Almonty Industries Suspends ASX Trading as Sangdong Ramps Up and TSX Exit Looms
Published on 07/24/2026 at 04:20 | Redaktion boerse-global.de
Almonty Industries has thrown a curveball at investors by voluntarily suspending trading of its shares on the Australian Securities Exchange, effective July 23, 2026. The tungsten producer offered no explanation beyond a terse statement that it is preparing a material corporate announcement, leaving the market to speculate about what lies behind the move.
The suspension applies only to the ASX listing. Trading continues uninterrupted on the Nasdaq under the ticker ALM, as well as in Toronto and Frankfurt. In Toronto, the stock closed at C$19.57 on Thursday, down 2.71% from the prior session — a decline that extends a broader pullback from the April high of C$33.35, leaving the shares roughly 41% below that peak.
A Company in Transition
The timing of the ASX halt is no coincidence. Almonty is navigating a period of profound change. The company recently confirmed it will voluntarily delist from the Toronto Stock Exchange at the close of trading on July 31, 2026, citing cost savings and noting that the bulk of daily trading volume already flows through the Nasdaq. Shareholder approval was not required, as the Nasdaq listing remains in place.
At the same time, Almonty is pushing the Sangdong tungsten mine in South Korea into production. The processing plant began handling stockpiled ore in June 2026, marking the mine's shift from a development project to a revenue-generating operation. The current stockpile of 139,700 tonnes of ore covers roughly 2.6 months of Phase I throughput, with an estimated gross value of about US$68 million — providing a buffer as the company stabilizes output before fresh-mined ore is needed.
Should investors sell immediately? Or is it worth buying Almonty?
A Bullish Offtake Deal
The operational progress is matched by encouraging demand signals. Almonty has expanded its offtake agreement with Global Tungsten & Powders, increasing the contracted volume by 40% to 4.41 million metric tonne units of tungsten concentrate. At current prices, that translates to at least US$30 million in additional annual revenue, bringing the total contract value over its 21-year term to US$490 million.
Crucially, the deal was struck after the Sangdong processing plant had already started operations. A major industrial customer committing to long-term offtake at this early ramp-up stage sends a strong vote of confidence. The agreement covers only Phase I; the planned Phase II expansion, which would nearly double annual processing capacity, remains unpriced.
The Bearish Counterargument
Yet the stock has struggled to hold its ground. The 30-day decline stands at 16.31%, and the shares trade 18.29% below their 50-day moving average. The relative strength index sits at 41.0, while annualized 30-day volatility clocks in at 81.21% — technical signals that point to weak momentum and lingering uncertainty.
The bear case centers on two concerns. First, the ramp-up remains in its infancy. Management itself describes the current phase as a commissioning period, and the stockpile is being used to fine-tune operations amid elevated tungsten prices — the language of a startup, not a steady-state producer. Second, the TSX delisting removes one of four trading venues just as investors are trying to assess the first production data. Canadian retail shareholders may face friction in switching to Nasdaq trading, though most brokers can handle the transition.
What Comes Next
The ASX will review Almonty's forthcoming announcement once released to ensure it meets continuous disclosure requirements before lifting the trading halt. The timing of that announcement remains uncertain — it could come within hours or take several trading days, depending on the complexity of the information.
Almonty at a turning point? This analysis reveals what investors need to know now.
For now, the market must weigh two opposing forces. On the bullish side, the Sangdong ramp-up and the expanded GTP offtake provide tangible evidence of operational progress and long-term revenue visibility. On the bearish side, the stock has already given back more than 40% from its high, the TSX exit creates near-term uncertainty, and the production ramp has yet to deliver hard numbers on shipped and invoiced tungsten concentrate.
The 200-day moving average at C$19.11, just 2.41% below Thursday's close, could serve as a near-term technical pivot point. If Sangdong continues processing without disruption and the GTP deal translates into booked deliveries, the operational story supports stabilization once the TSX transition is complete. If the ramp stumbles or shipment volumes fall short, the recent slide could deepen — especially with a trading platform disappearing at a critical juncture. The next concrete clues will come from progress toward full Phase I capacity and the quarterly report on actual concentrate shipments.
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