What Does Almonty Industries’ (ASX:AII) ASX Exit Mean for CDI Holders?

Highlights

• Almonty Industries plans to leave the ASX official list on 1 September 2026, subject to the exchanges conditions.
• Trading in the companys ASX-listed CDIs is expected to end after the close of trade on 28 August 2026.
• CDI holders may convert their interests into Nasdaq-listed shares, sell before suspension or use the companys sale facilities.

Almonty Industries Inc. (ASX:AII) has received formal approval to remove itself from the Australian Securities Exchange as it consolidates trading activity around its remaining international listings.

The tungsten producer expects to be removed from the ASX official list after the close of trading on 1 September 2026. Its CHESS Depositary Interests, commonly known as CDIs, are scheduled to stop trading after the market closes on 28 August 2026.

The decision follows Almontys separate move to leave the Toronto Stock Exchange, with that delisting expected to take effect after the close of trading on 31 July 2026. Following the ASX exit, the companys common shares are expected to continue trading on Nasdaq under the ticker ALM and on the Frankfurt Stock Exchange under ALI1.

Across ASX Metal & Mining Stocks, investors continue monitoring how internationally focused resource companies structure their exchange listings and capital-market access. Within the broader ASX 300, listing changes can have practical consequences for Australian security holders, particularly when overseas trading accounts and currency conversion are involved.

Why Is Almonty Leaving the ASX?

Almonty said its ASX trading activity had become limited compared with activity on its North American exchanges.

As of 14 July 2026, CDIs recorded on the Australian register represented approximately 0.80% of the companys issued shares. The company also reported that Australian trading volumes had declined relative to combined activity on Nasdaq and the TSX.

Maintaining a listing involves administrative, financial and regulatory obligations. Almonty concluded that the costs and compliance requirements associated with its Australian listing were no longer in the best interests of shareholders given the limited proportion of securities held and traded locally.

The move is therefore primarily a market-structure and administrative decision rather than a change to the companys operating strategy or tungsten portfolio.

When Will ASX Trading End?

The final day of trading for Almonty CDIs is expected to be 28 August 2026.

After the ASX market closes that day, the CDIs are scheduled to be suspended from official quotation. The company expects its formal removal from the exchange to occur on 1 September 2026.

From the delisting date, investors will no longer be able to trade Almonty CDIs through the ASX.

The company suspended the creation of new CDIs from 24 July 2026 after receiving a waiver from the relevant ASX Settlement Operating Rule. The restriction is intended to prevent holders of overseas-listed common shares from converting into Australian CDIs to gain access to the planned sale facilities during the delisting process.

What Can Existing CDI Holders Do?

Almonty has outlined several options for investors holding its Australian CDIs.

CDI holders may convert their interests into the companys common shares on a one-for-one basis. Those shares would then be recorded on the North American register and could be traded through Nasdaq, subject to the holder having suitable international broking arrangements.

Investors may also sell their CDIs on the ASX before trading is suspended on 28 August 2026.

Holders who retain their CDIs beyond the delisting date may elect to participate in a voluntary sale facility. Any securities that remain after that process is completed are expected to enter a compulsory sale facility by default.

How Does the Conversion Process Work?

The steps required to convert CDIs into common shares depend on how the Australian holding is registered.

Investors with CHESS-sponsored holdings, identified by a Holder Identification Number beginning with X, will generally need to contact their sponsoring broker or CHESS participant.

Issuer-sponsored holders, whose Securityholder Reference Numbers begin with I, will need to complete the relevant CDI cancellation documentation and provide it to the companys Australian registry provider, Computershare Investor Services.

Before converting, holders will need to confirm that their brokerage account can receive and trade Nasdaq-listed securities.

International trading may involve different settlement processes, market hours, tax considerations and currency exposure. Holders may therefore need to review the operational requirements associated with maintaining securities on a foreign register.

How Will the Voluntary Sale Facility Operate?

The voluntary sale facility is scheduled to open on 8 September 2026 and close on 6 November 2026.

Participating holders would have the shares underlying their CDIs sold on Nasdaq by a broker appointed by Almonty. Proceeds would generally be distributed in Australian or New Zealand dollars, while other payment currencies may be available through Computershares international wire service.

Almonty has stated that it will cover brokerage and related transaction costs connected with the facility.

However, participating holders will remain exposed to the timing of the sale, the execution outcome, currency conversion and any applicable tax consequences. Neither Almonty nor its appointed service providers will guarantee the result achieved through the facility.

What Happens to Holders Who Take No Action?

The compulsory sale facility is expected to open on 9 November 2026 and close on 9 December 2026, although it may finish earlier if all remaining underlying shares are sold.

This facility will apply by default to CDI holders who have not converted their interests or participated in the voluntary process.

A broker will sell the relevant common shares on Nasdaq, with the proceeds distributed proportionately to the remaining holders. Payments are expected to be available in Australian or New Zealand dollars, with other currencies potentially accessible through the international wire service.

Where a holder cannot be contacted, the proceeds will be managed under the applicable unclaimed money requirements.

The Tungsten Strategy Continues

The ASX delisting does not alter Almontys core focus on supplying tungsten to defence, advanced manufacturing and technology markets.

Its principal development asset is the Sangdong Mine in South Korea, a historically significant tungsten deposit being positioned as part of the non-China supply chain.

Almonty also has established operations in Portugal and additional interests in the United States and Spain. The companys strategy remains aligned with growing Western interest in securing supplies of critical materials used across electronics, industrial applications and defence manufacturing.

Following the ASX and TSX exits, Nasdaq is expected to become the companys main public trading venue, alongside its continued Frankfurt listing.

What Should CDI Holders Watch?

The most immediate dates are 29 July 2026, when Almonty expects to send detailed communications to holders, and 28 August 2026, the final scheduled day of ASX trading.

Holders will need to consider whether their existing brokerage arrangements support Nasdaq securities and whether they intend to convert, sell on the ASX or participate in one of the sale facilities.

They should also monitor any timetable changes, as the announced dates remain subject to ASX conditions and completion requirements.

Almonty Industries planned ASX exit reflects declining Australian trading activity and the cost of maintaining multiple exchange listings.

The companys CDIs are expected to stop trading on 28 August 2026, with formal delisting scheduled for 1 September 2026. Australian holders have several pathways available, including conversion into Nasdaq-listed common shares, selling before suspension or participating in the voluntary sale facility.

Those who take no action are expected to have their underlying shares processed through the compulsory sale facility after the voluntary period closes.