Almonty’s Revenue Surge and Russell 1000 Entry: A Defining Quarter for the Tungsten Producer

Almonty shares double after Q1 revenue jumps 221% to $25.4M; Sangdong mine now in production. Russell index inclusion and shareholder vote are key catalysts.

Almonty Industries has more than doubled so far in 2026, with shares climbing 124 percent since January. The rally reflects a transformation that is starting to show up in hard numbers: first-quarter revenue jumped 221 percent to US$25.4 million, adjusted EBITDA swung to US$6.1 million from a loss a year earlier, and operating cash flow reached US$9.7 million. The company is no longer a pure explorer — production is underway at its flagship Sangdong tungsten mine in South Korea, and a second project in Montana is gearing up for first output in the second half of this year.

Sangdong, which Almonty describes as one of the largest tungsten mines outside China, began commercial operations in December 2025. Adjacent to the mine, the company has launched an extensive drilling program for molybdenum. In North America, Almonty relocated its corporate headquarters to Dillon, Montana, and acquired full ownership of the Gentung Browns Lake Tungsten Project in Beaverhead County. The strategic aim is clear: become a key supplier to America’s high-tech and defense sectors at a time when Washington is prioritizing supply-chain independence from China.

Capital for this expansion has been secured in two tranches. A Nasdaq initial public offering in July 2025 raised US$90 million, and a follow-on offering in December added another US$129 million, for a total of US$219 million. That cash cushion is also funding drilling programs at the Panasqueira mine in Portugal and retiring existing debt.

The next catalyst arrives on June 29, 2026, when Almonty is expected to join both the Russell 1000 and Russell 3000 indices. Reconstitution becomes effective at the start of trading that day, forcing passive fund managers who track the benchmarks to accumulate shares. With roughly US$12.2 trillion in assets benchmarked to Russell indexes, the inclusion could structurally widen Almonty’s shareholder base.

Before the index rebalancing, the company faces a crucial shareholder meeting on June 9, 2026. Proxy ballots must be received by 10:00 a.m. New York time on June 5 (equivalent to 4:00 p.m. Central European Time). The board recommends the re-election of all current directors, signaling a vote for continuity after a year of dramatic change — including the U.S. domicile move, the Nasdaq dual listing, and the ramp-up of Sangdong. Almonty has retained proxy solicitation firm Sodali & Co at a cost of approximately US$37,500 to assist with the vote.

Despite the strong run, the stock is trading at C$26.92, just above its 50-day moving average of C$26.27 but still 16 percent below its 52-week high of C$32.07. Volatility remains elevated at over 80 percent annualized. Some analysts have set a price target of C$25.00, implying that current levels fully reflect the near-term promise — and that the real test lies in how quickly Sangdong reaches full capacity. The upcoming shareholder vote and the forced buying from index inclusion will determine whether the market’s optimism can hold.