Almonty Industries: A Tungsten Milestone Buried Under Forced Selling
Published on 07/31/2026 at 18:51 | Redaktion boerse-global.de
The timing could hardly be more awkward. Almonty Industries flipped the switch at its Sangdong mine in South Korea on July 1, transitioning the decades-in-the-making project from development to active production. Within weeks, the stock was shedding value at a pace that had little to do with the quality of the ore coming out of the ground.
What investors are actually witnessing is the messy mechanics of a deliberate corporate restructuring. The tungsten producer is pulling its listing from the Toronto Stock Exchange at the end of July, with a departure from the Australian Securities Exchange to follow in September. That leaves Nasdaq and Frankfurt as the company's two remaining trading venues — a consolidation management frames as a straightforward cost-cutting exercise that should ultimately deepen liquidity where it matters.
For institutional funds and ETFs mandated to hold securities on the TSX or ASX, however, the exit is not optional. They must liquidate. The resulting forced selling has dragged the share price down 15.05 percent over the past week and 28.18 percent on a monthly basis. At last check, the stock was changing hands at 15.98 Canadian dollars, a full 17.13 percent below its 200-day moving average — a gap that reflects portfolio mechanics rather than any reassessment of the mine's prospects.
A Familiar Pattern of Post-Listing Pain
This is not the first time Almonty shareholders have been put through the wringer. The company saw a roughly 20 percent drop following its convertible bond placement, and similar sharp corrections followed the Nasdaq listing and again in March 2026. In hindsight, each of those episodes proved to be an attractive entry point for patient investors.
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The latest slide has been compounded by insider activity. On July 2, Mark Trachuk sold around 200,000 shares at approximately 16.97 US dollars apiece — the largest insider sale in three months. Over the trailing twelve months, insiders have been net sellers to the tune of 6.4 million US dollars.
The stock now sits 51.75 percent below its 2026 high of 33.35 CAD, reached on April 17. Yet the longer view tells a different story: shares are still up 215.19 percent year over year, a gain that reflects what has become known in the sector as the "minerals security premium."
The Geopolitical Case Remains Intact
Western governments are systematically reworking supply chains to reduce dependence on China, and the US is expected to tighten tungsten procurement rules for defense applications by 2027. Sangdong is positioned to supply roughly 40 percent of non-Chinese global tungsten demand at full capacity, making it far more than a conventional mining asset — it is a strategic card in an unfolding geopolitical game.
Almonty's broader vision, which management describes as a "Korean trinity," pairs the now-operational Phase 1 mine with a molybdenum project and a planned tungsten oxide processing facility. The company's June inclusion in the Russell 1000 and Russell 3000 indices underscored its evolution from speculative explorer to industrial player, with a market capitalization of 2.70 billion euros.
Analysts Hold Their Ground
Despite the sell-off, the analyst community has largely refused to blink. B. Riley Financial raised its price target from 17 to 23 US dollars in March while maintaining a buy rating. DA Davidson pushed its target to 33 US dollars, and Oppenheimer lifted its to 25 US dollars in June with an "Outperform" call. Weiss Ratings stands as the outlier with a "Sell (D-)" rating from June.
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The consensus shakes out to a "Moderate Buy" — one strong buy, four buys, and one sell — with an average price target of 21.88 US dollars, well above current levels.
Reading the Technical Tea Leaves
With an annualized 30-day volatility of nearly 89 percent, the ride is unlikely to smooth out overnight. But the technical indicators offer a hint that the worst may be passing. The relative strength index sits at 33.8, having dipped below 30 at points this week — territory that historically has marked the tail end of sell-offs. For context, the broader S&P/TSX Composite carries an RSI of 53.2, underscoring just how idiosyncratic Almonty's weakness has been.
The key question in the weeks ahead is how quickly Nasdaq and Frankfurt can absorb the shares shed from Toronto and Sydney. Once the dust settles on the TSX exit, attention should return to the Gangwon mountains, where the first shipments of saleable tungsten concentrate are already moving. The story, in other words, was never really about which exchange the ticker trades on.
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