 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-06-09 | Thomas Gutschlag
Details & evidence for Thomas Gutschlag on 2026-06-09Final director-interest disclosure; cessation as director is not a sale.
Final Director’s Interest Notice ↗ | FinalCommon shares | 866,538 | — |
| 2026-06-09 | Thomas Gutschlag
Details & evidence for Thomas Gutschlag on 2026-06-09Final director-interest disclosure; cessation as director is not a sale.
Final Director’s Interest Notice ↗ | FinalUnlisted options (CAD 3.75; 2030-04-30) | 133,333 | — |
| 2026-06-09 | Thomas Gutschlag
Details & evidence for Thomas Gutschlag on 2026-06-09Final director-interest disclosure; cessation as director is not a sale.
Final Director’s Interest Notice ↗ | FinalCommon shares | 28,333 | — |
| 2026-06-09 | Thomas Gutschlag
Details & evidence for Thomas Gutschlag on 2026-06-09Final director-interest disclosure; cessation as director is not a sale.
Final Director’s Interest Notice ↗ | FinalUnlisted options (CAD 0.495; 2027-08-17) | 133,333 | — |
| 2026-06-09 | Thomas Gutschlag
Details & evidence for Thomas Gutschlag on 2026-06-09Final director-interest disclosure; cessation as director is not a sale.
Final Director’s Interest Notice ↗ | FinalUnlisted options (CAD 1.305; 2028-06-28) | 66,666 | — |
| 2026-06-09 | Thomas Gutschlag
Details & evidence for Thomas Gutschlag on 2026-06-09Final director-interest disclosure; cessation as director is not a sale.
Final Director’s Interest Notice ↗ | FinalUnlisted options (CAD 1.05; 2030-10-27) | 66,666 | — |
| 2026-06-09 | Thomas Gutschlag
Details & evidence for Thomas Gutschlag on 2026-06-09Final director-interest disclosure; cessation as director is not a sale.
Final Director’s Interest Notice ↗ | FinalUnlisted options (CAD 1.47; 2026-08-24) | 66,666 | — |
| 2026-06-09 | Thomas Gutschlag
Details & evidence for Thomas Gutschlag on 2026-06-09Final director-interest disclosure; cessation as director is not a sale.
Final Director’s Interest Notice ↗ | FinalUnlisted options (CAD 1.305; 2027-07-21) | 100,000 | — |
| 2026-06-09 | Thomas Gutschlag
Details & evidence for Thomas Gutschlag on 2026-06-09Final director-interest disclosure; cessation as director is not a sale.
Final Director’s Interest Notice ↗ | FinalUnlisted options (CAD 0.78; 2028-11-16) | 133,333 | — |
| 2026-06-09 | Thomas Gutschlag
Details & evidence for Thomas Gutschlag on 2026-06-09Final director-interest disclosure; cessation as director is not a sale.
Final Director’s Interest Notice ↗ | FinalUnlisted options (CAD 0.99; 2029-07-04) | 166,666 | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory20 documents
Nasdaq ALM October13 2026 historical common-share close, AUD equivalentMarket Data · HighPartial
Primary Nasdaq historical row: October13 close USD10.98; volume6238527. AUD comparison uses verified former CDI1:1 common security and BankofCanada October13 USD/CAD1.4222 divided by AUD/CAD0.9928. This is not an ASX close or a live October24 quote.
- Document ID
- doc-aii-alm-price
- Published UTC
- 2026-10-13T20:00:00+00:00
- Projects
- —
- Commodities
- tungsten
September 2026 investor presentation observed October 13 2026Presentation · HighPartial
Reviewed the material pages listed in the V8 page map. Source-native figures retained; technical quantities use WO3 and contracts use APT pricing. Presentation date is September 2026; first observed on primary website by cutoff October 13, 2026; upload path October.
- Document ID
- doc-aii-sepdeck
- Published UTC
- 2026-10-13T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Investor Day October 19 announcementOperations · HighPartial
Investor Day October 19 announcement; material body reviewed by cutoff; no future related-page material used.
- Document ID
- doc-aii-day
- Published UTC
- 2026-10-13T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Bank of Canada daily AUD CAD USD EUR exchange ratesMarket Data · HighPartial
Bank of Canada daily AUD CAD USD EUR exchange rates; material body reviewed by cutoff; no future related-page material used.
- Document ID
- doc-aii-fx
- Published UTC
- 2026-10-13T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
September 29 shareholder letter and corporate updateOperations · HighPartial
September 29 shareholder letter and corporate update; material body reviewed by cutoff; no future related-page material used.
- Document ID
- doc-aii-update
- Published UTC
- 2026-09-29T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Sangdong final operational certificationPermitting · HighPartial
Sangdong final operational certification; material body reviewed by cutoff; no future related-page material used.
- Document ID
- doc-aii-cert
- Published UTC
- 2026-09-21T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Binding Rwanda partnershipEconomic Arrangement · HighPartial
Binding Rwanda partnership; material body reviewed by cutoff; no future related-page material used.
- Document ID
- doc-aii-rwanda
- Published UTC
- 2026-09-14T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Local AII.AX historical carry close September 2 zero volumeMarket Data · HighPartial
Local AII.AX historical carry close September 2 zero volume; material body reviewed by cutoff; no future related-page material used.
