Almonty Industries: Forced Selling From Two Exchange Exits Overwhelms a Historic Production Start
Published on 07/30/2026 at 11:01 | Redaktion boerse-global.de
The disconnect between a company’s operational achievements and its stock price rarely looks starker than it does for Almonty Industries right now. The tungsten producer has just fired up processing at its flagship Sangdong mine in South Korea — a milestone that transforms it from a project developer into a genuine producer of a metal deemed critical for defense supply chains. Yet the market is punishing the stock with a ferocity that has little to do with the mine itself.
The culprit is a structural overhaul of Almonty’s exchange listings, a process that is forcing institutional holders to liquidate positions regardless of the underlying business performance. The voluntary exit from the Toronto Stock Exchange takes effect at the close of trading on July 31, 2026, with the Australian Securities Exchange delisting following on September 1. The company’s goal is to concentrate trading volume on the Nasdaq and shed the administrative burden of maintaining four separate listings. But for fund managers whose mandates restrict them to TSX- or ASX-listed securities, the message is simple: sell now, ask questions later.
That mechanical selling pressure has already taken a heavy toll. The stock closed at C$15.37 on Wednesday, a single-day drop of 10.74 percent. Over the past 30 days, the decline has deepened to 34.48 percent. At current levels, the shares trade 53.91 percent below their 52-week high of C$33.35 set in mid-April. The secondary article puts the peak-to-trough decline at 53.70 percent, a rounding difference that underscores the severity of the move from either perspective.
Longer-term holders are still sitting on substantial gains, however. The stock has climbed 220.88 percent over the past twelve months in one account, or 222.34 percent in the other — a reminder that the recent sell-off is a late-stage correction, not a collapse of the investment thesis.
Should investors sell immediately? Or is it worth buying Almonty?
A Timeline for Australian Holders
Almonty sent formal notification letters to holders of CHESS Depositary Interests on July 29, 2026, triggering a one-month window for Australian investors to act. Trading in the CDIs will cease on August 28, with the delisting itself becoming effective on September 1. Those who have not sold or converted their holdings by then will have a second chance: a voluntary sale facility runs from September 8 to November 6, 2026. After that, a compulsory sale facility kicks in from November 9 to December 9 for any remaining positions.
Investors who wish to stay in the stock can convert their CDIs into Nasdaq-listed shares on a 1:1 basis at any point up to the close of the voluntary facility. CHESS holders are advised to contact their broker or switch to an issuer-sponsored account to complete the process.
The rationale for abandoning the ASX is straightforward. As of July 14, 2026, Australian CDI holders represented only about 0.80 percent of total shares outstanding. Trading volumes on the exchange have been low and declining relative to the Nasdaq and the TSX. The compliance and administrative costs of maintaining the listing, the company argues, no longer justify the benefit to shareholders.
Sangdong’s Timing Couldn’t Be Worse — or Better
Almonty began processing ore at Sangdong on July 1, 2026, officially ending its development phase and entering production. The timing is geopolitically fortuitous. China, the world’s dominant tungsten supplier for decades, has become a net importer of the metal in 2026. The United States is planning to ban Chinese tungsten from defense procurement starting in 2027. Sangdong’s first expansion phase is designed to produce 2,300 tonnes of concentrate annually — exactly the kind of supply that fits the emerging gap.
Almonty at a turning point? This analysis reveals what investors need to know now.
None of that matters to the funds that are being forced out by mandate. The 14-day relative strength index has fallen to 30.1, a level that typically signals oversold conditions. That reading is consistent with a scenario where forced institutional selling meets thinning liquidity during a listing migration. It is not an all-clear signal, but it does suggest that a meaningful portion of the decline is technical rather than fundamental.
The company’s market capitalization of €3.05 billion sits somewhere between two competing narratives: the industrial rebirth of a company that has finally started pulling metal out of the ground, and the painful consolidation of its stock market infrastructure. Once the ASX delisting is complete in early September, the selling pressure from mandate-bound funds should ease. From that point forward, the question will no longer be where the shares trade, but how many tonnes of concentrate actually flow from Sangdong.
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Almonty Stock: New Analysis - 30 July
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