Almonty's Strategic Crossroads: New CFO, Record Tungsten Prices, and a Vote That Could Reshape Western Supply Chains

Almonty's Q1 revenue surged 221% as tungsten prices quadruple; shareholders vote June 9 on doubling Sangdong mine capacity to fill Western defense supply gap.

A perfect storm of surging commodity prices, geopolitical tailwinds and operational milestones has thrust Almonty Industries into the spotlight. Yet the next chapter hinges on a single event: the shareholder vote on June 9, when investors will decide whether to double processing capacity at its Sangdong mine in South Korea.

The timing is anything but accidental. Tungsten-APT prices have rocketed from around $860 per metric tonne unit in January to more than $3,140 in early May. That fourfold leap directly fed Almonty's first-quarter revenue, which exploded 221% to $25.4 million. The Sangdong mine, which officially started commercial production in mid-March, is now the engine behind that growth.

For the first time in its recent history, Almonty posted positive adjusted EBITDA of $6.1 million and an operating cash flow of nearly $10 million. That cash swing offers a buffer as the company pushes toward higher output. Still, the bottom line remains in the red: a net loss of $5.3 million, partly attributable to rising administrative expenses on salaries and legal fees.

The company's balance sheet provides ample runway. With roughly $260 million in cash and equivalents and an equity ratio above 60%, Almonty has the financial muscle to fund its next phase without undue strain.

That next phase — the Phase 2 expansion of Sangdong — would roughly double processing capacity by 2027. If approved, the mine could eventually supply approximately 40% of global tungsten demand outside China. The expansion is not a standalone bet: Almonty has also launched a major drilling program at its Sangdong molybdenum project, designed to complement the tungsten operations and tap additional industrial markets.

To steer this growth, the company is bringing in a Wall Street veteran. Jorge Beristain, a former Deutsche Bank analyst and Ryerson executive, will take over as chief financial officer on June 1. He replaces Brian Fox, who departed effective immediately; chief development officer Guillaume de Lamaziere is serving as interim finance chief until Beristain's arrival.

The geopolitical rationale for the expansion is clear. From January 1, 2027, a new U.S. procurement directive will ban Chinese tungsten from Western defence supply chains. Sangdong, already operational and strategically located in an allied nation, is well positioned to fill that void.

Investors have already priced in much of the story — and then some. Almonty shares have soared 545% over the past 12 months, though the recent run has cooled. The stock closed at C$24.02 on Friday, roughly 25% below its 52-week high. Over the past month alone, the shares have shed about 17% as profit-taking took hold. Year-to-date, the gain still stands at nearly 100%.

Analysts remain broadly bullish. D.A. Davidson highlights a massive supply deficit in tungsten and has a price target of $25.00 (U.S.) on the stock. Bank of America sees fair value at $23.00 (U.S.). Both targets imply upside from current levels, even after the recent pullback.

In parallel, Almonty relocated its corporate headquarters to Dillon, Montana — a move that places it closer to North American critical-minerals supply chains. The company's transformation from mine developer to producer is now complete on an operational level. The June 9 vote will determine how far and how fast that producer can scale.