Almonty Industries: Sangdong’s First Output Arrives as a Key Backer Exits Stage Left
Published on 07/28/2026 at 19:50 | Redaktion boerse-global.de
The wolfram developer that just flipped the switch at its flagship South Korean mine is now navigating a market that appears far more focused on who is selling the stock than on what the plant is producing. Almonty Industries saw its shares slide 8.83 percent on Tuesday to C$17.14, extending a 30-day decline of 25.19 percent that has left the equity trading 48.61 percent below its 52-week high.
The immediate catalyst is a decision by Deutsche Rohstoff AG, a long-standing German strategic investor, to trim its stake in the Canadian tungsten producer. The resource group has booked roughly €65 million in proceeds from the share sales directly into its own financial planning, prompting it to raise its EBITDA forecast to a range of €355 million to €375 million. While Deutsche Rohstoff stresses that oil prices remain the primary driver of its business outlook, the partial exit by an insider with deep knowledge of Almonty’s trajectory has weighed heavily on sentiment. Market participants are left wondering whether the recent rally had already priced in the best of what Sangdong has to offer.
The selling pressure from Frankfurt is colliding with a separate technical event that is adding its own friction. Almonty is in the midst of a dual exchange retreat: its listing on the Toronto Stock Exchange ends on July 31, 2026, and the Australian Securities Exchange delisting follows in early September. Management intends to concentrate liquidity on the Nasdaq and the Frankfurt Stock Exchange, but the transition is forcing some shareholders to sell positions they cannot or will not hold offshore. The annualised volatility of the stock, already running at roughly 81 percent, is being amplified by this forced churn.
Yet the picture is not uniformly bearish. Encompass Capital Advisors, a US investment firm, added 47.9 percent to its Almonty position during the first quarter of 2026, acquiring roughly 1.39 million shares to bring its total to more than 4.3 million. The holding is valued at around US$62 million and ranks among the ten largest positions in the fund’s portfolio. That counter-move suggests that at least one institutional player views the recent sell-off as an entry point rather than a reason to flee.
Should investors sell immediately? Or is it worth buying Almonty?
The industrial backdrop against which this drama is unfolding is arguably the most significant development in Almonty’s recent history. The Sangdong mine officially began production on July 1, 2026, with the plant currently processing a stockpile of roughly 139,700 tonnes of run-of-mine ore grading a modest 0.25 percent tungsten oxide. Almonty is using this transitional phase to stabilise the process before transitioning to higher-grade underground reserves. The ramp-up from low-grade stockpile material to underground ore is a notoriously tricky phase in any mining project, and any delays there would push back the cash-flow inflection that the market is anticipating for the second half of the year.
The long-term bull case rests on a structural supply squeeze. China controls approximately 80 percent of global tungsten production, and from 2027 the United States will ban Chinese-sourced tungsten for defence applications. Sangdong, at full capacity, could cover roughly 40 percent of non-Chinese demand, positioning it as a strategic asset for Western supply chains. Almonty has extended its offtake agreement with the Plansee Group and Global Tungsten & Powders to 21 years, covering 90 percent of Phase I output. A second expansion stage is planned for 2027 that would double annual processing capacity to 1.2 million tonnes of ore.
The technical picture is finely balanced. The stock closed Monday at C$18.80, just below the 200-day moving average of C$19.19. The relative strength index sits at 38.8, approaching oversold territory but not yet signalling a reversal. A sustained move below that moving average would be a bearish trigger, while a reclaim of the level on declining volatility could refocus attention on the year-to-date gain of 55.76 percent and the longer-term industrial narrative.
Almonty at a turning point? This analysis reveals what investors need to know now.
For now, the market is weighing a short-term cocktail of insider selling, exchange exits, and ramp-up execution risk against a 21-year revenue contract, a structural supply deficit, and a market capitalisation of €3.32 billion that some see as a reasonable entry point for a future tungsten platform. The next milestone is the TSX delisting on July 31, after which the stock’s trading structure will be simpler — but the questions about Sangdong’s operational trajectory will remain.
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Almonty Stock: New Analysis - 28 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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