Almonty's Exchange Shake-Up Meets a Jefferies Buy Call as Tungsten Story Goes Mainstream

Almonty delisted from Toronto and Sydney while joining the Russell 1000 and 3000; Q2 revenue hit USD 43.0 million and Jefferies began coverage with a Buy.

Almonty Industries has spent the summer quietly rewriting its capital-markets footprint, and the market has started paying attention. The Canadian tungsten producer wrapped up its listing on the Australian Securities Exchange — its CHESS Depositary Interests were suspended at the close on 28 August, with formal removal from the ASX official list following on 1 September. That came on the heels of an earlier exit from Toronto's TSX on 31 July. Trading on the Nasdaq and in Frankfurt continues uninterrupted, so for shareholders who held through Sydney, the change amounts to a shift in venue rather than a loss of exposure.

From Niche Producer to Index Constituent

The dual delisting looks less like a retreat than a deliberate narrowing of focus. Late in June, Almonty was added to the Russell 1000 and Russell 3000 — benchmarks that weight companies by market capitalisation and pull in institutional money that tracks them mechanically. For a small-cap tungsten miner, that inclusion means passive inflows can arrive without a single fund manager needing to grasp the underlying commodity story. It is a structural shift: a niche resource play edging into the mainstream investment universe.

That shift matters because tungsten itself is no longer a footnote. The metal has moved toward the centre of geopolitical discussions around critical raw materials, given how heavily supply has historically depended on China. Almonty's Sangdong mine in South Korea's Gangwon province has been producing since July, and its processing plant is now genuinely running material through — not a blueprint, but operating reality.

The Numbers Behind the Re-Rating

Second-quarter results explain why institutions are circling. Revenue reached USD 43.0 million, up 498 percent year on year, driven largely by sharply higher tungsten APT prices. A mining loss of USD 0.9 million flipped into a mining profit of USD 26.1 million, while adjusted EBITDA swung from minus USD 4.8 million to plus USD 17.6 million.

Against that backdrop, Jefferies initiated coverage in early September with a Buy rating and a price target of USD 26.25, citing Almonty's role in building out Western tungsten supply chains. The stock has already travelled a long way: it has more than quadrupled over twelve months and nearly doubled since the start of the year.

A Pullback in Perspective

Recent sessions have brought some cooling. The shares slipped 4.1 percent to close at EUR 15.77, and were trading at EUR 15.29 on Thursday, down 3.0 percent on the day. Zoom out, though, and the picture shifts — a 2.7 percent gain over seven days and a 36 percent advance across 30 days. The stock sits 23 percent below its 52-week high of EUR 20.61, touched in April.

That kind of swing is baked into the equity's character. Annualised volatility runs at 76 percent, the price of admission for a name straddling two identities: speculative commodity bet and bona fide index member. An RSI near 59 points to consolidation rather than exhaustion or overheating.

Institutional Money and the Caution Flag

Beyond the analyst note, reports of pension funds and institutional investors adding to positions through the year have added fuel. Such disclosures reinforce the impression that Almonty is no longer purely a playground for retail speculators but is increasingly on the radar of longer-horizon capital pools. At the same time, some market watchers counsel patience: an early-September share price decline drew media coverage without any company-specific trigger, suggesting that profit-taking after the prior weeks' rally — rather than any fundamental development — was doing the work.

The delistings from Toronto and Sydney read as a management wager that the relevant stages for this company are no longer in Canada or Australia. Whether the Jefferies thesis on Almonty's strategic importance in Western tungsten supply gets confirmed operationally over coming quarters remains the open question — and with volatility at 75 to 76 percent, the market has yet to settle on an answer.