Almonty Embraces a US-Only Future as Sangdong Output and a Two-Decade Revenue Backstop Come Into Focus
Published on 07/20/2026 at 05:32 | Redaktion boerse-global.de
Almonty Industries is betting its future entirely on the United States. The tungsten producer has confirmed it will delist from the Toronto Stock Exchange on July 31, 2026, leaving its Nasdaq listing under the ticker ALM as its sole public home. The move, first flagged on July 17 and formally scheduled two days later, caps a series of strategic steps that have steadily reoriented the company toward American capital markets and industrial customers.
The delisting arrives on the heels of a watershed operational milestone. On July 1, Almonty began processing tungsten concentrate at its Sangdong mine in South Korea, a project that is now generating its first commercial volumes. Within days, the company locked in a major expansion of its existing offtake agreement with Global Tungsten & Powders. The enhanced contract, signed on July 7 and announced on July 14, extends the term from 15 to 21 years and increases the volume by 40% to 4.41 million metric tonne units. At current APT prices, that translates to roughly US$490 million in annual revenue, with the company expecting at least US$30 million in additional yearly proceeds from improved pricing terms. Phase I production at Sangdong is about 90% covered by the agreement.
For a company that has long been defined by its development-stage profile, the contract terms provide an unusual degree of visibility. Yet the stock has gone in the opposite direction. Almonty shares closed the week at C$19.25, up 3.94% on the day, but that masks a steep 42.28% retreat from the C$33.35 high reached on April 17, 2026. Over the past month, the stock has lost 25.45% and shed 17.66% in a single seven-day stretch. The selling pressure is amplified by a surge in short positions — up 54% from the prior month as of July 18, with a days-to-cover ratio of 2.35.
Should investors sell immediately? Or is it worth buying Almonty?
The near-term volatility obscures a lopsided longer-term picture. From the start of 2026, Almonty shares are still up 59.49%, and over the trailing twelve months they have soared 209.49%. The current correction is drawing divergent interpretations: some investors see a necessary breather after a blistering run, while others are piling on short bets.
Almonty’s pivot to the US market has been methodically prepared. In April, the company moved its corporate headquarters to Dillon, Montana. Late June brought inclusion in the Russell 1000 and Russell 3000 indices, opening the door to the institutional investors that track those benchmarks. And earlier this month, DA Davidson raised its price target for Almonty by US$8, adding analyst support to the bull case. To fund its ambitions, the company filed in early June for a convertible-bond issuance of US$700 million, due 2031 — an amount well beyond what a firm of Almonty’s current market capitalization might typically attempt.
The tungsten market itself is giving Almonty a powerful tailwind. The company’s July 19 newsletter highlighted a structural shift: the APT reference price, measured CIF Rotterdam/Baltimore, has surged from roughly US$330 per mtu in January 2025 to more than US$3,000 today. The catalyst was China’s imposition of export controls on February 4, 2025, which turned the country into a net importer — bringing in over 10,000 tonnes of concentrate in 2025. Almonty argues that Western mine projects cannot close that gap for years, while defense-sector demand has yet to fully materialize.
Balancing all these currents — the TSX exit, a blockbuster financing, first production in South Korea, a revenue contract stretching two decades ahead, and a stock still well off its peak — the next quarter will test whether the market’s skepticism is a short-term squall or something more persistent. For Almonty, the pieces are in place; the question is whether execution will outrun the doubts.
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