Almonty's June Juncture: New Finance Chief, Shareholder Vote, and Russell Entry Intersect

Almonty appoints new CFO, faces AGM proxy deadline, and expects Russell index inclusion as revenue triples to $25.4M.

The tungsten producer Almonty Industries has entered a defining month, with three corporate milestones stacking up over the next four weeks. A new chief financial officer took the reins on June 1, shareholders face a proxy deadline on June 5 ahead of the annual general meeting on June 9, and the company expects to join the Russell 1000 and Russell 3000 indices when reconstitution takes effect on June 29. All this unfolds against the backdrop of a quarter that saw revenue more than triple.

A seasoned capital-markets hand for the finance seat

Jorge Beristain officially stepped in as CFO on Monday, replacing Brian Fox after an interim stint by development chief Guillaume de Lamaziere. Beristain arrives from Ryerson Holding Corp., a NYSE-listed metals distributor with roughly $5 billion in revenue, where he ran the finance function. Before that he served as CFO of Ryerson’s subsidiary Central Steel & Wire Co., which generated $800 million in revenue. Crucially for Almonty, Beristain spent years at Deutsche Bank Securities as a managing director and head of metals and mining equity research for the Americas. He holds the CFA charter and sits on the board of Elevra Lithium Limited.

Orderly handover as operational momentum builds

The transition was carefully planned. After Fox’s departure, de Lamaziere held the role on an interim basis until Beristain’s start on June 1. The new CFO’s mandate is explicitly tied to the ramp-up of Almonty’s flagship Sangdong mine in South Korea and the build-out of a Western tungsten supply chain spanning the United States, Portugal and Spain. Investors will be watching for capital efficiency, transparent reporting, and translation of strategy into operating results.

A quarter that turned the corner

Almonty’s first-quarter numbers provide a strong tailwind. Revenue surged 221 percent to $25.4 million, driven by higher tungsten prices and ongoing production at the Panasqueira mine in Portugal. Adjusted EBITDA swung from a loss of $2.4 million to a gain of $6.1 million, while operating cash flow turned positive at $9.7 million versus a negative $4.4 million a year earlier. The reported net loss of $5.3 million included $8.4 million in non-cash valuation charges on derivatives and warrants. The company ended March with nearly $260 million in cash.

Sangdong moves from commissioning to commerce

The Sangdong mine in Gangwon province officially began commissioning on March 17 and is now transitioning to commercial production. Beristain’s experience in capital markets and operational finance is expected to be critical as Almonty scales the project. The company has positioned Sangdong as the centerpiece of its ambition to become a larger tungsten producer outside China.

Shareholders asked to back the board

Almonty is pressing for an early vote on proxy matters ahead of the June 9 AGM. The deadline for submitting proxy forms is 10:00 a.m. Eastern Time on June 5. The board unanimously recommends reelecting all director nominees listed in the management information circular dated April 29. To encourage participation, the company has hired Sodali & Co. to handle proxy solicitation and shareholder communications at a fee of roughly $37,500 plus reimbursable expenses, all borne by Almonty.

Milestones beyond the AGM

The broader tungsten narrative remains intact. Almonty has active mining operations at Sangdong, drilling programs at Sangdong Molybdenum and Panasqueira, a Nasdaq initial public offering that raised $90 million, and a follow-on placement of $129 million in December 2025. The company has also established a U.S. corporate headquarters and taken full control of the Gentung Browns Lake Tungsten Project in Montana, strengthening its domestic supply-chain credentials.

Russell inclusion brings institutional visibility

On May 28, Almonty announced it expects to be added to the Russell 1000 and Russell 3000 after the annual index reconstitution. The preliminary FTSE Russell list was published on May 22, and the change is scheduled to take effect at the start of trading on June 29. Inclusion in these widely tracked benchmarks typically triggers demand from index funds and institutional portfolios, raising the company’s profile among a broader investor base.

Technical picture shows stretched valuation

The stock’s recent performance reflects high expectations. At 27.16 Australian dollars, Almonty’s shares have fallen 8.5 percent over the past 30 days but remain up 98.34 percent year to date and 485.51 percent over the trailing twelve months. The relative strength index stands at 97.4, a level that signals extreme overbought conditions. The current price is roughly in line with the 50-day moving average of 26.63 AUD, leaving little room for disappointment.

A month that tests the thesis

With a new CFO, a shareholder vote, and an index entry all falling within June, Almonty faces a concentrated period of corporate governance and market events. The operational turnaround — a 221 percent revenue jump, positive EBITDA and cash flow — provides the foundation, but the stock’s dramatic run-up means the stakes are high. How the company navigates this juncture will shape its reputation for execution as it moves from tungsten developer to a multi-mine producer.