The tungsten producer Almonty Industries is navigating a period of stark contrasts. On the operational front, the company is celebrating the start of processing at its flagship Sangdong mine in South Korea and has secured a landmark 21-year supply agreement valued at roughly $490 million. Yet on the trading floor, the stock has been under severe pressure, sliding more than 43% from its 52-week high, as the company simultaneously withdraws from two major stock exchanges.
Almonty will delist from the Toronto Stock Exchange at the close of trading on July 31, 2026, and from the Australian Securities Exchange on September 1, 2026. Trading in its CHESS depositary interests on the ASX will be suspended from August 28. The moves leave Almonty listed solely on the Nasdaq, where it trades under the ticker “ALM,” and on the Frankfurt Stock Exchange under “ALI1.”
Management has framed the dual delisting as a cost-cutting and efficiency measure rather than a strategic retreat. At the ASX, Australian investors held just 0.80% of the company’s outstanding shares as of July 14, 2026, making the listing a negligible source of liquidity. The administrative and regulatory burden of maintaining multiple listings, the company argues, no longer serves shareholder interests. The rationale mirrors that given for the TSX exit, where the focus is also on concentrating trading volume where it already resides — overwhelmingly on the Nasdaq.
The delisting announcements have landed during a difficult stretch for the stock. On Friday, shares fell 5.52% to C$18.81, slipping below their 200-day moving average of C$19.15 — a technical warning signal. The stock now sits 43.60% below its 52-week high of C$33.35, reached on April 17, 2026. Over the past month, the decline has totaled 18.22%.
Adding to the selling pressure, major shareholder Deutsche Rohstoff AG sold approximately 5 million shares in late July, booking a substantial pre-tax profit. The sale coincided with a trading halt on the ASX requested by Almonty on July 23, ahead of a market update originally scheduled for July 27.
Should investors sell immediately? Or is it worth buying Almonty?
Despite the bearish price action, the longer-term picture tells a different story. Over the past 12 months, Almonty shares are still up a staggering 281.54%, driven by the steady progress at Sangdong. The mine officially began processing ore on July 1, transitioning from development into production. Almonty is currently working through a stockpile of roughly 139,700 tonnes of run-of-mine ore, with an estimated gross value of $68 million at current tungsten prices. This initial processing phase is designed to optimize the ore blend and stabilize feed quality before the plant reaches its full Phase I capacity.
The operational momentum was reinforced on July 14, when Almonty expanded its offtake agreement with Global Tungsten & Powders. The key terms include:
- Duration: 21 years from the date of first delivery
- Volume: A 40% increase to 4.41 million metric tonne units (MTU)
- Revenue potential: Approximately $490 million over the contract’s life at current price levels
The deal locks in a reliable buyer for Almonty’s core product for decades, providing a degree of revenue visibility that is rare among junior miners.
The Relative Strength Index currently stands at 38.8, suggesting the stock is approaching oversold territory. Whether the operational milestones at Sangdong and the secured offtake agreement can reverse the technical damage remains to be seen. Investors now have a clear timeline to watch: the TSX delisting on July 31, the ASX suspension on August 28, and the formal ASX exit on September 1. In between, the promised market update and the first production figures from South Korea could provide the catalyst the stock needs to break out of its current slump.
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