Almonty Industries Faces a Two-Pronged Test as Sangdong Ramps Up and the TSX Listing Fades Away
Published on 07/23/2026 at 14:12 | Redaktion boerse-global.de
Almonty Industries is navigating a defining moment on two fronts. The tungsten producer’s stock slipped 4.87 percent on Wednesday to close at C$20.12, adding to a broader pullback that has wiped 22.05 percent off the share price over the past 30 days. Yet the real story lies beneath the price action: the company is simultaneously pushing its Sangdong mine in South Korea through a delicate ramp-up phase while preparing to exit the Toronto Stock Exchange at month’s end.
The dual developments are forcing investors to separate operational substance from structural noise. The delisting, effective at the close of trading on July 31, 2026, is a logistical shift rather than a strategic retreat. Almonty has seen the bulk of its daily trading volume migrate to the Nasdaq, making the cost and administrative burden of maintaining a dual listing in Toronto increasingly hard to justify. Under Subsection 720(b) of the TSX Company Manual, no shareholder vote is required. Canadian retail investors will retain access to their holdings through brokers that support Nasdaq trading, and the company’s secondary listings in Frankfurt and on the Australian Securities Exchange remain untouched.
The decision itself is unlikely to have driven Wednesday’s decline. It formalizes a trend that has been visible for months: liquidity follows volume, and volume has settled on the Nasdaq. The stock’s 14-day relative strength index of 42.6 points to neutral territory — enough room for further consolidation, but not a technical breakdown. The longer-term trend line remains intact, with the shares still trading 5.42 percent above their 200-day moving average of C$19.09.
What does merit closer attention is the operational story unfolding at Sangdong. Almonty began feed processing at the mine’s concentrator on July 1, 2026, using stockpiled ore that provides roughly 2.6 months of plant feed. This material is lower-grade and serves a specific purpose: optimizing the ore blend and stabilizing feed quality before the transition to higher-grade ore from the mine’s deeper sections. The ramp-up is a planned, phased process, not a demonstration of sustained throughput at design capacity — and that distinction matters for the stock’s next leg.
Should investors sell immediately? Or is it worth buying Almonty?
The market appears to be recalibrating expectations accordingly. The shares now sit 39.67 percent below their 52-week high of C$33.35, reached on April 17, 2026. The annualized 30-day volatility of 88.52 percent underscores just how sensitive the equity is to operational headlines at this stage. With a 14-day RSI of 42.6 and the stock trading nearly 17 percent below its 50-day moving average of C$24.17, the technical picture suggests indecision rather than a clear recovery bias.
Still, the strategic case for Almonty has not weakened. The company recently expanded its offtake agreement with Global Tungsten & Powders, a deal that now covers roughly 90 percent of Phase I tungsten concentrate production. At current ammonium paratungstate prices, that contract represents up to US$490 million in annual revenue — a figure that highlights robust demand from the defense sector even before Phase II comes into play. Phase II, which would roughly double Sangdong’s annual processing capacity, remains a separate growth lever not covered by the existing offtake.
At full capacity, Sangdong is expected to supply approximately 40 percent of the tungsten demand outside China, a statistic that gains weight as Beijing tightens its export controls on strategic minerals. Almonty’s inclusion in the Russell indices in June 2026 has also broadened its institutional shareholder base, potentially providing liquidity support if the company hits its operational milestones.
The bullish narrative, however, hinges entirely on execution. The gap between story and delivered volume remains wide. Sangdong is still processing low-grade stockpiled ore, and any hiccup in blending, recovery rates, or plant reliability during this fragile early phase could delay the transition to steady-state operations. The market capitalization of roughly €3.45 billion rests heavily on future production assumptions. A stumble in the ramp-up could trigger a sharper revaluation, particularly since Phase II capacity and additional offtake volume are neither secured nor generating revenue.
Almonty at a turning point? This analysis reveals what investors need to know now.
The next catalyst is management commentary on progress from stockpile processing to sustainable throughput at design capacity. Those statements will set the tone for the second half of 2026. If feed quality stabilizes without major setbacks, a recovery toward the 50-day and 100-day moving averages of C$24.17 and C$25.25 remains realistic, supported by the contracted GTP revenue and index-driven liquidity. If problems emerge — lower-than-expected recoveries, a delayed shift to higher-grade ore, or slippage in the Phase II timeline targeted for 2027 — the stock could drift back toward or below its 200-day average.
For now, Almonty is in a race between operational proof and market patience. The TSX delisting clears away a structural distraction. What happens inside the Sangdong concentrator will determine everything else.
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