The tungsten producer’s journey toward a leaner exchange structure is nearly complete. Almonty Industries has now secured approval to delist from the Australian Securities Exchange, just two days after its shares officially exited the Toronto Stock Exchange at the close of trading on July 31. Once the ASX delisting is finalized — expected in late August or early September — the company’s equity will trade exclusively on the Nasdaq and in Frankfurt.
That leaves investors who previously held Almonty’s CHESS Depositary Interests in Australia with a straightforward choice: shift their positions to one of the two remaining venues. Management framed the ASX exit as a cost-cutting measure, pointing to the modest share of overall trading volume that Australian CDIs accounted for and the ongoing expenses tied to maintaining a secondary listing. For a company whose tungsten concentrate comes from the Panasqueira mine in Portugal, the logic of trimming redundant listings is hard to argue with — multiple exchange slots consume administrative resources without necessarily delivering meaningful liquidity.
The structural consolidation, however, is landing at an awkward moment for the share price. On Friday, Almonty closed at CAD 15.51, down 4.96 percent on the day, extending a pullback that has pushed the stock below its short-term moving averages. The technical picture has turned distinctly cautious: the 14-day RSI sits at 32.7, a level that suggests oversold conditions, while annualized 30-day volatility has ballooned to roughly 89 percent — an unusually turbulent backdrop for a company with a market capitalization of around EUR 2.72 billion.
Should investors sell immediately? Or is it worth buying Almonty?
Yet context matters here. Despite the recent slide, Almonty shares remain up 205.92 percent over the past twelve months. What looks like a painful correction for recent buyers is, from a longer vantage point, a consolidation phase following an extraordinary rally — not necessarily the beginning of a sustained downtrend. The stock still trades well above its summer 2025 lows, even as it sits roughly 53 percent off its 52-week high.
The valuation debate adds another layer of complexity. Almonty recently reported a loss of CAD 132.56 million, and analyst fair-value estimates range wildly — from just CAD 1 per share on the bearish end to CAD 60 on the bullish side. That extraordinary spread underscores how divided the market remains on how to weigh the company’s growth narrative against its operational losses. Such wide divergences typically emerge when a stock sits at the intersection of a compelling story and a messy income statement, with investors unable to agree on which factor should dominate.
For shareholders, the near-term picture is a study in contrasts. The streamlined exchange presence could improve trading efficiency on the remaining venues over time, and the Nasdaq listing in particular offers greater visibility among U.S. investors while Frankfurt maintains a gateway for European capital. But the immediate signals — the recent price weakness, the oversold technical readings, and the extreme volatility — point to a stock that remains under pressure. The coming weeks, until the ASX delisting is fully executed, will likely determine whether the new trading structure brings the stability that the current environment so clearly lacks.
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