Almonty Industries: Revenue Set to Surge 20-Fold as Tungsten Output Accelerates From Both Sides of the Pacific

Almonty Industries stock surges 544% as Sangdong mine ramps up, Montana project set for 2026, new CFO appointed, revenue jumps 20x.

Almonty Industries is engineering a transformation that goes well beyond its financial results. The Canadian-headquartered tungsten developer has shifted its corporate domicile to Dillon, Montana, installed a new finance chief from Wall Street, and is now on the cusp of commercial production at two strategically located mines. The market has taken notice: the stock closed at 26.31 Australian dollars on Monday, up 98.7% since the start of the year and 544.9% over the past twelve months.

The explosive share price performance is underpinned by a revenue trajectory that few mining juniors can match. Management expects sales for the current fiscal year to reach roughly 670 million Canadian dollars, compared with just 33 million CAD in the prior period – a more than twentyfold increase. Bank of America analysts project adjusted EBITDA of 597 million CAD this year, rising to 1.21 billion CAD by 2027, margins that would rival those of technology companies.

Sangdong and Montana: Two Production Hubs, One Supply Chain

The primary engine of this growth is the Sangdong mine in South Korea, one of the largest known tungsten deposits outside China. The operation has completed its initial ramp-up phase and is heading toward full commercial output. Timing is everything: the benchmark price for ammonium paratungstate, a key tungsten intermediate, has climbed above $3,000 per metric ton unit, and Western governments and defence contractors are scrambling for non-Chinese sources.

Almonty is not betting solely on Asia. In late 2025 it acquired the Gentung Browns Lake project in Beaverhead County, Montana, and aims to make it production-ready by the second half of 2026. The first phase targets around 140,000 MTU of tungsten annually, with more than 90% of that volume already contracted under long-term agreements with U.S. defence and technology customers. The relocation of the corporate headquarters from Toronto to Dillon reinforces that customer focus.

First-Quarter Numbers Show Operational Momentum

The financial results for the first quarter of 2026 illustrate the underlying shift. Revenue rose 221% year-over-year to 25.4 million CAD, driven by higher tungsten prices and continued output from the Panasqueira mine in Portugal. Operating cash flow came in at 9.7 million CAD, and adjusted EBITDA reached 6.1 million CAD. The positive cash generation marks a milestone for a company that has long been valued on potential rather than current earnings.

That said, the bottom line still shows a net loss of 5.3 million CAD, largely due to non-cash revaluation charges of 8.4 million CAD. The gap between operational improvement and reported losses explains why the market is paying close attention to the next stages of execution.

New CFO Brings Capital-Market Credibility

To navigate the transition from developer to producer, Almonty has tapped Jorge Beristain as its new chief financial officer. Beristain, a former metals analyst at Deutsche Bank and a seasoned mining financier, is scheduled to take the helm in June 2026. He will succeed Guillaume de Lamaziere, who has been serving as interim CFO after the departure of the previous finance chief.

Beristain’s experience with complex capital structures is expected to be critical as Almonty seeks to fund expansion while maintaining credibility with investors. The company’s shareholder meeting, also slated for June 2026 in Toronto, will provide a platform to lay out how it intends to finance the simultaneous build-out of Sangdong and Montana.

Technical Warning in an Overheated Market

The relentless rally has pushed the relative strength index to 92.1, a reading that signals extreme overbought conditions. The stock sits about 19% below its 52-week high of 32.51 AUD, suggesting that profit-taking has already begun to cap further gains. For all the optimism around tungsten demand and Almonty’s execution, the valuation now embeds a great deal of good news.

With two production hubs coming online, a contract book that locks in future revenue, and a finance team built for the next phase, Almonty has the pieces in place to deliver on its promise. The challenge will be doing so without disappointing a market that has priced in nothing less than perfection.