Almonty's May Double Header: First Tungsten Output and a New Finance Chief Land in the Same Window

Almonty nears first Sangdong output report and appoints ex-Wall Street analyst Jorge Beristain as CFO, amid Western push to break China's tungsten dominance.

Two milestone events are converging at Almonty Industries this month. On 21 May the company is expected to release its first official production figures from the Sangdong mine in South Korea, turning years of development into real output data. Just a week later, in early June, a new chief financial officer—Jorge Beristain, a former Wall Street metals analyst—will take over the finance function. The timing is no coincidence: Almonty needs both operational proof and financial discipline as it pushes Sangdong into full commercial flow.

A supply chain drawn to the West

China controls roughly 80% of global tungsten production, a metal critical for defence, industrial tools and high-tech components. Western governments are now actively funding alternatives. A total of $12.1 billion has been committed to critical minerals projects through 30 new supply-chain partnerships, while the US-led FORGE coalition—encompassing 54 countries—has already inked 11 bilateral supply agreements in a single day. The pressure is also coming from the market: OECD data show that export restrictions on critical raw materials have hit an all-time high, and analysts expect the critical minerals sector to double in size to roughly $715 billion by 2035.

Almonty’s Sangdong mine is one of the largest tungsten deposits outside China, and the US Department of Defence has made it clear: from January 2027, all tungsten used in American defence programmes must come from non-Chinese sources. That deadline turns Sangdong into a strategic asset almost overnight.

Sangdong steps into the spotlight

Phase 1 of the mine is now ramping up, with a design capacity of 640,000 tonnes of ore per year. The 21 May quarterly report will be the first chance for investors to judge startup reliability—a key test for a stock that has already repriced sharply higher. Almonty strengthened its connection to Washington earlier by moving its corporate headquarters to Dillon, Montana, in April 2026. A Nasdaq listing in 2025 and subsequent funding rounds have also improved the company’s liquidity.

The results, however, will be scrutinised for cost discipline. At the end of last year Almonty carried a net loss of $102 million on revenue of just under $9 million. The quarterly report due next week will also update the market on the remaining capital needed to complete Sangdong’s ramp-up.

A change in the finance function

Guillaume de Lamaziere has been named interim CFO after Brian Fox left Almonty with immediate effect. The permanent appointment, Jorge Beristain, steps into the role in June. Beristain spent years on the sell side covering mining equities and his task is to secure the financing that will carry Sangdong through its production escalation. The company operates not just in South Korea but also has tungsten processing and mining assets in the United States, Portugal and Spain, giving Beristain a multi-continent portfolio to manage.

Market signals and the price backdrop

The stock ended the most recent session at $19.68 on the Nasdaq, having entered a consolidation phase after a strong re-rating. On Germany’s Tradegate platform the shares were quoted at €16.56. Technical analysts have flagged a buy signal, with a support zone marked at $0.0130—a level that reflects the wide spread of listings and trading venues.

The underlying tungsten market adds further momentum. Ammonium paratungstate, the benchmark pricing point for the metal, has surged roughly 900% year on year, driven by tighter Chinese export controls and depleted Western inventories. That price shock helps Almonty’s margin story, but the company still must prove it can deliver consistent volumes.

CEO Lewis Black is due to speak at the International Investment Forum on 20 May, one day before the quarterly numbers come out. Both events will determine whether the political tailwind around tungsten finally translates into tangible operating performance for Almonty.