The tungsten market is in the midst of a geopolitical reordering, and Almonty Industries is positioning itself at the center of the shift. The Canadian-listed producer has locked in a significantly expanded long-term supply agreement with Global Tungsten & Powders (GTP) just as it prepares to abandon its Toronto Stock Exchange listing in favor of a Nasdaq-only future. The moves, though separate, point to a company doubling down on U.S.-focused revenue and operational efficiency while supply-chain anxiety over China’s dominance in critical minerals continues to spread.
Under the terms of the expanded pact, Almonty will deliver a total of 4.41 million metric tonne units (MTU) of tungsten concentrate to GTP over 21 years — a 40% increase in volume from the previous agreement. The pricing formula has also been lifted by roughly 6.3%, translating to an estimated $30 million in additional annual revenue for Almonty. The deal covers about 90% of the concentrate expected from Phase I of the Sangdong mine in South Korea, while Phase II output remains under the company’s own control, giving it strategic flexibility to market future volumes independently.
The timing aligns with the operational ramp-up at Sangdong, where initial production has begun. For investors tracking early-stage miners, the ability to point to a long-term, price-escalated contract provides a tangible anchor for future cash flow visibility — a critical factor when a new mine is still finding its footing. GTP, a leading tungsten powder producer, benefits equally from the arrangement: Chinese export restrictions have made conflict-free tungsten outside the country increasingly scarce, and a guaranteed, long-term supplier like Almonty helps mitigate that risk.
Meanwhile, Almonty has moved to streamline its corporate structure. The company announced it will voluntarily delist its common shares from the TSX effective at the close of trading on July 31, 2026. Management cited the fact that the bulk of its trading volume now occurs on the Nasdaq, where the stock trades under the ticker ALM. Eliminating the dual listing is expected to generate cost savings, and no shareholder vote is required since the Nasdaq provides a sufficiently liquid alternative. Canadian investors are expected to retain access through their brokers, who can route orders to the U.S. exchange.
Should investors sell immediately? Or is it worth buying Almonty?
The listing rationalization comes at a time when tungsten is enjoying unprecedented strategic attention. The wars in Ukraine and Iran have exposed the West’s heavy reliance on Chinese-sourced tungsten for armour, munitions, and high-performance alloys. China controls more than 80% of global production and the vast majority of refining capacity. The International Energy Agency’s Global Critical Minerals Outlook 2026 highlighted that the tungsten price has sextupled, and warned that export controls could disrupt supply chains worth $6.5 trillion outside China. Similar dynamics have pushed cobalt up 130% and lithium more than doubled, while global investment in critical minerals fell 9% in 2025 — even as government funding surged to four times the 2023 level.
The broader industry backdrop has attracted heavyweight investors. Australian billionaire Andrew Forrest recently acquired a 16.8% stake in EQ Resources from Oaktree Capital for around $190 million, sending that tungsten developer’s shares sharply higher. Such capital flows underscore the growing institutional appetite for non-Chinese tungsten supply chains — a tailwind that Almonty, as an established producer outside China, is well placed to ride.
At the stock level, the narrative is more nuanced. Almonty shares closed at C$19.45 on Monday, down 26.27% over the trailing 30 days. The pullback follows a powerful year-to-date rally that saw the stock gain more than 60% and reach a 52-week high in April. Despite the recent retreat, the equity remains 2.36% above its 200-day moving average, suggesting the long-term uptrend is intact even as short-term momentum fades. The stock’s 30-day annualized volatility stands at nearly 85%, a reminder that any operational or strategic news — whether the expanded GTP contract or the TSX exit — can trigger sharp moves.
Looking ahead, the next major catalyst for Almonty is the full production ramp at Sangdong. Only when the mine consistently delivers concentrate will the promised incremental revenue from the GTP agreement materialize on the balance sheet. The transition of Canadian trading activity to the Nasdaq, combined with sustained geopolitical demand for non-Chinese tungsten, will determine whether the stock can shake off its recent softness and reassert its upward trajectory.
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