Almonty Industries Tightens Its Exchange Footprint as Sangdong Mine Enters Production
Published on 07/24/2026 at 09:12 | Redaktion boerse-global.de
Almonty Industries is executing a deliberate consolidation of its public market presence, with the tungsten producer now set to exit the Australian Securities Exchange by September 1, 2026, following closely on the heels of its planned departure from the Toronto Stock Exchange on July 31. The dual delistings come at a critical juncture as the company transitions its flagship Sangdong mine in South Korea from development into an operational, revenue-generating asset.
The Australian Securities Exchange formally approved the withdrawal under Rule 17.11 of its listing framework, with trading in Almonty's CHESS Depositary Interests suspended on August 28 before the full delisting takes effect. The rationale is straightforward: Australian shareholders now hold just 0.80% of total outstanding shares, making the administrative costs of maintaining the listing difficult to justify given the thin liquidity. Almonty's Toronto exit, announced July 20, follows the same logic — the vast majority of daily trading volume has already migrated to the Nasdaq, where the stock trades under the ticker "ALM." The Frankfurt listing will remain as a secondary venue.
For CDI holders in Australia, the options are clear. They can convert their interests into regular shares by submitting a cancellation form to Computershare, sell through a broker before the suspension date, or do nothing and be placed into a voluntary sale facility where the proceeds are distributed in Australian or New Zealand dollars after the shares are sold on the Nasdaq.
The timing of these exchange exits coincides with a sharp pullback in Almonty's share price. The stock closed at C$19.57 on Thursday, down 2.71% on the day and 41.3% below its 52-week high of C$33.35 reached on April 17. The 30-day decline stands at 16.31%, and the stock now trades 18.29% below its 50-day moving average. Yet the year-to-date picture tells a different story — the shares remain up roughly 65% since January, suggesting the recent correction may represent a breather after an extended rally rather than a structural reversal.
Should investors sell immediately? Or is it worth buying Almonty?
Sangdong's Output Begins to Flow
The operational backdrop provides the counterweight to the delisting narrative. In June 2026, Almonty's processing plant at Sangdong began treating stockpiled ore, marking the mine's transition from construction to production. The company is initially processing lower-grade material before moving to higher-grade ore, with the existing stockpile of 139,700 tonnes covering approximately 2.6 months of Phase I throughput. The estimated gross value of that stockpile stands at roughly US$68 million, giving Almonty a buffer to stabilize operations before fresh mined ore is required.
The demand side received a significant boost when Almonty expanded its offtake agreement with Global Tungsten & Powders. The contracted volume rises by 40%, from 3.15 million to 4.41 million metric tonne units of tungsten concentrate. At current prices, that translates to at least US$30 million in additional annual revenue, with the 21-year contract now valued at US$490 million in total. The timing is notable — the agreement was reached after the Sangdong processing plant had already begun operations, signaling a major industrial customer's confidence in the ramp-up trajectory. Critically, the deal covers only Phase I; the planned Phase II expansion, which would nearly double annual processing capacity, is not yet factored in.
A Market Weighing Two Forces
The stock's recent weakness reflects an unresolved tension. On one hand, the operational milestones at Sangdong offer tangible evidence of progress toward becoming a major non-Chinese tungsten supplier. On the other, the removal of the TSX and ASX listings removes two trading venues precisely when investors are assessing the first production data. The 30-day annualized volatility of 81.21% and a relative strength index of 41.0 suggest momentum remains fragile.
The 200-day moving average at C$19.11 sits just 2.41% below Thursday's close, offering a potential technical pivot point if the Sangdong ramp continues without disruption and the GTP offtake converts into booked shipments. Conversely, any stalling in the ramp or deliveries falling short of the 2.6-month stockpile buffer could amplify the existing downward pressure.
Almonty at a turning point? This analysis reveals what investors need to know now.
For Canadian retail investors, the TSX delisting introduces practical friction. While most brokers can trade Nasdaq-listed securities, affected shareholders should confirm the mechanics with their individual brokerage. The company has noted that shareholder approval was not required given the Nasdaq alternative remains available.
Almonty's strategy is to concentrate its public float on the exchange where the bulk of trading already occurs, streamlining costs and management attention as it focuses on scaling Sangdong toward full Phase I capacity. The next concrete milestones will be the continued progress toward nameplate throughput and the subsequent quarterly report detailing actual tungsten concentrate shipments — the numbers that will ultimately determine whether the production story outweighs the exchange-exit headwinds.
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