Almonty’s Fundamental Turnaround and Technical Breakout Converge as Tungsten Ramp-Up Accelerates

Almonty Industries transitions to cash-generating producer as Sangdong mine ramps up, revenue jumps 221%, and US defense rule boosts tungsten demand from non-China sources.

Almonty Industries has crossed a critical threshold. The Canadian tungsten developer, which spent years advancing its portfolio of mines, is now a cash-generating producer—and the market is pricing in the shift. Shares have surged 629% over the past twelve months, with a 134% gain since the start of 2026 alone. Behind that rally lies a fundamental inflection point that goes far beyond chart patterns.

First-quarter results released for 2026 put numbers on the transition. Revenue rocketed 221% to US$25.4 million, driven by record prices for ammonium paratungstate (APT), the benchmark tungsten intermediate. The company swung from a loss-making position to an adjusted EBITDA of US$6.1 million, reversing a US$2.4 million deficit in the prior-year period. Operating cash flow flipped to positive US$9.7 million from negative US$4.4 million—the first time Almonty has generated cash from operations in years.

The engine of that turnaround is the Sangdong mine in South Korea, which began Phase 1 production on 17 March 2026. Commercial output is expected to reach full capacity during the third quarter. At full tilt, Sangdong will supply roughly 40% of global tungsten demand outside China, positioning the company as a critical alternative for Western supply chains looking to reduce dependence on Chinese sources.

That geopolitical angle is about to sharpen dramatically. From 1 January 2027, the US Department of Defense’s DFARS rule will prohibit the military from sourcing tungsten from China, Russia, Iran, and North Korea. Defence and aerospace contractors are already scouting compliant suppliers, and Almonty’s production footprint—South Korea, Portugal, and Spain—sits entirely outside the exclusion zone.

Against this operational momentum, Almonty has strengthened its management team. On 1 June 2026, Jorge Beristain takes over as chief financial officer. Beristain arrives from Wall Street with a mandate to raise the company’s profile among institutional investors. His appointment coincides with a period when the company needs to communicate its new producer status to a broader investment audience.

The technical picture reinforces the fundamental case. On a day when the stock gained roughly 6%, the share price broke above its 38-day moving average, settling at €17.47. That level sits 2.54% above the 38-day average of €17.04 and 4.64% above the shorter-term 20-day moving average. More striking: the stock now trades 75% above its 200-day moving average—a reflection of the sustained uptrend that began when the market started pricing in the production ramp. In Canadian dollar terms, the stock closed at CAD 28.10, 76% above its 200-day moving average, with the 52-week high of CAD 32.07 just 12% away.

Almonty’s future pipeline includes a potential restart of the Los Santos mine in Spain and the Gentung project in Montana. With a newly positive cash flow profile, a strengthened finance team, and the US defence deadline approaching, the company faces a deceptively simple challenge: the Sangdong mine must now deliver on its promise.