Almonty Exits TSX, Expands Tungsten Contract, and Begins Sangdong Production — A Trio of Milestones Reshape the Story
Published on 07/20/2026 at 14:42 | Redaktion boerse-global.de
Almonty Industries is paring back its public listings at a moment of maximum operational activity. The tungsten producer will voluntarily delist from the Toronto Stock Exchange effective after the close on July 31, 2026, citing the cost and administrative burden of maintaining a dual listing when the vast majority of trading already occurs on the Nasdaq, where the stock trades under the ticker ALM. Shares will remain accessible on the Australian Securities Exchange as well. Canadian brokers can continue to handle trades via Nasdaq without disruption, and no shareholder vote is required.
The departure from Toronto lands just as the company reaches a critical inflection point underground. Almonty began processing ore at its Sangdong mine in South Korea in July, shifting the asset from development into production of saleable tungsten concentrate. Sangdong is historically regarded as one of the largest high-grade tungsten deposits globally, a mineral classified as critical for both industrial and defense applications. The company also operates facilities in Portugal and is advancing projects in Spain and the United States.
The production milestone itself is backed by a deal that locks in revenue for the better part of two decades. Almonty has extended its offtake agreement with trading partner GTP to 21 years, while expanding the contracted volume by 40% to 4.41 million MTU and improving the price basis by roughly 6.3%. At current market prices, the contract is expected to generate annual revenue of approximately $490 million, with the better pricing alone contributing an extra $30 million per year. Separately, the company has already built an ore stockpile of 139,700 tonnes grading 0.25% tungsten oxide, valued at around $68 million. Almonty has not yet factored in a potential Phase II expansion or a separate molybdenum project into those figures.
Should investors sell immediately? Or is it worth buying Almonty?
Accompanying the operational momentum is a flurry of capital markets activity. In early June, Almonty announced plans to place $700 million in convertible notes due 2031. By the end of the month, the stock was added to both the Russell 1000 and Russell 3000 indices. On July 10, DA Davidson raised its price target by $8. The company also relocated its corporate headquarters to Dillon, Montana, in April. On the earnings front, the first quarter of 2026 showed a net loss of $0.02 per share, a sharp improvement from the $0.13 per share loss recorded in the same period a year earlier, though the company remains in the red.
The stock’s trajectory tells a more complicated story. Even with a Friday close of CAD 19.25, up 3.94% on the session, shares have fallen roughly 28% over the past 30 days. That retreat comes after the stock hit a twelve-month high of CAD 33.35 in April, a level from which it now sits 42% lower. The pullback appears tied in part to broader market weakness: around July 20, a semiconductor rout and heightened geopolitical tensions in the Middle East weighed on sentiment across the Asian region, dragging down commodity-linked names. The relative strength index sits at 38, suggesting an oversold reading.
Yet the longer-term picture remains significantly in the black. The stock has gained roughly 60% since the start of 2026 and more than 211% over the past twelve months. CEO Lewis Black is steering the company into a new operational phase, with 42 tungsten samples currently undergoing laboratory analysis — a process Almonty describes as particularly important for its future development.
The upcoming TSX delisting will essentially formalize what the market has already decided: Almonty’s trading gravity now sits squarely on the Nasdaq. The real question for investors is whether the ramp-up at Sangdong, reinforced by a two-decade revenue contract and a shrinking loss, can eventually close the gap between operational progress and the stock’s recent correction.
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Almonty Stock: New Analysis - 20 July
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