Sangdong Output Begins, GTP Deal Deepens: Almonty Pushes Deeper Into the Post-China Tungsten Equation
Published on 07/21/2026 at 12:02 | Redaktion boerse-global.de
The strategic calculus around tungsten has shifted dramatically in 2026, and few players are benefiting from the realignment as directly as Almonty Industries. With its Sangdong mine now processing ore, a cornerstone off-take agreement extended by six years and expanded by 40%, and a looming exit from the Toronto Stock Exchange, the company is consolidating its position as a non-Chinese supplier at a time when Western buyers are scrambling for alternatives. The stock, however, tells a more complicated story: up 216% year-to-date but down roughly 26% over the past month, it is digesting a furious rally even as the operational news keeps flowing.
Processing at Sangdong in South Korea began in early July 2026. The facility is sitting on a stockpile of approximately 139,700 tonnes of material with a WO? grade of 0.25%, representing a gross value of around $68 million. Behind that feedstock lies an ore reserve of roughly 140,000 tonnes. To fund the development, Almonty placed a convertible note worth $700 million that yielded net proceeds of nearly $772.7 million.
The headline operational achievement, however, is the revamped supply agreement with Global Tungsten & Powders. The contract now runs 21 years instead of 15, the committed volume has jumped 40% to 4.41 million metric tonne units, and the pricing formula has been improved by 6.3%. Management estimates the upsized pact will add at least $30 million in annual revenue, or roughly $630 million over the full contract life. That agreement covers about 90% of Phase I output, with Phase II standing as a separate opportunity.
At the same time, Almonty is streamlining its corporate structure. The company has announced it will voluntarily delist its common shares from the Toronto Stock Exchange effective at the close of trading on July 31, 2026. The rationale is straightforward: the overwhelming majority of trading volume has already migrated to the Nasdaq, where the stock trades under the ticker ALM. Eliminating the dual listing will cut costs, and no shareholder vote is needed since the Nasdaq provides a liquid alternative. Canadian investors can still access the shares through brokers that route trades to the U.S. exchange.
Should investors sell immediately? Or is it worth buying Almonty?
The backdrop for these moves is a global tungsten market that has become a flashpoint for resource nationalism and supply-chain anxiety. China continues to control more than 80% of world tungsten production, and the International Energy Agency’s Global Critical Minerals Outlook 2026 warns that export restrictions could jeopardize supply chains worth $6.5 trillion outside China. The price of tungsten itself has sextupled between January 2025 and April 2026, according to the IEA, while overall investment in critical minerals fell 9% in 2025. Public funding for such minerals, by contrast, hit roughly $65 billion — four times the level of 2023.
That geopolitical tailwind has attracted heavyweight investors. Australian billionaire Andrew Forrest recently spent around $190 million to acquire a 16.8% stake in EQ Resources from Oaktree Capital, signaling that institutional money is betting on non-Chinese tungsten producers. Almonty, with Sangdong coming onstream and a 21-year revenue backstop from GTP, occupies a similar strategic niche — one that analysts are increasingly enthusiastic about.
Sphene Capital reiterated its "Buy" rating on July 20, lifting its price target to C$38.90 from C$37.40. Analyst Peter Thilo Hasler cited the extended and expanded GTP deal as the catalyst. At the stock’s current level of around C$19.53, that implies more than 100% upside. Internationally, Cantor Fitzgerald has a target of $25.50 and D.A. Davidson sees $33. Yet the market has not fully reflected that optimism in recent weeks: the shares closed Monday at C$19.53, up 1.45% on the day but still 41.4% below the 52-week high of C$33.35 reached in April. The 30-day slide of 25.97% looks more like a consolidation phase following a parabolic run than a structural reversal. The stock still trades 2.36% above its 200-day moving average, suggesting the longer-term trend remains intact.
Almonty at a turning point? This analysis reveals what investors need to know now.
For the weeks ahead, investors will watch how smoothly the TSX-to-Nasdaq transition plays out and whether the structural demand for ex-China tungsten continues to gather pace. Almonty has locked in a long-term customer, fired up a processing plant, and simplified its listing structure — all against a resource backdrop that shows no signs of cooling. The near-term price action may be choppy, but the operational foundation is being laid in a way that few Western tungsten producers can match.
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