Almonty's Dual Delisting Sends Shares Into a Tailspin — Can a $490 Million Offtake Deal Anchor a Shrinking Investor Base?
Shares of Almonty Industries plunged 8.6% to $12.20 on July 28, extending a punishing week that has erased 18.7% since the stock sat at $15.00 just five sessions ago. The sell-off accelerated after an initial rally tied to the company's planned voluntary exit from the TSX and ASX fully reversed, exposing a widening gap between Almonty's operational momentum and its market reception.
• Two Exchanges Go Dark in Weeks, Concentrating Risk on Nasdaq
Almonty's TSX delisting takes effect at market close on July 31, 2026 — just three days away — while the ASX delisting is expected September 1, with Australian trading ceasing August 28 . The company will retain listings on Nasdaq and the Frankfurt Stock Exchange , but the move compresses global liquidity into fewer venues. ASX-registered holders represented just 0.80% of all issued shares as of mid-July , suggesting thin overseas interest — but forced sellers on the TSX ahead of the deadline are likely amplifying short-term pressure.
• The Business Case Runs Opposite to the Stock Price
Almonty started processing operations at its Sangdong Mine in South Korea on July 1, 2026, shifting the project from development into revenue-generating production . Phase 1 is designed to handle roughly 640,000 tonnes of ore annually, yielding about 2,300 tonnes of tungsten concentrate per year . At full capacity, Sangdong is expected to supply approximately 40% of global tungsten demand outside China — a critical detail as Western defense procurement rules begin mandating non-Chinese sourcing.
• A Massive Long-Term Sales Contract Provides a Revenue Floor
An amended offtake deal with Global Tungsten & Powders extends from 15 to 21 years, increases contracted volumes by 40% to 4.41 million metric tonne units, and lifts per-unit pricing roughly 6.3% . That pushes expected annual contracted revenue to US$490 million at current tungsten prices . The agreement covers approximately 90% of Phase 1 output , meaning almost all near-term production already has a committed buyer.
• Forced Selling May Mask a Structural Opportunity — or a Liquidity Trap
Australian holders can convert their interests into Nasdaq-listed shares one-for-one or sell on ASX before August 28; remaining holders will be funneled through a voluntary sale facility, with the company covering brokerage costs . While orderly on paper, the overhang of cross-listed holders liquidating over the next several weeks could keep the stock under pressure well past the delisting dates. The key question: once that forced selling clears, does a $490 million revenue backstop and a mine supplying 40% of non-Chinese tungsten finally set the floor?