Almonty's Shareholder Vote Puts the West's Tungsten Bet to the Test

Tungsten prices surge 10x; Pentagon bans Chinese tungsten. Almonty's Sangdong mine starts production, targeting 40% of non-China demand. Revenues up 221%.

Tungsten prices have gone vertical, and the clock is ticking for US defense contractors. Ammonium paratungstate (APT) in Rotterdam has surged nearly tenfold in twelve months to roughly $3,185 per metric tonne unit, driven by a supply chain that remains overwhelmingly Chinese. Against that backdrop, Almonty Industries just flipped the switch at its Sangdong mine in South Korea on March 17, 2026 — a milestone that transforms the company from a development story into an active producer just as a Pentagon deadline looms. Starting January 1, 2027, the DFARS rule bars the US military from buying Chinese-sourced tungsten, leaving western buyers scrambling for alternatives. Sangdong, with its fully automated flotation plant, is one of the few non-Chinese assets ready to fill that gap.

The next catalyst comes on June 9, when shareholders vote on doubling Sangdong's processing capacity to 1.2 million tonnes of ore per year by 2027. If approved, the mine would be able to meet roughly 40% of the world's tungsten demand outside China. CEO Lewis Black has long positioned the operation as more than just a mine — it also includes molybdenum exploration potential — and the expansion plan underscores a bet that western reliance on Chinese supply is structurally broken.

Behind the strategic push, the numbers are finally turning positive. In the first quarter of 2026, revenue jumped 221% to C$25.4 million. Operating cash flow swung from minus C$4.4 million to plus C$9.7 million, and adjusted EBITDA hit C$6.1 million — the first time the metric has been in the black. With a cash pile of nearly C$260 million, Almonty has breathing room to fund its projects without immediate dilution pressure.

To match the transition from developer to producer, the company is bringing in a capital-markets veteran. Jorge Beristain, a former Wall Street analyst, takes over as chief financial officer as of June 1. The appointment signals a push toward sustainable profitability and a bigger footprint among institutional investors.

Sangdong is only the centerpiece of a broader portfolio. In Portugal, Almonty is working to restart the Los Santos mine, while in Montana the Gentung project targets an annual output of 140,000 metric tonne units by the end of 2026. The company could also benefit from Canada's CMETC tax credit — Bill C-15, which received royal assent in March 2026, offers a 30% credit on tungsten exploration spending. Closer to home, the South Korean subsidiary donated its 800,000 won prize from the Danjong Cultural Festival in Yeongwol to the Sangdong Community Safety Council, funding meal programs for elderly residents in a region that has shrunk to about 1,000 people since the historic mining downturn.

The market has already priced in a good deal of optimism. Shares have surged approximately 629% over the past twelve months to C$28.10, well above their 200-day moving average. The relative strength index sits at 75, indicating overbought conditions, and the stock is within striking distance of its 52-week high of C$32.07. On a two-year basis, the gain stands at roughly 2,500%. That gives the June 9 vote added weight: a "yes" to the Sangdong expansion would be the first real proof that Almonty can deliver on the production ramp-up it has been promising for months. With the DFARS deadline less than seven months away, western buyers have limited options — and Almonty is one of the few suppliers that can actually answer the call.