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Almonty Industries Inc. has obtained formal authorization from the Australian Securities Exchange to proceed with its voluntary delisting, scheduled for 1 September 2026. The tungsten and rare earth metals producer attributed the decision to low and decreasing trading volumes on the ASX relative to its main listings on Nasdaq and the Toronto Stock Exchange. Holders of CHESS Depositary Interests (CDIs) will have several options, including converting to Nasdaq shares, selling on the ASX before trading suspension, or utilizing facilitated sale mechanisms after delisting.
Key Highlights
- Almonty Industries Inc. (ASX:AII) received ASX approval for voluntary delisting effective 1 September 2026
- Low trading volumes and administrative costs of maintaining the ASX listing cited as main reasons; CDIs accounted for just 0.80% of total issued shares as of 14 July 2026
- CDI trading on ASX will be suspended after market close on 28 August 2026; shares will continue trading on Nasdaq and Frankfurt Stock Exchange
- CDI holders can convert to Nasdaq-listed shares, sell on ASX prior to suspension, or participate in voluntary and compulsory sale facilities post-delisting
Almonty's Global Exchange Presence and ASX Delisting Motivation
Almonty Industries Inc., a diversified tungsten and rare earth metals company, is listed on multiple exchanges worldwide: Nasdaq (ALM), Toronto Stock Exchange (AII), ASX (AII), and Frankfurt Stock Exchange (ALI1). After announcing its Toronto Stock Exchange delisting effective 31 July 2026, the company has now secured ASX approval to delist from Australia's primary securities exchange.
The decision to exit the ASX reflects a significant shift in trading activity favoring its North American listings. Over the six months ending 14 July 2026, the ASX averaged 30,058 CDIs traded daily—only 0.47% of the combined daily average of 6,438,285 shares traded on Nasdaq and TSX. This declined further over three months to 19,432 CDIs daily on ASX, representing just 0.32% of North American exchange volumes. This stark contrast highlights liquidity concentration in the company’s primary markets.
Australian CDI Holdings Drop Below 1% of Total Shares
Almonty’s Australian register has shrunk considerably, with CDI holdings falling to approximately 0.80% of all issued shares as of 14 July 2026. This decline indicates a shift in the investor base toward North American and European markets. The reduced Australian interest has rendered maintaining an ASX listing economically inefficient, especially considering fixed compliance and administrative expenses.
Management states that the financial, administrative, and compliance burdens of the ASX listing no longer serve shareholders’ best interests. By consolidating listings on Nasdaq, Frankfurt, and other markets with deeper liquidity, Almonty aims to lower operational costs while preserving global investor access to its tungsten and rare earth metals business.
Delisting Timeline and Suspension of CDI Trading
The company outlined a comprehensive delisting schedule for Australian security holders. Starting 24 July 2026, new CDI issuance was suspended. On 29 July 2026, CDI holders will receive written communication detailing the delisting process, timetable, and available options. A one-month notice period from 29 July to 28 August 2026 allows CDI holders to convert to Nasdaq shares or sell CDIs on the ASX.
CDI trading suspension on the ASX will occur at market close on 28 August 2026. The official delisting date is 1 September 2026, when Almonty will be removed from the ASX list. Post-delisting, two sale facilities will be available: a Voluntary Sale Facility from 8 September to 6 November 2026, and a Compulsory Sale Facility from 9 November to 9 December 2026. All times are Australian Western Standard Time and subject to ASX conditions.
CDI Conversion to Nasdaq Shares as Primary Exit Option
CDI holders can convert their holdings into Nasdaq-listed shares on a one-to-one basis anytime before the Voluntary Sale Facility closes. CHESS holders (holder numbers starting with 'X') should contact their sponsoring CHESS participant or broker to initiate conversion or switch to issuer-sponsored holdings. Issuer-sponsored holders (numbers starting with 'I') may submit a CDI cancellation form along with certified ID to Computershare Investor Services Pty Limited, Almonty’s Australian CDI registry provider.
Holders are advised to confirm their brokerage arrangements support Nasdaq trading before converting. The CDI cancellation form is available on the Computershare portal under ticker AII. Importantly, holders remaining after the delisting date can still convert CDIs until the Voluntary Sale Facility closes, ensuring flexibility beyond the official removal date.
Option to Sell CDIs on ASX Prior to Suspension
For immediate liquidity, CDI holders may sell their holdings on the ASX before trading ends on 28 August 2026 by contacting their broker or financial advisor. This provides a direct exit at market prices determined by ASX supply and demand during the notice period.
However, this option is limited by declining ASX trading volumes, which may impact liquidity and pricing. After suspension, holders must convert to Nasdaq shares or use the post-delisting sale facilities to liquidate holdings.
Voluntary Sale Facility for CDI Holders After Delisting
Post-delisting, remaining CDI holders can participate in the Voluntary Sale Facility, where an appointed broker will sell their CDI-equivalent shares on Nasdaq and remit proceeds. Payments will default to Australian or New Zealand dollars, with an option to receive alternative currencies via Computershare’s Global Wire service.
The broker operates independently from Almonty regarding pricing and timing. Almonty will cover all brokerage and related fees, so holders incur no transaction costs. Nonetheless, holders bear sale price, foreign exchange, and tax risks. No guarantees are provided on sale prices.
Compulsory Sale Facility to Liquidate Remaining Holdings
CDI holders who do not join the Voluntary Sale Facility will be subject to the Compulsory Sale Facility, open from 9 November to 9 December 2026. This ensures orderly liquidation of all remaining holdings, with proceeds distributed to holders.
The Compulsory Sale Facility may close earlier if all shares are sold beforehand. Similar to the voluntary facility, holders face price and currency risks, while Almonty covers brokerage and related costs.
Continued Trading on Nasdaq and Frankfurt Exchanges
After the ASX delisting on 1 September 2026, Almonty’s shares will continue trading on Nasdaq (ALM) and Frankfurt Stock Exchange (ALI1). These exchanges will serve as the company’s primary global trading platforms, offering liquidity and price discovery for investors worldwide.
Maintaining Nasdaq and Frankfurt listings ensures global investor access through major financial centers with substantial volumes. Nasdaq offers significantly greater liquidity than ASX did for Almonty’s securities, while Frankfurt provides convenient access for European investors aligned with the company’s operational footprint.
ASX Delisting Conditions and Compliance
The ASX approval is conditional on Almonty fulfilling requirements outlined in Appendix A of the delisting documentation, designed to protect remaining security holders and ensure an orderly exit. The company has committed to meeting these conditions through its detailed timetable and sale facility arrangements.
Almonty secured a waiver from ASX Settlement Operating Rules to suspend new CDI issuance during the transition, preventing additional CDIs amid uncertainty and simplifying delisting administration. Shareholder approval was not required, consistent with ASX rules permitting voluntary delistings when conditions protecting holders are met.
