Insider Alert at Rheinmetall! No Panic at Almonty! And What About RENK?

Almonty Stock Plunge: A Buying Opportunity?

Almonty shares have been among the high-flyers in recent months. In November 2025, the tungsten producer's stock was still trading at EUR 5. Following the announcement of a USD 700 million convertible bond, the share price came under significant pressure on Friday, losing around 20% and currently trading at around EUR 14.50. Such a price decline is painful, but should not be overly exaggerated. Almonty has experienced similarly sharp corrections on several occasions in the past, including after its Nasdaq listing and, most recently, in March 2026. In hindsight, these phases have consistently proven attractive entry points for long-term investors. Incidentally, the conversion price is around USD 27.40 per share, which is about 33% above the closing price of USD 20.68 on June 4, 2026. The bond subscribers therefore believe the stock will rise. After all, the coupon of just 2.25% per year was hardly the driving force behind subscribing to the bond.

The key factor will be how the company uses the additional funds. CEO Lewis Black has repeatedly emphasized that Almonty aims for further growth following the start of production at the Sangdong mine. In addition to expanding the value chain, acquisitions could therefore also come into focus. Investors should bear in mind that Black himself is one of the company's largest shareholders and thus has a strong vested interest in sustainable value appreciation. In any case, Black has earned a credibility bonus thanks to the company's and the stock's fantastic performance. After all, the fundamental conditions in the tungsten market have not changed. China dominates global production, limits exports, buys tungsten abroad itself, and Almonty is the only serious Western tungsten producer.

Financial Times Report Catches Attention

Last week, an article in the "Financial Times" caught attention. According to the report, Chinese traders and recyclers are increasingly buying up tungsten scrap in the US. In doing so, they are significantly driving up prices for this strategically important metal, further tightening supply in the West. US companies report a veritable bidding war, with Chinese buyers sometimes paying many times the usual prices. Consequently, concerns about supply security are growing in Washington, as tungsten is indispensable for ammunition, missiles, space travel, and technological applications.

Chinese buyers are specifically seeking used tungsten products, such as drill bits and other tools, that can be recycled or reprocessed. Some of the material is shipped directly to China or via third countries such as the Philippines, Vietnam, Taiwan, or South Korea. Market observers warn that the situation could worsen further. At the same time, export restrictions are being discussed in the US. However, industry representatives point out that the domestic processing industry currently lacks sufficient capacity to recycle all scrap volumes on its own. As a result, the Western tungsten supply remains tight, while global competition for critical raw materials continues to intensify. And this is where Almonty comes back into play.

The proceeds from the convertible bond could thus be invested to extend the value chain. Almonty has the tungsten. The bottleneck lies in the downstream processing stages. The production of ammonium paratungstate (APT), tungsten oxide, or tungsten powder remains dominated by Chinese companies. Against the backdrop of Western nations' geopolitical efforts to establish independent supply chains for critical raw materials, Almonty could play a key role through targeted acquisitions or investments in downstream processing. However, this is purely speculative at this point.

Rheinmetall and RENK: What Are the Insiders Doing?

Similar to Almonty, price drops at Rheinmetall have also proven to be buying opportunities in the past. At Germany's largest defence contractor, insiders appear to view the price decline from over EUR 2,000 in October 2025 to below EUR 1,200 as an attractive entry opportunity. Since early May, several members of the Executive Board and Supervisory Board have taken advantage of this. CEO Armin Theodor Papperger purchased 360 shares on May 7 at EUR 1,405 each, investing a total of EUR 505,800. Just one day later, he followed up by buying another 390 shares for EUR 508,162. Other executives also took advantage of the market downturn to make purchases. Executive Board member René Gansauge acquired a total of 210 shares on May 12 for approximately EUR 246,229. Additionally, Georgi Vermögensverwaltungs GmbH, a company closely associated with Supervisory Board member Andreas Arthur Georgi, reported a share purchase with a volume of EUR 115,000. The wife of Supervisory Board member Ulrich Grillo added Rheinmetall shares worth EUR 62,500 to her portfolio. Also noteworthy is the share purchase by ATP Holding GmbH totalling EUR 5 million on June 1, 2026. Behind this is CEO Armin Papperger.

The situation is quite different at RENK. At what is, after all, Germany's second-largest publicly traded defence group, there was not a single share purchase by the Executive Board or Supervisory Board in 2026.

Nothing has changed regarding Almonty's equity story. The tungsten mine in South Korea is ramping up production; at current selling prices, the company is raking in huge profits, and the tungsten shortage in the West is likely to persist. Therefore, Almonty shares remain an attractive investment. Defence stocks like RENK and Rheinmetall have run out of steam at the moment. Should momentum return to the sector, insider purchases point to Rheinmetall shares.