Almonty Industries: A 21-Year Offtake Deal Meets the Messy Mechanics of a Multi-Exchange Exit
Published on 08/03/2026 at 15:02 | Redaktion boerse-global.de
The numbers tell two very different stories about Almonty Industries right now. On one side sits a tungsten producer that just fired up its flagship Korean mine and locked in a two-decade supply agreement. On the other sits a share price that has shed nearly a third of its value in a single month, leaving technical indicators flashing oversold.
The stock closed Friday at C$15.51, down almost 5 percent on the day. Over the past month, that slide amounts to roughly 33 percent. The 14-day relative strength index now sits at 32.7 — approaching the 30 threshold that market watchers typically read as a sign of exhaustion rather than a fundamental reassessment.
The disconnect is largely mechanical. Late last month, Almonty voluntarily pulled its common shares from the Toronto Stock Exchange, a move that triggered exclusion from several indices, including the Solactive GBS Canada Small Cap Index. That exclusion took effect on Monday, August 3, 2026, and with it came forced selling from passive funds and institutional investors whose mandates are tied to Toronto-listed benchmarks. The pressure has little to do with how the company's mines are actually performing.
Consolidating the Listing Footprint
The TSX departure is part of a deliberate restructuring by CEO Lewis Black, who is looking to concentrate trading liquidity and trim the administrative costs that come with maintaining multiple listings. Going forward, Almonty's capital markets activity will center on the Nasdaq and the Frankfurt Stock Exchange.
A similar process is playing out in Australia. The ASX has already approved the voluntary withdrawal of Almonty's depositary interests there, with trading set to cease on August 28, 2026, and delisting scheduled for September 1, 2026.
None of this is happening in a vacuum. On August 2, Black published a statement titled "Closing the tungsten loophole," making the case for reliable, conflict-free supply chains for a metal that is indispensable to high-tech manufacturing and defense. With Chinese export restrictions tightening their grip on global tungsten trade, Black is positioning Almonty squarely as the alternative source.
The timing is notable. Almonty recently secured its inclusion in the Russell 1000® and Russell 3000® indices, a development that typically signals growing institutional visibility. That recognition now sits awkwardly alongside the index-driven selling pressure emanating from the Canadian delisting.
Sangdong Moves From Development to Production
Operationally, the company has crossed a threshold that took years to reach. On July 1, 2026, the processing plant at the Sangdong mine in South Korea began throughput operations, officially moving the project out of the development phase and into active production. The first stage of the ramp-up is designed to handle roughly 640,000 tonnes of ore per year, and the company has confirmed it is drawing initial feed from existing stockpiles to ease the transition to saleable concentrate.
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The mine is central to Almonty's broader pitch: diversifying global tungsten supply away from its heavy dependence on Chinese exports. Sangdong's estimated lifespan exceeds 90 years, making it one of the most significant tungsten sources outside China.
In a further vote of confidence, Almonty has expanded its offtake agreement with Global Tungsten & Powders. The contract now runs for 21 years, with total volume increased by 40 percent — securing revenue visibility for more than two decades.
The contrast between the short-term share price pressure and the long-term reserve picture is stark. Here is a company that has just made the leap from mine developer to active producer, with a fortified offtake book and a strategic narrative built around supply-chain security. And yet the stock is trading more than 53 percent below its 52-week high of C$33.35 from April, even after a year-to-date gain of roughly 28.5 percent.
The next fixed milestone in the exchange migration is the ASX delisting on September 1, 2026. Until that process runs its course, the technical overhang may continue to weigh on the share price — regardless of how smoothly Sangdong ramps up. The real test will come in the coming quarters, when the market gets its first look at what regular concentrate sales from the Korean mine actually do to the bottom line.
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.
