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Almonty Industries Inc. (ASX:AII), a tungsten mining and development company listed on three exchanges, has submitted its monthly Appendix 4A report revealing a significant decline in CHESS Depositary Interests (CDIs) during June 2026. The CDI count dropped by 2,365,544, falling from 4,714,407 at May's end to 2,348,863 by June's close. This change reflects a net transfer of securities from the ASX CDI structure to common shares held directly on the Toronto Stock Exchange (TSX) and Nasdaq. Correspondingly, the common share count on the ASX register increased by the same amount, confirming this was a structural conversion rather than a capital raising or share cancellation. Observers of AII's cross-exchange capital structure may interpret this shift as a sign of evolving investor preferences across the three markets where the company is listed.
Key Points
- Company: Almonty Industries Inc. (ASX:AII)
- Monthly CDI statement filed for June 2026 under Appendix 4A
- CDIs on issue decreased by 2,365,544 (from 4,714,407 to 2,348,863) during June 2026
- Equivalent increase of 2,365,544 in common shares (AIIAA) held outside the CDI structure, rising from 283,245,444 to 285,610,988
- Options, warrants, restricted share units, and convertible debentures remained unchanged throughout the month
- Total common share count across all registers remains stable when combining CDIs and common shares
- Investors should monitor future monthly statements for any further shifts between CDI and direct common share holdings
Implications of June 2026 CDI Decline on Almonty's ASX Register
Almonty Industries’ Appendix 4A filing dated 2 July 2026, covering June 2026, demonstrates a sharp reduction in the company's ASX-listed CDI count. CDIs, or CHESS Depositary Interests, enable foreign-incorporated companies—here, a Canadian entity—to allow Australian investors to hold and trade shares via the ASX’s CHESS settlement system. Each CDI corresponds 1:1 with one underlying common share.
The net drop of 2,365,544 CDIs does not indicate share buybacks, capital returns, or a decrease in total shares. Instead, the report confirms that the change resulted from net transfers between CDIs and common shares listed or held on the TSX and NASDAQ. Investors previously holding Almonty shares as CDIs on the ASX chose to convert those holdings into directly held common shares on the other two exchanges. The overall economic interest remains unchanged; only the form and exchange of record have shifted.
Structural CDI Movements Driven by Almonty's Tri-Exchange Listing
Almonty Industries is distinctive among ASX-listed firms for its simultaneous quotation on three exchanges: ASX (via CDIs), the Toronto Stock Exchange (TSX), and NASDAQ. This multi-exchange listing broadens investor access across Australia, Canada, and the U.S., but also causes monthly CDI counts to fluctuate depending on investor preferences for holding and trading securities.
When investors convert ASX CDIs into common shares for TSX or NASDAQ settlement, the ASX CDI count decreases, while the common share count rises equivalently. Conversely, TSX or NASDAQ investors may convert common shares into CDIs for ASX trading. June 2026 data reveals a net flow away from the ASX CDI structure toward common shares, with 2,365,544 units transferring during the month. The company did not provide reasons for this directional shift in its filing.
Almonty's Aggregate Common Share Count Post-June 2026 Changes
After June’s movements, Almonty’s total common shares on issue (AIIAA) recorded in the ASX statement reached 285,610,988, up from 283,245,444 at May’s end. Adding the remaining 2,348,863 CDIs on issue yields a combined total of approximately 287,959,851 securities at June’s close, consistent with a direct conversion and no new issuances or cancellations.
It is crucial for investors to recognize that common shares reported under the AIIAA code on the ASX register represent shares held directly outside the CDI wrapper on the TSX and NASDAQ. These shares are not tradeable on the ASX; only CDIs (AII) are. This filing offers transparency into the total capital structure from the ASX perspective, a standard monthly requirement for dual- and multi-listed issuers using the CDI mechanism.
Unchanged Restricted Share Units, Options, and Warrants in June
Beyond CDI and common share changes, the June 2026 Appendix 4A shows all other Almonty securities remained static. The company’s 3,531,252 restricted share units (AIIAAA) saw no grants, vestings, or forfeitures during June. Likewise, all listed options and warrants showed no net movement.
