Almonty Industries Nears the End of Its Listing Overhaul as Sangdong Output Comes Online
Published on 08/05/2026 at 10:31 | Redaktion boerse-global.de
The final chapter of Almonty Industries' exchange consolidation is now in motion. The tungsten producer confirmed on Tuesday, August 4, 2026, that the Australian Securities Exchange has formally approved the voluntary delisting of its CHESS Depositary Interests. Trading in those instruments is set to cease at the close of business on August 28, with the official removal from the ASX list following on September 1.
That timetable mirrors the company's earlier exit from Toronto. Almonty voluntarily withdrew from the TSX on July 31, 2026, leaving the Nasdaq Capital Market and the Frankfurt Stock Exchange as its two remaining venues. Management has framed both departures in identical terms: maintaining three parallel listings carried administrative and compliance costs that no longer justified themselves, particularly when trading volumes in Canada and Australia lagged far behind those in the United States.
For Australian shareholders, the path forward offers two routes. They can sell their CDIs on the ASX before the deadline, or convert them on a 1:1 basis into Nasdaq-listed common shares. Those who miss both windows retain access to a supplementary selling facility through November 6, 2026.
Index Mechanics Drove the Selloff — and Its Reversal
The turbulence that gripped the stock in late July had little to do with the underlying business. When Almonty left the TSX, it was automatically removed from Canadian small-cap benchmarks such as the Solactive GBS Canada Small Cap Index. Passive funds and ETFs tracking those indices had no choice but to liquidate their positions by the July 31 cutoff. That forced selling produced a cumulative decline of roughly 17.27 percent over a 30-day stretch — a purely technical move with no bearing on company fundamentals.
Should investors sell immediately? Or is it worth buying Almonty?
With the selling deadline now in the rearview mirror, the dynamic has flipped. The stock jumped 13.3 percent on August 3 and 4, climbing to around $12.53 on the Nasdaq, and added another 4.17 percent in early trading on Wednesday. Over the past seven sessions, the shares have gained 13.94 percent, a signal that institutional and value-oriented buyers are stepping back in where index funds were forced out.
Sangdong Shifts From Development to Production
The operational story has been developing in parallel. Almonty's flagship Sangdong mine in South Korea moved into regular production in early August, following the startup of its processing plant in July. The commissioning phase is now complete.
The concentrator is currently drawing on a stockpile of roughly 139,700 tonnes of ore, carrying an estimated gross value of $68 million. That inventory keeps the mill fed while the operation ramps toward its Phase 1 target of 640,000 tonnes of ore per year.
Revenue visibility is underpinned by an expanded offtake agreement with Global Tungsten & Powders, extended to a 21-year term. At current ammonium paratungstate prices, that contract is expected to generate around $490 million in annual revenue and covers approximately 90 percent of Phase 1 output. The arrangement cements Almonty's position as a strategic tungsten supplier to defense and semiconductor customers seeking alternatives to Chinese supply chains.
Almonty at a turning point? This analysis reveals what investors need to know now.
Analysts Turn More Bullish
The production milestone has drawn fresh attention from the sell side. DA Davidson lifted its price target to $33, citing the company's transition from mine developer to active producer. Oppenheimer followed with an increase of its own, moving to $25 while maintaining an "Outperform" rating. The broader consensus sits at "Moderate Buy."
First-quarter 2026 results provide further support for the re-rating. Revenue surged 221 percent year over year to $25.4 million, driven by sustained output at the Panasqueira mine and firmer spot prices for tungsten APT. The company expects the streamlined listing structure to reduce administrative overhead and concentrate global trading volume on its most liquid platforms. For investors in Canada and Australia, the window to sort out positions remains open until November 6.
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