Almonty’s Sangdong Goes Live as Expanded Offtake Deal and TSX Exit Reshape the Tungsten Play

Almonty transitions to tungsten producer at Sangdong, secures expanded 21-year offtake deal, and plans TSX delisting, boosting shares 6.86%.

Almonty Industries has crossed a critical threshold this month, transitioning from a mine developer into an active tungsten producer at its Sangdong operation in South Korea. The milestone, combined with a significantly expanded offtake agreement and a planned exit from the Toronto Stock Exchange, sent shares up 6.86 percent on Tuesday to C$20.87.

The company began feeding stockpiled ore through its newly commissioned processing plant in early July, marking the start of actual revenue generation. Some 139,700 tonnes of material with an average tungsten trioxide grade of 0.25 percent are currently on hand, representing roughly 2.6 months of feed for the Phase I facility. At prevailing market prices, the contained tungsten value in that inventory works out to an estimated US$68 million. Management has deliberately started with lower-grade material to fine-tune recovery rates before accessing higher-grade sections of the deposit.

That operational progress dovetails with a revamped supply agreement with Global Tungsten & Powders, a subsidiary of Austria’s Plansee Group. The contract term has been extended from 15 to 21 years, starting from first delivery, while the binding volume jumps 40 percent to 4.41 million metric tonne units. Pricing across the entire contract volume increases by an average of roughly 6.3 percent. The deal will absorb about 90 percent of the concentrate output from Sangdong’s Phase I, giving Almonty a visible revenue stream extending into the late 2040s.

Almonty’s management estimates the new pricing formula alone will generate an additional US$30 million in annual revenue. Over the full 21-year term, that adds up to roughly US$630 million, assuming current market prices hold. The improved cash-flow visibility prompted Sphene Capital to raise its price target on the stock from C$37.40 to C$38.90 on July 20, maintaining a buy recommendation. Analysts cited both the extended GTP contract and the successful commissioning of Phase I as key drivers.

In a parallel move, Almonty announced its voluntary delisting from the TSX, effective at the close of trading on July 31, 2026. The company said the bulk of daily trading volume already occurs on the Nasdaq, where shares continue to trade under the ticker ALM. Eliminating the dual listing is expected to reduce administrative and regulatory costs. Canadian shareholders can still access the stock through brokers with Nasdaq connectivity.

The recent share-price jump sits within a volatile broader trajectory. Almonty’s stock is up 72.91 percent year-to-date, despite having shed nearly 21 percent over the past 30 days. At C$20.87, it remains roughly 37 percent below its 52-week high of C$33.35, reached in mid-April. The relative strength index of 44.7 suggests the stock is neither overbought nor oversold, pointing to a stabilization phase after the spring pullback.

Tungsten’s strategic importance is adding further tailwinds. The metal is essential for defense applications, aerospace components, and advanced electronics, and China’s dominance of global supply chains has made Western buyers increasingly anxious. The International Energy Agency has highlighted tungsten’s critical role, and analysts see Almonty as one of the primary beneficiaries of the push to secure non-Chinese sources. A Phase II expansion, expected in 2027, would double the mine’s annual capacity.