Almonty's Exchange Exodus: Why Two Delistings and a Wall Street Endorsement Tell the Same Story
Published on 09/10/2026 at 11:52 | Editorial boerse-global.de
Almonty Industries spent the summer shrinking its footprint on two continents while quietly expanding it in a third arena entirely. The tungsten producer walked away from the Toronto Stock Exchange on July 31 and from the Australian Securities Exchange on September 1 — a pair of exits that, on paper, look like retrenchment but function more like a deliberate narrowing of focus toward the venues where institutional capital now congregates.
That shift became concrete at the end of June, when Almonty was added to the Russell 1000 and Russell 3000. Those benchmarks sort companies by market capitalization and pull in passive money that tracks them mechanically. A fund manager buying into the index need not understand a single thing about tungsten supply chains — the inflow arrives regardless. For a niche critical-minerals producer, that is a structural change of the first order.
From Obscurity to Index Constituent
Tungsten rarely comes up in casual conversation, and that obscurity is precisely what lends it strategic weight. Critical raw materials have moved to the center of geopolitical planning, and Almonty's Sangdong mine in South Korea's Gangwon province has been producing since July, with its processing plant now delivering actual throughput rather than serving as a blueprint.
The second-quarter figures explain the institutional attention. Revenue reached $43.0 million, up 498 percent year over year, driven largely by markedly higher tungsten APT prices. A mining loss of $0.9 million flipped into a mining profit of $26.1 million. Adjusted EBITDA swung from minus $4.8 million to plus $17.6 million.
Against that backdrop, Jefferies initiated coverage in early September with a buy rating and a price target of $26.25, citing Almonty's role in building out Western tungsten supply chains. Market commentary also pointed to GBC Research lifting its target from $20.89 to $30, though that view surfaced in secondary commentary rather than a standalone analyst note.
Should investors sell immediately? Or is it worth buying Almonty?
The Chart Behind the Story
The share price has already absorbed much of this narrative. Over twelve months the stock has more than quadrupled, and since the start of the year it has nearly doubled. Yesterday it shed 4.1 percent to close at EUR 15.77 — a pullback that, given the run-up, borders on routine.
Zoom out and the picture shifts: a 2.7 percent gain over seven days and 36 percent over thirty. The stock sits 23 percent below its 52-week high of EUR 20.61, touched in April. Annualized volatility of 76 percent is the toll exacted by a security straddling two identities — speculative commodity wager on one side, legitimate index member on the other. An RSI just under 59 points neither to overbought conditions nor exhaustion, but to consolidation after a steep climb.
The market's sensitivity to analyst signals was on full display after the Jefferies call, when the stock jumped 10.3 percent in a single session. The shares trade roughly 18 percent above their 50-day moving average, evidence that the recent push rests on a broader uptrend rather than a fleeting spike.
Two Sides of the Same Wager
What bulls are really betting on is the structural shortage thesis: if Western tungsten supply remains constrained, Almonty — as one of the few meaningful non-Chinese producers — stands to capture outsized gains from rising prices and long-term supply contracts. Should that narrative translate into concrete offtake agreements, price negotiations, or government backing for Western supply chains, the valuation would rest on solid ground.
The bear case deserves equal weight. Thirty-day volatility of 74 percent cuts both ways, and drawdowns at that level hit as hard as rallies. Leaving the ASX, however orderly, trims the number of trading venues and potentially thins liquidity for part of the existing shareholder base. Targets like those from Jefferies and GBC rest on medium-term assumptions about supply-chain realignment — assumptions that could unravel if policy support for Western critical-minerals projects stalls, or if Chinese tungsten exports loosen unexpectedly. The 24 percent gap to the 52-week high already demonstrates that the stock has absorbed meaningful setbacks.
What to Watch
So long as research houses maintain their constructive stance on Almonty's Western tungsten positioning and no fresh evidence undermines the supply-chain thesis, the volatile upward trend can plausibly continue. Should sentiment turn — whether because geopolitical urgency around tungsten sourcing fades or because contract announcements fail to materialize — a stock priced heavily on future expectations becomes vulnerable to sharp corrections.
The coming weeks will show whether additional analysts line up behind Jefferies or whether those targets prove premature. That verdict typically takes several quarters to render. In the meantime, the delistings from Toronto and Sydney read as management's own wager: a bet that neither city remains a relevant stage for where this company is heading.
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