Almonty at a Crossroads: Shareholders to Vote on Sangdong Doubling as Russell Entry Looms

Almonty shareholders vote on doubling Sangdong tungsten capacity to 1.2M tonnes/year by 2027, while Russell 1000/3000 inclusion and a molybdenum deal with SeAH M&S secure institutional and revenue growth.

The month of June is shaping up as a defining moment for Almonty Industries, with two major events converging that could reshape the tungsten miner’s trajectory. Shareholders are being asked to approve a doubling of processing capacity at the Sangdong mine in South Korea, while the company simultaneously secures a seat in the Russell 1000 and Russell 3000 indices — a combination that promises both operational scale and broader institutional visibility.

The proxy deadline for the special vote expires on 5 June at 16:00 German time, with the annual general meeting itself set for 9 June. Only holders registered as of 24 April 2026 are entitled to vote. On the agenda, alongside routine items such as board elections and auditor appointments, is the most consequential proposal: the Phase 2 expansion of Sangdong to 1.2 million tonnes of annual ore capacity by 2027. That would effectively double the output of Phase 1, which commenced operations on 17 March and is expected to reach full commercial utilisation in the third quarter. The current processing rate stands at 640,000 tonnes per year, with an ore grade of roughly 0.51% tungsten trioxide — roughly three times the global average. At full tilt, Almonty would be able to supply around 40% of the world’s tungsten demand outside China.

Running parallel to the tungsten expansion is a new revenue pillar that has attracted less attention but is equally significant. Just 150 metres from the wolfram plant lies a molybdenum deposit whose entire lifetime production has been sold under contract to South Korean processor SeAH M&S. The deal guarantees a floor price of $19 per pound — well above the $22 spot price prevailing today — and an annual volume of 5,600 tonnes. That translates into minimum revenues of $234 million per year, with production slated to begin at the end of 2026. The arrangement provides a measure of downside protection and diversifies Almonty’s earnings base well ahead of the Phase 2 completion.

The Russell index inclusion, meanwhile, adds a layer of financial validation. FTSE Russell placed Almonty on the preliminary list for both the Russell 1000 and Russell 3000 on 22 May, with the entry effective from market open on 29 June. The move is based largely on market capitalisation and style characteristics. For Almonty, it means automatic inclusion in associated growth and value sub-indices, a development that can trigger passive buying from funds that track these benchmarks. CEO Lewis Black described the listing as confirmation of the company’s operational and financial progress, further cementing its role as a linchpin of the Western tungsten supply chain.

The timing of the vote and the index inclusion is no coincidence — both are happening against a backdrop of intensifying geopolitical pressure on the tungsten market. From January 2027, the US defense procurement regulation DFARS 252.225-7052 will prohibit contractors from sourcing tungsten powder and alloys from China or Russia. China controls more than 80% of global output, and with Chinese export licensing restrictions already squeezing supply, Western buyers are scrambling for alternatives. The price of APT tungsten in Rotterdam hit roughly $3,185 per metric tonne unit in early May, a surge of about 900% year-on-year. That pricing environment gives Almonty significant leverage as it seeks shareholder approval for the expansion.

The company’s financial health lends credibility to the growth plans. First-quarter 2026 revenue jumped 221% to $25.4 million, fuelled by higher spot tungsten prices and solid performance at the Panasqueira mine in Portugal. Cash on hand stood at $259.9 million as of 31 March, with working capital of $169.5 million. The reported net loss of $5.3 million, or $0.02 per share, compares with a loss of $34.6 million in the year-ago period, and includes $6.4 million in non-cash losses from the revaluation of embedded derivatives and $2.0 million from warrant revaluations — both accounting effects linked to the rising stock price that do not affect cash flow or operations.

That rising stock price has been remarkable. The shares trade at C$26.67, still 17% below the mid-April high, but up 122% year-to-date and a staggering 544% over the past twelve months. Institutional interest is building: FMR LLC reported holding 18.3 million shares as of 31 March, equivalent to 6.5% of the class. Management expects the Russell inclusion to accelerate that trend by giving Almonty greater visibility among fund managers. On the other side of the equation, the proxy vote will determine whether the company receives a mandate to execute one of the largest capacity expansions in the history of the Western tungsten industry. For Almonty, June is not just another month on the calendar — it is the moment when strategic ambition meets shareholder endorsement.