Almonty Industries: A Wolfram Producer Caught Between Exchange Exit and Record Contract
Published on 08/01/2026 at 21:21 | Redaktion boerse-global.de
The arithmetic of Almonty Industries' current share price tells a story of two very different time horizons. Over the past month, the tungsten producer has shed 30.29 percent of its value, with Friday's session alone accounting for a 4.96 percent decline to C$15.51. Yet stretch that lens to twelve months and the equity still stands 205.92 percent higher — a reminder that the recent slide comes after a spectacular run.
What investors are wrestling with is a transition that cuts in opposing directions. On one side sits a structural market event: the company's voluntary departure from the Toronto Stock Exchange, effective July 31, which has triggered forced selling from index funds and investors unable to hold securities on the remaining venues. On the other lies an operational milestone: the Sangdong mine in South Korea began processing ore on July 1, marking the company's first revenue generation.
The Delisting Overhang
The Toronto exit is the first leg of a consolidation that will see Almonty also leave the Australian Securities Exchange on September 1. Management frames the move as a cost-saving exercise — lower compliance expenses — coupled with a strategic desire to tighten ties with the US defence industry, which is actively scouting for tungsten sources outside China.
For passive investors, however, the rationale matters little. Funds that cannot take positions on Nasdaq or in Frankfurt have been unwinding holdings, pushing the stock deep into oversold territory. The 14-day relative strength index now reads 32.7, a level that typically catches the eye of contrarian investors.
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That technical pressure has created a notable divergence in behaviour between investor classes. While retail participants and index-linked funds have been exiting, Cooper Creek Partners Management has been accumulating. The firm more than doubled its stake during the first half of 2026, purchasing an additional 2.51 million shares to reach roughly 4.78 million — equivalent to 1.69 percent of the company.
The Contract That Reshapes the Outlook
Beneath the chart noise, the fundamental picture has strengthened considerably. Almonty has renegotiated its offtake agreement with Global Tungsten & Powders on substantially improved terms. The contract now extends 21 years, running into the late 2040s, with total volume rising from 3.15 million to 4.41 million metric tonne units of tungsten concentrate. Pricing across all contracted volumes improves by approximately 6.3 percent, and once the ramp-up phase concludes, a minimum annual delivery of 210,000 metric tonne units applies.
The financial scale is considerable. Management estimates the expanded relationship will generate an additional US$30 million in annual revenue, which at current price levels translates to a total contract value of roughly US$10.29 billion over its lifetime.
The timing reflects a market in flux. Chinese export restrictions have driven tungsten prices to historic highs, and Almonty is positioning itself as a long-term, conflict-free supplier delivering into the United States. Sangdong's processing plant is now running through an ore stockpile of approximately 139,700 tonnes, with the ramp-up approaching full Phase 1 capacity.
Analysts Take Note
The sell-side has responded to the operational turning point. D.A. Davidson lifted its price target to US$33 from US$25, while Bank of America Securities reaffirmed its buy recommendation.
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The gap between that analyst optimism and the share price is, for now, a function of the exchange mechanics rather than any deterioration in the business. Market participants are watching the C$15.00 level as a psychological support, while the 50-day moving average sits at C$23.01. A return to that average, according to observers, would require the Sangdong ramp-up to overwhelm the technical selling impulses generated by the delisting process.
For a company in the midst of transitioning from developer to producer, the current moment represents an unusual confluence: operational progress of genuine substance, obscured by a structural market adjustment that has little to do with the underlying asset. The question for investors is whether the forced selling exhausts itself before the production story fully takes hold.
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