Almonty Exits TSX and Fires Up Sangdong Mine, Locking in a 21-Year Revenue Stream as the Tungsten Market Rewires Away from China
Published on 07/21/2026 at 15:13 | Redaktion boerse-global.de
Almonty Industries is shedding its Toronto Stock Exchange listing to go all-in on Nasdaq, a move that coincides with the start of production at its flagship Sangdong mine in South Korea and a beefed-up off-take agreement that runs into the 2040s. The Canadian tungsten producer has notified the TSX that its common shares will be voluntarily delisted effective July 31, 2026, citing the growing concentration of trading volume on Nasdaq — where the stock trades under the ticker ALM — and the cost savings from eliminating the dual listing. No shareholder vote is required because Nasdaq already provides a liquid alternative. Canadian investors can still access the shares through brokers that trade on the US exchange.
The corporate restructuring is happening in tandem with a pivotal operational milestone. Almonty has begun feeding stockpiled ore into the newly commissioned processing plant at Sangdong. The inventory totals roughly 139,700 tonnes of ore grading 0.25% tungsten trioxide, which management values at approximately US$68 million. Transitioning from the construction phase into active operations amounts to a classic de-risking event: the company is no longer a developer waiting for cash flow but a producer starting to book revenue.
That revenue outlook just got a lot clearer. Almonty renegotiated its supply agreement with Global Tungsten & Powders, a subsidiary of the Plansee Group, extending the term to 21 years and locking in deliveries through the late 2040s. The expanded contract covers roughly 90% of Sangdong’s Phase I output. The binding volume jumps by 40% to 4.41 million metric tonnes of contained tungsten, and the pricing formula was improved by 6.3%. Almonty says the changes should generate at least US$30 million in additional annual revenue; at current tungsten prices the cumulative uplift over the contract life reaches about US$630 million.
Should investors sell immediately? Or is it worth buying Almonty?
Sphene Capital analyst Peter Thilo Hasler reaffirmed his buy rating on Monday and raised his price target to C$38.90 from C$37.40, implying nearly 99% upside from the stock’s last close of C$19.53. Hasler pointed to the dual catalyst of the expanded GTP pact and the commissioning of Sangdong as the rationale for the target increase.
The strategic backdrop playing out in the broader tungsten market gives Almonty additional tailwinds. China controls more than 80% of global tungsten production, and the wars in Ukraine and the Middle East have exposed the vulnerability of Western defence supply chains — tungsten is critical for armour, ammunition and high-performance alloys. The International Energy Agency’s Global Critical Minerals Outlook 2026 reports that the tungsten price has sextupled while China deepened its refining dominance. The agency warns that export controls could endanger production chains worth US$6.5 trillion outside China. Meanwhile, Australian billionaire Andrew Forrest recently bought a 16.8% stake in tungsten miner EQ Resources for roughly US$190 million, underscoring the appetite for non-Chinese sources.
Despite the operational and macro progress, the stock has struggled to hold onto its gains. Almonty closed at C$19.53, down 41.44% from the 52-week high of C$33.35 reached in April. The pullback follows a strong year-to-date run and appears to be a consolidation phase rather than a structural breakdown: the shares remain 2.77% above their 200-day moving average of C$19.00, keeping the long-term uptrend technically intact. For investors, the near-term focus will be on how smoothly the Sangdong ramp-up proceeds and whether the transition of Canadian trading activity to Nasdaq goes without a hitch. The expanded GTP contract and the geopolitical push to diversify away from China provide a solid foundation, but the stock’s recent drift suggests the market is waiting for execution proof before re-rating the shares.
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Almonty Stock: New Analysis - 21 July
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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