Almonty Industries: A Wolfram Producer's Two-Exchange Exit Puts Passive Funds in a Bind
Published on 08/01/2026 at 15:24 | Redaktion boerse-global.de
The wolfram producer's share price has been hammered over the past week, but the selling pressure has little to do with the underlying business. Instead, Almonty Industries is navigating a structural transition that has forced index-tracking funds to dump their positions.
Shares closed Friday's session at 15.51 Canadian dollars on the Toronto Stock Exchange, down 4.96 percent on the day. That capped a seven-day stretch in which the stock lost 17.54 percent of its value — a slide triggered by the company's voluntary delisting from the TSX, which took effect at the close of trading on July 31, 2026.
The departure from Toronto carried a knock-on effect that rippled through the share price: Almonty was removed from several global benchmarks, including the FTSE Global Small Cap Index. Passive funds and exchange-traded funds with mandates restricting holdings to stocks listed on major exchanges were compelled to offload their positions. Traders observed unusually heavy volumes in the final hours of trading in Toronto — a textbook technical sell-off rather than a deterioration in fundamentals.
A Second Exit Looms
The Toronto delisting is merely the opening act. Almonty is now preparing to leave the Australian Securities Exchange, with the last day of trading in Sydney set for August 28, 2026, and the delisting effective September 1. Australian shareholders have two choices before the cutoff: sell their CDI holdings on the ASX or convert them into Nasdaq shares on a 1:1 basis. Those still holding positions after that point can use a voluntary selling facility running from September 8 to November 6, 2026.
Should investors sell immediately? Or is it worth buying Almonty?
Once the ASX exit is complete, Almonty will maintain just two listings: the Nasdaq under the ticker ALM as its primary exchange, with Frankfurt serving as a secondary listing.
Management has framed the consolidation as a cost-cutting exercise. Maintaining four parallel listings — with thin trading volumes in both Toronto and Sydney — no longer justified the administrative and compliance burden. The pivot toward the Nasdaq is also designed to attract US institutional investors with an appetite for critical minerals and defense supply chain exposure.
The Numbers Tell Two Stories
The recent correction has been brutal by any measure. The stock now sits 53.49 percent below its 52-week high of 33.35 Canadian dollars, and the 30-day decline stands at 28.63 percent. The shares have fallen beneath both their 50-day and 200-day moving averages, with the price currently 31.01 percent below the 50-day average of 23.02 Canadian dollars.
Yet the longer-term picture offers a striking counterpoint. On a trailing twelve-month basis, the stock remains up 205.92 percent, and year-to-date gains still stand at 31.57 percent. Context helps here: on July 31, 2025, the shares traded at just 4.96 Canadian dollars. The stock hit its 52-week high as recently as April 17, 2026, before the delisting-related turbulence set in.
Technical indicators suggest the selling may be nearing exhaustion. The 14-day Relative Strength Index has fallen to 33.5, edging toward the 30 threshold that many traders interpret as a potential reversal signal. That said, annualized volatility of nearly 89 percent underscores just how jittery the market remains toward this name.
Operational Progress Continues Uninterrupted
While the listing drama has dominated headlines, the company's core business has been advancing on a separate track. On July 1, 2026, Almonty officially transitioned its Sangdong mine in South Korea from developer to active producer, with the processing plant now handling an initial stockpile of approximately 139,700 tonnes of ore as part of the Phase-1 commissioning.
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The operational momentum extends beyond the mine itself. Almonty recently announced an expanded supply agreement with Global Tungsten & Powders, a partnership dating back to 2018. The contract extension adds six years to the arrangement, stretching it from 15 to 21 years from first delivery. Contracted volumes rise by 40 percent, pricing improves by roughly 6.3 percent, and the deal is expected to boost annual contract revenue by at least 30 million US dollars. Over the full 21-year term, Almonty projects total revenue of 490 million US dollars from this single agreement, which covers about 90 percent of Phase-1 tungsten concentrate production at Sangdong.
What Comes Next
With the ASX delisting scheduled for completion by the end of August, trading activity is expected to migrate increasingly toward the Nasdaq in the coming weeks. The next concrete milestone for investors will be the continued ramp-up of the Sangdong mine toward full Phase-1 capacity, followed by the Phase-2 expansion planned for 2027 that would double output.
Potential tailwinds could come from proposed US restrictions on Chinese tungsten imports for defense procurement, which would strengthen Almonty's position as a non-Chinese supplier. For now, though, the share price remains hostage to the mechanics of the listing transition — a process that has punished shareholders despite an operating business that continues to deliver on its promises.
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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.
