Almonty Fires Up Sangdong Production and Streamlines Its Listing as Tungsten Demand Intensifies
Published on 07/21/2026 at 20:12 | Redaktion boerse-global.de
Almonty Industries has crossed the threshold from developer to active producer, delivering its first tungsten concentrate from the Sangdong mine in South Korea this month. That operational milestone arrives alongside a parallel corporate move — the voluntary delisting from the Toronto Stock Exchange at month-end — that together point to a leaner structure built for a single, US-focused trading venue.
The company has been processing ore from a stockpile of roughly 139,700 tonnes, using lower-grade material averaging about 0.25 percent tungsten trioxide to fine-tune the plant during the ramp-up phase. At current market prices, the contained tungsten in that inventory represents a notional gross value of approximately $68 million, a figure management flags as indicative rather than guaranteed, but one that underscores the raw potential already on hand.
That production firepower is now backed by a significantly deepened commercial foundation. Almonty and Global Tungsten & Powders have extended their offtake pact from 15 to 21 years, carrying it into the late 2040s, while boosting contracted volumes by 40 percent to 4.41 million metric ton units and improving the price terms by roughly 6.3 percent. At prevailing pricing, the agreement could generate annual revenue of up to $490 million. Phase I of Sangdong is designed to supply about 90 percent of its output to GTP, and a Phase II expansion — penciled in for 2027 — would double the mine’s capacity.
TSX Exit Sharpens the Equity Story
The decision to delist from the TSX effective July 31 is, according to management, largely an administrative simplification. The bulk of daily trading volume already flows through Nasdaq, where Almonty will continue to trade under the ticker ALM. Eliminating the dual listing cuts compliance and administrative costs without limiting access for Canadian shareholders, who can still trade via brokers with Nasdaq connectivity.
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The stock responded to the twin catalysts of production start and delisting news with a 6.86 percent advance on Tuesday, closing at C$20.87 after a weaker open near C$19.53. Even so, the shares remain roughly 37 percent below the 52-week high of C$33.35 reached in April. The retreat from that peak represented a roughly 21 percent drawdown over the past month, but the stock now sits above its 200-day moving average of C$19.05, a technical signal analysts at Sphene Capital interpret as evidence of stabilisation.
Sphene Capital issued a buy rating on July 20 with a price target of C$38.90, citing the enhanced revenue visibility from the extended GTP contract and the successful commissioning of Phase I. That bullish view joins earlier endorsements from D.A. Davidson, which raised its US-dollar price target to $33 in early July, and Bank of America, which maintained a buy rating.
Financial Inflection in the First Quarter
The operational progress is already reflected in Almonty’s first-quarter results. Revenue surged 221 percent year-on-year to $25.4 million, propelled by record tungsten prices, while adjusted EBITDA swung from a loss to positive $6.1 million. The numbers mark a clear departure from the pre-production phase, when the company was burning cash without associated revenue.
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That shift matters because tungsten has become a strategic material in a way that few other commodities have. The International Energy Agency has highlighted its importance for armour, munitions, aerospace and advanced electronics, and China’s dominant position in the global supply chain has spurred Western buyers to scramble for non-Chinese sources. Almonty is seen as one of the primary beneficiaries of that reconfiguration, with Sangdong positioned as one of the few large-scale tungsten mines outside China.
Delivery vs. Potential
For all the optimism surrounding the contract extension and the ramp-up, the stock remains well below its high, a reminder that execution on Phase II, sustained production consistency and the full closing of any remaining financing needs will determine whether Almonty can reclaim and surpass its April peak. The next catalyst will be the pace at which Sangdong reaches nameplate capacity and whether the GTP off-take stream translates into the kind of margins that justify the analyst targets. With a 21-year revenue backstop in place and the mine now delivering product, the focus shifts from promise to performance.
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