Almonty Winds Down TSX Listing as Sangdong Output and Expanded Tungsten Contract Reshape Its Revenue Outlook
Published on 07/19/2026 at 20:51 | Redaktion boerse-global.de
Almonty Industries is preparing to delist from the Toronto Stock Exchange at the end of July, a move that streamlines its corporate structure but arrives against a backdrop of operational milestones and a steep pullback in the share price. The tungsten producer's voluntary withdrawal, announced on July 17, will take effect at the close of trading on July 31, after which trading will be confined to the Nasdaq under the ticker ALM. Management cited the ongoing costs of a dual listing as the rationale, noting that the bulk of daily trading volume already flows through the U.S. exchange. Shareholder approval was not required because the Nasdaq already provides an alternative market.
Just days before the delisting news, Almonty unveiled a development of far greater financial weight. On July 14, it expanded its long-term offtake agreement with Global Tungsten & Powders (GTP), extending the contract from 15 to 21 years and boosting the committed volume by 40% to 4.41 million MTU of tungsten concentrate. The price per unit also improved by 6.3%. At current tungsten prices, the deal is expected to generate roughly $490 million in annual revenue, translating to a cumulative total of about $10.29 billion over the full two-decade term. That amount covers nearly 90% of the planned Phase I production from the Sangdong mine in South Korea.
The contract extension coincides with the mine's transition from development to production. On July 1, the Sangdong processing plant began throughput operations, using a stockpile of 139,700 tonnes of ore to produce saleable tungsten concentrate. The deposit has historically ranked among the world's largest and highest-grade tungsten resources, and at full capacity it could supply a meaningful share of non-Chinese global output. For Western buyers seeking to diversify away from Chinese suppliers, Almonty is positioning itself as a strategic alternative — a narrative reinforced by the company's relocation of its corporate headquarters from Toronto to Dillon, Montana.
Should investors sell immediately? Or is it worth buying Almonty?
Yet the stock's price action tells a more cautious story. Almonty shares closed at C$19.25 on Friday, a gain of nearly 4% on the day but still 42% below the 52-week high of C$33.35 reached on April 17. Over the past month, the stock has shed more than 25% of its value, and the 50-day moving average of C$24.61 and 100-day average of C$25.36 both sit well above the current price. The 200-day average of C$18.96 may offer the more critical support level, hovering just below Friday's close and representing a full year of market sentiment — from the IPO euphoria and construction delays to the production start and contract expansion.
The volatility is extreme by any measure. The stock's annualized 30-day volatility runs near 85%, a figure that reflects the profile of a project still finding its operational rhythm rather than that of an established industrial producer. The relative strength index sits at 38.1, indicating oversold conditions but stopping short of a clear reversal signal. For a company that only began commercial sales weeks ago, the current market capitalization of roughly €3.27 billion already embeds aggressive assumptions about future phases.
What makes Almonty's case unusual is the geopolitical tailwind behind it. Tungsten prices have soared more than 160% over the past year, driven by repeated Chinese export restrictions and rising demand for strategic metals. The commodity that long played a supporting role in mining portfolios is now treated as essential to Western defense supply chains. Almonty's stock has more than quadrupled from a level of C$4.36 in July 2025, a gain that reflects the market's growing recognition of its geopolitical significance.
But the distance from that low to the current price also highlights the gap between potential and execution. The expanded offtake agreement covers only Phase I of Sangdong. Phase II, which would roughly double processing capacity, remains unbuilt and uncontracted — yet the market is already pricing it in. The challenge for Almonty in the coming months will be less about announcing new milestones and more about converting the now-secured contract into steady, unspectacular cash flow. The next major catalyst is unlikely to come from another headline out of Beijing or Washington; it will come when Sangdong proves it can deliver consistent output without drama.
Ad
Almonty Stock: New Analysis - 19 July
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
Disclaimer regarding our articles: No investment advice, no buy or sell recommendation. Information on prices, companies, and markets is provided without guarantee; changes are possible at any time. Stock market transactions can lead to substantial losses. Our articles are created and reviewed in whole or in part automatically with the support of AI.
