Almonty Enters a Defining June: Proxy Deadline Nears as New CFO and Russell Seat Reshape the Tungsten Player

Proxy deadline June 5 ahead of annual meeting; new CFO Jorge Beristain joins; stock surges 513% in year; Russell 1000/3000 inclusion expected June 29.

Time is running short for Almonty Industries shareholders to have their say. The proxy deadline for the company’s annual meeting falls on June 5 at 10:00 a.m. Eastern Time — just days before the June 9 gathering in Toronto. With the stock trading at C$28.34 and the relative strength index flashing 91.2, the market has already priced in a great deal of optimism. The challenge now is to convert that into governance continuity.

A New Finance Chief with Wall Street Credentials

Jorge Beristain stepped in as chief financial officer on June 1, bringing a weighty resume for a company of Almonty’s size. He spent years as a managing director covering metals and mining equities at Deutsche Bank Securities, where he ranked among the top three analysts in his sector on Wall Street. Most recently he served as vice president of finance at Ryerson Holding Corp, a metals distributor with roughly $5 billion in annual revenue, and before that as CFO of its subsidiary Central Steel & Wire Co., a business boasting about $800 million in sales.

The appointment signals that Almonty is serious about courting institutional investors — and about speaking their language. Beristain’s arrival coincides with a critical governance moment, as the company simultaneously prepares for its shareholder vote and a potential slot in two major US equity indices.

Shareholder Meeting and Director Lineup

At the June 9 meeting, shareholders will be asked to fix the board at seven members, elect the nominated directors, and ratify auditor Zeifmans LLP. The board is recommending the re-election of all proposed candidates, framing the vote as a show of support for strategic continuity after the company redomiciled to the United States and stepped up its institutional outreach.

Of the seven director nominees, four are classified as independent: Mark Trachuk, Andrew Frazer, General Gustave F. Perna, and Alan Estevez. The three non-independent nominees are Lewis Black, Daniel D’Amato, and David Hanick. Dr. Thomas Gutschlag will not stand for re-election. Almonty has hired proxy advisory firm Sodali & Co to manage the solicitation process at a fee of approximately $37,500 plus expenses — a relatively modest outlay compared with the company’s recent capital raises.

A Technical Overhang

The stock’s blistering run — up 135.58% year to date and an eye-popping 513.42% over the past twelve months — has left it stretched by any measure. The RSI stands at 91.2, well above the conventional overbought threshold of 70, and the share price sits 73.21% above its 200-day moving average. That kind of momentum can draw attention from traders, but it also raises the stakes for the company to deliver on its operational and governance promises.

Russell Index Inclusion Looms

Just two weeks after the shareholder meeting, Almonty is set for another inflection point. It is expected to join both the Russell 1000 and Russell 3000 indices effective June 29. Roughly $12.2 trillion in assets are benchmarked against these indexes, and inclusion typically triggers automatic buying by passive funds. For a company that has already attracted attention thanks to tungsten’s geopolitical premium, an index seat could significantly broaden its investor base.

Tungsten as a Strategic Mineral

The structural story behind Almonty’s advance is tungsten — a critical mineral that has seen its price surge roughly 900% over twelve months, with ammonium paratungstate in Rotterdam fetching about $3,185 per metric ton in early May. Chinese export licences have tightened supply, and from January 2027 a new US defence procurement rule (DFARS 252.225-7052) will bar American defence contractors from buying tungsten powder or alloys from China, Russia, Iran or North Korea. China currently controls more than 80% of global tungsten production.

Almonty’s Sangdong mine in South Korea is already processing ore, with a plant capacity of 640,000 tonnes per year and expansion planned for 2027. In Montana, the Gentung-Browns Lake project is targeting production readiness in the second half of 2026. The company has also completed a Nasdaq IPO worth $90 million and a follow-on offering of $129 million over the past year.

A Month of Multiple Milestones

June 2026 packs three distinct events into a narrow window: a new CFO, a shareholder vote, and index inclusion. How smoothly these pieces fit together will determine whether Almonty can translate its raw-material momentum into a durable institutional following. For now, the proxy clock is ticking — and the stock’s technical temperature leaves little room for missteps.