Almonty Streamlines Its Listing and Fires Up Sangdong as Tungsten Demand Rewires Supply Chains
Published on 07/22/2026 at 06:42 | Redaktion boerse-global.de
Almonty Industries is entering a new chapter defined by operational delivery and structural efficiency. The tungsten producer has begun processing ore at its flagship Sangdong project in South Korea, while simultaneously moving to consolidate its stock exchange listing by exiting the Toronto Stock Exchange at the close of trading on July 31, 2026.
The dual moves — one operational, one corporate — mark a deliberate shift toward a leaner, revenue-generating business model. The Sangdong processing plant is now converting an initial stockpile of roughly 139,700 tonnes of ore into saleable tungsten concentrate, with an average grade of about 0.25% tungsten trioxide. Management has noted that the ramp-up phase is deliberately using lower-grade material to fine-tune the plant’s systems.
At current market prices, the tungsten content embedded in that stockpile carries a notional gross value of approximately $68 million. While that figure is not a guaranteed outcome, it underscores the raw revenue potential already sitting on site.
The production milestone coincides with a broader recalibration of the tungsten market. The metal is classified as a critical raw material for defense, aerospace, and high-tech applications, and China’s dominant grip on supply chains has made Western buyers increasingly anxious. Analysts see Almonty as a prime beneficiary of the push to secure non-Chinese tungsten sources — a view reinforced by the International Energy Agency’s recent spotlight on the metal’s strategic role in armor, munitions, and advanced electronics.
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That geopolitical tailwind is underpinned by a significantly expanded offtake agreement with Global Tungsten & Powders (GTP), a subsidiary of the Plansee Group. The contract has been extended to 21 years, with committed delivery volumes rising by 40% to 4.41 million metric tonne units. The pricing formula has also been improved. At prevailing prices, the deal could generate annual revenue of up to $490 million — a figure that includes roughly $30 million in incremental sales from the volume and pricing enhancements alone.
Sphene Capital has responded by lifting its price target on Almonty to C$38.90 from C$37.40, maintaining a buy rating. The analyst cited improved visibility into future cash flows, underpinned by the GTP contract extension and the successful commissioning of Sangdong’s first phase. Phase I is expected to supply about 90% of its output to GTP, with a second phase planned for 2027 that would double the mine’s annual capacity.
The TSX delisting is a parallel move to reduce administrative drag. Nearly all daily trading volume in Almonty shares now occurs on the Nasdaq under the ticker ALM, making the dual listing an unnecessary cost burden. The company will shed the associated compliance fees and administrative overhead without disrupting access for Canadian shareholders, who can continue trading through brokers with Nasdaq connectivity. The company’s secondary listings on the ASX in Australia and in Frankfurt will remain in place.
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Despite the operational progress, the stock remains well off its highs. Shares closed at C$20.87 on Tuesday, up 6.86% on the day, but still roughly 37% below the 52-week peak of C$33.35 reached in April 2026. The stock does trade comfortably above its 200-day moving average of C$19.05, suggesting some stabilization after a nearly 21% pullback over the past month.
On a year-to-date basis, however, the picture is far brighter: Almonty shares have gained roughly 73% since January. The TSX exit is a structural streamlining move, not a reflection of operational weakness, and it does not overshadow the revenue inflection that Sangdong’s ramp-up and the expanded GTP contract are now beginning to deliver.
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Almonty Stock: New Analysis - 22 July
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