Almonty Industries: The Price of Leaving Home Turf
Published on 07/31/2026 at 06:51 | Redaktion boerse-global.de
There's a peculiar tension playing out at Almonty Industries right now. The tungsten producer is hitting operational milestones it has chased for the better part of a decade, signing contracts that lock in revenue for decades to come — and yet its share price has been cut in half since April. The disconnect isn't a mystery; it's a function of the company's own corporate calendar.
By the close of trading this Friday, Almonty will have officially exited the Toronto Stock Exchange. It's the first of two planned departures, with the Australian Securities Exchange delisting scheduled for September 1, 2026. Management's rationale is straightforward: concentrate liquidity on the Nasdaq and Frankfurt, where the company believes its future institutional investor base resides, and trim administrative costs along the way.
The transition, however, has been anything but smooth. The stock fell 26.97 percent over the 30 days leading into the delisting, before showing signs of life on Thursday with a 5.73 percent gain to close at 16.25 Canadian dollars. That rebound, while welcome, does little to mask the broader damage: the shares remain roughly 30 percent below their 50-day moving average of 23.22 CAD and have slipped beneath the 200-day average of 19.26 CAD as well.
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The Core Question Hanging Over the Stock
Whether Almonty can attract enough institutional capital on the Nasdaq to offset forced selling from funds mandated to hold TSX- or ASX-listed securities is now the single most important variable for the stock. The answer won't be clear until the August transition period plays out, with the ASX exit still two months away and potentially triggering another wave of selling from Australian index funds.
The technical picture offers little comfort in the interim. Annualized volatility sits at an extraordinary 88.82 percent, and the stock has more than halved from its April 52-week high of 33.35 CAD. A relative strength index of 34.3 suggests oversold conditions — the kind of reading that often precedes a technical bounce once acute selling pressure subsides.
Sangdong Delivers What the Market Demands
The fundamental story, meanwhile, has rarely looked stronger. Since July 1, Almonty has been processing ore at its Sangdong mine in South Korea's Gangwon province, transitioning the operation from development to revenue-generating production. The company fed stockpiled ore through the newly commissioned plant and produced its first saleable tungsten concentrate in June — a decade after development began.
The commercial validation followed quickly. Almonty extended its off-take agreement with Global Tungsten & Powders from 15 to 21 years, with contracted volumes rising 40 percent to 4.41 million MTU. Improved pricing terms under the new contract lift expected annual revenue to roughly 490 million US dollars at current tungsten prices.
At full capacity, Sangdong is positioned to supply around 40 percent of global tungsten demand outside China — a strategically significant figure in a market long dominated by Chinese producers. The company is also positioning itself as a supplier of conflict-free tungsten for Western defense and industrial supply chains, a selling point that carries increasing geopolitical weight.
A Valuation That Already Priced in Perfection
The market's skepticism isn't about the quality of the operational progress. It's about what the stock already reflects. With a market capitalization of approximately 2.70 billion euros, Almonty trades like an emerging key supplier to Western defense and technology chains, not a junior miner with a promising project. The 220.51 percent gain over the past twelve months shows how much optimism was priced in during a remarkably short window — before the realities of production ramp-up, dilution concerns, and index mechanics replaced the straightforward growth narrative.
Inclusion in the Russell 1000 and Russell 3000 indices at the end of June should generate passive demand through Nasdaq ETFs, potentially cushioning some of the forced selling. But the market is now demanding proof, quarter by quarter, that ramp-up volumes and realized prices actually deliver what the expanded GTP agreement promises. Every future delivery report and inventory update will be measured against that elevated bar.
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The Bridge to September
The critical question is whether the stock can hold above its July lows. If it does, the operational progress at Sangdong — particularly the ramp toward the Phase 1 target of 2,300 tonnes of concentrate annually — could provide a stabilizing floor. A hold above the 52-week low of 4.96 CAD would make a technical recovery toward the 200-day average increasingly plausible.
Should the stabilization fail during the August transition, however, the message would be unambiguous: the capital flight triggered by the delistings outweighs the fundamental value of the South Korean production start. The next concrete milestone is the final ASX delisting on September 1. Until then, the market will be watching whether Nasdaq-bound institutional interest can fill the void left by departing regional funds — and whether a company that has delivered everything it promised operationally can finally convince investors to look past the mechanics of its own restructuring.
Disclaimer regarding our articles: No investment advice, no buy or sell recommendation. Information on prices, companies, and markets is provided without guarantee; changes are possible at any time. Stock market transactions can lead to substantial losses. Our articles are created and reviewed in whole or in part automatically with the support of AI.
