Tungsten producer Almonty slides after upsized $112.5 million share sale

Almonty Industries

09/12/2025 16:07

** Shares of tungsten concentrate producer Almonty Industries ALM.O plunge as much as 16.5%; last down 12.9% at $6.88

** ALM sold 18 million shares at $6.25 apiece in an upsized stock offering for gross proceeds of $112.5 million

** Stock offering boosted from initial size of 15 million shares and priced at 20.9% discount to last close

** BofA Securities was lead bookrunning manager of offering

** Proceeds will be used to fund work at the Gentung Browns Lake Tungsten Project, the Panasqueira Mine, and the Sangdong Molybdenum Project, among other purposes

** ALM went public in the U.S. in July after a $90 million upsized IPO

** As of last close, ALM stock up 743% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com))