Almonty's Cash Flow Flip and New CFO Signal Growth Phase, but Profit-Taking Hits Stock

Jorge Beristain joins as CFO as Almonty swings to positive cash flow on surging tungsten prices, with shares up 549% in 12 months despite recent pullback.

Almonty Industries has brought in a seasoned mining finance executive just as the tungsten producer's financials are being transformed by surging commodity prices. Jorge Beristain, formerly head of metals and mining research at Deutsche Bank Securities and most recently at Ryerson Holding, takes over as chief financial officer on June 1. The appointment comes at a critical juncture: outgoing CFO Brian Fox left with immediate effect, and development chief Guillaume de Lamaziere is filling the role on an interim basis until Beristain arrives.

The new finance chief inherits a business that has flipped its cash flow firmly into the black. Revenue in the first quarter of 2026 jumped 221% to $25.4 million, propelled by a more than threefold increase in the spot price of ammonium paratungstate in Rotterdam, which has climbed from roughly $900 to over $3,000 per tonne. Chinese export curbs have choked supply, while defense spending has stoked demand for the strategically critical metal. Operating cash flow swung to $9.7 million from a negative position a year earlier, and adjusted EBITDA reached $6.1 million. The net loss shrank to $5.3 million from $34.6 million, though non-cash valuation charges continue to weigh on the bottom line.

Investors, however, used the strong figures to cash in their chips. The stock closed at C$24.14 on Friday, down 4.21%, bringing the weekly loss to 10.19%. The pullback has widened the gap to the 52-week high of roughly C$32, yet the shares are still up 100.67% year to date and a staggering 548.92% over the past twelve months. The classic "sell the news" pattern has taken hold after a months-long rally.

Wall Street analysts remain bullish. Alliance Global lifted its target to $26.25 from $19.25, while D.A. Davidson kept a buy rating and a $25 target, citing the acute supply crunch. Bank of America raised its target to $23. All see the ramp-up at the Sangdong mine in South Korea as the next major catalyst.

The focus now shifts to Asia, where Sangdong's first phase is approaching full capacity. The mine is expected to eventually process around 1.2 million tonnes of ore per year. On May 20, Almonty will present at the IIF investor conference, where details on U.S. expansion plans are expected to take center stage. The annual general meeting is scheduled for June 9 in Toronto, where management will seek shareholder backing for governance changes needed to support the new production phase.

Almonty’s balance sheet provides a buffer for the capital-intensive expansion. Cash stood at C$259.9 million, and with tungsten prices still at elevated levels, the company has the financial discipline Beristain will need to navigate the geopolitically charged tungsten supply chain.