Almonty Industries: Wolfram Producer's ASX Exit Caps a Month of Sharp Correction
Published on 08/01/2026 at 12:22 | Redaktion boerse-global.de
The consolidation of Almonty Industries' listing footprint is nearly complete, but the timing has proven awkward for shareholders. The tungsten producer has secured regulatory approval to delist from the Australian Securities Exchange, its second exchange departure in as many months following the withdrawal from the Toronto Stock Exchange at the end of July. From late August onward, trading will be confined to the Nasdaq and Frankfurt — a deliberate narrowing designed to pool liquidity where institutional capital from the US and Europe is most likely to flow.
The ASX suspension is set for August 28, with the formal delisting of the CDI interests taking effect on September 1. Australian holders face a straightforward choice before the cutoff: sell on the ASX or convert their CDIs into Nasdaq shares on a 1:1 basis. Those who miss that window can use a voluntary sale facility running from September 8 through November 6. Management has framed the exits in cost-benefit terms, pointing to thin volumes on the junior exchanges and compliance overhead that no longer justified a multi-listing structure.
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A Steep Slide From the April Peak
The structural overhaul arrives during a punishing stretch for the stock. Friday's session closed at 15.51 Canadian dollars, down 4.96 percent on the day, extending a monthly decline of 30.29 percent. The secondary source records a slightly different Friday close of 15.88 CAD with a 2.70 percent daily drop, but both track a seven-day slide of roughly 15.58 percent and a 30-day retreat in the high-20s to low-30s range. The divergence in the daily figures notwithstanding, the picture is consistent: the shares have fallen hard from the April record of 33.35 CAD, now sitting about 31 percent below their 50-day moving average of 23.02 CAD. A 14-day RSI of 33.5 suggests the selling may be approaching exhaustion, even as annualized volatility near 89 percent underscores how jittery positioning has become.
Context matters here. Just over a year ago, in late July 2025, the stock traded at 4.96 CAD. Even after the recent correction, the shares remain up 31.57 percent year-to-date — a reminder that the current drawdown follows an extraordinary run rather than a collapse from stability.
What's Driving the Nervousness
The market's skittishness centers on execution risk at the Sangdong mine in South Korea, the company's flagship growth asset. Investors are weighing potential delays in the production ramp-up, the company's debt load, and the possibility of future capital raises to fund the project. Almonty reported a net loss of 132.56 million Canadian dollars for the latest reporting period, a figure that reflects the scale of ongoing investment. A new chief financial officer has been appointed as the company directs its operational focus squarely on bringing Sangdong to full capacity.
The operational news, however, has been constructive. The processing plant began producing tungsten concentrate from existing stockpiles in June, with throughput operations officially starting July 1. Since 2015, the company says more than 100 million US dollars have flowed into the project. Current stockpiles stand at roughly 139,700 tonnes of ore grading 0.25 percent tungsten trioxide, worth an estimated 68 million US dollars. Management projects a mine life exceeding 45 years at an average grade of 0.51 percent, with the potential to supply around 40 percent of non-Chinese tungsten demand once fully ramped.
A Contract That Signals Strategic Weight
The geopolitical dimension adds urgency. From January 1, 2027, US defense contractors will be barred from sourcing tungsten from China, Russia, Iran, or North Korea — a constraint that matters enormously given China's roughly 80 percent share of global production. Almonty has positioned itself as the primary Western alternative, and its expanded offtake agreement with Global Tungsten & Powders, a Plansee Group company, reflects that status. The partnership, active since 2018, has been extended from 15 to 21 years from first delivery, with contracted volumes rising 40 percent and prices improving around 6.3 percent. The company expects annual contract revenue to grow by at least 30 million US dollars, with total revenue over the 21-year term reaching 490 million US dollars. The deal covers roughly 90 percent of Phase 1 concentrate production from Sangdong.
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Valuation Views Diverge Sharply
Analyst opinions on the stock could hardly be further apart. DA Davidson rates the shares a Buy with a 33 CAD price target. Other valuation models paint a far more skeptical picture, suggesting the stock trades well above its fundamental worth. Fair-value estimates among value investors range from a few dollars to solidly double-digit figures — a dispersion that captures the genuine uncertainty around financing, cost control, and the pace of the Sangdong ramp-up.
For now, Almonty represents a dual bet: that the South Korean mine delivers on its production promises, and that Western supply-chain reconfiguration becomes a durable tailwind for tungsten prices. The recent slide shows how quickly sentiment can sour when those two narratives hit turbulence. With the ASX exit complete by early September, the stock's fate rests on a single primary exchange and a single operational milestone — the continued climb toward full Phase 1 capacity.
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.
