Almonty's Shrinking Exchange Footprint Meets Explosive Q2 Numbers — Can the Tungsten Producer Hold Its 80% Volatility?
Published on 09/11/2026 at 05:40 | Editorial boerse-global.de
Almonty Industries is telling two stories at once, and the gap between them explains why the stock has become a case study in how critical minerals and global capital markets are being reshuffled. On one side, the tungsten producer is quietly disappearing from two exchanges. On the other, it is posting numbers rarely seen in the mining sector.
The technical housekeeping is now complete. Almonty's TSX listing ended after the close on July 31, and its removal from the Australian Securities Exchange followed after trading on September 1. The CHESS Depositary Interests had already been pulled from trading at the close on August 28, with the formal deletion from the official quotation sheet taking effect September 1 — a timeline first flagged in late July and executed as expected. Shares now trade in a concentrated fashion on the Nasdaq and in Frankfurt.
That retreat from secondary venues looks like a step back, but it reads more like a clean-up. A company whose operational center of gravity is shifting toward the United States and its strategic raw-materials policy is shedding listings that had become little more than administrative overhead.
Revenue Up 498% While the Ticker Board Shrinks
As the listings narrowed, the underlying business expanded sharply. For the second quarter of 2026, Almonty reported revenue of CAD 43.0 million — a 498% jump year over year, according to InvestorNews. Mining operating income reached CAD 26.1 million, and adjusted EBITDA climbed to CAD 17.6 million.
The bottom line showed a net profit of CAD 181.8 million, though CAD 173.1 million of that came from non-cash gains — a detail that tempers the headline without diminishing the operational core. Progress at the Sangdong project is visibly bearing fruit.
Should investors sell immediately? Or is it worth buying Almonty?
Those figures are no fluke. Tungsten has vaulted into strategic prominence as geopolitical competition reshapes supply chains away from China. A producer that can credibly deliver from outside China becomes a sought-after partner — not only for industrial buyers but, increasingly, for institutional capital.
Pension Money and a Jefferies Buy Call Land in the Same Window
That shift is visible in the ownership moves. The Public Employees Retirement System of Ohio bought roughly 109,000 shares in the second quarter of 2026, worth about USD 1.81 million. Other institutional names including Van Eck Associates, Cooper Creek Partners and Encompass Capital Advisors either added to positions or initiated new ones. This is the kind of capital that rarely speculates short-term — it fits the profile of a company graduating from a niche role into strategic relevance.
On September 2, Jefferies initiated coverage with a buy rating and a price target of USD 26.25, citing Almonty's role in building Western tungsten supply chains. The market visibly welcomed the call: on September 8, the shares climbed 10.3%, according to market observers, helped by improved sentiment around the tungsten story, an August-announced buyback program, the operating results and the analyst endorsement.
A Stock That Moves Without a Company-Specific Trigger
The price action, however, has been anything but orderly. After a 52-week high of EUR 20.61 reached in April, the stock now sits at EUR 14.42 — roughly 30% below its record. On the day in question it shed 8.6%, following EUR 15.77 the prior session. Earlier, the shares had dropped 5.2% on one trading day and jumped about 10% on another, with no concrete corporate catalyst identifiable in either case. Most recently, the stock gave up 9.9% in Frankfurt to close at EUR 14.20.
Zoom out and the twelve-month picture is striking: from a low of EUR 3.68 last September, the shares have nearly quadrupled. An annualized volatility of 80% captures how nervously the market trades a stock whose fundamentals are accelerating but which can also overheat quickly.
For investors, the situation boils down to one question: does concentrating trading on the Nasdaq and Frankfurt offset the loss of ASX liquidity, or does the shareholder base narrow? Delistings of secondary venues are often dismissed as technical details — yet they change who is still permitted to hold the stock and how easily positions can be built or unwound.
The Liquidity Test That Will Decide the Next Leg
If volume on the remaining venues holds steady or even grows, that would signal a successful migration of the investor base. If it sags, wider price swings on comparatively small order sizes become more likely — a pattern already hinted at in the recent, hard-to-explain daily moves. The withdrawal from the ASX, and previously the TSX, also means part of the former shareholder base is forced to reposition or exit. Selling pressure from that group could explain the recent swings and may persist in the weeks ahead.
Almonty at a turning point? This analysis reveals what investors need to know now.
The bull case rests on the Jefferies framework: the bank sees Almonty as a structural beneficiary of Western efforts to become independent of Chinese tungsten sources. Should more analysts echo that view, the consolidation onto two core exchanges could even prove advantageous — concentrated liquidity instead of fragmented listings. The volatility of recent sessions would then look like a transitional phenomenon fading as trading normalizes.
The bear case deserves equal weight. The stock has moved in a volatile range for weeks with little connection to concrete company news — a warning sign of speculation-driven swings rather than fundamental revaluation. And it remains unclear whether the institutions that recently showed interest are actually holding positions at the reported scale; such disclosures are not always independently confirmed and should not be read uncritically as a vote of confidence.
What to Watch Next
As long as volume on the Nasdaq and in Frankfurt stabilizes and the Jefferies thesis on Western tungsten supply chains is backed by further evidence, the bullish scenario stays intact — even if the latest pullback shows the rally is not a straight line. If liquidity on the remaining venues keeps draining, or if daily swings continue without a discernible trigger, more volatile weeks without clear direction lie ahead.
The next real test is whether additional research houses follow Jefferies and whether trading activity on the surviving exchanges genuinely normalizes. Until then, Almonty remains a stock for investors with a high tolerance for risk.
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