Almonty Secures Two Decades of Tungsten Revenue as Sangdong Ramps, But Short Sellers Eye the Pullback
Published on 07/20/2026 at 09:42 | Redaktion boerse-global.de
Almonty Industries has locked in what amounts to a two-decade revenue floor for its flagship Sangdong mine, just as the South Korean operation transitions from construction to commercial output. The tungsten producer expanded its off-take agreement with Global Tungsten & Powders to 21 years, increasing the contracted volume by 40% to 4.41 million metric ton units. At prevailing APT prices, the deal is expected to generate roughly $490 million in annual sales — a figure that would have seemed out of reach when Sangdong was still a development project.
The improved pricing structure adds further heft. Almonty says the renegotiated terms raise the unit price by approximately 6.3%, contributing an extra $30 million annually to revenue. The contract covers about 90% of Phase I production from Sangdong, effectively de-risking the mine's initial output stream at a time when tungsten prices sit near historic highs.
Sangdong began delivering saleable tungsten concentrate on July 1, just days before the expanded pact was signed. The mine's current stockpile of 139,700 tonnes of ore, grading 0.25% tungsten oxide, carries an estimated metal value of $68 million. CEO Lewis Black is now overseeing the shift from capital-intensive build-out to steady-state production.
Should investors sell immediately? Or is it worth buying Almonty?
That operational milestone is accompanied by a strategic shift in market listing. Almonty has announced it will voluntarily delist from the Toronto Stock Exchange on July 31, 2026, leaving the Nasdaq (ticker: ALM) as its sole trading venue. The company cites the fact that the vast majority of its daily volume already flows through the U.S. exchange, making the dual listing an unnecessary administrative cost. The move formalises a reorientation that has been underway since Sangdong entered the commissioning phase.
The market's reception of these developments has been mixed. Almonty shares closed on Friday at C$19.25, up 3.94% on the day, but remain 42.28% below their 52-week high of C$33.35 set on April 17. The stock has shed 27.82% over the past 30 trading days, a pullback that follows a rally of 211.49% over the past twelve months and a year-to-date gain of 59.49%. The recent weakness has drawn in short sellers: data from July 18 shows short positions surged 54% month-over-month, with days-to-cover standing at 2.35 — a sign that a portion of the market views the recent consolidation as more than a routine breather after a fourfold rise from last July.
Yet the bearish bets sit alongside positive signals on the institutional front. Almonty was recently added to the Russell 1000 and Russell 3000 indexes, a development that typically expands a company's visibility among fund managers who track those benchmarks. The combination of index inclusion, a freshly operating mine, and a lucrative long-term offtake deal presents a picture of a company that has delivered on key promises — even if the stock chart shows a gap between the initial euphoria and the current, more sober valuation. The coming weeks will test whether the operational ramp at Sangdong can close that gap before the TSX delisting becomes final on July 31.
Ad
Almonty Stock: New Analysis - 20 July
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
Disclaimer regarding our articles: No investment advice, no buy or sell recommendation. Information on prices, companies, and markets is provided without guarantee; changes are possible at any time. Stock market transactions can lead to substantial losses. Our articles are created and reviewed in whole or in part automatically with the support of AI.
