Almonty Industries Crosses the Threshold: Ore Processing Underway as Nasdaq Becomes Primary Home
Published on 07/22/2026 at 19:31 | Redaktion boerse-global.de
The tungsten developer that spent half a decade preparing for this moment has finally crossed into production territory. Almonty Industries began processing ore at its Sangdong mine in South Korea on July 1, 2026, marking the transition from project developer to active producer. The company is now working through a stockpile of roughly 139,700 tonnes of run-of-mine material accumulated during the first half of the year — representing about 2.6 months of Phase 1 capacity and carrying a gross value of approximately $68 million at current tungsten prices.
The market's response has been measured. Almonty shares closed at C$20.87 on Tuesday, up 6.86% on the session, but the stock remains 38% below its April high of C$33.35. Over the past 30 days, the equity has shed nearly 22% of its value. The relative strength index sits at 44.7, a neutral reading that suggests the stock has exited overbought territory and is now searching for direction.
A 21-Year Revenue Backstop
What gives the bull case its backbone is not just the mine itself, but the commercial framework surrounding it. On July 14, Almonty expanded its offtake agreement with Global Tungsten & Powders, a subsidiary of the Plansee Group. The contract now runs 21 years — extended from the original 15 — and locks in a 40% increase in contracted volume with pricing terms improved by 6.3%. The company estimates the expanded deal will add at least $30 million in annual contract revenue. With roughly 90% of Phase 1 output now under long-term offtake, Almonty has effectively secured a revenue stream stretching into the late 2040s.
Sphene Capital responded by reiterating its positive stance and lifting its price target to C$38.90, citing the improved economics and Sangdong's strategic positioning as a non-Chinese tungsten source. China controls approximately 80% of global tungsten supply, and both the U.S. and the EU classify the metal as critical — a designation that has defense and industrial end-users actively seeking conflict-free alternatives.
Should investors sell immediately? Or is it worth buying Almonty?
The Execution Question
For all the strategic tailwinds, the near-term story hinges on operational execution. The processing plant is running on lower-grade material during commissioning as Almonty optimizes its flotation circuits and works toward consistent concentrate quality. Every technical hiccup in the ramp-up — any delay in reaching full Phase 1 capacity or any issue with concentrate purity — carries the risk of another valuation haircut.
The chart tells a cautious story. The stock trades 14.65% below its 50-day moving average of C$24.18, a technical signal that often marks the transition from a medium-term uptrend to a neutral or bearish phase. Annualized volatility stands at 87.51%, underscoring the speculative nature of the name. For bears, the argument is straightforward: the market priced in perfection, and the ramp-up phase is inherently messy.
The TSX Exit and Nasdaq Pivot
Almonty is simultaneously restructuring its market presence. The voluntary delisting from the Toronto Stock Exchange takes effect after the close on July 31, 2026. The move consolidates liquidity on the Nasdaq Capital Market, where the bulk of daily volume already trades under the ticker ALM. Secondary listings on the Australian Securities Exchange and Frankfurt Stock Exchange will remain intact.
The delisting carries both promise and risk. On one hand, eliminating dual-listing administrative and compliance costs makes sense when the Nasdaq handles the majority of trading flow. On the other, Canadian funds and retail investors unable or unwilling to transfer holdings to the U.S. exchange could become forced sellers, creating near-term friction. The key question is whether the anticipated inflow of U.S. institutional capital will absorb that selling pressure.
Where the Floor Sits
The 200-day moving average of C$19.09 has become the critical line in the sand. With the stock currently holding about 8% above that level, the long-term uptrend remains structurally intact. A break below that mark, however, would open the door to a deeper correction toward the 52-week low.
Almonty at a turning point? This analysis reveals what investors need to know now.
Despite the recent 30-day pullback of roughly 21%, the stock still shows a year-to-date gain of 72.91% and stands 236.7% higher than 12 months ago. For bulls, the current weakness is simply consolidation after a massive run — a pause that could reverse once Almonty delivers a Q3 production update confirming the Sangdong ramp-up has reached commercial scale. If the stock remains trapped below the 50-day moving average of C$24.18, the market is likely to stay on the sidelines until the first post-commissioning financial results hit the tape.
The next concrete milestone comes on July 31, when the TSX delisting takes effect and Almonty becomes a pure Nasdaq story. That transition — combined with the operational proof points that follow — will determine whether the recent technical damage is a buying opportunity or the beginning of a longer reset.
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Almonty Stock: New Analysis - 22 July
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