Amid China's Grip on Tungsten, Almonty Secures a 21-Year Revenue Backstop and Streamlines Its Listing
Published on 07/21/2026 at 08:14 | Redaktion boerse-global.de
Almonty Industries is threading a needle that few mining companies in the critical minerals space can claim: locking in a two-decade supply agreement with a key US defense supplier while simultaneously paring back its corporate structure to a single stock exchange. The moves come as China’s stranglehold on the global tungsten market—estimated at roughly 85% of production—pushes Western buyers and investors to urgently seek alternatives.
The Toronto-based tungsten producer has expanded its existing offtake agreement with Global Tungsten & Powders (GTP), a vital link in the US defense supply chain, to a 21-year term. Under the revised pact, the contracted volume rises 40% to 4.41 million MTU, while the agreed price improves by approximately 6.3%. Almonty says the deal will generate at least $30 million in additional annual revenue and now covers about 90% of the planned Phase I output from its Sangdong mine in South Korea, which began processing on July 1. Phase II production remains outside the agreement.
Analysts were quick to update their models. Sphene Capital reaffirmed its buy rating on July 20 and bumped the price target to C$38.90 from C$37.40, citing the combination of higher volumes, better pricing, and the extended duration. The firm calculates that the incremental revenue over the full 21-year stretch will total roughly $630 million. Against a reference price of C$19.25, the new target implies upside potential of more than 102%.
Almost simultaneously, Almonty announced it will voluntarily delist its common shares from the Toronto Stock Exchange, effective after the market close on July 31, 2026. The company explained that the vast majority of trading volume has already shifted to the Nasdaq, where it trades under the ticker ALM. Eliminating the dual listing will reduce costs, and shareholder approval is not required because Nasdaq provides a liquid alternative. Canadian investors will still be able to trade the stock through brokers that offer access to US markets.
Should investors sell immediately? Or is it worth buying Almonty?
The timing of these corporate actions aligns with a broader geopolitical tailwind for tungsten, a metal critical for armor, munitions, and high-performance alloys. The International Energy Agency’s Global Critical Minerals Outlook underscored the urgency: tungsten prices have sextupled, while China continues to tighten its grip on refining. The report warned that export controls could jeopardize supply chains worth $6.5 trillion outside China. Similar pressures have pushed cobalt prices up 130% after Democratic Republic of Congo restrictions, and lithium prices have more than doubled.
Investors are taking notice. Australian billionaire Andrew Forrest, through his investment vehicle Wonongarra, acquired a 16.8% stake in EQ Resources from Oaktree Capital Management for approximately A$189.7 million (roughly US$190 million). EQ Resources operates tungsten mines in Spain and Australia and produced 1,189 tonnes of WO3 last fiscal year. That deal, along with Almonty’s expanded GTP contract, highlights the growing appetite for non-Chinese tungsten assets.
The stock market reaction has been measured. Almonty shares closed at C$19.45 on Monday, up 1.04% on the day but still 41.68% below the 52-week high of C$33.35 hit on April 17. Over the past 30 days the stock has shed 26.27%, reflecting a consolidation after a blistering run that has nevertheless left the shares more than triple their level of a year ago, for a 214.72% annual gain. The stock remains 2.36% above its 200-day moving average, suggesting the long-term uptrend is intact even as short-term buying pressure subsides.
Almonty at a turning point? This analysis reveals what investors need to know now.
For Almonty, the dual developments—a revenue-anchored offtake that runs for two decades and a leaner corporate structure focused on the US exchange—offer a clearer narrative for investors. Whether the market chooses to look past the near-term pullback and focus on the structural shift in tungsten supply will determine if the stock can reclaim its April highs.
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