The unchanged instruments include: 199,999 options expiring 16 November 2028 at CAD 0.78; 299,999 options expiring 4 July 2029 at CAD 0.99; 4,000 warrants expiring 31 January 2028 at CAD 1.71; 74,074 options expiring 7 February 2028 at USD 1.875; 110,000 options expiring 24 February 2030 at CAD 2.8725; 100,000 options expiring 14 March 2030 at CAD 2.43; 266,666 options expiring 30 April 2030 at CAD 3.75; 800,004 convertible debentures (AIIAAZ); and various option series expiring between August 2026 and November 2030 with exercise prices ranging from CAD 0.495 to CAD 8.93.
Convertible Debentures and High-Strike Options Remain on Register
Noteworthy among Almonty’s securities is the AIIABH series: 150,000 options with a CAD 8.93 strike price expiring 27 November 2030. This strike price is significantly higher than other series and would require substantial share price appreciation to become exercisable. The company did not disclose details about these options’ status or grant circumstances in this filing.
The 800,004 convertible debentures (AIIAAZ) also remain outstanding, unchanged from the prior month. These debt instruments carry rights to convert into equity under specified conditions. The June 2026 filing did not provide conversion terms, interest rate, or maturity date. Investors seeking these details should consult prior company disclosures or relevant offering documents.
Upcoming Option Expiry: CAD 1.47 Strike Price Options Due August 2026
One option series with a near-term expiry is the AIIAU series: 66,666 options at a CAD 1.47 exercise price expiring 24 August 2026, less than two months after this filing. As of June 2026, these options remain outstanding and unexercised.
Whether these options are exercised, expire worthless, or extended depends on Almonty’s TSX share price relative to the CAD 1.47 strike price before expiry. Exercise would issue 66,666 new common shares and generate proceeds at the exercise price. Expiry without exercise would reduce the option count by 66,666 in the August 2026 statement. The company provided no guidance on the likely outcome.
Potential Implications of the Shift Away from ASX CDIs
While a single month’s data should be interpreted cautiously, the June 2026 CDI-to-common-share conversion—reducing the CDI count by roughly 50% in one month—is a significant indicator for those monitoring Almonty’s cross-border capital structure. A continued trend of CDI reductions could signal a shift of the investor base toward North American exchanges, potentially impacting liquidity and trading volumes of ASX-listed CDIs over time.
Alternatively, such movements might reflect custody decisions by a small number of institutional or sophisticated investors rather than broad retail trends. Without further company disclosure, it is unclear whether this shift results from strategic shareholder positioning, routine custody reorganization, or relative liquidity differences across exchanges. No immediate share price impact was evident from public information.
Context on Almonty Industries’ Multi-Exchange Capital Structure
Almonty Industries, incorporated in Canada, focuses on tungsten asset mining and development, with its main project being the Sangdong tungsten mine in South Korea. Its tri-exchange listing corresponds to its international operations and aims to access capital and investors across multiple jurisdictions. The ASX listing via CDIs offers Australian investors a familiar CHESS settlement system to participate in the company’s growth.
The monthly Appendix 4A filing is a standard regulatory requirement under ASX Listing Rules for entities issuing CDIs over securities quoted on other exchanges. It provides a transparent monthly snapshot of the CDI and associated securities register, enabling Australian investors and regulators to track structural capital changes. The June 2026 statement confirms compliance with reporting obligations and that aside from CDI-to-common-share transfers, no material capital structure changes occurred during the month.
What to Watch in Almonty’s Upcoming Monthly Filings
The next Appendix 4A filing, expected in early August 2026 covering July 2026, will be closely observed to see if the CDI reduction trend persists or reverses. Continued large-scale conversions from CDIs to TSX or NASDAQ common shares could shrink the CDI pool—just under 2.35 million at June’s end—potentially affecting liquidity for ASX investors.
The August filing will also reveal whether the 66,666 AIIAU options expiring 24 August 2026 at CAD 1.47 were exercised or lapsed. Exercise would slightly raise the common share count and generate modest proceeds. Investors should also monitor for any new option grants, restricted share unit vestings, or convertible debenture activity that might alter the securities register in future reports. The company provided no forward guidance on these matters in the June 2026 filing.
