Almonty Industries: A Wolfram Producer’s Stock Market Reorganisation Tests Investor Nerves

Almonty shares fall 25% in a month on TSX delisting fears, but long-term gains of 264% and a $68M ore stockpile at Sangdong mine signal transition, not crisis.

The numbers tell a brutal short-term story. Almonty Industries shares closed at C$17.14 on Tuesday, shedding 8.83% in a single session and extending a seven-day losing streak that has wiped out 14.81% of the stock’s value. Over the past month, the decline has deepened to 25.19%, leaving the equity 48.61% below its April 2026 52-week high of C$33.35.

Yet zoom out, and a different picture emerges. The stock has still gained 42% since January and an eye-popping 264.68% over the past twelve months. This is not a company in crisis — it is a company in transition, caught between the operational promise of its flagship Sangdong mine and the messy mechanics of a deliberate stock market restructuring.

The Dual Exit That’s Spooking the Market

Almonty has formally decided to pull its common shares from the Toronto Stock Exchange, with trading set to cease at the close on July 31, 2026. Thereafter, the stock will trade exclusively on the Nasdaq Capital Market under the ticker ALM. A parallel delisting from the Australian Securities Exchange will follow: CHESS Depositary Interests will be suspended on August 28, 2026, with the official removal scheduled for September 1.

Management insists the move is cost-driven, not fundamental. The financial, administrative and regulatory burden of maintaining an ASX listing, they argue, no longer serves shareholder interests. The Nasdaq remains the primary liquidity venue, untouched by the changes.

But the market is not buying the reassurance wholesale. The TSX departure strips Canadian and international institutional investors of a trading platform that some are mandated to use. While ASX CDI holders represent only about 0.80% of total shares outstanding, those positions must migrate to Nasdaq — and the mandatory sell window in the fourth quarter could generate additional technical selling pressure.

Sangdong’s Ore Pile Is the Counterweight

Almonty entered the first quarter of 2026 with roughly 120,000 tonnes of stockpiled ore. Another 19,700 tonnes were added in the second quarter, bringing the total to approximately 139,700 tonnes — all accumulated before the processing plant even began commercial operations. Management pegs the illustrative gross value of that inventory at around US$68 million.

The processing plant started up on July 1, 2026, and is now working toward full Phase 1 capacity. The ore it is feeding on is expected to last roughly 2.6 months at Phase 1 throughput rates. Whether production can sustain that pace beyond the initial stockpile remains the open question.

What is not in doubt is the pricing environment. Tungsten prices sit at historic highs, and Almonty has locked in a revised offtake agreement with Global Tungsten & Powders, part of Austria’s Plansee Group, covering approximately 90% of Sangdong’s Phase 1 tungsten concentrate production. The new pricing terms are expected to lift annual contract revenue by at least US$30 million. Over the 21-year life of the agreement, total revenue at current prices would reach US$490 million.

The Anchor Investor That Shifted the Balance

On July 22, Deutsche Rohstoff AG, a long-time strategic investor in Almonty, sold part of its position. The move is understandable — after years of building a stake that multiplied in value, taking some profits is rational portfolio management. Deutsche Rohstoff remains on board, but the sale created a temporary oversupply of shares that has weighed on the stock ever since.

That selling pressure has combined with the delisting uncertainty to produce extreme volatility. The annualised 30-day volatility stands at 83.02%, a figure more typical of speculative micro-caps than a company with a market capitalisation of €3.32 billion.

Chart Signals and the Support Zone

The technical picture has deteriorated meaningfully. The stock now trades 10.78% below its 200-day moving average of C$19.21 and a striking 27.19% below its 50-day average of C$23.54. The 14-day RSI of 34.2 is edging toward oversold territory, suggesting the selling may be approaching exhaustion.

The 200-day moving average at C$19.21 represents a critical reference point. If the stock can stabilise near that level once the TSX exit is complete on July 31 and the technical overhang clears, the bull case — secured offtake, record tungsten prices, a mine beginning to produce — could reassert itself.

If the production ramp stumbles or the Nasdaq migration triggers disproportionate selling, deeper support levels may be tested. The key dates to watch are the TSX delisting on July 31, the ASX trading suspension on August 28, and the operational updates on Sangdong’s processing volumes as the mine transitions from its initial ore stockpile into sustained Phase 1 operations.

The strategic importance of tungsten outside China is not in dispute. Western semiconductor and defence industries are scrambling for non-Chinese supply, and Almonty is positioning itself as one of the few relevant players. The question the market is wrestling with is not whether the metal matters — it is what price investors are willing to pay to finance the infrastructure that delivers it.