Almonty Industries Stages a Comeback as Its Listing Overhaul Nears the Finish Line

Almonty shares recover as forced selling ends post-TSX delisting; ASX exit set for Sept 1, with analysts bullish on tungsten demand.

The tungsten producer's shares are back in favor this week, snapping a stretch of heavy technical selling that had weighed on the stock through late July. Wednesday's advance marks a clear departure from the turbulence that followed Almonty's voluntary exit from the Toronto Stock Exchange, a move completed on July 31, 2026.

That withdrawal triggered an automatic removal from several small-cap indices, including the FTSE Global Small Cap Index. Passive funds and ETFs restricted to TSX-listed holdings were forced to liquidate their positions by month's end. With that selling pressure now exhausted, the shares have found their footing and are clawing back lost ground.

A Streamlined Footprint Takes Shape

The Canadian delisting is just one piece of a broader restructuring. Almonty is concentrating its trading activity on the Nasdaq Capital Market in the United States and the Frankfurt Stock Exchange, shedding listings it deems redundant. Management points to the significantly higher trading volumes on the Nasdaq as the primary motivation, while fewer quotations mean lower administrative costs and simpler compliance obligations.

The final chapter of this consolidation plays out in Australia. Following formal approval from the ASX, Almonty has confirmed the timetable for removing its CHESS Depositary Interests:

• August 28, 2026: last day of trading for Almonty CDIs on the ASX
• September 1, 2026: official delisting from the Australian exchange

Australian shareholders have three paths forward. They can sell their holdings on the ASX before August 28, convert their CDIs into Nasdaq shares at a 1:1 ratio, or — if they take no action before the delisting date — use a voluntary sell-down facility available from September through November 2026.

Analyst Confidence Persists Despite Mixed Signals

The recovery comes alongside fresh attention on analyst ratings and the company's latest earnings report. Two US investment houses have been notably bullish in recent weeks. DA Davidson lifted its price target on July 10 from $25 to $33, reaffirming a buy recommendation. Oppenheimer had moved earlier, raising its target from $22 to $25 on June 3 with an "Outperform" rating. The broader consensus currently sits at "Moderate Buy" with an average price target of $21.88, reflecting a wide spread between cautious and optimistic camps — though the overall lean is clearly positive.

Those target hikes didn't materialize in a vacuum. Almonty's first-quarter 2026 results, released on May 11, showed revenue climbing to $25.4 million — a roughly 221% surge year over year that underscores booming demand for tungsten. The bottom line, however, remained in the red, with earnings per share at negative $0.02. A net loss during an investment-heavy phase isn't unusual for a company scaling up operations, but profitability remains a watch item for shareholders.

The contrast between explosive revenue growth and a negative EPS helps explain why analyst opinions diverge. DA Davidson and Oppenheimer clearly prioritize growth potential over near-term earnings drag, while a more cautious segment of the market keeps its focus on the persistent losses.

Sangdong Ramps Up as Strategic Tailwinds Build

While Almonty tidies up its capital structure, the operating side is delivering. The Sangdong mine in South Korea, whose processing plant came online in July 2026, is now running regular production of marketable tungsten concentrate. CEO Lewis Black highlighted the strategic significance of this ramp-up in a shareholder update, noting that Western governments are pushing to reduce their reliance on Chinese supply chains for critical minerals — a dynamic that positions Sangdong as a key Western source of tungsten.

The company has also expanded its long-term off-take agreement with Global Tungsten & Powders, locking in revenue visibility across the next two decades.

September 1 marks the end of the transition: from that date, Almonty trades on just two exchanges, in New York and Frankfurt. For investors who weathered the forced index selling, the question now is whether the operational momentum can eventually close the gap between revenue growth and earnings.