Almonty's Listing Consolidation Nears Completion as Tungsten Market Dynamics Shift
Published on 08/09/2026 at 07:11 | Redaktion boerse-global.de
The tungsten producer Almonty Industries is approaching a pivotal juncture, with its global listing overhaul winding down just as investors brace for fresh operational data. Shares closed at $12.56 on the Nasdaq, where trading now takes place exclusively after the company's voluntary delisting from the Toronto Stock Exchange at the close of business on July 31. The final session in Toronto saw the stock retreat 4.96 percent to C$15.51.
Australia is next in line. The ASX has formally approved Almonty's withdrawal, with CDIs set to be suspended from trading on August 28 and the stock officially delisted effective September 1. Management has cited persistently weak and declining volumes in Australia relative to the Nasdaq as the rationale, noting that locally registered shares had dwindled to roughly 0.80 percent of total outstanding by mid-July. Going forward, liquidity will concentrate on the Nasdaq and Frankfurt exchanges.
Options Market Signals Anticipation Ahead of Earnings
The administrative machinery has been busy in other areas too. On August 7, Almonty filed an amendment with the SEC relating to the registration of its stock option plan, following board approvals on August 4 for both the omnibus compensation plan and a revised option scheme. The filing lands days before the next quarterly report, and derivatives pricing suggests meaningful movement could follow. Options data cited by CNN via TipRanks points to an implied move of 8.7 percent in the stock after the release — a reflection of how sensitive the equity has become to operational updates from the Sangdong mine.
Sangdong Transition Drives the Narrative
The underlying story remains the transformation at Sangdong. In June 2026, the company began feeding stockpiled run-of-mine ore through its newly commissioned processing plant, marking the shift from development phase to revenue-generating operations. During the second quarter, Almonty extracted roughly 19,700 tonnes of development ore averaging 0.35 percent WO3, while advancing underground development by 214.6 meters, predominantly along the main vein.
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The momentum follows a robust first quarter. Revenue climbed 221 percent year-on-year to $25.4 million, up from $7.9 million, underpinned by sharply higher spot prices for tungsten APT and steady output at the Panasqueira mine. The balance sheet showed $259.9 million in cash and working capital of $169.5 million as of March 31. The company still reported a net loss of $0.02 per share for that period, however — growth is accelerating, but profitability remains elusive.
Institutional Positioning Tells a Mixed Story
That tension is mirrored in the shareholder register. Sei Investments Co. cut its Almonty stake by 56 percent during the first quarter, leaving it with 216,039 shares, according to a regulatory filing. Yet several smaller institutional investors, including US and Swiss-based managers and family-office-adjacent firms, built new or expanded positions over the same stretch. The divergence is notable, though a single large holder trimming exposure can just as easily reflect portfolio constraints or risk mandates as a fundamental view on the business.
Analysts remain broadly constructive. DA Davidson rates the stock a Buy with a $33 price target, while Oppenheimer carries an Outperform rating and a $25 target. The consensus sits at Moderate Buy with an average target of $21.88. The stock also featured among the top portfolio performers last week in one investor's weekly review, alongside names like Rocket Lab, Texas Pacific Land, and Deutsche Rohstoff AG, as commodities and space-related plays dominated the tape.
Tungsten Prices: A Tale of Two Timelines
The macro picture carries some nuance. Reports have highlighted tungsten prices surging as much as 800 percent on the back of Chinese supply constraints — a development that turned one Australian miner into a multi-billion-dollar company almost overnight and underscores the strategic window for non-Chinese producers with available capacity. The metal's critical role in hard materials and high-performance alloys spans industries from artificial intelligence to defense.
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That said, independent market observers noted relatively stable prices entering the first week of August, with one assessment as of July 31 recording little movement during the holiday period. APT was quoted at approximately $3,000 to $3,200 per mtu WO3, CIF Rotterdam and Baltimore. China's export controls on dual-use goods appear unlikely to shift materially, keeping Western supply tight over the medium to long term. Reports of fresh safety and environmental inspections across several Chinese mining provinces add another potential constraint — such campaigns have historically curtailed output and could push domestic prices higher again.
With the TSX chapter closed and the ASX exit firmly scheduled for late August, attention now turns to the upcoming quarterly report. The options market's expectation of an 8.7 percent swing suggests investors are positioning for meaningful updates on Sangdong's production ramp, offtake agreements, and the cash position — particularly following the recently expanded supply agreement with Global Tungsten & Powders.
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