Almonty Industries Tightens Its Bourse Footprint Just as Sangdong Processing Gets Underway

Almonty exits TSX and ASX to consolidate on Nasdaq, starts processing at Sangdong mine, and extends offtake deal with Global Tungsten & Powders by 21 years.

The tungsten producer Almonty Industries is navigating a period of profound structural change, simultaneously winding down its presence on two stock exchanges while firing up the processing plant at its flagship South Korean mine. The convergence of these events has created a volatile backdrop for the stock, which has shed significant ground in recent weeks even as the company locks in a vastly expanded offtake agreement.

The most immediate milestone for existing shareholders is the voluntary delisting from the Toronto Stock Exchange, effective after the close of trading on July 31. For investors still holding positions on the TSX, the final days of liquidity on that venue are now at hand. Almonty’s shares will continue to trade on the Nasdaq Capital Market under the ticker ALM, as well as on the Frankfurt Stock Exchange. The company is also exiting the Australian Securities Exchange, where the voluntary delisting was approved on July 23. Trading of CHESS Depositary Interests on the ASX will cease on August 28, with a final delisting to follow on September 1.

The consolidation is designed to reduce administrative costs and concentrate liquidity where it already predominantly resides — on the Nasdaq. Yet the transition has coincided with a sharp pullback in the stock price. Almonty closed the week at C$18.81, down 5.52% in a single session, a move that pushed the shares below their 200-day moving average of C$19.15. That breach is a closely watched technical signal, and it leaves the stock trading 43.6% below its 52-week high of C$33.35 set back in April. The 14-day relative strength index now stands at 38.8, placing the stock in oversold territory — a condition that can attract dip buyers but offers no guarantee of a reversal.

Despite the recent slide, the year-to-date performance remains robust at a gain of 55.84%. The current sell-off, some analysts suggest, is more a correction of the parabolic rally seen earlier in 2026 than a fundamental repudiation of the company’s prospects. Still, the market capitalization of roughly €3.52 billion implies that investors have already priced in a significant portion of the ramp-up at the Sangdong mine, leaving little room for execution missteps.

That ramp-up is now officially underway. On July 1, Almonty commenced processing at Sangdong in South Korea, drawing from an initial stockpile of approximately 139,700 tonnes of run-of-mine ore. The plant is gradually increasing throughput toward the nameplate capacity of its first phase. For a company that has long been classified as a developer, the transition to producer status marks a pivotal moment.

Underpinning that transition is a substantially strengthened offtake agreement with Global Tungsten & Powders. The contract, originally set to run 15 years, has been extended to 21 years, pushing deliveries into the late 2040s. The total contracted volume has increased by 40% to 4.41 million tonnes, and pricing terms have improved by roughly 6.3%. At current market prices, the expanded agreement represents an estimated US$490 million in revenue potential over its full life. Almonty disclosed the amended terms in a filing with the U.S. Securities and Exchange Commission in July, alongside a small equity issuance on the ASX.

The next scheduled catalyst for the stock is the quarterly earnings report due August 17. In the prior quarter, released on May 11, Almonty posted a loss of C$0.02 per share, missing the consensus estimate of C$0.016. Until that report lands, investor attention will likely be split between the smooth migration of trading volume to the Nasdaq and further operational updates from Sangdong, including the first shipment of tungsten concentrate. News flow around the company’s Gentung project in Montana could also influence sentiment as the trading focus shifts toward the United States.

For now, the technical picture is fragile. The breach of the 200-day moving average puts the C$18.00 level in focus as a potential support zone. A hold there could allow the stock to stabilize; a further decline would intensify the technical pressure. With the exchange exits nearly complete and production finally live, Almonty enters a new chapter — one where the story shifts from development milestones to the hard numbers of operating cash flow and margin delivery.