Watch for the restart of the Los Santos processing plant and initial tailings retreatment production. The agreement de-risks the restart by providing customer capital and a guaranteed offtake, but execution risk remains as the mine has been idle since 2020.
Price Chart
Executive Summary
Almonty Industries entered into a multi-year, take-or-pay tungsten concentrate offtake agreement with Wolfram Bergbau und Hütten AG (WBH), a Sandvik Group subsidiary, covering retreatment of tailings at the Los Santos Mine in Spain. The agreement includes a conditional upfront US$3.0 million payment from WBH and covers a minimum of approximately 1,720 tonnes of contained WO, providing a committed route to market before production resumes and customer capital to support plant reinstatement.
Key Facts
- Multi-year, take-or-pay offtake agreement with WBH (Sandvik Group subsidiary) for retreatment of Los Santos Mine tailings.
- Covers minimum of approximately 1,720 tonnes of contained WO.
- Includes a conditional upfront US$3.0 million one-time payment from WBH for offtake rights.
- Agreement provides committed route to market and customer capital to support reinstatement of the processing plant.
- Los Santos Mine has been in planned care and maintenance since February 2020.
- Agreement comes ahead of U.S. defense procurement rule changes effective January 1, 2027, restricting Chinese-origin tungsten.
- WBH operates the only integrated tungsten smelting plant outside of Asia and Russia.
Financial Impact
US$3.0 million upfront payment from WBH; multi-year take-or-pay agreement with index-linked pricing and a floor; minimum 1,720 tonnes of contained WO to be delivered.
Risk Factors
- Los Santos Mine has been in care and maintenance since February 2020; restart timeline and capital requirements are uncertain.
- Agreement is conditional and may be terminated prior to delivery of the cumulative minimum volume commitment.
- Forward-looking statements subject to risks including recovery rates, plant reinstatement costs, and market conditions.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-043044 |
| Document: form6-k.htm | 0001493152-26-043044 |
| Document: 0001493152-26-043044-index-headers.html | 0001493152-26-043044 |
| Document: 0001493152-26-043044-index.html | 0001493152-26-043044 |
| Document: 0001493152-26-043044.txt | 0001493152-26-043044 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | 6-K | $10.98 | awaiting T+20 | — | $9.56 (−12.93%) |
Oct 5, 2026 22d ago | 6-K | $13.52 | awaiting T+20 | — | $9.56 (−29.29%) |
Sep 29, 2026 27d ago | 6-K | $13.16 | awaiting T+20 | — | $9.56 (−27.36%) |
Sep 29, 2026 28d ago | 6-K | $13.19 $9.56 | ▼ −27.52% | ▼ −28.24% | $9.56 (−27.52%) |
Sep 22, 2026 5w ago | Institutional Cluster | $14.35 $8.90 | ▼ −37.98% | ▼ −37.42% | $9.56 (−33.38%) |
Sep 21, 2026 5w ago | 6-K | $14.66 $8.83 | ▼ −39.77% | ▼ −38.86% | $9.56 (−34.79%) |
Sep 17, 2026 5w ago | 6-K | $14.13 $10.10 | ▼ −28.52% | ▼ −29.73% | $9.56 (−32.34%) |
Sep 14, 2026 6w ago | 6-K | $14.70 $11.08 | ▼ −24.63% | ▼ −26.89% | $9.56 (−34.97%) |
Aug 17, 2026 10w ago | 6-K | $16.36 $14.04 | ▼ −14.18% | ▼ −12.20% | $9.56 (−41.56%) |
Jul 14, 2026 15w ago | 6-K | $15.79 $13.29 | ▼ −15.83% | ▼ −18.32% | $9.56 (−39.46%) |
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