Almonty’s Strategic Pivot Takes Full Form as Tungsten Output Ramps and Wall Street Takes Notice

Almonty Industries generated $9.7M quarterly operating cash flow, driven by Sangdong mine output. New CFO, shareholder vote, and Russell 1000 listing in June.

For a junior miner that burned through $4.4 million in operating cash just a year ago, the turnaround has been abrupt. Almonty Industries now finds itself generating $9.7 million in quarterly operating cash flow, hoarding $259.9 million in cash, and preparing for a June that could reshape its standing among institutional investors. The catalyst list is stacked: a new chief financial officer takes the reins on June 1, a shareholder vote follows nine days later, and the Russell 1000 index will welcome the stock on June 29.

The financial transformation is hard to miss. First-quarter revenue hit $25.4 million, a 221% surge year-on-year, driven by record ammonium paratungstate prices and the Panasqueira mine’s strong performance. More importantly, the trajectory is changing. The net loss shrank from $34.6 million to $5.3 million, and adjusted EBITDA swung from a negative $2.4 million to positive $6.1 million. With working capital of $169.5 million, the balance sheet offers plenty of runway.

The driver behind this shift is the Sangdong mine in South Korea, which began Phase-1 production on March 17. At full commercial capacity expected in the third quarter, the operation will process roughly 640,000 tonnes of ore annually and produce around 2,300 tonnes of tungsten concentrate. A Phase-2 expansion already pencilled in for 2027 would double throughput to 1.2 million tonnes and push annual tungsten output to 4,600 tonnes. That would make Sangdong one of the largest tungsten suppliers outside China — a status that carries growing geopolitical weight.

China controls more than 80% of global tungsten production, but Western defense contractors are being forced to look elsewhere. A U.S. procurement rule under DFARS 252.225-7052 prohibits the use of certain Chinese or Russian tungsten powders and alloys in weapons systems starting January 2027. Almonty’s Sangdong mine could theoretically cover about 40% of non-Chinese tungsten demand at full ramp, while its wholly owned Gentung Browns Lake project in Montana is targeting production readiness in the second half of 2026. The latter, in Beaverhead County, has a long-term resource potential of 140,000 MTUs and would add a domestic U.S. supply source.

June is more than just a calendar milestone for corporate governance. Jorge Beristain, a CFA charterholder with more than 25 years of experience, steps in as CFO on June 1, succeeding interim CFO Guillaume de Lamaziere. Beristain previously served as vice president of finance at Ryerson Holding, a $5 billion metals service centre, and before that at Ryerson subsidiary Central Steel & Wire. His mandate will be to manage the financial orchestration of two parallel mine builds — Sangdong’s expansion and Montana’s startup — while keeping the balance sheet intact.

The annual general meeting on June 9 in Toronto will see shareholders vote on the 2025 financial statements, elect seven directors, and ratify Zeifmans LLP as auditor. The meeting also offers management a chance to explain how it plans to finance both projects simultaneously. With roughly 284 million common shares outstanding, the proposed equity incentive plan includes options, restricted share units, and deferred share rights.

The market has already priced in much of this optimism. Almonty’s stock closed at C$28.25 on Thursday, up 134.83% year-to-date and a staggering 616.10% over the past twelve months. Yet the share price sits 11.91% below its recent high, and the relative strength index of 85.1 signals that short-term momentum may be overheating. After such a run, operational momentum alone may no longer satisfy the market — clarity on financing and control for both Sangdong and Montana will be the real test, starting with Beristain’s first day on the job.