Almonty's June Gauntlet: Production Data, CFO Switch, and Phase 2 Vote Create a Defining Window

Almonty Industries faces a pivotal three weeks as first commercial output data arrives, a new CFO takes over, and shareholders vote on doubling Sangdong mine capacity amid surging tungsten prices.

The next three weeks will test whether Almonty’s ambitious Korean wolfram story can translate into operational reality. With first commercial output data due Thursday, a new chief financial officer taking the helm on June 1, and shareholders asked to approve a doubling of the Sangdong mine’s capacity nine days later, the stock’s correction looks less like a trend break and more like a valuation reality check that is about to be resolved.

Shares closed at C$24.02 on Friday, leaving them down 16% over seven sessions and 25% on a monthly basis. Yet the year-to-date gain remains near 100%, and the sell-off has come against a backdrop of rising earnings estimates and surging tungsten prices.

Sangdong’s First Test

The mine's Stage 1 processing facility, which began commercial operations in late March, can handle 640,000 tonnes of ore annually and produce approximately 2,300 tonnes of tungsten concentrate. The ore grade runs at about 0.51% tungsten trioxide — well above the global average — giving Almonty a cost advantage that is central to the investment thesis.

Thursday’s production numbers will be far more than a routine update. They are the first real evidence of how cleanly the company is transitioning from developer to producer. Management has promised that Sangdong will deliver not just volume but low-cost output, and the data will show whether the ramp is on track.

A New Sheriff in the Finance Office

On June 1, Jorge Beristain takes over as chief financial officer, replacing Brian Fox, who left with immediate effect. Guillaume de Lamaziere, the development chief, has been handling the finance function on an interim basis.

Beristain brings capital markets experience from the metals sector, having previously worked at Ryerson Holding and Central Steel & Wire. His appointment comes at a time when Almonty needs both operational discipline and credible market communication as it prepares to scale up.

The Molybdenum Upside

Just 150 metres from the wolfram operation, Almonty is developing a molybdenum stream that management expects to start production by the end of 2026, with a projected 60-year mine life.

The entire output has already been committed. South Korea’s SeAH M&S has signed an exclusive offtake agreement covering all molybdenum production, which at full capacity would amount to roughly 5,600 tonnes per year. The contract includes a floor price of $19.00 per pound before processing deductions, insulating Almonty from any near-term downturn in molybdenum markets.

Shared infrastructure, short distances and existing technical expertise at the Sangdong site should keep both capital spending and development timelines lower than a standalone project would require.

Shareholders Get the Final Say

At the annual meeting on June 9 at 10:00 a.m. Toronto time, investors will vote on a second expansion stage for Sangdong. If approved, processing capacity would climb to 1.2 million tonnes per year by 2027, enabling annual wolfram production of more than 460,000 metric tonne units. That would represent roughly 40% of the tungsten demand currently served outside China.

The scale of the ambition marks a near-doubling of the original plan and underscores the strategic importance of non-Chinese tungsten supply chains. China has replaced its export quota system with a licensing regime involving just 15 state-controlled companies, and from January 2027 US defence contractors will be barred from using Chinese tungsten entirely.

Financial Firepower and Rising Prices

Almonty enters this critical stretch on solid financial footing. First-quarter revenue jumped 221% to $25.4 million, driven by higher APT spot prices and strong performance from the Panasqueira mine in Portugal. Cash stood at $259.9 million as of March 31, with working capital of $169.5 million.

The net loss narrowed sharply to $5.3 million from $34.6 million a year earlier, though the figure is inflated by non-cash accounting entries. The company also has an additional project in the pipeline: Gentung-Browns Lake in Montana, with a resource of 7.53 million tonnes. Almonty targets production readiness there by the second half of 2026, with annual output of 140,000 MTU.

Ammonium paratungstate has been the real tailwind. The APT price has surged from around $900 per MTU to more than $3,000 — a gain of over 230%. Diamond Equity has responded by lifting its 2026 earnings per share estimate from $0.63 to $0.72, and for 2027 from $1.43 to $1.68, citing the Sangdong ramp and the strong APT price environment.

The Sequence That Matters

May 21 delivers the first operating data. June 1 brings the CFO handover. June 9 puts the Phase 2 expansion to a shareholder vote. For a stock that has corrected sharply after an extraordinary rally, the next three weeks will determine whether the valuation has a solid operational foundation — or whether the market got ahead of itself.