Almonty Industries: A Producer’s Birth Pangs Play Out Across Two Exchanges
Published on 07/24/2026 at 12:21 | Redaktion boerse-global.de
The transition from junior explorer to industrial producer is rarely smooth, and Almonty Industries is proving the rule. As the company’s Sangdong tungsten mine in South Korea finally begins processing ore, the stock is nursing a 41.3% decline from its 52-week high of C$33.35, hit on April 17, 2026. The shares closed at C$19.57 on Thursday, down 2.71% on the day and 16.31% over the past 30 days.
That disconnect between operational progress and market performance is the central tension in Almonty’s story right now. The company is simultaneously celebrating a landmark production start and executing a voluntary delisting from two of its four stock exchange listings—a combination that has investors weighing competing narratives.
Sangdong Comes to Life
In June 2026, Almonty’s processing plant at Sangdong began treating stockpiled ore, marking the mine’s shift from a construction project to a revenue-generating operation. The site already holds roughly 139,700 tonnes of ore grading 0.24% WO3, representing an estimated gross value of around US$68 million. That stockpile provides about 2.6 months of Phase I processing capacity, giving the company a buffer to stabilize operations before fresh-mined ore is required.
The timing is fortuitous. Since China imposed export restrictions on tungsten in February 2025, the price has surged more than sevenfold, creating a gap that Almonty is positioning itself to fill as one of the few large-scale tungsten producers outside China. Western defense and high-tech industries are increasingly looking to reduce reliance on Chinese supply, and Sangdong sits squarely in that strategic crosshairs.
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A Reinforced Offtake Deal
Almonty has already locked in a major customer for the long haul. The company expanded its offtake agreement with Global Tungsten & Powders (GTP), increasing the contracted volume by 40% to 4.41 million metric tonne units of tungsten concentrate. At current prices, that translates to at least US$30 million in additional annual revenue, bringing the total contract value over 21 years to US$490 million.
Notably, the expanded deal was struck after the Sangdong processing plant had already started operations—a sign that a major industrial buyer is willing to commit long-term at this early stage. The agreement covers Phase I only; the planned Phase II expansion, which would roughly double annual processing capacity, is not yet factored in.
The Plansee Group, which holds a 10% stake in Almonty, also has a 21-year offtake agreement in place, further anchoring the company’s revenue pipeline.
Why Leave Two Exchanges?
Against this operational momentum, Almonty’s decision to exit the Australian Securities Exchange and the Toronto Stock Exchange might seem contradictory. The rationale is purely practical: liquidity has evaporated on those secondary listings. As of mid-July 2026, the Australian Chess Depositary Interests represented just 0.80% of outstanding shares, while trading volume on the ASX was less than half a percent of what was executed in North America over the prior six months.
Maintaining two listings that hardly anyone uses costs money and administrative effort. Almonty is concentrating its trading on the Nasdaq and Frankfurt, where the bulk of daily volume already occurs. The TSX delisting takes effect at the close of trading on July 31, 2026, with the ASX exit following on September 1, 2026. No shareholder vote was required since the Nasdaq provides an alternative trading venue.
For Canadian retail investors, the change means they will need to trade Almonty shares through their brokers on the Nasdaq rather than the TSX. Most Canadian brokers can handle this, but affected shareholders should check with their brokerage on the mechanics.
The Technical Picture
The stock’s technical indicators reflect the current uncertainty. The relative strength index sits at 41.0, down from overbought territory and signaling weak momentum. Annualized 30-day volatility stands at 81.21%, underscoring that this remains a high-octane name where sharp swings in either direction are part of the package.
The shares are trading 18.29% below their 50-day moving average, suggesting the market is pricing in doubt ahead of concrete production data. The 200-day moving average at C$19.11, just 2.41% below Thursday’s close, could serve as a near-term technical pivot point.
Almonty at a turning point? This analysis reveals what investors need to know now.
Over a 12-month horizon, the stock is still up 229.64%, and year-to-date gains stand at 64.95%. The pullback from the April peak has been sharp but comes after a spectacular run from the 52-week low of C$4.36 in July 2025.
What Comes Next
The bull case rests on Sangdong delivering on its ramp-up. The stockpiled ore provides a cushion to work out any teething problems, and the expanded GTP offtake is a strong vote of confidence from an industrial customer. If the plant runs smoothly and shipments of tungsten concentrate begin flowing, the operational story should eventually support a stabilization in the share price once the TSX transition is complete.
The bear case is that the ramp-up remains unproven. Management itself describes this as a commissioning phase, and the stockpile is there to support the startup—not to demonstrate sustained production. The TSX delisting removes a trading platform just as investors are looking for the first concrete production data, potentially adding to near-term selling pressure.
Almonty’s market capitalization stands at roughly €3.45 billion. Whether that valuation holds will depend on how quickly the Sangdong ramp translates into shipped, invoiced tungsten concentrate. The next quarterly report, along with progress toward full Phase I capacity, will provide the first real evidence of whether the transition from explorer to producer is on track.
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