Almonty Industries Charts Aggressive Expansion as Tungsten Market Hits Inflection Point

Almonty Industries enters pivotal phase: Sangdong Phase-2 expansion, new CFO Jorge Beristain, record tungsten prices, and US defense demand driving profitability turnaround.

Almonty Industries is entering a pivotal phase that intertwines corporate governance, fresh financial leadership, and a sharp upturn in tungsten prices. The company is preparing to ramp up production at its flagship Sangdong mine in South Korea while simultaneously restructuring its boardroom and capitalizing on geopolitical shifts that are reshaping the global tungsten supply chain.

Shareholders will gather in Toronto on June 9 for an annual general meeting that goes far beyond routine director elections and option plan approvals. The true agenda is the formal green light for a Phase-2 expansion at Sangdong, which would lift processing capacity to roughly 1.2 million tonnes of ore annually by 2027. At full tilt, the mine could produce around 4,600 tonnes of tungsten per year — enough to satisfy an estimated 40% of global demand outside China.

Parallel to these operational ambitions, the company announced a change at the top of its finance function. Jorge Beristain, a former Wall Street metals analyst, will take over as chief financial officer in June 2026, replacing Brian Fox. Until then, Guillaume de Lamaziere will serve as interim CFO. Beristain’s mandate centers on investor communications and securing financing for the Sangdong ramp-up, as Almonty aims to establish itself as a cornerstone supplier of strategic tungsten for Western defense and industrial customers.

The timing of the leadership shuffle coincides with a dramatic improvement in Almonty’s financial outlook. Analysts project a net profit of roughly $1.4 million for the first quarter of 2026, translating to earnings per share of $0.05. That would mark a stark reversal from the previous quarter’s net loss of over $102 million, when the balance sheet was still weighed down by development-stage capex. The first concrete profitability figures for Sangdong are expected in the upcoming quarterly report.

The market backdrop could hardly be more supportive. Ammonium paratungstate (APT), a key tungsten intermediate, hit a record high above $3,100 per unit in April 2026, up from around $1,944 in February. The catalyst was China’s replacement of its quota system with a state-controlled licensing regime that restricts exports to just 15 approved companies. The resulting supply crunch has made non-Chinese tungsten sources — exactly what Almonty is developing — extremely valuable.

That value is amplified by Washington’s defence policy. Starting January 1, 2027, US defence contractors will be barred from sourcing tungsten from Chinese suppliers. Almonty has already locked in an offtake agreement with Tungsten Parts Wyoming for at least 40 tonnes of tungsten oxide per month, destined for rockets, drones, and munitions. The company is also relocating its corporate headquarters from Toronto to Dillon, Montana, placing it geographically closer to US agencies and defence partners. Former US Army generals sit on its advisory board, and a Nasdaq listing in July 2025 raised $90 million, followed by a $129 million follow-on in December.

Institutional investors are voting with their wallets. Pictet Asset Management recently purchased nearly 27,000 shares, while Marathon Capital Management boosted its stake by 137% to roughly 600,000 shares. Analysts have responded in kind. DA Davidson and B. Riley Financial set price targets of $25 and $23 per share, respectively, and Texas Capital upgraded the stock to Strong Buy. Oppenheimer added an Outperform rating with a $19 target. The consensus estimate sits at around $18.38.

The stock itself has been a high-octane ride. Over the past twelve months, shares have surged more than 550% to around 27 Australian dollars. Year-to-date gains exceed 100%, though the price currently hovers just above its 50-day moving average and remains about 16% below the April high of 32.51 AUD. Annualized volatility of over 90% underscores the speculative fervor — and the potential for further swings as catalysts converge.

Beyond Sangdong, Almonty is also dusting off an old asset. The company plans to restart production at the Gentung tungsten project in Montana later this year. If successful, that would give Almonty two operating mines on two continents within twelve months. The June 9 vote, then, is not just a box-checking exercise — it is the formal starting pistol for a growth trajectory that has already drawn the attention of the Pentagon, institutional money, and a market hungry for non-Chinese critical minerals.