Almonty’s Sangdong Milestone and TSX Exit Create Market Crosscurrents — Stock Tests Key Support
Published on 07/19/2026 at 16:42 | Redaktion boerse-global.de
Almonty Industries is living two realities at once. Its Sangdong tungsten mine in South Korea began processing ore on July 1, 2026, and the company just locked in an expanded offtake contract that extends revenue visibility deep into the 2040s. Yet the stock closed last Friday at C$19.25, up 3.94% on the day but down 25.45% over the past month — and a staggering 42% below its April 17 high of C$33.35.
The primary source of that tension is a planned voluntary delisting from the Toronto Stock Exchange on July 31, 2026. Almonty has stressed that its Nasdaq listing will remain intact, but the looming TSX exit has clearly rattled investors, particularly those restricted to holding exchange-listed Canadian equities. The seven-day return of minus 17.66% suggests a rapid unwinding of positions by some market participants.
A 21-Year Revenue Backstop
What makes the sell-off puzzling to longer-term holders is the operational progress. On July 14, Almonty announced it had extended its long-term offtake agreement with Global Tungsten & Powders from 15 to 21 years, while boosting the contracted volume by 40% to 4.41 million MTU. At current tungsten prices, that translates into roughly US$490 million in expected annual revenue — a figure that would vault a company of Almonty’s size into a different valuation league.
The contract covers approximately 90% of Phase 1 production from Sangdong and comes with a 6.3% price increase per ton unit. Notably, Phase II — which Almonty says would roughly double processing capacity — is not included, meaning the US$490 million figure is a floor, not a ceiling. The market, however, appears to be pricing in expansion stages that have yet to be built.
Should investors sell immediately? Or is it worth buying Almonty?
Meanwhile, the mine itself is now a producer. Using a 139,700-ton ore stockpile, Sangdong’s processing plant began churning out saleable tungsten concentrate on July 1. That transition from developer to producer has driven a 210% gain over the trailing twelve months — but the 85% annualized 30-day volatility underscores how far Almonty remains from being a steady industrial cash-flow story.
Geopolitical Tailwind Meets Technical Headwinds
None of this is happening in a vacuum. Tungsten prices have more than quintupled since early 2025 as China, which controls 80–85% of global production, progressively tightened export controls — most recently with a revised dual-use goods list in January 2026. The metal gained over 160% in 2025 alone and has kept climbing into 2026, turning a once-obscure commodity into a strategic asset for Western defense supply chains.
Almonty has leaned into that narrative, relocating its corporate headquarters from Toronto to Dillon, Montana, and positioning itself as America’s non-Chinese tungsten supplier. Yet the stock’s chart tells a more cautious story. The 50-day moving average sits at C$24.61, the 100-day at C$25.36 — both well above the current price. The 200-day moving average of C$18.96, however, is the line that matters most. At Friday’s close, the stock was just 1.53% above that level, with no clear support underneath should it break.
The 14-day relative strength index of 38.1 is approaching oversold territory, but that alone does not signal a reversal. A sustained drop below C$18.96 would leave the stock without a nearby floor, potentially accelerating the correction as the delisting deadline approaches. Conversely, holding that line could set the stage for a technical bounce toward the 50-day average.
Almonty at a turning point? This analysis reveals what investors need to know now.
What Comes Next
For the coming week, all eyes are on the 200-day moving average. The market must weigh the operational milestone at Sangdong and the revenue certainty of a 21-year contract against the structural change of losing a TSX listing. Almonty’s fundamental thesis — a conflict-free tungsten supply from South Korea in a geopolitically charged market — remains intact. But the stock is trading less like a mining equity and more like a leveraged bet on the next headline from Beijing, Washington, or Sangdong itself.
If the mine converts its secured contracts into steady, unspectacular cash flow, the current discount may look like an opportunity in retrospect. If the technical damage deepens, the delisting overhang could keep the pressure on until the August 1 Nasdaq-only era begins.
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Almonty Stock: New Analysis - 19 July
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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