Almonty Industries Puts the TSX in the Rearview Mirror as Sangdong Ore Processing Begins
Published on 07/22/2026 at 18:03 | Redaktion boerse-global.de
Almonty Industries has crossed two significant thresholds in the space of a few weeks, and the market is still digesting what it all means. The tungsten producer has formally started processing ore at its flagship Sangdong mine in South Korea, while simultaneously announcing it will delist from the Toronto Stock Exchange at the close of trading on July 31, 2026.
The operational milestone is the more immediately tangible. Almonty has begun feeding roughly 139,700 tonnes of run-of-mine ore through the Sangdong processing plant — material stockpiled from mining activity during the first half of 2026. At current tungsten prices, the company values that inventory at approximately US$68 million, representing about 2.6 months of Phase I capacity.
This commissioning phase is less about volume and more about precision. The company is tuning its flotation circuits to ensure consistent concentrate quality before the mine ramps to full commercial output. For a business that has long been categorized as a developer, the shift to producer status is a fundamental change in how the market will evaluate it.
The TSX exit, by contrast, is a structural simplification. Almonty’s daily trading volume has migrated overwhelmingly to the Nasdaq Capital Market, where it trades under the ticker ALM. Maintaining a secondary listing in Toronto has become a cost that no longer justifies itself — compliance, administration and dual reporting requirements eat into margins without delivering proportional liquidity benefits. Canadian shareholders can continue trading through the Nasdaq via most brokers, including discount platforms.
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The delisting is the final piece of a broader geographic pivot. Almonty has already moved its corporate headquarters from Toronto to Dillon, Montana, putting it closer to U.S. defense contractors, technology partners and regulators. The company’s management has made no secret of its ambition to build a Western tungsten supply chain independent of China, which dominates global production. Tungsten is classified as a critical mineral for defense, semiconductors and advanced manufacturing, and Almonty is positioning itself squarely inside that narrative.
The share price tells a story of its own. Almonty closed at C$20.87 on Tuesday, up 6.86 percent on the day, as the market absorbed the Sangdong production news. Over the trailing 12 months, the stock has gained 238 percent, though it sits well below its April 2026 record high. The 30-day chart shows a decline of 20.89 percent, and the relative strength index of 44.7 places the stock in neutral territory — neither overbought nor oversold. The market appears to be waiting for evidence that the processing ramp-up translates into consistent concentrate sales before pricing in further upside.
What anchors the long-term case is the offtake agreement. Almonty recently extended its contract with Global Tungsten & Powders, a subsidiary of the Plansee Group, from 15 to 21 years. The revised terms lock in a 40 percent increase in volume and a 6.3 percent improvement in pricing. Roughly 90 percent of Sangdong’s Phase I output is now spoken for through the late 2040s. Analysts at Sphene Capital have responded by raising their price target to C$38.90, citing the improved project economics and Sangdong’s strategic value as a non-Chinese tungsten source.
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The market capitalization has swelled to roughly C$3.40 billion — a size that makes the TSX delisting feel less like a retreat and more like a recognition of where the company’s center of gravity now sits. Almonty has also been added to key U.S. equity indices in recent months, further reducing the need for a Canadian listing.
For existing shareholders, the practical changes are minimal: a check on broker access to the Nasdaq, and a note on the calendar for July 31. The deeper message is that Almonty’s economic identity has already moved south. The listing change is simply catching up.
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