Almonty AGM Proceeds as Shares Slide 18% and Technical Support Levels Come Under Fire

Almonty Industries shares drop 18% in seven sessions, falling into correction territory even as an oversubscribed convertible debenture closes. Key support at C$22.76 200-day moving average.

Almonty Industries held its annual general meeting in Toronto on Tuesday, a day when management also closed the books on an oversubscribed convertible debenture placement. The combination of a shareholder vote and a capital-market event would ordinarily provide a focal point for positive sentiment. Instead, the stock has been battered by selling pressure, shedding roughly 18% over the past seven sessions.

The shares recently changed hands at C$23.29, extending losses from a level near C$24.02 earlier in the session. That puts the tungsten developer squarely in correction territory and well below its short-term trendlines. The 100-day moving average at C$26.26 now acts as the first meaningful barrier to any recovery, while an even tougher ceiling sits at C$27.43. Chartists view any rally that fails to clear that second level as nothing more than a dead-cat bounce.

Technical picture darkens as bulls lose grip

Momentum indicators have turned decisively bearish. The relative strength index points to waning buying pressure, and the 30-day annualized volatility of more than 100% has made the stock a jittery hold. The one bright spot for the bulls is the 200-day moving average at C$22.76, which has so far provided a solid floor. If that line breaks decisively, the structural damage could accelerate sharply.

Despite the recent rout, the longer-term performance remains eye-catching. Almonty shares have surged roughly 378% over the past twelve months and are still up nearly 94% year-to-date. The stock hit an all-time high of C$33.35 on April 17, 2026, meaning it now trades about 30% below that peak. Investors accustomed to triple-digit volatility have seen wide swings before, but the current slide is the most severe pullback in weeks.

Governance takes centre stage at the AGM

The annual meeting, which began at 10:00 a.m. local time, carried a distinctly governance-focused agenda. Shareholders were asked to fix the number of directors at seven, elect the board nominees, and ratify Zeifmans LLP as the company’s auditor for another year. The audited financial statements for the 2025 fiscal year were presented as well, though no formal vote was required on them.

Management explicitly urged support for all candidates, arguing that continuity at the top is essential to execute the company’s Western tungsten supply-chain strategy. Almonty’s project portfolio spans South Korea, Portugal, Spain and the United States. The board nominations and auditor confirmation were the main items requiring a green light from investors.

What comes next for the stock

The convertible note placement, which closed concurrently with the AGM, was oversubscribed, but the market has so far shrugged off the fresh capital. The defensive price action suggests traders are focused on the technical damage rather than the financing success.

The support zone around the 200-day moving average at C$22.76 is the last line of defence. A sustained break below that level would confirm a structural breakdown and could trigger a wave of stop-loss selling. On the upside, the stock must first reclaim the 100-day average at C$26.26 before any attempt at the more significant C$27.43 resistance. Until that happens, the burden of proof rests squarely with the bulls.

Voting results from the AGM have not yet been published. Almonty is required to file a formal report detailing the outcomes, which will reveal whether management secured the full backing of shareholders. For now, both the board composition and the share price hang in the balance.