Almonty Industries: Production Dawn at Sangdong Overshadowed by Dual Exchange Exit
Published on 07/29/2026 at 16:13 | Redaktion boerse-global.de
The wolfram producer Almonty Industries is navigating one of the most consequential periods in its corporate history, with the first ore processing at its flagship Sangdong mine in South Korea coinciding with a carefully orchestrated retreat from two major stock exchanges.
Since 1 July, the processing plant at Sangdong has been handling a stockpile of roughly 139,700 tonnes of run-of-mine ore, marking the transition from development project to active concentrate producer. The first phase of operations is designed to process 640,000 tonnes of ore annually, positioning the mine as a strategic non-Chinese source of tungsten — a metal critical to defence, semiconductor manufacturing and aerospace.
Yet the operational milestone has been largely drowned out by the mechanics of Almonty’s stock market restructuring. The company is simultaneously exiting the Toronto Stock Exchange and the Australian Securities Exchange, concentrating all trading activity on Nasdaq and Frankfurt. The one-month notice period for the voluntary ASX delisting began on Wednesday, while the final 48 hours of TSX trading are now ticking down.
A Tightly Timed Departure
The timeline leaves little room for indecision. The last day of trading on the TSX falls on 31 July, followed by the final session for CHESS Depositary Interests on the ASX on 28 August. Formal delisting from the Australian bourse is scheduled for 1 September.
Should investors sell immediately? Or is it worth buying Almonty?
Australian CDI holders have until 28 August to choose their path: they can sell on the open market or convert their holdings into Nasdaq common shares on a one-for-one basis. For those who still hold positions after trading is suspended, Almonty plans to offer a voluntary sale facility.
The rationale behind the dual exit is straightforward. Management argues that the vast majority of daily trading volume already flows through the Nasdaq Capital Market, where the stock trades under the ticker ALM. Maintaining four separate listings — TSX, ASX, Nasdaq and Frankfurt — has become an administrative and compliance burden that no longer justifies the cost.
Technical Pressure Weighs on the Share Price
The restructuring has triggered a wave of forced selling. Funds and institutional investors that track Canadian and Australian indices are rebalancing their portfolios ahead of Almonty’s removal from those benchmarks, creating mechanical selling pressure that has little to do with the company’s underlying prospects.
On Tradegate, the stock was last seen at €10.245, down 4.79 percent. The Canadian-listed shares have fared worse: a 8.40 percent drop on Tuesday left them at C$17.22, now 10.36 percent below the 200-day moving average of C$19.21 — a break of long-term technical support. From the 52-week high of C$33.35 reached in April, the stock has retreated 48.37 percent. The relative strength index has slipped to 34.4, edging towards oversold territory.
Despite the recent correction, the shares remain up 42.67 percent year-to-date.
A Major Shareholder Trims Its Stake
Adding to the selling pressure, Deutsche Rohstoff AG has recently offloaded 5 million Almonty shares at an average price of roughly US$16. The German resource holding company remains a significant shareholder with approximately 5.5 million shares, and continues to hold convertible bonds and loans in the company.
Long-Term Offtake Provides a Backstop
While the stock market narrative has been dominated by technicals, the commercial picture is more constructive. Almonty has secured a recently amended 21-year offtake agreement with Global Tungsten & Powders that covers roughly 90 percent of the mine’s planned Phase 1 production. At current ammonium paratungstate prices, the contract is expected to generate substantial annual revenue.
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The Russell 1000 and Russell 3000 index inclusions that took effect on 29 June provide a potential counterweight to the near-term liquidity disruption. Those memberships should channel passive capital towards the Nasdaq listing over time, helping to absorb the outflows from the TSX and ASX departures.
What Comes Next
With Sangdong now in production, Almonty’s focus narrows to two objectives: ramping up to full commercial output and advancing plans for a tungsten oxide facility. The next five weeks — until the final ASX delisting on 1 September — will test how quickly trading volume can consolidate onto Nasdaq and Frankfurt.
The administrative side of the story is nearing its conclusion. The real test lies underground in South Korea, where the ramp-up of the processing plant will determine whether the long-term offtake agreement with Global Tungsten & Powders can deliver on its promise.
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