Almonty Industries: A Shareholder Sells, a Mine Starts, and Two Exchanges Get the Boot
Published on 07/25/2026 at 04:21 | Redaktion boerse-global.de
The past week has delivered a flurry of cross-currents for Almonty Industries, as the tungsten developer juggles a major shareholder’s partial exit, the formal start of processing at its flagship Sangdong mine, and a deliberate retreat from two stock exchanges. For investors tracking the stock’s recent slide, the question is which of these forces will prove the most durable.
A Strategic Investor Cashes In
Adding a layer of complexity to the narrative, Germany’s Deutsche Rohstoff AG has trimmed its position in Almonty, selling five million shares at roughly $16 apiece. The disposal generated a pre-tax profit of approximately €65 million for the German resource group, which still holds 5.5 million Almonty shares after the sale. Deutsche Rohstoff used the windfall to bolster its own 2026 EBITDA forecast, lifting it from a range of €290-310 million to around €365 million, while keeping its revenue projection unchanged at €260-280 million.
Market participants often read such partial divestments by long-standing cornerstone investors in two ways: as validation that the position has appreciated handsomely over time, but also as a potential harbinger of further supply should other legacy holders follow suit. The timing of the sale, coinciding with the delisting news, likely compounded the short-term unease around the stock.
Sangdong Processing Kicks Off
Amid the corporate restructuring, Almonty achieved a long-awaited operational milestone on July 1, when it officially began processing ore at the Sangdong mine in South Korea. The facility is currently working through an initial stockpile of roughly 139,700 tonnes, with the first pass designed to optimize the ore blend as the operation gradually ramps toward Phase I capacity. Sangdong is considered one of the largest and highest-grade tungsten deposits outside China, giving it strategic weight for Western supply chains focused on defense and advanced technology.
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The production start coincides with an expanded offtake agreement with Global Tungsten & Powders, a subsidiary of the Plansee Group. The contract has been extended from 15 to 21 years, pushing its term into the late 2040s, while the total volume rises by 40% to 4.41 million metric tonne units and the price improves by roughly 6.3%. At current market prices, the deal covers about 90% of Phase I output and is expected to generate approximately $490 million in revenue over its lifespan.
A Deliberate Retreat from Toronto and Sydney
Almonty confirmed this week that it has voluntarily applied to delist from both the Toronto Stock Exchange and the Australian Securities Exchange. Trading on the TSX will cease on July 31, 2026, with the ASX following shortly after — trading in depositary interests there will be suspended on August 28, and the final delisting is set for September 1, 2026. Management cited thin trading volumes in Australia — where only 0.80% of outstanding shares are held — alongside the high costs of maintaining multiple listings. Going forward, Almonty will concentrate its capital markets presence on the Nasdaq under the ticker ALM, targeting US institutional investors who classify tungsten as a strategic material for defense and high-tech applications.
Price Action and Technical Picture
The stock closed at C$19.91 on Friday, down 1.04% on the day, leaving it roughly 40.30% below its 52-week high of C$33.35 reached in April. The relative strength index sits at 42.0, signaling neutral territory after a volatile stretch, while the annualized volatility of over 81% underscores the stock’s propensity for sharp moves. On a 12-month basis, however, the shares have still gained 229.64%, reflecting the broader strategic repricing of tungsten exposure in Western defense supply chains.
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Sphene Capital remains constructive despite the pullback, raising its 36-month price target to C$38.90, citing improved visibility on future cash flows from the expanded GTP contract. Other market observers point to a C$27.80 target, implying meaningful upside from current levels — provided the exchange transition proceeds smoothly and operational execution supports the more bullish scenarios.
For Almonty, the coming months will test whether the operational ramp at Sangdong can outpace the short-term noise from exchange exits and insider selling. The company’s bet is that a leaner listing structure and a producing asset will ultimately command a higher valuation than the sum of its parts today.
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