Almonty Industries: Streamlining Listings as Wolfram Demand Intensifies

Almonty Industries ends ASX listing on Sept 1, 2026, citing low volumes; stock down 48% from highs but up 266% over 12 months amid tungsten supply chain demand.

The tungsten producer Almonty Industries is pressing ahead with a corporate simplification drive that will see its Australian Stock Exchange listing come to an end. Trading in the company’s CHESS Depositary Interests on the ASX will cease on August 28, 2026, with the formal delisting taking effect on September 1. The decision, which the company attributes to significantly lower trading volumes in Sydney compared with its primary Nasdaq listing, follows a pattern of exits from secondary exchanges — including a previously flagged withdrawal from the Toronto Stock Exchange.

For holders of Almonty CDIs on the ASX, the options are straightforward. They can sell their positions on the exchange as usual until the August 28 cutoff, or convert their holdings into regular Nasdaq shares on a one-for-one basis. A voluntary sale facility will also be available from September 8 through November 6 for those who miss the conversion window. Once the ASX delisting is complete, Almonty will remain listed on the Nasdaq under the ticker ALM, on the TSX as AII, and in Frankfurt as ALI1 — though the company’s focus is clearly shifting toward the deeper liquidity pools of North America and Europe.

The restructuring comes at a time when the stock is under considerable pressure. Shares closed at C$17.22 on Tuesday, down 8.4 percent on the day, and have now retreated 48.37 percent from the 52-week high of C$33.35 reached in April. The decline has pushed the stock 10.36 percent below its 200-day moving average, a technical signal that the medium-term uptrend has frayed. The relative strength index stands at 34.4, flirting with oversold territory, while annualized 30-day volatility of nearly 83 percent underscores the jittery mood surrounding the name.

Yet zooming out tells a different story. Almonty has still gained 42.67 percent since the start of the year and a staggering 266.38 percent over the past twelve months, leaving it well above the 52-week low of C$4.36 set last July. The correction, in other words, follows a rally of extraordinary proportions — one that inevitably invited profit-taking. That dynamic played out visibly on July 22, when Deutsche Rohstoff AG, a long-time strategic investor, sold down part of its stake. The German firm remains a shareholder, but the sale created a short-term overhang that has weighed on the stock ever since.

Operationally, the company’s narrative remains intact. Almonty operates the Sangdong mine in South Korea and has mining activities in Portugal, positioning itself as a rare non-Chinese source of tungsten — a metal critical to semiconductor manufacturing and defense technology. On July 14, the company announced an expansion of its long-term offtake agreement with Global Tungsten & Powders, part of Austria’s Plansee Group, locking in future supply commitments. The broader market is taking notice: Australian explorer EQ Resources is pursuing a Nasdaq or NYSE listing to tap US investors for tungsten supply chains, while Red Mountain Mining has begun systematic rock sampling at the Pioneer tungsten project in Montana, adjacent to Almonty’s Gentung deposit. Early samples there returned up to 3,159 parts per million tungsten oxide, reinforcing the geological credentials of the neighborhood.

Technically, the stock is searching for a floor. The 14-day RSI of 34.2 is approaching oversold levels, and the shares trade 27.19 percent below their 50-day moving average of C$23.54 — a gap that often attracts bargain hunters. The key question for traders is whether the 200-day average of C$19.21 will hold as a reference point or give way to further selling. For longer-term investors, the calculus is different: the current pullback looks less like a rejection of Almonty’s mine-to-metal strategy and more like a necessary breather after a massive re-rating, with the company’s exchange consolidation adding a layer of short-term uncertainty for retail holders on the ASX.