Almonty Industries is shedding its last Toronto Stock Exchange listing at the end of this month, formalising a shift that has been under way for some time. The tungsten producer will voluntarily delist from the TSX on 31 July 2026, arguing that trading has already migrated overwhelmingly to the Nasdaq, where its shares trade under the ticker ALM. No specific volume or cost figures were given for the move, but the decision aligns with a period in which the company is juggling several major operational and financial developments at once.
At the heart of the current story is the start of production at the Sangdong mine in South Korea in early July. Almonty has begun feeding stockpiled ore through the newly commissioned processing plant to produce saleable tungsten concentrate, marking the transition from mine development to a revenue-generating operation. That milestone was reinforced by a significantly expanded offtake agreement with trading partner GTP: the contract has been extended to 21 years, the volume increased by 40 percent to 4.41 million MTU, and the pricing basis improved by roughly 6.3 percent. At current APT prices, the contract is expected to generate annual revenue of about US$490 million, with the improved pricing alone contributing an additional US$30 million per year. A separate ore stockpile of 139,700 tonnes with an average tungsten trioxide grade of 0.25 percent is valued at around US$68 million, and figures for a potential Phase II and a separate molybdenum project are not yet included.
The operational progress is being matched by notable capital-market activity. In early June Almonty announced plans to place convertible notes worth US$700 million, maturing in 2031. Later that month the stock was added to the Russell 1000 and Russell 3000 indices. On 10 July, DA Davidson raised its price target by US$8. The company also moved its corporate headquarters to Dillon, Montana, in April.
First-quarter results for 2026 showed how the ramp-up is translating into numbers. Revenue from the Panasqueira mine hit US$25.4 million, more than triple the prior-year figure, supported by a favourable pricing environment for ammonium paratungstate. Operating cash flow turned positive at US$9.7 million, and adjusted EBITDA reached US$6.1 million. The departing CFO highlighted a solid balance sheet with US$259.9 million in cash and a working-capital position of US$169.5 million. Still, the bottom line showed a net loss of US$5.3 million, driven by US$8.4 million in non-cash revaluations of derivatives and warrants — a direct consequence of the earlier share-price appreciation. Earnings per share came in at a loss of US$0.02, narrower than the US$0.13 loss in the year-ago quarter.
Should investors sell immediately? Or is it worth buying Almonty?
Yet the stock has been under severe pressure. On Friday it rose 3.94 percent to close at C$19.25, but that bounce came after a roughly 28 percent decline over the previous 30 days. The shares now sit 42.28 percent below the 52-week high of C$33.35 reached in April. The technical picture is strained: the price is about 22 percent below its 50-day moving average, the relative strength index at 38.1 is approaching oversold territory, and annualised volatility is nearly 85 percent. The broader market environment added to the selling pressure — a semiconductor rout and geopolitical tensions in the Middle East around 20 July weighed on sentiment across Asian bourses, spilling into commodity-linked names.
Adding further caution is insider selling. Regulatory filings show that Mark Trachuk sold roughly 200,000 shares on the open market on 2 July at around US$16.97, representing 7.4 percent of his direct holdings and marking the largest insider disposal in three months. Over the past twelve months, insiders have sold a net US$6.4 million more stock than they have bought. That pattern sits awkwardly alongside a year-to-date gain of 59.49 percent and a twelve-month return of 211 percent.
For investors, Almonty presents two opposing narratives. Operationally, the Sangdong ramp-up, the two-decade revenue backstop from the expanded GTP contract, and the index inclusions point to a company entering a new phase of cash-flow generation. Financially, the sharp stock correction, elevated volatility, and persistent insider selling suggest the market is still weighing execution risks around long-term production and contract fulfilment. The delisting from the TSX will now concentrate all trading liquidity on the Nasdaq, leaving the next quarterly report as the clearest test of whether the operational momentum can close the gap with the stock’s diminished valuation.
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