Almonty Races to Shareholder Vote With Production Ramp-Up, New CFO, and Surging Tungsten Market

Shareholders vote on board continuity June 9 as Almonty appoints new CFO, achieves commercial output at Sangdong mine, and benefits from tripling tungsten prices and US defense policy shifts.

Almonty Industries is entering a packed June that marries a governance milestone with accelerating operational momentum. Just days before shareholders vote on board continuity, the tungsten producer has installed a new chief financial officer, launched commercial output at its flagship South Korean mine, and watched its stock more than double as the metal’s price triples.

Proxy Clock Ticking

The proxy submission deadline falls on June 5 at 10:00 a.m. Eastern Time, with the annual meeting set for June 9 at 10:00 a.m. Toronto time. Shareholders holding through brokers face earlier cutoff dates, prompting Almonty to urge early voting. On the agenda: approval of annual accounts, board size, director elections, and reappointment of auditor Zeifmans LLP.

The board is seeking re-election on a platform of strategic continuity. Management argues that keeping the current team intact is critical as Almonty gains visibility on U.S. capital markets and deepens ties with defense-sector customers. To manage the shareholder outreach, the company has retained Sodali & Co.

New CFO Takes the Helm

Jorge Beristain, CFA, assumed the role of chief financial officer on June 1. His arrival coincides with the hectic pre-meeting period. Beristain joins from Ryerson Holding, a NYSE-listed metals service center with $5 billion in revenue, where he previously served as CFO. He also held the same role at Central Steel & Wire, a Ryerson subsidiary with $800 million in revenue.

His background extends to sell-side analysis: Beristain led the Americas metals and mining equity research team at Deutsche Bank Securities, where he ranked among the top three analysts in his coverage universe. He replaces Brian Fox, who stepped down earlier. Guillaume de Lamaziere, chief development officer, had been running finance on an interim basis.

Sangdong Delivers First Commercial Output

Mid-March marked a turning point for Almonty as Phase 1 of the Sangdong mine in South Korea achieved commercial production. The facility is now processing around 640,000 tonnes of ore annually, yielding roughly 2,300 tonnes of tungsten concentrate. Management is already planning Phase 2, which would double capacity, with construction slated for 2027.

The timing aligns with shifting supply dynamics. From January 1, 2027, new U.S. defense procurement rules will prohibit tungsten from China, Russia, Iran, and North Korea in certain supply chains. Almonty aims to supply about 40% of global demand outside China, while Beijing is tightening its own grip by cutting domestic mining licenses by another 8% in 2026.

The company is also advancing the fully owned Gentung Browns Lake Tungsten Project in Beaverhead County, Montana, targeting production readiness in the second half of 2026. The planned relocation of corporate headquarters from Toronto to Dillon, Montana, underscores the pivot toward U.S. industrial and defense clients. Meanwhile, in Portugal, drilling continues for the L4 expansion at the Panasqueira mine, with a production start expected in spring 2027.

Revenues Surge, Losses Narrow

The operational progress is visible in the financials. First-quarter revenue jumped 221% to $25.4 million, while adjusted EBITDA reached just over $6 million. Cash and equivalents stood at roughly $260 million at March 31, with working capital of $169.5 million, giving the company ample runway for expansion.

Net loss improved dramatically. The company reported a loss of $5.3 million, or $0.02 per share, compared with a loss of $34.6 million, or $0.13 per share, in the same quarter last year. The narrowing deficit signals that the burn rate is easing even as capital spending continues.

Tungsten Price Rally Lifts Stock

A key tailwind is the explosive move in tungsten prices. Ammonium paratungstate (APT) recently traded at $3,040 per metric tonne unit, up from $920 at the start of the year. That rally has powered Almonty’s shares, which have climbed 133% year to date to around C$28.

While other metals producers have hit turbulence — Chalco and Tianshan Aluminum each lost more than 5% in early June, and IperionX dropped 10% after a feasibility study — Almonty has bucked the trend.

Russell Index Entry Looms

The stock is set for another catalyst on June 29, when Almonty joins the Russell 1000 and Russell 3000 indices. The inclusion will force exchange-traded funds and index-tracking mandates to buy shares, providing a fresh wave of demand.

Analysts have already taken notice. Oppenheimer raised its price target to $25, and consensus estimates call for full-year earnings of $0.30 per share. With Sangdong now delivering revenue and the balance sheet fortified, Almonty is positioning itself as a cornerstone of the non-China tungsten supply chain at a moment when geopolitical forces are reshaping the industry.