Almonty Industries Streamlines Listings as Sangdong Tungsten Output Begins

Almonty Industries starts processing at its Sangdong mine, expands off-take deal to 21 years, and voluntarily delists from the TSX and ASX to focus on Nasdaq and Frankfurt listings.

Almonty Industries is navigating a pivotal transition on two fronts simultaneously: the tungsten producer has kicked off processing at its flagship Sangdong mine in South Korea while voluntarily exiting two of its four stock exchange listings. The moves reflect a company reshaping both its operational identity and its market presence.

The Toronto Stock Exchange will see Almonty’s shares trade for the last time on July 31, with the company shifting its primary listing focus to the Nasdaq Capital Market under the ticker ALM, where the bulk of daily trading volume already occurs. Australia follows shortly after: the ASX approved the voluntary delisting on July 23, with CHESS Depositary Interests ceasing to trade on August 28 and the final delisting effective September 1. Almonty cited sharply reduced trading volumes in Australia, where only about 0.80 percent of all shares are now held via CDIs, as the rationale for the move. Following both exits, the Nasdaq and the Frankfurt Stock Exchange will remain as the company’s principal trading venues.

The operational transformation is arguably the more consequential development. On July 1, Almonty officially began feeding stockpiled ore through the newly commissioned processing plant at Sangdong, producing saleable tungsten concentrate for the first time. As of the end of the first quarter, roughly 120,000 tonnes of ore grading 0.24 percent WO? sat on the stockpile; a further 19,700 tonnes at 0.35 percent grade were added in the second quarter, bringing the total inventory to approximately 139,700 tonnes. The plant is now ramping up toward the full capacity of Phase I.

That production ramp rests on a significantly strengthened commercial foundation. In mid-July, Almonty expanded its long-term off-take agreement with Global Tungsten & Powders, a member of Austria’s Plansee Group, extending the contract to 21 years and increasing the total committed volume by 40 percent. At current prices, the deal represents roughly US$490 million in revenue potential over its lifespan, providing the company with considerably greater revenue visibility for the Sangdong concentrate.

The stock, however, has not reflected this operational maturation in recent weeks. Shares closed Friday at C$18.81, down 5.52 percent on the day, and have now slipped below the 200-day moving average of C$19.15 — a level that chart-watching investors treat as a long-term trend indicator. The current price sits 43.6 percent below the 52-week high of C$33.35 reached in April, and the relative strength index of 38.8 signals the stock is closer to oversold territory than overbought. Despite the recent pullback, Almonty still shows a year-to-date gain of 55.84 percent, suggesting the correction is largely digesting the earlier rally rather than reflecting a fundamental deterioration.

For Canadian investors holding Almonty shares, the immediate deadline is July 31, the final trading day in Toronto. Those wishing to maintain their positions will need to arrange for the transfer of their holdings to Nasdaq or Frankfurt in time. On the technical side, the C$18.00 area now looms as a potential support level after the 200-day average gave way; a hold there could signal stabilization, while a further break lower would likely intensify selling pressure. Operationally, the market will be watching for further updates on first concentrate production from Sangdong and progress at the Gentung project in Montana as the company’s trading gravity shifts toward the United States.