Almonty Industries: A $490 Million Offtake Deal Provides Cover as the Stock Sinks Below a Key Technical Level
Published on 07/27/2026 at 06:21 | Redaktion boerse-global.de
Almonty Industries is navigating one of the most eventful periods in its corporate history — a period that has the stock moving in one direction while the underlying business moves in quite another. The tungsten developer is simultaneously winding down its presence on two stock exchanges, starting production at a flagship Korean mine, and watching its share price slide through a closely watched technical threshold.
The numbers on the trading screen tell a stark story. On Friday, the stock dropped 5.52 percent to close at C$18.81, slipping below its 200-day moving average of C$19.15 — a level that institutional investors often treat as a proxy for long-term sentiment. The decline over the past month has reached 18.22 percent, and at C$18.81 the shares now sit 43.60 percent below the 52-week high of C$33.35 touched back in April. The relative strength index has fallen to 38.8, pushing the stock toward oversold territory.
Yet the operational picture points in the opposite direction. Almonty’s Sangdong tungsten mine in South Korea has officially entered the active processing phase. The company is working through a stockpile of roughly 139,700 tonnes of run-of-mine ore, which carries an average grade of about 0.25 percent tungsten trioxide — three times the grade at the company’s existing Panasqueira mine in Portugal. At current market prices, that stockpile is worth an estimated US$68 million, enough to feed Phase 1 processing for roughly 2.6 months. Management plans to use the initial processing run to fine-tune the mill’s ore blend and stabilise feed quality before tapping higher-grade zones.
The production ramp-up comes with a long-term revenue cushion already in place. On July 14, Almonty expanded its offtake agreement with Global Tungsten & Powders, extending the term to 21 years from the date of first delivery and increasing the volume by 40 percent to 4.41 million metric tonne units. At current pricing, the deal represents roughly US$490 million in potential revenue over its life — a contractual backbone that locks in a buyer for the bulk of Sangdong’s output for decades.
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The timing of the stock’s slide is awkward, coming as Almonty prepares to leave the Toronto Stock Exchange for good. Trading on the TSX will cease after the close on July 31, 2026, a voluntary delisting that the company has framed as a liquidity consolidation move. Going forward, trading will be concentrated on the Nasdaq, where the stock trades under the ticker ALM, and on the Frankfurt exchange. The company is also exiting the Australian Securities Exchange, with trading suspended from August 28 and a final delisting set for September 1. Management has cited thin volumes on the secondary bourses and the administrative cost of maintaining multiple parallel listings as the rationale.
The ASX had already suspended trading in Almonty shares on July 23 at the company’s request, ahead of a planned market update originally scheduled for July 27. That suspension coincided with news that a major shareholder, Deutsche Rohstoff AG, had sold roughly 5 million shares in late July, trimming its position significantly and booking a substantial pre-tax profit in the process. The selling added downward pressure to a stock already contending with the technical breach of its 200-day line.
On the capital front, Almonty issued 62,518 new common shares on July 24 in a routine capital transaction accompanied by a cleansing notice — a procedural step that does not alter the broader narrative.
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Analysts, however, see a valuation gap that the current share price does not reflect. Sphene Capital recently reaffirmed a “Buy” rating with a price target of C$38.90, more than double the current level. The firm points to the expanded offtake agreement and the earnings potential that should materialise once Sangdong reaches full capacity as the key catalysts.
The next few weeks will bring the market update that was postponed from July 27, along with the first production data from Sangdong. Whether those operational milestones can reverse the technical damage and shift the narrative back toward the underlying business remains the central question for investors watching Almonty’s dual transformation unfold.
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