Almonty Courts Shareholder Approval for Sangdong Megaproject as Tungsten Rally and New CFO Fuel Momentum

Almonty Industries faces pivotal weeks with record Q1 revenue, a new CFO, and a shareholder vote on tripling Sangdong capacity as tungsten prices surge 200%.

A trifecta of corporate milestones is converging at Almonty Industries over the coming weeks, placing the tungsten producer at a pivotal juncture. With a new Wall Street veteran set to take over as chief financial officer, a shareholder vote looming on a massive capacity expansion at its flagship Sangdong mine, and a record-breaking quarter in the books, the company is sprinting toward a decision that could reshape its position in Western supply chains.

The price of ammonium paratungstate in Rotterdam has surged more than 200% since the start of the year, reaching $3,050 per metric tonne unit in May — a level not seen in decades. The rally, rooted in China’s tightening export controls on tungsten, has transformed the economics for producers outside the country. APT stood at just $862 per MTU in early January before tripling to around $3,140 by early May, according to an earlier data point.

Record Revenue and a Thick Cash Cushion

Almonty’s first-quarter results for 2026 underscore the momentum. Revenue jumped 221% to $25.4 million, while cash and cash equivalents stood at $259.9 million at the end of March. Working capital reached $169.5 million, giving the company ample firepower to fund its expansion plans.

The strong financial position comes as Almonty prepares for what could be a transformative vote on June 9 at its annual general meeting in Toronto. Shareholders will decide on Phase 2 of the Sangdong project in South Korea, which calls for expanding processing capacity to roughly 1.2 million tonnes per year by 2027 — effectively doubling earlier plans. If approved, Sangdong could produce more than 460,000 metric tonne units of tungsten annually, representing an estimated 40% of the market outside China.

New CFO Arrives as Ex-Departure Continues

A week before the vote, on June 1, Jorge Beristain steps into the chief financial officer role. He joins from Ryerson Holding Corp, a NYSE-listed metals distributor with about $5 billion in annual revenue, where he helped double the company’s market capitalization. Before that, Beristain spent years at Deutsche Bank Securities as a managing director and head of Americas Metals & Mining equity research, where he ranked among the top-three sector analysts.

Until Beristain’s start date, Guillaume de Lamaziere, previously chief development officer, serves as interim CFO. His predecessor, Brian Fox, exited with immediate effect.

Stock Pulls Back After an Extraordinary Rally

The shares have cooled sharply following a breathtaking run. Almonty closed at C$24.02 on Friday, down 4.68% on the day and 16.71% over the past month. The decline brings the stock 25.10% below its 52-week high of C$32.07, and it now trades 8.58% under its short-term moving average.

Yet the pullback barely scratches the longer-term picture. The stock has nearly doubled since the start of 2026 and has surged 545.70% over the past twelve months. Profit-taking, as analysts note, is hardly surprising after such a parabolic move.

Institutional interest remains robust. Fidelity has built a 6.5% stake, holding 18.28 million shares, joining existing major holders such as Van Eck Associates and Encompass Capital Advisors.

US Defense Demand and a Montana Project Add Structural Backing

Beyond the near-term trading noise, Almonty is positioning itself for a structural shift in tungsten sourcing. From January 2027, US defense contractors will be required to source tungsten entirely outside China. Almonty has already locked in long-term offtake agreements: a deal with Global Tungsten & Powders and a binding contract with Tungsten Parts Wyoming for at least 40 tonnes of tungsten oxide per month.

The company’s Gentung-Browns Lake project in Montana fits neatly into that narrative. With mineral resources of 7.53 million tonnes, production is targeted for the second half of 2026, aiming for 140,000 metric tonne units annually. Nearly half of that planned output is already earmarked for US buyers.

CEO Lewis Black is scheduled to present at the virtual International Investment Forum on May 20, likely offering further updates on Sangdong, the Portuguese operations, and the Montana project. The shareholder vote on June 9 will then determine whether Almonty can accelerate its ambition to become the dominant non-Chinese tungsten supplier — backed by a newly strengthened balance sheet and a CFO with deep capital markets experience.