- Document ID
- doc-aii-price
- Published UTC
- 2026-09-02T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Almonty delistCorporate Action · HighExtracted
Reviewed the material pages listed in the V8 page map. Source-native figures retained; technical quantities use WO3 and contracts use APT pricing.
- Document ID
- doc-aii-delist
- Published UTC
- 2026-09-01T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Almonty q2mdaResults · MediumPartial
Reviewed the material pages listed in the V8 page map. Source-native figures retained; technical quantities use WO3 and contracts use APT pricing.
- Document ID
- doc-aii-q2mda
- Published UTC
- 2026-08-11T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Almonty q2fsResults · HighPartial
Reviewed the material pages listed in the V8 page map. Source-native figures retained; technical quantities use WO3 and contracts use APT pricing.
- Document ID
- doc-aii-q2fs
- Published UTC
- 2026-08-11T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Almonty cdiCorporate Action · MediumExtracted
Reviewed the material pages listed in the V8 page map. Source-native figures retained; technical quantities use WO3 and contracts use APT pricing.
- Document ID
- doc-aii-cdi
- Published UTC
- 2026-08-03T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Almonty delistplanCorporate Action · MediumExtracted
Reviewed the material pages listed in the V8 page map. Source-native figures retained; technical quantities use WO3 and contracts use APT pricing.
- Document ID
- doc-aii-delistplan
- Published UTC
- 2026-07-24T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Almonty q1mdaResults · MediumPartial
Reviewed the material pages listed in the V8 page map. Source-native figures retained; technical quantities use WO3 and contracts use APT pricing.
- Document ID
- doc-aii-q1mda
- Published UTC
- 2026-05-11T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Almonty q1fsResults · MediumPartial
Reviewed the material pages listed in the V8 page map. Source-native figures retained; technical quantities use WO3 and contracts use APT pricing.
- Document ID
- doc-aii-q1fs
- Published UTC
- 2026-05-11T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Almonty fy25mdaResults · MediumPartial
Reviewed the material pages listed in the V8 page map. Source-native figures retained; technical quantities use WO3 and contracts use APT pricing.
- Document ID
- doc-aii-fy25mda
- Published UTC
- 2026-03-19T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Almonty annualResults · MediumPartial
Reviewed the material pages listed in the V8 page map. Source-native figures retained; technical quantities use WO3 and contracts use APT pricing.
- Document ID
- doc-aii-annual
- Published UTC
- 2026-03-19T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Almonty aifStudy · HighPartial
Reviewed the material pages listed in the V8 page map. Source-native figures retained; technical quantities use WO3 and contracts use APT pricing.
- Document ID
- doc-aii-aif
- Published UTC
- 2026-03-19T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
February 2026 investor presentationPresentation · MediumPartial
PDF states February2026 and includes February24 observations. Conservative February month-end report-date proxy; exact publication timestamp unavailable.
- Document ID
- doc-aii-deck
- Published UTC
- 2026-02-28T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Panasqueira technical report December 2016 resource effectiveStudy · MediumPartial
PDF dated December2016, effective September30,2016. Conservative month-end report-date proxy; exact publication timestamp unavailable. Primary issuer copy retained.
- Document ID
- doc-aii-panas
- Published UTC
- 2016-12-31T00:00:00+00:00
- Projects
- —
- Commodities
- tungsten
Evidence facts28
Decreasing percent of APT captured as price rises; support premium reimbursement may limit cash receipt None
2026-09-30True None
2026-09-011000000 EUR
2026-08-1111326000 CAD
2026-06-301227242000 CAD
2026-06-301311378000 CAD
2026-06-30812729000 CAD
2026-06-30800000000 USD
2026-06-0910000000 USD
2025-11-1433660000 CAD
2026-06-30288480741 shares
2026-07-31282700000 USD
2025-02-288579000 t ore
2025-02-28Excluded from study mine capital None
2025-02-282313000 MTU WO3
2016-09-302914739 shares
2026-09-2948000000 USD
2026-09-291.2mtpa; 2027 None
2026-09-292026-09-17 None
2026-09-1721 years from first delivery; 210,000 MTU/year following ramp-up None
2026-09-2175 %
2026-09-142026-10-19 None
2026-10-131.0186411327289395 AUD/CAD
2026-06-301.4331191002209278 AUD/USD
2026-10-091.4325141015310232 AUD/USD
2026-10-1325.889999 AUD/share
2026-09-0210.98 USD/share
2026-10-1315.729004834810635 AUD/share
2026-10-13Conflicts requiring judgment3
- Global shares July31 versus financial subsequent events sum
Select exactpoint-in-timeJuly31 ASXCDIandcommonsharestatement288480741; FSJuneplus subsequentcount288480750differsbynine. Laterbuybackcancellationbalanceunknown, notfabricated.
- Latest deck capitalisation date labels
Septemberdeckp17incorrectlydebtJune2025andMarchquarterfootnote, numbers matchJune2026primaryFS. UseFSperiod, scale andfullfaceconvertible.
- Post-delisting ASX carry close is not current trade
ASXdelisting and stalecarry are retained as facts. Primary Nasdaq October13 underlying close is reconciled by verified1:1 CDI/common basis and same-date BankofCanada FX. Label AUD-equivalent common value, not ASX close or liquidity.