Almonty’s Exchange Consolidation Coincides with a Major Shareholder’s Profitable Exit
Published on 07/25/2026 at 09:02 | Redaktion boerse-global.de
The tungsten producer Almonty Industries is navigating a period of significant structural change, as it prepares to shed two of its three secondary stock exchange listings while simultaneously absorbing the impact of a major shareholder cashing in a substantial portion of its stake. The convergence of these events has injected a degree of short-term uncertainty into a stock that has otherwise been one of the standout performers in the critical minerals space.
The most immediate catalyst for the current market jitters is the company’s accelerated withdrawal from the Toronto Stock Exchange, effective July 31. This follows a previously announced plan to delist from the Australian Securities Exchange, where trading in the company’s CHESS Depositary Interests (CDIs) will cease on August 28, with the formal delisting taking effect on September 1. Almonty has justified the move by pointing to the negligible trading volume on the ASX, where CDIs represent just 0.80 percent of outstanding shares and see a daily average of roughly 30,058 units traded. By contrast, the combined daily volume on the Nasdaq and TSX exceeds 6.4 million shares. The company will retain its primary listing on the Nasdaq under the ticker ALM, alongside a continued presence in Frankfurt. For CDI holders, options include converting their interests into ordinary shares, selling on the ASX before the August 28 deadline, or utilizing a series of sell-down facilities that run from September 8 through December 9.
Adding to the near-term pressure on the stock, the Deutsche Rohstoff AG — a well-known cornerstone investor — has sold a portion of its holding, booking a substantial profit in the process. The German resource group offloaded five million Almonty shares at approximately $16 per share, generating a pre-tax gain of roughly €65 million. Deutsche Rohstoff still retains 5.5 million Almonty shares after the sale. The transaction has been read by the market through a dual lens: on one hand, it validates the extraordinary appreciation of the position over time; on the other, it raises the specter of further supply hitting the market if other long-term holders follow suit. The timing of the sale, coinciding with the delisting announcements, has amplified investor unease.
Should investors sell immediately? Or is it worth buying Almonty?
The stock has felt the weight of these developments. At Friday’s close, shares were trading at 18.81 Canadian dollars, a decline of 5.52 percent on the day. That puts the stock roughly 43.60 percent below its 52-week high of C$33.35, reached in mid-April. However, the correction must be viewed in the context of an extraordinary run: the stock has still gained 229.64 percent over the past twelve months, fueled by the growing strategic importance of tungsten for Western defense and supply-chain security. Short interest has also been building, with data from late June showing short positions rising to approximately 13.68 million shares, or 4.79 percent of the free float — a 54.01 percent increase from the prior reporting period. The days-to-cover ratio stood at 2.4, suggesting a growing cohort of traders betting on further downside.
Operationally, the company continues to make progress at its flagship Sangdong mine in South Korea, where it has reported 139,700 tonnes of ore mined. The project sits at the center of Almonty’s strategy to become a key non-Chinese supplier of tungsten, a metal classified as critical by Western governments. The company also holds projects in Portugal, the United States, and Spain. In a parallel move, Almonty issued 62,518 new common shares under a cleansing notice pursuant to Australian corporate law, though no details on pricing or proceeds were disclosed.
Investors are now looking ahead to the company’s quarterly results, scheduled for August 7, which will provide the first concrete insight into how the ramp-up at Sangdong is translating into financial performance. Until then, the stock is likely to remain caught between the mechanics of the listing consolidation and the fundamental tungsten story. Some analysts maintain a price target of C$27.80, implying significant upside from current levels, provided the exchange transition proceeds smoothly and operational execution supports the more bullish scenarios. For now, the July 31 TSX delisting represents the next tangible milestone for shareholders to watch.
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