Almonty Consolidates Trading on Nasdaq as Sangdong Ushers in a New Production Era
Published on 08/26/2026 at 16:43 | Editorial boerse-global.de
Tungsten producer Almonty Industries is narrowing its public market footprint at a pivotal operational moment. The company has confirmed it will delist its common shares from both the Toronto Stock Exchange and the Australian Securities Exchange, concentrating trading liquidity on the Nasdaq — and, according to one of the company's announcements, the Frankfurt listing — as its flagship South Korean mine shifts decisively into commercial output.
The Toronto delisting took effect voluntarily at the end of July, while the formal removal from the ASX is slated for September 1. Trading in the CHESS Depositary Interests listed in Sydney is expected to cease at the close of business on August 28. For shareholders in Canada and Australia, the transition means positions will ultimately need to migrate to the US listing.
Sangdong's Commercial Milestone
The strategic realignment comes as Almonty's Sangdong mine in South Korea officially transitions to commercial production, following the processing facility's commencement of throughput operations in mid-August. CEO Lewis Black described the development in a shareholder letter as the move toward producing saleable tungsten concentrate.
The company's Korean subsidiary, Almonty Korea Tungsten Corp., has also confirmed plans to bring a local tungsten oxide processing facility online by 2028 — a component in the supply chain for tungsten hexafluoride, a material used in semiconductor manufacturing. Media reports have characterized Sangdong as a strategically significant asset for that sector.
The operational progress is reinforced by an expanded offtake arrangement. Almonty has extended its Sangdong Phase I supply contract with Global Tungsten & Powders by six years, increased contracted volumes by 40 percent, and improved pricing terms by roughly 6.3 percent.
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Portugal Still Carries the Revenue Weight
While Sangdong represents the growth story, Portugal's Panasqueira mine remains the earnings engine for now. In the second quarter, Panasqueira contributed 42.9 million Canadian dollars of the company's 43.0 million Canadian dollars in total revenue, supported by European ammonium paratungstate prices that climbed to 3,075 US dollars per MTU.
Group revenue surged 498 percent year over year, with net income reaching 181.8 million Canadian dollars — though 173.1 million of that figure came from non-cash valuation gains on derivatives. Adjusted EBITDA swung from a loss of 4.8 million to a profit of 17.6 million Canadian dollars.
The balance sheet carries considerable heft: cash reserves stood at 1.23 billion Canadian dollars as of June 30, largely fueled by the oversubscribed 800 million US dollar convertible note completed in June, carrying a 2.25 percent coupon and maturing in 2031.
A Rally That Demands Caution
The market has rewarded the operational and strategic momentum handsomely. The shares have gained 338 percent over twelve months and 103 percent year to date. At the current price of 16.13 euros, the stock sits roughly 22 percent below its 52-week high of 20.61 euros, reached in April — though it remains comfortably above its 50-day average of 13.27 euros.
That trajectory carries inherent risk. The annualized volatility over the past 30 trading days stands at 90 percent, a figure reflecting the violent swings of a stock that has multiplied in value within months.
Analyst sentiment is mixed. Diamond Equity Research trimmed its 2026 earnings-per-share estimate to 0.39 US dollars from 0.55 US dollars on August 19, citing weaker near-term results while maintaining an overall positive stance. That revised figure also sits below the consensus of 0.48 US dollars. Separately, Weiss Ratings upgraded its assessment on August 12 from "Sell (D-)" to "Hold (C-)."
What the Consolidation Signals
The decision to centralize trading on the Nasdaq is widely viewed as a logical next step for a company whose shareholder base is increasingly international and institutional. Concentrating liquidity at a single venue — rather than spreading it across three exchanges — should improve trading depth and visibility, particularly among US investors.
The operational transformation underpinning the move is equally significant. Almonty is evolving from a single-mine Portuguese producer into a company operating two active mines across different regions. For investors, the central question has shifted: no longer whether Sangdong will reach production, but how quickly the new mine will contribute to the bottom line.
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