Almonty Brings On Deutsche Bank Alum as CFO as Tungsten Revenues Triple and Cash Flow Turns Positive

Almonty reports record Q1 revenue of $25.4M, turns cash flow positive, and appoints ex-Deutsche Bank analyst Jorge Beristain as CFO amid Sangdong mine ramp-up.

The tungsten narrative is shifting from pure potential to measurable execution. Almonty Industries has not only delivered a 221% jump in first-quarter revenue to $25.4 million but also turned its operating cash flow positive at $9.7 million, a sharp reversal from the negative figure a year earlier. And just as the numbers land, the company is bringing in Wall Street experience: Jorge Beristain, a former head of metals and mining research at Deutsche Bank Securities, will take over as chief financial officer on June 1.

Beristain’s appointment comes at a pivotal moment. The CFO transition—Brian Fox left with immediate effect, and development chief Guillaume de Lamaziere is bridging the role—signals Almonty’s intent to tighten financial discipline as it moves the Sangdong mine in South Korea toward full production. The mine’s first phase began ramping up in March 2026 and is the company’s central lever for expanding Western tungsten supply, a theme that has gained urgency as China restricts exports of the strategic metal.

The market, however, is keeping score on execution, not just promise. The stock closed at C$24.02 on Friday, down 4.68% on the day and 10.64% for the week. The pullback follows a furious rally: the shares have nearly doubled year to date (up 100.67% by one measure) and are 545.70% higher over the past twelve months. With annualized volatility near 97%, the reflex to take profits after such a run is almost automatic.

The first-quarter results offer concrete evidence that the operational story is building. Adjusted EBITDA reached $6.1 million, while the net loss narrowed to $5.3 million, weighed by non-cash accounting effects and unrealized currency losses rather than underlying business deterioration. Almonty’s cash position stood at C$259.9 million, providing ample runway for the Sangdong ramp-up. The tailwind from tungsten-APT prices—which have surged from around $900 per tonne to over $3,000 in Rotterdam—is a major driver of revenue acceleration.

Analysts have responded by lifting their price targets. Alliance Global raised its target to C$26.25 from C$19.25; BofA Securities now sees C$23, D.A. Davidson reiterated a buy at C$25, and A.G.P. holds at C$26.25. Their optimism hinges on the successful commissioning of Sangdong’s first phase, further volume growth, and the supportive pricing environment.

The next catalyst on the calendar is the IIF investor conference on May 20, where management is expected to provide details on U.S. expansion plans. Meanwhile, CEO Lewis Black recently presented Almonty’s Western supply chain story at the BofA Securities Global Metals, Mining & Steel Conference, underscoring the geopolitical dimension of the tungsten push.

For now, the stock sits in a tug-of-war between a powerful commodity cycle and the reality that a 500%-plus gain invites profit-taking. The coming quarters will test whether Almonty can translate strong revenue momentum into clean operational cash flow and sustained margin improvement—or whether the market’s patience wears thin before the next production milestone.