Almonty Industries: Sangdong’s First Tungsten Concentrate Meets a Messy Exchange Exit
Published on 07/30/2026 at 21:01 | Redaktion boerse-global.de
The timing could hardly be more awkward. Just as Almonty Industries begins producing saleable tungsten concentrate from its flagship Sangdong mine in South Korea, the company is simultaneously pulling its stock from two of the three exchanges where it trades. The result is a stock caught between an operational breakthrough and a structural liquidity squeeze.
On Friday, Almonty will delist from the Toronto Stock Exchange, where it traded under the ticker AII. The Australian Securities Exchange exit follows on September 1, with the company citing low trading volumes at both venues as the rationale. That leaves the Nasdaq listing under the ticker ALM as the sole primary exchange — a concentration of liquidity that should, in theory, benefit the stock over the long run. In the short run, however, the twin delistings have added a layer of forced selling and uncertainty to a share price already nursing deep wounds.
The stock closed Thursday at C$15.97, up 3.9% on the day, but that small bounce does little to mask the damage. From its 52-week high of C$33.35 hit in mid-April, the shares remain more than 52% lower. The 30-day annualized volatility sits at 87.55%, and the relative strength index of 33 signals an oversold condition. Those technical readings echo the primary article’s RSI of 34.3 and 89% volatility figure — both pointing to a market that has thrown the baby out with the bathwater.
The Operational Anchor That Should Matter More
Amid the delisting noise, Sangdong’s progress deserves attention. Almonty has begun feeding stockpiled ore through the newly commissioned processing plant and producing marketable tungsten concentrate. The company entered the ramp-up with a comfortable buffer: roughly 120,000 tonnes of ore stockpiled after the first quarter of 2026, with another 19,700 tonnes added in the second quarter, bringing total reserves to nearly 139,700 tonnes. That is enough feedstock to keep the plant running while the company fine-tunes its blend ratios.
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Two weeks after the first production announcement, Almonty expanded its long-term offtake agreement with Global Tungsten & Powders. The deal now runs six years longer, carries 40% more volume, and commands roughly 6.3% better pricing. At current tungsten prices, the contract alone is expected to generate US$490 million in annual revenue over its 21-year term, covering about 90% of Sangdong’s Phase I output.
The macro backdrop adds further tailwinds. Ammonium paratungstate prices have surged from around US$330 per MTU in January 2025 to US$2,975 by late March 2026 — nearly a tenfold increase. And starting in January 2027, a new U.S. Department of Defense rule will ban procurement of tungsten from China, Russia, Iran, and North Korea. For a Western producer like Almonty, that is structural demand support that no delisting can erase.
The Bearish Counterpoints
Yet the stock’s slide is not entirely irrational. The expanded GTP contract has a clear limitation: it covers only Phase I production. Phase II, which would roughly double processing capacity, remains unfunded and unscheduled. Capital and timelines for that expansion are still undefined.
Operationally, the ramp-up remains in its earliest, most unproven stage. Almonty is deliberately processing lower-grade material to optimize the ore blend and ensure consistent feed quality — standard practice during a commissioning phase, but not evidence of stable commercial production. If throughput or ore grades disappoint, the premium baked into the stock price could erode further.
The technical picture reinforces the caution. The stock trades roughly 30% below its 50-day moving average of C$23.21 and well under the 100-day average of C$24.71. The RSI at 34.3, despite Thursday’s bounce, points to battered sentiment rather than a decisive reversal.
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What Comes Next
The next concrete milestones are clear: further updates on ore grades as the plant ramps toward full Phase I capacity, news on Phase II financing, and the trajectory of ammonium paratungstate prices through the second half of 2026. For now, the stock sits roughly halfway between its 52-week low of C$4.54 and its high of C$33.35 — a wide range that reflects the binary nature of the Sangdong story.
The delisting process adds a layer of short-term noise that should fade once the Nasdaq becomes the sole venue. But until the ramp-up delivers consistent, high-grade concentrate, the market will keep demanding proof. Thursday’s bounce is a pause, not a verdict.
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