The tungsten producer Almonty Industries has spent the summer executing a deliberate corporate restructuring — and its share price has paid the price for it. A roughly 30 percent decline over the past 30 days has little to do with the underlying business and everything to do with the mechanics of moving between exchanges, exiting indices, and absorbing the aftershocks of a large convertible bond placement.
A Forced Selling Cascade From Toronto
The most recent catalyst was the company’s voluntary delisting from the Toronto Stock Exchange, which took effect on July 31, 2026. On its final day of trading in Canada, the stock closed at C$15.51, down nearly 5 percent. The exit automatically triggered Almonty’s removal from the FTSE Global Small Cap Index, forcing passive funds with Toronto-specific mandates to liquidate their positions before the last trading session. Analysts largely characterize the resulting selling pressure as technical in nature rather than a reflection of deteriorating business fundamentals.
The delisting wave is not finished. Almonty has also received approval to withdraw from the Australian Securities Exchange, with trading in its CHESS Depositary Interests (CDIs) ending on August 28, 2026, followed by formal removal on September 1. The rationale for leaving Australia is straightforward: by mid-July, only about 0.80 percent of the company’s shares remained registered as CDIs there. Management is consolidating liquidity on the Nasdaq under the ticker ALM and on the Frankfurt exchange, aiming to eliminate the costs of maintaining three parallel primary listings.
The Convertible Overhang
The index-driven selling has been compounded by another structural factor. On June 4, Almonty announced pricing for a convertible bond initially sized at US$700 million. After full exercise of the over-allotment option, the placement closed on June 9 at US$800 million. Since then, short interest in the stock has risen noticeably — a classic pattern following convertible issuance, as investors frequently build hedging positions against the underlying equity. The stock has now drifted toward a Fibonacci zone that traders are watching as a potential support level.
The combination of delisting-related forced selling and convertible hedging activity has created a technical burden that market observers say is largely disconnected from the company’s operational trajectory.
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A Sharp Operational Inflection
That operational story, meanwhile, is strengthening considerably. In the first quarter of 2026, Almonty grew revenue by 221 percent to US$25.4 million, reported its first positive EBITDA at US$6.1 million, and narrowed its net loss to US$5.3 million. The figures, published in May, paint a picture of a business gaining real momentum — a stark contrast to the stock’s recent weakness.
The ramp-up at the Sangdong tungsten mine in South Korea is central to that narrative. Since July 1, 2026, the operation has generated its first revenue, with the processing plant currently treating an initial stockpile of roughly 139,700 tonnes of ore into saleable tungsten concentrate. Offtake for the first expansion phase is secured through a supply agreement with Global Tungsten & Powders, which was recently extended to a 21-year term. At full capacity, Sangdong is expected to supply around 40 percent of tungsten demand outside China — a figure that would position Almonty as a critical supplier to Western defense and high-tech industries.
A Changing Index Profile
While Almonty is disappearing from small-cap benchmarks, it is simultaneously appearing in larger ones. Since June 29, 2026, the stock has been included in both the Russell 1000 and the broader Russell 3000 indices. The promotion into large-cap benchmarks reflects a shift in the company’s profile from project developer to established producer.
Analysts remain broadly optimistic despite the sell-off, with a consensus price target of C$27.80 — well above current trading levels. The gap between that target and the actual share price underscores how much of the recent decline has been driven by the one-off effects of the exchange transition and the bond placement rather than by business fundamentals.
The coming weeks will show how trading settles on the Nasdaq and in Frankfurt following the ASX exit in early September. The technical selling wave from Toronto should dissipate as the index adjustments are completed, while the improving quarterly results provide a fundamental counterweight to the stock’s recent weakness.
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