Almonty’s Triple Catalyst: Production Data, Phase 2 Vote, and Pentagon Demand Converge in June

Almonty Industries enters a critical period as Sangdong mine ramps up commercial output, shareholders vote on Phase 2 expansion, and US defense contracts drive structural tungsten demand.

The next few weeks could define Almonty Industries’ trajectory for years to come. The Canadian tungsten producer, whose flagship Sangdong mine in South Korea is now commercially operational, faces a rare cluster of three pivotal events between May and early June.

First up is the quarterly report due in May, which will deliver the initial hard production figures from Sangdong. The mine has exited its commissioning phase and is now producing at commercial scale. Phase 1 is designed to handle 640,000 tonnes of ore annually, with an expected yield of 2,300 tonnes of tungsten concentrate. The ore grade stands at roughly 0.51% tungsten trioxide — about three times the global average. Analysts at DA Davidson anticipate the mine will reach full commercial capacity during the second quarter of 2026.

On June 8, shareholders will vote on the Phase 2 expansion of Sangdong. If approved, processing capacity would double to approximately 1.2 million tonnes of ore per year. The following day, June 9, Almonty holds its annual general meeting in Toronto, where seven directors stand for election. The voting threshold for shareholders was set on April 24.

Pentagon Deadline Creates Structural Demand

The geopolitical backdrop is working in Almonty’s favor. A US government report published on April 29, 2026, classified dependence on imported critical minerals as a direct threat to national defense capabilities. Starting in January 2027, US defense contractors must source tungsten exclusively from non-Chinese suppliers — a rigid demand shift that leaves little room for flexibility.

The United States has not operated commercial tungsten mining since 2015. Almonty is addressing that gap with its Gentung-Browns-Lake project in Montana, which holds mineral resources of 7.53 million tonnes. Production is slated to begin in the second half of 2026, targeting 140,000 metric tonne units annually. The company moved its headquarters to Dillon, Montana in April, following the acquisition of the Gentung project. Nearly half of that output is already committed to US buyers.

Adding to the strategic positioning, Almonty has secured an exemption from US import tariffs that took effect in early April. Long-term supply agreements with Global Tungsten & Powders and a binding off-take deal with Tungsten Parts Wyoming — covering at least 40 tonnes of tungsten oxide monthly for rockets, drones, and ammunition — further cement its role in the defense supply chain.

Institutional Interest Surges

The market is taking notice. The number of funds holding Almonty shares jumped more than 55% over the past quarter to 107. Van ECK Associates now owns 11.2 million shares, while newcomers include Encompass Capital Advisors and Next Century Growth Investors.

The stock has been on a tear. Year-to-date, shares have climbed roughly 127%, and over the past twelve months the gain stands at nearly 685%. The stock currently trades at C$27.30. Texas Capital initiated coverage in April with a buy rating and a US$25 price target.

The tungsten price itself crossed US$3,200 per metric tonne unit in early May. Meanwhile, Chinese APT exports collapsed from 782 tonnes in 2024 to just 243 tonnes in the first eleven months of the following year — and by early 2026, they had virtually dried up.

Financial Picture: Cash-Rich but Accounting Quirks

Almonty ended fiscal 2025 with a cash position of US$268.4 million, bolstered by two large US fundraising rounds. Fourth-quarter 2025 revenue rose 39% to US$8.7 million, while full-year revenue reached US$32.5 million.

The reported net loss of US$102.3 million — or nearly C$162 million — is largely an accounting artifact. Management attributes 87.3 million of that to a non-cash revaluation of derivative liabilities triggered by the stock’s surge. The underlying business, executives stress, is moving in the opposite direction.

With Sangdong production data due in May, the Phase 2 vote on June 8, and the AGM the following day, Almonty’s key strategic decisions are now compressed into a single month. The outcome will determine whether the company can capitalize on a once-in-a-generation shift in global tungsten supply chains.