Almonty Industries Completes North American Exit, Setting Up a Two-Exchange Future
Published on 08/05/2026 at 20:34 | Redaktion boerse-global.de
The final chapter of Almonty Industries' Canadian presence closed with a whimper—and a flurry of trading activity that had little to do with the company's underlying operations. The tungsten producer's shares traded for the last time on the Toronto Stock Exchange on July 31, 2026, capping a voluntary delisting announced just 11 days earlier.
That final session was anything but quiet. The stock opened at C$17.12 and slid to a close of C$15.51, a 4.96% decline, with the day's range stretching from C$15.45 to C$17.14. Volume exploded to 13.78 million shares against a typical daily average of roughly 933,730. The outsized turnover reflected a mechanical reality rather than investor sentiment: the delisting triggered automatic removal from several small-cap indices, including the FTSE Global Small Cap Index, forcing passive funds and ETFs constrained to TSX-listed holdings to liquidate their positions by the deadline.
That forced selling has now run its course, and the stock has been recovering ground in recent sessions. Market observers attribute the volatility to this technical adjustment rather than any operational deterioration—a distinction that matters as the company pivots its trading focus squarely to the Nasdaq Capital Market, where it continues to trade under the ticker ALM.
The Canadian exit was only the first domino. Almonty has already secured approval from the Australian Securities Exchange for a voluntary withdrawal, with the final trading day for its CHESS Depositary Interests set for August 28, 2026, and the official delisting taking effect September 1. Australian shareholders face a straightforward set of choices: sell their CDIs before the cutoff, convert them into Nasdaq shares on a 1:1 basis, or—for those who take no action—utilize a voluntary sale facility that remains available through November 2026.
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Once the Australian leg concludes, Almonty's free float will trade exclusively on two venues: New York and Frankfurt. Management has framed the consolidation as a cost and compliance exercise, noting that the bulk of daily volume had already migrated to the Nasdaq, making the expense of maintaining the Toronto listing increasingly difficult to justify.
The stock's recent behavior on the Nasdaq reflects the broader transition. Shares last changed hands around US$13.12, putting the market capitalization at roughly US$3.72 billion. On August 4, the stock traded between US$12.85 and US$13.25, hovering near its intraday low. The 52-week band on the Nasdaq stretches from US$3.88 to US$24.41, while the comparable Toronto range over the same period ran from C$5.35 to C$33.35.
Amid the exchange reshuffling, the company's operational story continues to build. The Sangdong mine in South Korea, after starting its processing plant in July 2026, is now producing saleable tungsten concentrate on a regular basis. CEO Lewis Black has emphasized the strategic positioning of the asset, particularly as Western governments seek to reduce their reliance on China for critical minerals. The company has also expanded its long-term offtake agreement with Global Tungsten & Powders, locking in revenue visibility across the coming two decades.
The balance sheet provides additional runway. As of March 31, 2026, Almonty held US$259.9 million in liquid assets against working capital of US$169.5 million, resources earmarked for growth projects. First-quarter results set a high bar for what comes next: revenue surged 221% to US$25.4 million, propelled by record tungsten prices, while adjusted EBITDA swung to US$6.1 million from a US$2.4 million loss in the prior-year quarter.
The next earnings report arrives August 17, according to TipRanks data, and will offer the first look at whether the operational momentum from Q1 carried through the summer. With the Sangdong ramp-up progressing and the listing overhaul nearing completion, Almonty is shedding its dual-listing complexity just as it transforms into a pure production play. September 1 marks the end of that transition—from that date forward, the company's shares will trade in exactly two places, and the story will be entirely about tungsten.
