Almonty Industries Flips the Switch at Sangdong as Insider Sales and a Contract Rework Stir the Pot
Published on 07/22/2026 at 15:03 | Redaktion boerse-global.de
The tungsten producer Almonty Industries is navigating one of its most eventful stretches in recent memory, with the Sangdong mine in South Korea officially transitioning from a development project to an active processing facility. Since July 1, the company has been feeding 139,700 tonnes of stockpiled ore through its concentrator — material that, at prevailing tungsten prices, carries a gross value of roughly $68 million. That stockpile represents about 2.6 months of Phase I capacity, giving the operation a running start as it fine-tunes its flotation circuits and locks in concentrate quality.
The market’s reaction, however, has been anything but straightforward. On Tuesday, shares jumped 8.29 percent to close at C$21.15 on the TSX, though a separate report from the same day pegged the gain at a still-robust 6.86 percent and a closing price of C$20.87. The discrepancy appears to reflect intraday volatility rather than a data error — the stock has been swinging wildly, with 30-day annualized volatility approaching 90 percent. Over the past month, the shares have shed nearly 20 percent of their value, yet the year-to-date advance remains a hefty 72.91 percent, and the 12-month gain stands at an eye-popping 245.02 percent.
Behind the choppy price action lies a dense cluster of corporate developments. Almonty recently filed a Form 6-K with the SEC disclosing an amendment to a key supply agreement, dated July 7, 2026. The filing offered few specifics on the change, leaving investors to speculate on how it might reshape the company’s supply chain. That uncertainty has added another layer of complexity to a stock that is already pricing in the execution risk of bringing a major new tungsten mine online.
Should investors sell immediately? Or is it worth buying Almonty?
Adding to the narrative, insider selling has picked up noticeably. Disclosures filed on July 7, 14, and 17 show company insiders trimming their positions — a pattern that naturally draws scrutiny from market watchers, even if it does not alter the operational trajectory at Sangdong.
Meanwhile, Almonty is streamlining its corporate structure. The company will voluntarily delist from the Toronto Stock Exchange at the close of trading on July 31, 2026. The move reflects where the real liquidity now sits: the vast majority of daily volume flows through the Nasdaq Capital Market under the ticker ALM. By shedding the dual-listing costs, Almonty is tightening its belt while keeping its secondary listings on the Australian Securities Exchange and the Frankfurt Stock Exchange intact.
The long-term revenue picture, however, remains the core thesis. Almonty has extended its offtake agreement with Global Tungsten & Powders, a subsidiary of the Plansee Group, from 15 to 21 years. The revised terms lock in a 40 percent increase in volume and a 6.3 percent improvement in pricing, covering roughly 90 percent of Sangdong’s Phase I output through the late 2040s. Analysts at Sphene Capital have responded by reaffirming their positive stance and lifting their price target to C$38.90, citing the enhanced economics and Sangdong’s strategic value as a non-China tungsten source for the defense and high-tech sectors.
With the stock trading 36.58 percent below its 52-week high of C$33.35 from April, and a relative strength index of 44.7 hovering in neutral territory, the market appears to be recalibrating. Investors are weighing the execution risk of the Sangdong ramp-up against a historically tight tungsten market, while the newly disclosed contract amendment and persistent insider sales add further variables to the equation. The next concrete milestone on the calendar is the TSX delisting on July 31, which will mark the end of one chapter and the beginning of a leaner, more focused listing strategy.
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