Tungsten miner Almonty climbs on $300 mln stock buyback
BUZZ-Tungsten miner Almonty climbs on $300 mln stock buyback ** Nasdaq-listed shares of tungsten producer Almonty Industries ALM.O up 7.4% at $16.20 before the bell on Mon after announcing new $300 mln share repurchase program
** ALM says 2026 program will permit purchase of 14.4 mln shares (about 5% of outstanding) over 36-month period commencing August 14
** Co says board authorized program because it doesn't believe current share price reflects the underlying value of the co or assets behind it
** ALM listed in the U.S. in July 2025 after $90 mln IPO priced at $4.50
** In 2026, co completed Phase 1 commissioning at its flagship Sangdong Mine in South Korea in March, and relocated its headquarters from Canada to Dillon, Montana, in April
** Through Fri close, ALM shares up 71% YTD and ~38% below their intraday 1-yr high of $24.41 hit on April 17
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))