Almonty Industries: Tungsten Producer's Exchange Exit Triggers Forced Selling Just as Korean Mine Ramps Up
Published on 08/02/2026 at 12:02 | Redaktion boerse-global.de
The timing could hardly be more awkward. Just as Almonty Industries flipped the switch on commercial processing at its flagship South Korean tungsten mine, the company's share price has been caught in a mechanical downdraft that has little to do with the underlying business.
The Toronto-listed shares closed Friday at C$15.51, down 4.96% on the day, extending a slide that has now erased more than 30% of the stock's value in a single month. The culprit is not weak fundamentals but a voluntary exit from the Toronto Stock Exchange, which took effect after Friday's close.
Index mechanics take their toll
With Almonty's removal from the TSX, index-tracking funds and ETFs that are mandated to hold only Toronto-listed securities have been forced to liquidate their positions. That wave of selling has pushed the stock well beneath its 200-day moving average of C$19.28, while the 14-day relative strength index has fallen to 32.7 — a reading that suggests the market is approaching oversold territory.
The turbulence is reflected in the volatility metrics: the annualized 30-day figure stands at a striking 89%, underscoring just how jittery trading has become. For investors who bought in over the past few months, the correction has been painful. Those who have held for a year, however, are still sitting on a gain of 205.92% over twelve months — a reminder of just how far the stock had run before this technical setback.
Should investors sell immediately? Or is it worth buying Almonty?
A new trading home
Almonty is consolidating its liquidity around two venues: the Nasdaq Capital Market, where it trades under the ticker ALM, and the Frankfurt Stock Exchange under ALI1. The shift is designed to boost visibility among US investors while preserving access for European buyers, though the transition period has left the stock in a state of limbo as volume migrates between exchanges.
The next structural milestone arrives later this month. Trading in CHESS Depositary Interests on the Australian Securities Exchange is scheduled to end on August 28, with the final delisting taking effect on September 1. Market participants will be watching whether the Nasdaq can absorb the remaining selling pressure from the Canadian exit when trading resumes on Monday, August 3.
Sangdong comes online
While the share price wrestles with exchange mechanics, the operational story has taken a decisive turn. On July 1, Almonty officially commenced processing at the Sangdong tungsten mine in South Korea, with the facility now handling roughly 139,700 tonnes of stockpiled ore to produce saleable tungsten concentrate.
The milestone marks the company's transition from development-stage project to revenue-generating producer. Sangdong is regarded as one of the largest tungsten deposits outside China — a strategic advantage that carries increasing weight given Washington's planned ban on Chinese tungsten in US defense procurement from 2027 onward.
Almonty at a turning point? This analysis reveals what investors need to know now.
Contract extension adds ballast
The balance sheet provides further support. Almonty ended the first quarter of 2026 with a cash position of US$259.9 million, while revenue climbed 221% year-over-year to US$25.4 million. The company has also secured an expanded supply agreement with Global Tungsten & Powders, extending the contract by six years, boosting total volume by 40%, and improving pricing by roughly 6.3%. The deal is expected to generate approximately US$490 million in revenue over its 21-year term.
Despite the stock sitting about 53% below its 52-week high of C$33.35, the combination of a fortified contract book, a cash-rich balance sheet, and a mine that has finally started producing suggests the recent sell-off may owe more to index mechanics than to any deterioration in the company's prospects. The question now is how quickly the market separates the two.
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