Almonty Industries Nears the End of a Global Listing Overhaul as Tungsten Ramp-Up Takes Centre Stage
Published on 08/07/2026 at 12:52 | Redaktion boerse-global.de
The tungsten producer Almonty Industries is closing the book on a multi-year experiment in cross-continental stock listings. Australia's exchange has formally waved through the company's voluntary delisting, setting 28 August 2026 as the final trading session for its CHESS Depositary Interests (CDIs). The securities will be struck from the ASX register at close of business that day, with the delisting taking effect on 1 September.
Australian holders now face a straightforward choice. They can sell their CDIs on the ASX up to the 28 August deadline, or convert them into Nasdaq-listed common shares at a 1:1 ratio. Those who take no action will still have a safety net: a voluntary selling facility opens on 8 September and runs until 6 November 2026.
The move completes a consolidation drive that began with Almonty's departure from the Toronto Stock Exchange, finalised on 31 July. The company is now concentrating its primary listing on the Nasdaq Capital Market, a shift that aligns with its newly established corporate headquarters in Dillon, Montana. Management has cited the compliance burden and administrative costs of maintaining multiple international listings as the driving factors behind the streamlining.
A Technical Storm That Has Passed
The TSX exit triggered an automatic removal from several global indices, forcing passive funds to liquidate their positions regardless of the company's operational performance. That mechanical selling pressure has now largely dissipated, and the share price response has been telling. On 4 August, Almonty advanced 5.40 percent, followed by a further 4.17 percent gain the next day, lifting the stock to EUR 11.995 in European trading. Analysts believe the index-driven wave has run its course, shifting attention back to the operational story unfolding at Sangdong.
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That story is significant. The flagship mine in South Korea officially commenced processing in July 2026 and is now in the ramp-up phase of its first expansion stage. At full Phase-1 capacity of 2,300 tonnes of concentrate annually, Sangdong is expected to supply roughly 40 percent of global tungsten demand outside China. The timing is no accident — Beijing has tightened export controls on tungsten since early 2025, driving up prices and forcing Western aerospace and electronics manufacturers to scramble for non-Chinese supply sources.
Funding and Incentives in Place
The balance sheet is equipped for the build-out. Almonty raised approximately USD 219 million gross through an oversubscribed capital increase in late 2025 and early 2026. A 21-year offtake agreement with Global Tungsten & Powders, expanded and extended, is projected to generate at least USD 490 million in cumulative revenue at current prices. The company also holds a raw ore inventory currently valued at around USD 68 million.
Alongside the operational momentum, Almonty has moved to align management incentives with shareholder interests. On 4 August, the board adopted two new compensation programmes — a Fourth Amended and Restated Incentive Stock Option Plan and a revised Restricted Share Unit Plan. The following day, the company filed a Form S-8 with the SEC to register new shares for issuance under these schemes. Such adjustments are typical for companies transitioning from development to steady-state production.
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Positioning for the Western Tungsten Supply Chain
The corporate restructuring is more than administrative housekeeping. Almonty is repositioning itself as the Western answer to Chinese tungsten dominance, with a focus on institutional investors tracking critical minerals and defence supply chains. The dual listing on Nasdaq and the Frankfurt Stock Exchange is designed to maximise visibility among that investor base.
For Australian shareholders, the clock is now ticking. The 28 August deadline determines whether they sell, convert, or fall back on the selling facility that remains open until early November. With the index-driven sell-off in the rear-view mirror and Sangdong's processing line now active, the market's attention has returned to production metrics rather than listing mechanics.
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