Almonty Prepares for Sangdong Phase 2 Vote as New CFO Takes Helm and Revenue Surges

Almonty reports 221% revenue surge, appoints new CFO, and faces shareholder vote on Sangdong Phase 2 expansion amid muted stock reaction.

Almonty Industries is entering a pivotal stretch. The tungsten producer has just reported a record-breaking quarter, appointed a new chief financial officer, and now faces a shareholder vote that could unlock the next major expansion at its flagship Sangdong mine. Yet the market response has been muted, with the stock giving back some of its staggering year-to-date gains.

Jorge Beristain will take over as CFO on June 1, 2026, bringing deep capital markets experience from his previous roles heading metals and mining research at Deutsche Bank Securities and later at listed metal service company Ryerson Holding. He replaces Brian Fox, who departed immediately, with development chief Guillaume de Lamaziere serving as interim until Beristain arrives. The timing is no coincidence: Almonty is positioning itself as a key western tungsten supplier, a strategy that demands financial discipline as capital-intensive mine expansions get underway.

A week after Beristain’s start date, the company’s annual general meeting on June 9 in Toronto will put the spotlight on Phase 2 of Sangdong. Shareholders will vote on expanding processing capacity to 1.2 million tonnes per year by 2027. Approval would cement Sangdong’s status as one of the largest tungsten projects outside China, a country that has tightened export controls and sent prices soaring.

The numbers already tell a powerful story. First-quarter revenue jumped 221% to US$25.4 million, beating expectations by 3.52%. Adjusted EBITDA hit US$6.1 million, while operating cash flow swung to positive US$9.7 million. The company ended the period with US$259.9 million in cash, giving it ample room to fund growth.

The engine behind the improvement is Panasqueira in Portugal, where mine operating profit rocketed to C$13.0 million from just C$0.8 million a year earlier. The global benchmark for tungsten APT in Rotterdam has more than tripled from around US$900 per tonne to over US$3,000, driven by Chinese supply restrictions and rising demand from defence and technology industries.

Still, the bottom line remains in the red. Almonty reported a net loss of US$5.3 million, or US$0.02 a share, though that was a sharp improvement from the prior year. Non?cash charges — US$6.4 million from embedded derivatives and US$2.0 million from warrant liabilities — weighed on the income statement without affecting operations or liquidity.

The stock, however, has been moving in the opposite direction. Shares closed at C$24.02 on Friday, down 4.68% on the day and 10.64% for the week. The retreat is modest in context: the stock remains up 99.67% since the start of 2026 and has gained 548.92% over the past twelve months. After such a rally, profit?taking is almost inevitable.

Analysts remain broadly constructive. Alliance Global raised its price target to US$26.25 from US$19.25, while Bank of America lifted its target to US$23 and D.A. Davidson maintained a buy rating with a US$25 target. Eight analysts rate the stock a buy, with no sell recommendations. The positive sentiment contrasts sharply with the recent price action.

Almonty is also strengthening its ties to US supply chains. The company has announced it will move its corporate domicile from Toronto to Dillon, Montana, aligning its tungsten operations closer to American defence and technology customers. An investor conference hosted by IIF on May 20 is expected to provide further detail on these expansion plans.

For now, the stock is caught between two forces: record operational performance and high tungsten prices on one side, and the gravitational pull of profit?taking after an extraordinary run on the other. The June 9 vote will offer a clear verdict on whether shareholders believe the growth story still has further to climb.