The tungsten market’s most-watched Western producer is about to become a one-stop shop for investors. Almonty Industries has ended trading on the Toronto Stock Exchange as of July 31, 2026, leaving Nasdaq as the sole venue for its shares under the ticker ALM. The delisting, which had been flagged as early as July 17, received its final regulatory blessing from the Australian Securities Exchange on July 23, clearing the path for a full retreat from both Toronto and Sydney.
What should have been a clean consolidation of liquidity arrives at an awkward moment. The stock closed its final TSX session at C$15.88, down 2.70% on the day, and the recent tape has been brutal: a 15.58% weekly decline, a 27.69% slide over 30 trading days, and a 51.75% retreat from the April 17 record high of C$33.35. The relative strength index sits at 33.5, hovering near oversold territory β a reading that briefly dipped below 30 earlier in the week. For context, the broader S&P/TSX Composite carries an RSI of 53.2, underscoring just how isolated Almonty’s weakness has become.
The sell-off is not a single-story event. A convertible bond placement has weighed heavily on sentiment, knocking roughly 20% off the share price in its wake β a pattern Almonty shareholders have seen before, including after the Nasdaq listing and again in March 2026. In hindsight, those corrections have historically marked attractive entry points for patient capital. Adding to the cautious mood, insider Mark Trachuk sold approximately 200,000 shares on July 2 at around US$16.97 each, marking the largest insider disposal in three months. Over the past year, insider selling has outpaced buying by a net US$6.4 million.
The volatility is structural as much as circumstantial. Annualized 30-day volatility stands at roughly 89%, a figure that reflects a company scaling up production rather than a stable, mature operator. Yet the long-term arithmetic remains compelling: despite the recent carnage, the stock is still up more than 200% year-over-year.
Should investors sell immediately? Or is it worth buying Almonty?
Management’s rationale for the exchange consolidation is straightforward β thin volumes in Toronto and Sydney, combined with cost considerations, made a single listing the logical endpoint of a broader repositioning. The company has already shifted its corporate domicile from Toronto to Dillon, Montana, this year, and the Russell 1000 and Russell 3000 inclusions at the June 29 reconstitution have broadened the institutional investor base watching the name.
Operationally, July brought a milestone that arguably deserves more attention than the delisting mechanics. Almonty extended its long-term offtake agreement with Global Tungsten & Powders by six years, lifting contract volume by 40% to 4.41 million MTU and improving pricing by approximately 6.3%. The deal locks in annual minimum deliveries of 210,000 MTU once the Sangdong mine reaches full ramp-up β though it bears noting that the agreement covers only the first expansion phase. The planned second phase, which would roughly double Sangdong’s processing capacity, remains outside the contract’s scope, as does output from Almonty’s other sites.
Analysts have largely held their ground through the turbulence. B. Riley Financial raised its price target from US$17 to US$23 in March with a Buy rating, DA Davidson lifted its target to US$33, and Oppenheimer moved to US$25 with an Outperform call in June. Weiss Ratings stands as the outlier with a Sell (D-) rating. The consensus settles at a “Moderate Buy” with an average price target of US$21.88 β well above current levels.
The question now is whether the oversold RSI marks a near-term floor or merely a pause before further pressure. With the TSX chapter closed and the ASX delisting already approved, Almonty’s shares will find their footing β or their next leg down β entirely on Nasdaq, where the company’s production ramp-up and its contract pipeline will face a far more concentrated audience.
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