Almonty's ASX Exit Clears the Deck as Sangdong Drilling Becomes the Only Story That Matters
Published on 09/12/2026 at 07:10 | Editorial boerse-global.de
Almonty has formally wrapped up its Australian listing, with its CDIs struck from the ASX board on 1 September following a trading halt that began on 28 August. The move extends a listing consolidation that kicked off in the summer, when the tungsten producer pulled its shares from the Toronto Stock Exchange. What remains is a leaner two-market footprint: the Nasdaq, where the stock trades under ALM, and Frankfurt.
For holders of Australian CDIs, the mechanics now carry real consequences. Anyone who failed to convert into Nasdaq shares or sell before the halt can exit through a voluntary sale facility running from 8 September to 6 November. Miss that window and the position rolls into a compulsory sale facility between 9 November and 9 December.
A Cleanup, Not a Retreat
Read one way, the cluster of delistings looks like a company beating a retreat from public markets. The operational reality points elsewhere. Almonty is mid-transition from developer to producer, and a narrower exchange presence trims administrative overhead and cost at precisely the moment the company needs both.
That transition has a location and a date. The Sangdong mine in South Korea's Gangwon province started throughput operations at its processing plant in early July and has since been shipping revenue-generating tungsten concentrate for the first time. The second-quarter figures already reflect the shift: revenue climbed year over year to USD 43.0 million, while the mining business swung from a loss to a USD 26.1 million operating profit.
Price Action Without a Headline
The market has not greeted any of this with buying enthusiasm. Almonty closed Friday at EUR 13.40, down 6.1% on the day and roughly 35% below its 52-week high of EUR 20.61. Over seven sessions the stock has shed 11%. No single trigger explains the recent softness — unlike the operational milestones of past weeks, this is a pure market move with no news anchor behind it.
Should investors sell immediately? Or is it worth buying Almonty?
Zoom out and the picture changes. Year to date the shares are still up 69%, and over twelve months they have gained 247%. The 50-day moving average of EUR 13.34 sits just beneath the current price, hinting at some stabilization after the rally. Volatility, though, remains extreme: a 30-day annualized reading of 75% shows how twitchy the trading has become, reacting to quiet days as much as to news.
The Offtake That Rewrote the Math
Underpinning the growth case is the July expansion of the offtake agreement with Global Tungsten & Powders. The contract term was stretched from 15 to 21 years and the committed volume raised by 40%. At current APT prices, that should lift expected annual revenue from the deal by roughly USD 30 million, to about USD 490 million.
The balance sheet has been fortified in parallel. An oversubscribed USD 800 million convertible bond left Almonty with a cash cushion of CAD 1.2 billion, and quarterly revenue jumped 498% against the prior-year period. A buyback program set up for 2026, covering up to 14.4 million shares through August 2029, offers a further backstop should the share price decouple from operational progress.
Sangdong's Drill Rigs Hold the Answer
All of that financial firepower rests on Sangdong delivering. The company recently published interim results from its large-scale drilling campaign at the Sangdong molybdenum project: about 37% of the 26 planned holes, targeting roughly 12,000 meters, are complete. Assays so far match historical drill data — an encouraging signal, though not yet full proof of the deposit's economics.
That leaves investors with a single question. Will the program confirm those historical grades across the entire 12,000 meters, or will the remaining roughly 63% of holes reveal lower grades or less favorable geology? The bull case sees Almonty confirming or even expanding its Sangdong resource estimate in the coming months. Combined with China's tungsten export restrictions — formalized through a dual-use control list in January 2026 — buyers outside China are, by market accounts, struggling to secure material and willing to pay almost any price. A confirmed Sangdong would make Almonty one of the few Western-oriented suppliers with meaningful incremental capacity.
The bear case sits squarely in those un-drilled meters. Disappointing results would wound the growth narrative badly, especially with the market pricing in little room for error after a year of heavy re-rating. And the scarcity premium is not guaranteed: a loosening of Chinese export policy or the development of alternative supply sources would erode it.
Until the remaining assays land, the fundamental basis for Almonty's valuation holds — regardless of news-free price swings. The next hard checkpoint is 2 November 2026, when quarterly results are due and an updated view of drilling progress is expected. Sangdong, not the daily tape, remains the real driver.
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