Almonty Industries' Multi-Exchange Retreat Leaves Passive Funds in a Forced Selling Bind
Published on 08/03/2026 at 08:50 | Redaktion boerse-global.de
The tungsten producer's decision to consolidate its listing footprint is rippling through index-tracking portfolios, with the stock absorbing heavy technical selling pressure as a result. Almonty Industries formally ended trading on the Toronto Stock Exchange after Friday's close on 31 July 2026, a voluntary delisting that triggered an immediate cascade of forced disposals.
Index provider Solactive moved swiftly, removing the company from several benchmarks at Monday's open, including the Solactive GBS Canada Small Cap Index and a range of RAFI Fundamental Global indices. That left passive funds and ETFs restricted to TSX-listed securities with no choice but to liquidate their positions. The selling wave capped Almonty's final session in Toronto at C$15.51, down 4.96% on the day, and extended the stock's 30-day slide to roughly 33% — the secondary source puts the exact figure at 30.29% over 30 trading sessions.
The shares now trade about 33% beneath their 50-day moving average of C$23.01, while the 14-day RSI sits at 32.7, hovering just above the threshold commonly associated with oversold conditions. Technical analysts note the equity has also slipped below its 200-day average, underscoring the severity of the recent drawdown.
Should investors sell immediately? Or is it worth buying Almonty?
Why the company is thinning out its exchange presence
Management has framed the Toronto exit as a cost-saving measure, pointing to the mounting administrative and regulatory burden of maintaining three parallel listings. Liquidity, they argue, has long since migrated to the Nasdaq Capital Market, where the stock trades under the ticker ALM. Toronto is merely the opening act: Almonty has already secured approval to withdraw from the Australian Securities Exchange, with the final trading day for its CHESS Depositary Interests set for 28 August 2026 and official removal following on 1 September. Once complete, Nasdaq and the Frankfurt Stock Exchange will serve as the company's only primary venues for global investors.
Operations chug along beneath the market noise
While the share price wrestles with index-driven outflows, the underlying business continues to hit its milestones. On 1 July 2026, Almonty transitioned its Sangdong mine in South Korea from development to production status, with an initial stockpile of roughly 139,700 tonnes of ore already being processed. The company has also expanded its offtake agreement with Global Tungsten & Powders, extending the contract to 21 years and boosting committed delivery volumes by 40%. At prevailing ammonium paratungstate prices, that could translate into annual revenue of up to US$490 million.
A tale of two timeframes
The recent turbulence sits awkwardly against the longer-term picture. Almonty shares remain up 28.5% year-to-date, and over a 12-month horizon the stock has more than tripled. But the April peak of C$33.35 now looks distant — the equity sits roughly 53% below that record high, leaving recent entrants nursing substantial paper losses. Market capitalisation stands at approximately €2.72 billion.
Investors are now watching the mechanics of the Australian and Canadian share conversions to Nasdaq. Until that technical migration completes, the overhang of index-driven selling is likely to persist. Meanwhile, the broader tungsten market adds another layer of intrigue: US policy discussions around the critical mineral have caught the attention of analysts, though concrete details remain scarce. For now, the near-term narrative belongs to the delisting fallout, while the medium-term story hinges on how the tungsten sector — and any regulatory shifts in Washington — evolve from here.
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