Almonty Industries: A Delisting-Driven Sell-Off Masks the Story at Sangdong

Almonty exits ASX and TSX to cut costs and boost liquidity on Nasdaq, triggering forced selling and a 10.74% stock drop, while Sangdong mine begins ore processing.

Almonty Industries is navigating a period of intense structural change that has little to do with its underlying business. The tungsten producer is simultaneously exiting two stock exchanges — the Australian Securities Exchange (ASX) and the Toronto Stock Exchange (TSX) — in a move designed to slash costs and concentrate liquidity on the Nasdaq and Frankfurt. But the transition is proving painful for the share price, which has been hit by a wave of forced selling from institutional funds and exchange-traded products that are mandated to hold only TSX- or ASX-listed securities.

The stock recently tumbled 10.74 percent to C$15.37, with the decline driven entirely by technical factors rather than any deterioration in operations. The relative strength index now sits at 30.1, hovering near oversold territory, while the share price trades roughly 20 percent below its 200-day moving average of C$19.23. Another source pegged the drop at 10.34 percent, but the broader picture remains consistent: the selling is mechanical, not fundamental.

A Clean Break from Two Exchanges

The TSX delisting is the more immediate event. Trading on that exchange will cease at the close of business on Friday, July 31, 2026 — just two days after Almonty formally notified its Australian CDI holders of the ASX exit on Wednesday, July 29. The ASX delisting follows a more drawn-out timetable. Holders of CHESS Depositary Interests have until August 28, 2026 to sell their positions or convert them into Nasdaq-listed shares on a 1:1 basis. The official delisting takes effect on September 1.

For those who miss that window, there are safety nets. A voluntary sale facility opens from September 8 to November 6, 2026, allowing investors to exit their positions. After that, a mandatory sale facility runs from November 9 to December 9, during which any remaining CDIs will be forcibly liquidated. Alternatively, CDI holders can convert into shares on the North American register at any point up to the close of the voluntary facility.

The rationale for the dual exit is straightforward. As of July 14, 2026, Australian CDI holders represented just 0.80 percent of total shares outstanding. Trading volumes on the ASX were thin and declining relative to the Nasdaq and TSX. Management concluded that the compliance and administrative costs of maintaining two secondary listings no longer justified the benefit to shareholders. Going forward, Almonty will trade exclusively on the Nasdaq under the ticker ALM and on the Frankfurt Stock Exchange under ALI1.

Sangdong’s First Ore Begins Processing

While the market’s attention is fixed on the delisting mechanics, the company’s flagship asset is quietly moving into a new phase. On July 1, 2026, the processing plant at the Sangdong mine in South Korea began treating its first stockpile of run-of-mine ore. Approximately 139,700 tonnes of material, with an estimated gross value of around US$68 million, are now flowing through the mill.

Revenue visibility is underpinned by an expanded offtake agreement with Global Tungsten & Powders (GTP). The contract has been extended from 15 to 21 years, with total volume rising by 40 percent. It now covers roughly 90 percent of Sangdong’s planned Phase 1 production — a significant vote of confidence in one of the most strategically important tungsten deposits outside China.

The Numbers Beneath the Noise

Despite the recent sell-off, the stock’s year-to-date performance remains strongly positive. One source shows a gain of 27.34 percent since the start of 2025, while another reports a 222.34 percent increase over the past twelve months — a reflection of the rally that followed the production launch at Sangdong. The stock also trades 238.55 percent above its 52-week low, underscoring how much of the current weakness is a correction from elevated levels rather than a collapse.

The 53.70 percent drawdown from the 52-week high cited in one report is a reminder of how far the stock has fallen from its peak, but it also highlights the volatility inherent in a company undergoing such a dramatic restructuring. For investors focused on the operational story, the key question in the months ahead will be how consistently Sangdong ramps up production volumes — and whether the market can look past the noise of the exchange exits to see the progress underground.