Almonty Rides the Tungsten Supercycle: Cash Turns Positive, New CFO Named, and a Korean Mine Primed for Western Supply Chains

Amid 900% tungsten price surge, Almonty Industries posts 221% revenue jump; Sangdong mine to supply Western defence as Chinese exports shrink. Stock dips 10%; analysts raise targets.

A supply crisis is rewriting the global tungsten market, and Almonty Industries has emerged as the clearest beneficiary outside China. Ammonium paratungstate (APT) prices in Rotterdam have surged roughly 900% over the past twelve months, with a 350% advance since January alone. Chinese export restrictions and Beijing’s grip on processing capacity have left Western manufacturers scrambling for alternative sources — and Almonty’s Sangdong mine in South Korea is shaping up as the most viable non-Chinese answer.

The company’s financial performance now reflects that tailwind. Revenue in the first quarter of 2026 jumped 221% year-on-year, while operating cash flow flipped into positive territory for the first time. Net income from mine operations came in at $13 million, though higher administrative expenses ate into the headline gain. The balance sheet remains robust, with roughly $260 million in cash available to fund further expansion.

Yet the stock has taken a breather. Almonty’s shares closed the week at C$24.02 on the Toronto exchange, falling about 10% over the five sessions. Analysts attribute the slide to profit-taking after a parabolic run — the equity has nearly doubled since the start of the year and posted a 546% gain over the past twelve months. The relative strength index sits at 44, a neutral reading that suggests neither overheating nor panic selling.

The price catalyst is easy to trace. APT, the key tungsten intermediate, climbed from around $862 per tonne in January to more than $3,140 by early May. That explosion in pricing is directly driving Almonty’s profitability, even as the company navigates the costs of building out its flagship asset.

Sangdong is now the operational focus. Phase 1 of the mine has begun production and is targeting an annual output of 2,300 tonnes of tungsten concentrate. A second phase, planned for 2027, would double that capacity. The timing is no coincidence: from 2027 onward, new procurement rules are expected to bar tungsten sourced from China or Russia from Western defence contracts, creating an immediate captive market for Almonty’s output.

To steer the company through this growth phase, Almonty has strengthened its executive ranks. Jorge Beristain, a former Deutsche Bank analyst who covered mining and metals on Wall Street, will take over as chief financial officer on June 1, 2026. He replaces Brian Fox, who stepped down with immediate effect.

The analyst community has responded with notable upgrades. Bank of America reiterated a buy rating and set a price target of $23. Alliance Global raised its target to $26.25 from $19.25, while Diamond Equity increased its 2026 earnings estimate to $0.72 per share in a commissioned research note. The consensus price target drawn from broader coverage stands at $18.38, implying a modest upside of roughly 5% from current levels.

Almonty now faces a critical execution phase. With a well-stocked treasury, a newly installed CFO, and a mine that is uniquely positioned to serve Western buyers cut off from Chinese supply, the company must deliver on its production milestones. If the Sangdong ramp-up proceeds as planned, the new output will arrive just as the market’s demand for secure, non-Chinese tungsten grows most acute.