Almonty Streamlines Its Listing Structure as the Sangdong Ramp-Up Gathers Pace
Published on 08/11/2026 at 16:50 | Redaktion boerse-global.de
The tungsten producer's corporate footprint is shrinking even as its operational ambitions expand. Almonty Industries has secured formal approval from the Australian Securities Exchange to delist its CHESS Depositary Interests, with trading in those instruments set to cease on 28 August 2026 and the final removal from the bourse following on 1 September.
The move completes a deliberate retreat from secondary venues. Almonty already wrapped up its voluntary delisting from the Toronto Stock Exchange on 31 July 2026, leaving the company with just two listings: the Nasdaq in the United States and the Frankfurt Stock Exchange in Germany. Management has framed the consolidation as a cost-cutting exercise driven by the modest number of Australian-held CDIs and the administrative burden of maintaining three parallel listings. The expectation is that concentrating trading on fewer venues will deepen liquidity where it matters most.
Investors responded favourably to the news, with the shares advancing more than 3% in after-hours trading on Tuesday. That followed a gain of roughly 3.83% on Monday, when the company issued a routine operational update on its flagship Sangdong project in South Korea.
From Construction Site to Producing Mine
The corporate streamlining coincides with a pivotal operational transition. The processing plant at Sangdong — the project that underpins Almonty's ambition to become a leading supplier of critical minerals outside China — started operations on 1 July 2026. The facility is now converting stockpiled ore into saleable tungsten concentrate, drawing on an inventory valued at approximately US$68 million.
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The ore position itself continues to build. At the end of the second quarter of 2026, the stockpile stood at roughly 139,700 tonnes with an average grade of about 0.25% tungsten trioxide, of which 19,700 tonnes were added during the most recent quarter alone. Management is keen to point out that ore grades at Sangdong run significantly higher than those at its Panasqueira mine in Portugal.
The shift from development project to producing operation is already visible in the financials. First-quarter 2026 revenue climbed 221% year over year, and the company recorded its first positive operating cash flow. That operational momentum has helped stabilise the share price following the technically driven selling pressure that accompanied the Toronto delisting.
A War Chest for the Next Phase
Financing for the ramp-up sits on solid ground. In June 2026, Almonty placed a heavily oversubscribed convertible bond worth US$700 million, carrying a 2.25% coupon and maturing in 2031. An additional greenshoe option brought in a further US$100 million, putting net proceeds from the transaction at approximately US$772.7 million.
That follows an earlier equity raise in December 2025, when an upsized share placement generated gross proceeds of US$129.375 million earmarked for the final stages of Sangdong's development and general corporate purposes. The company subsequently withdrew its previous base prospectus after completing that placement.
Tungsten's Strategic Moment
The operational update lands as tungsten itself moves up the investment agenda. The metal is considered critical for aerospace, semiconductors and defence technology, and reports from wallstreetONLINE on Monday pointed to potential strategic moves by the US Department of Defense that could shake up the tungsten market. Sangdong, at full capacity, is expected to supply roughly 40% of the world's tungsten outside China — a positioning that is drawing increasing attention from institutional investors and defence-industry players looking to diversify their supply chains.
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Almonty has also shifted its corporate headquarters to Dillon, Montana, a relocation designed to strengthen ties with North American industrial and defence interests.
The delisting of two exchanges might sound like a retreat. Operationally, however, Almonty stands at a very different point: Sangdong is producing, revenue is growing at triple-digit rates, and the bond proceeds have filled the war chest for the expansion steps ahead. The next question for investors is how quickly the ramp-up converts into steady, dependable revenue streams.
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