Almonty Industries: Sangdong’s First Ore Meets a Delisting-Driven Storm
Published on 07/29/2026 at 20:51 | Redaktion boerse-global.de
The timing could hardly be more awkward. Just as Almonty Industries flipped the switch on its long-awaited Sangdong processing plant in South Korea, the stock has been caught in a technical downdraft that has little to do with the quality of its tungsten ore.
Shares tumbled 10.34% on Wednesday to C$15.44, extending a seven-session losing streak that now totals 23.26%. The damage is entirely mechanical: Almonty is voluntarily exiting the Toronto Stock Exchange, with the delisting effective at the close of trading on July 31, 2026. Institutional funds mandated to hold only Canadian-listed securities are being forced to liquidate their positions, creating a liquidity vacuum that has pushed the stock 19.71% below its 200-day moving average.
A Second Exchange Exit Adds Pressure
The TSX departure is not the only listing the company is shedding. Almonty has also triggered a one-month notice period for its voluntary delisting from the Australian Securities Exchange, with the exit slated for September 1. Australian investors holding CDIs have until August 28 to either sell on the ASX or convert their holdings into ordinary shares that will trade on the Nasdaq or in Frankfurt.
The dual delisting is part of a broader cost-cutting push. Almonty’s management concluded that maintaining four parallel stock exchange listings was no longer justified, particularly as ASX trading volumes had dwindled to less than 1% of outstanding shares by mid-July. The consolidation leaves just two trading venues: Nasdaq (ALM) and Frankfurt (ALI1).
Should investors sell immediately? Or is it worth buying Almonty?
A Shareholder Shifts Position
The forced selling from index-trackers and mandate-bound funds is not the only source of downward pressure. Deutsche Rohstoff AG recently sold 5 million Almonty shares at an average price of roughly US$16. The German resource holding company remains a significant stakeholder with about 5.5 million shares, plus outstanding convertible bonds and loans, but the sale adds another layer of supply to an already fragile order book.
The cumulative effect has been brutal on the chart. At C$15.44, the stock now sits 53.70% below its 52-week high of C$33.35 reached in April. The relative strength index has dropped to 30.3, flirting with oversold territory, though the annualized volatility of 86.72% suggests the selling pressure is far from exhausted. Year-to-date, however, the stock still carries a gain of 42.67%.
Sangdong’s Commercial Debut
Amid the market mechanics, the operational story is finally shifting from promise to delivery. The Sangdong mine’s processing plant officially began operations on July 1, transitioning Almonty from a mine developer to an active tungsten concentrate producer. Phase I is designed to process 640,000 tonnes of ore annually.
The commercial foundation is already in place. On July 14, Almonty expanded its long-term offtake agreement with Global Tungsten & Powders, a member of the Plansee Group. The contract was extended from 15 to 21 years, with the committed volume rising 40% to cover roughly 90% of Phase I production from Sangdong. At current ammonium paratungstate prices, the agreement implies projected annual revenue of approximately US$490 million over its full term — a level of cash flow visibility rare in the mining sector.
The Bull and Bear Case Collide
For bulls, the combination of a 21-year offtake contract, the world’s largest tungsten deposit outside China, and recent inclusion in the Russell 1000 and Russell 3000 indices in late June paints a compelling picture. Once the Nasdaq listing becomes the primary venue, a broader institutional shareholder base could emerge.
Almonty at a turning point? This analysis reveals what investors need to know now.
Bears counter that the chart damage is real and may take time to repair. The processing plant has only just started up; mechanical delays in reaching full Phase I capacity or fluctuations in concentrate quality could jeopardize the minimum annual volume of 210,000 metric tonne units required under the GTP contract. That would directly hit the revenue targets baked into the offtake agreement.
What Comes Next
As long as the technical selling from the TSX and ASX exits dominates the order book, the stock is likely to remain under pressure. The next concrete catalyst is expected in late August or September: an operational update on the first commercial deliveries of tungsten concentrate.
For now, the C$15.44 level represents a critical threshold. If it holds, it could mark the beginning of a bottoming process. A break lower would suggest the technical cleansing is not yet complete. The fundamental question — whether Sangdong’s production ramp can attract enough new Nasdaq buyers to absorb the forced selling — will take weeks, not days, to answer.
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