The tungsten producer Almonty Industries is executing a sweeping corporate realignment that touches nearly every aspect of its business — from where it lists its shares to where it hangs its corporate hat. The company confirmed this week that it will voluntarily delist from the Toronto Stock Exchange at the close of trading on July 31, 2026, a move that formalizes a shift that has been underway for months.
The decision to leave Toronto comes as no surprise to those watching the stock. The vast majority of daily trading volume has already migrated to the Nasdaq, where Almonty trades under the ticker ALM. Maintaining a dual listing carries administrative costs, regulatory obligations and recurring fees that the company no longer considers justified. Under Subsection 720(b) of the TSX Company Manual, Almonty can proceed without a shareholder vote because an alternative listing — the Nasdaq — remains in place. Canadian retail investors will still be able to trade through brokers that support Nasdaq access, and the company’s secondary listings in Frankfurt and on the Australian Securities Exchange will continue unchanged.
The delisting coincides with a broader strategic pivot. Almonty is relocating its corporate headquarters from Toronto to Dillon, Montana, a move designed to strengthen ties with U.S. defense and industrial partners. The message is unmistakable: Almonty is rebranding itself as an American critical-metals producer rather than a Canadian junior miner.
The stock has been volatile during this transition period. On Thursday, shares traded at C$19.57, down 2.71% from the previous session. That follows a 4.87% decline on Wednesday to C$20.12. Over the past month, the stock has lost 22.05% as early investors appear to be taking profits after a powerful run. Despite the pullback, the year-to-date gain stands at 62.18%, and the 12-month return is a staggering 229.84%. The stock remains 5.42% above its 200-day moving average of C$19.09, suggesting the long-term uptrend is intact. The 14-day relative strength index of 42.6 points to neutral territory — room for further consolidation but no technical alarm.
Should investors sell immediately? Or is it worth buying Almonty?
From its 52-week high of C$33.35, reached in mid-April, the stock has fallen 41.30%. That decline, however, is not linked to the delisting announcement. It reflects a natural correction after a sharp rally, combined with the market digesting the company’s rapid transformation from a development-stage story to a commercial producer.
That transformation is anchored by the Sangdong mine in South Korea’s Gangwon province, one of the largest and highest-grade tungsten deposits globally. On March 17, 2026, Almonty celebrated the formal start of commercial production at the site. The financial results confirm the progress. First-quarter revenue surged to US$25.4 million, a 221% increase year-over-year, driven by record tungsten prices. Adjusted EBITDA swung from negative US$2.4 million to positive US$6.1 million. Operating cash flow turned sharply positive at US$9.7 million, compared with a negative US$4.4 million a year earlier. Cash on hand stood at US$259.9 million as of March 31, with working capital of US$169.5 million.
The bottom line, however, still showed a net loss of C$5.26 million — a dramatic improvement from the C$34.62 million loss in the prior-year quarter. The red ink came not from operations but from accounting charges: valuation losses on embedded derivatives and warrant liabilities totaling US$8.4 million, triggered by the rise in Almonty’s own share price from US$12.07 to US$20.24 during the quarter. In a peculiar accounting irony, the stock’s own gain became a paper liability.
Looking ahead, the critical question is how quickly and reliably Sangdong can ramp production to generate sustainable cash flows. New supply agreements with U.S. defense or industrial customers will serve as the clearest test of whether the strategic repositioning is resonating with the market. The July 31 delisting from the TSX marks a symbolic milestone — the final step in Almonty’s transition from a Toronto-listed junior to a US-anchored producer of strategic metals.
Ad
Almonty Stock: Buy or Sell?! New Almonty Analysis from July 23 delivers the answer:
The latest Almonty figures speak for themselves: Urgent action needed for Almonty investors. Is it worth buying or should you sell? Find out what to do now in the current free analysis from July 23.
Almonty: Buy or sell? Read more here...
